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TVA In The Red After $525M Spent On Spill Cleanup

Law360 (February 13, 2009, 12:00 AM EST) -- The Tennessee Valley Authority on Thursday reported a net loss of $305 million, attributing the result to cleanup costs associated with a Dec. 22 coal ash sludge spill in the Volunteer State.

The loss for the three months that ended Dec. 31 compares with a net income of $8 million during the same period last year. Excluding the cleanup costs, the TVA said it had a net income of $220 million.

At the end of the first quarter, the TVA recognized expenses of $525 million for...
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