Board Meeting Results
The TVA Board of Directors held a public meeting on Wednesday, September 22, at 9 a.m. (EDT) in the TVA West Tower Auditorium, 400 West Summit Hill Drive, Knoxville, Tenn., to consider the matters listed below.
Items Formally Approved
Approval of minutes of Board meeting held on August 18, 2004.
Action Items
New Business
A) Budget and Financing
A1. Fiscal Year 2005 Budget
The Board approved Fiscal Year 2005 Budget.
C) Energy
C1. Proposed Coal Contract
The Board approved to delegate authority to the Executive Vice President, Fossil Power Group, to award a coal contract to Webster County Coal LLC for coal supply to Widows Creek Fossil Plant units 7 and 8. This contract will provide coal for up to six years beginning in 2005. The estimated maximum amount of the contract is $277 million.
E) Real Property Transactions
E1. Proposed Grant of a Permanent Easement
The Board granted a permanent easement for the construction of a raw water intake structure and water line, including water transmission lines and a discharge line, without charge, except for payment of TVA’s administrative costs, to Hallsdale Powell Utility District, affecting approximately 1.5 acres of TVA property on Norris Reservoir in Union County, Tenn., Tract No. XTNR-116W.
E2. Proposed Deed Modification
The Board approved the modification of certain deed restrictions affecting approximately 27 acres of former TVA land, Tract No. XCR-642, 5.3X, and the sale of a permanent easement affecting approximately .5 acre of land, Tract No. XCR-705E, on Chickamauga Reservoir in Hamilton County, Tenn.
F) Other
F1. Filing of a Condemnation Case
The Board authorized the TVA General Counsel to file a condemnation case to acquire an easement and right-of-way for a TVA power transmission line project. The affected transmission line is the Gallatin Steam Plant-Rockwood No. 2 Tap to North Lebanon Transmission Line in Wilson County, Tenn.
Information Items
1. Approval of changes to the structure of Risk Management at TVA. This action strengthened and formalized the role of TVA’s Management Committee in managing overall enterprise risk, established a new Portfolio Risk Management Committee and appointed Chris S. Mitchell as Chief Risk Officer.
2. Approval to reclassify certain Bellefonte Nuclear Plant assets from deferred nuclear generating units to completed plant.