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TVA Board Giving CEO Increased Authority
The Tennessee Valley Authority board is delegating certain authority to the utility's new chief executive until it fills several vacancies on its board. The panel is made up of nine members; five of those seats are pending congressional action, including one that's up for reappointment. However, Congress is set to adjourn this month. TVA spokesman Scott Brooks says the new authority allows the CEO to conduct TVA business without the board "in certain critical areas," such as handling financing arrangements and contracts.
Last month, TVA's board chose former Progress Energy CEO Bill Johnson to lead the utility, which provides electricity to 9 million people in 7 states, including Tennessee and Kentucky.