Tenn. senator: Sale idea cost TVA $500 million

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Associated Press

Posted on May 15, 2013 at 6:00 PM

Updated Thursday, May 16 at 12:01 PM

WASHINGTON (AP) — Sen. Lamar Alexander says President Barack Obama's plan to consider selling the Tennessee Valley Authority has already cost hundreds of millions of dollars — even if the nation's largest public utility is never sold.

The Tennessee Republican said TVA bonds lost about $500 million in value after the president's announcement last month, largely because of uncertainty over whether the utility would be sold. Alexander said customers in the seven states served by the TVA will likely pay more for electricity as a result.

Alexander said at a Senate hearing Wednesday that the Obama administration should have discussed the sale idea privately with TVA officials instead of raising it publicly, adding that most people in the region oppose selling the TVA.

U.S. officials say no decisions have been made.

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