Tennessee Valley Authority: Debt Reduction Efforts and Potential Stranded Costs Page: 30 of 70
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nuclear units; for the other entities this consists of CWIP only. A lower ratio
indicates fewer capital costs to be recovered through future rates, and
therefore more flexibility to adjust rates to meet future competition. TVA's
ratio improved-dropping by more than half-when it brought two nuclear
plants on line in 1996 and began to recover their costs. However, as figure 8
shows, the portion of TVA's capital assets that has not yet begun to be taken
into rates remains significantly higher than that of likely competitors. This
is due largely to the deferral of TVA's three uncompleted nuclear units. For
example, about 19 percent of the total cost of TVA's PP&E as of
September 30, 1999, was not in rates, while the highest percentage for TVA's
likely competitors was only 10 percent.GAO-01-327 Tennessee Valley Authority
Page 28
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United States. General Accounting Office. Tennessee Valley Authority: Debt Reduction Efforts and Potential Stranded Costs, report, February 28, 2001; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc293431/m1/30/: accessed April 25, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.