TVA writes off nuclear assets

28 October 2001

Asset values being reduced are Watts Bar 2, $1.72 billion; Bellefonte, $500 million; site development costs at the cancelled Hartsville plant, $410 million; and deferred debt refinancing costs, $789 million. After adjustment, TVA will have total assets of $29.7 billion. TVA said this reduction does not prevent them from making the assets, such as Watts Bar 2 or Bellefonte, productive in the future.

TVA chairman Glenn McCullough Jr said finishing the twin unit Bellefonte plant as a nuclear operation or converting the site to natural gas or coal are being weighed by a TVA task force. The $500 million written off on Bellefonte was for assets that cannot be used under any scenario. A further $4.1 billion invested in the plant has not been written off.

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