Editor’s Note: Mr. Glozer is a member of the CRE Board of Advisors
The Tennessee Valley Authority (TVA) has had 80 years of independence from the oversight, review, and budgetary control of a more traditional federal agency, as well as from the rigors of a private shareholder-owned utility. It is impossible to claim that the TVA’s intended purpose is not accomplished: The navigation waterway is built, though lightly used; electricity is widely available, though rates are among the highest in the Southeast; and the people of Tennessee enjoy a good standard of living. The most effective way to restore efficiency to the TVA system and to relieve federal taxpayers of a significant liability is to sell the Authority’s assets in a competitive auction. The TVA, its customers, and the U.S. taxpayers would all benefit from rigorous private-sector oversight of the TVA.
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