The Tenessee Valley Authority (TVA)(NYSE: TVE) announced yesterday that cleaning up the ash spill at it’s Kingston Fossil Plant outside Knoxville could cost up to $825 million.
In December the wall of a retaining pond collapsed spilling 1.1 billion gallons of coal ash sludge across roughly 400 acres and into the Emory River.
The TVA released financial reports for the quarter ending December 31, recognizing expenses of $525
million for estimated clean up costs. The company said those costs could reach as much as $825 million, depending on the method of ash disposal that
is assumed. The range does not include costs for items such as
regulatory actions, litigation or long-term environmental remediation.
Primarily a result of the clean-up costs, the TVA reported a net loss of $305 million for the quarter. That compares to net income of $8 million for the same quarter a year ago.
Excluding the clean-up costs related to Kingston, TVA had a net income of $220 million.
In Related News…
A congressional subcommittee held a hearing Thursday on the structural soundness of coal ash impoundments nationally and a proposed bill calling for oversight.
Read full coverage of that story at the link below.
Loading...