EKB News

The Tennessee Valley Authority more than tripled the pay of its chief executive and will give employees bonuses averaging more than $6,900. An annual report released Friday by the utility showed President Tom Kilgore was paid a record high $3.6 million in the fiscal year that ended in September. Overall, TVA employees got more than $94 million in bonuses after meeting most of its annual performance standards in fiscal 2010. The utility's 90 top executives will average more than $120,000 each and nonexecutive employees will get checks averaging $6,917 each. Salaried employees are also getting an average raise this fall of 2.9 percent. TVA officials defended the bonuses and pay hike by pointing out that the utility surveys comparable businesses to set compensation levels.