Baxter Resigns from TVA Board

Knoxville (WVLT) - Former TVA chairman and current board member Bill Baxter has resigned his post.

In a statement released Monday, Baxter said he is self-limiting his term to five years in the spirit of the legislation modernizing the governance structure of TVA.

Baxter says he's proud of the progress at the TVA.

He had four and a half years left on his term.

Baxter served as interim chairman from June of 2005 until March of 2006.

PRESS RELEASE OF BILL BAXTER
DIRECTOR, TENNESSEE VALLEY AUTHORITY

JANUARY 22, 2007

It has been my honor to serve on the Tennessee Valley Authority Board of Directors for the past five years. Today I have self limited my term to five years in the spirit of the legislation modernizing the governance structure of TVA. While I have four and one-half years left on my original term, I have submitted my resignation by letter to the President today so that he will have an opportunity to nominate and secure the Senate confirmation of a new part-time director.

I want to express my appreciation to Senator Bill Frist for making my appointment possible five years ago, and I am grateful to the President for this opportunity to serve our region and our country. My Congressman and friend, Jimmy Duncan has been helpful and supportive in all of my endeavors and I want to publicly thank him once again. I especially want to thank Congressman Zach Wamp for his strong leadership and steadfast support on important TVA issues. He is a great champion of TVA and its value to our region.

Finally I want to express my thanks to all of the people of TVA, those working there today and the thousands of TVA retirees. I’ve rarely been associated with a more generous group of people, always finding ways to help their communities with their time, their money, and their technical expertise.

TVA’s future is in excellent hands under the leadership of its first full-time CEO, Tom Kilgore. He continues to build an excellent leadership team at TVA and has earned the respect of TVA employees throughout the Valley. We are very fortunate to have him at TVA and as a leading citizen of our region.

As I said in my letter to the President, I am proud of the progress we have made at TVA over the last five years, and I believe we have now accomplished the transition to the new governance structure smoothly and effectively. The new, part-time Board is in place, and the CEO is leading TVA on a daily basis, as was envisioned by the legislation.

TVA is in significantly better financial shape than it has been in several years, the air in the Tennessee Valley is cleaner than at any time in the past half century, the first new nuclear power in America will be brought on line by TVA later this spring after a five year $1.8 billion construction project, and the economic development efforts of TVA have assisted in attracting billions of dollars of investment to the Tennessee Valley and the creation of tens of thousands of jobs, all of which will have a positive impact on our region for decades to come.

TVA is well positioned operationally, financially and strategically to successfully navigate the coming competitive marketplace in wholesale electricity. While there will continue to be the normal resistance to this coming competition, it is inevitable, and in the meantime the mere prospect of competition has made TVA a better wholesale provider of electricity to its 158 distributors and 62 direct serve industrial customers. Ultimately, the nearly 9 million customers of TVA electricity will benefit from competition.

I am now returning full time to the private sector after serving our state, region, and country in public positions for eight of the last nine years of my life. I hope and believe I have made a positive contribution to the economic prosperity and opportunity of families and businesses throughout Tennessee and the Valley. That has been my goal.

I will continue to pursue that same goal through my efforts in the private sector, once again.


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