TVA won't ask to raise borrowing cap

CHATTANOOGA, Tenn. (AP) -- The Tennessee Valley Authority won't ask Congress to raise its borrowing cap for at least the next 10 years.

The Chattanooga Times Free Press reports that the federal utility says it anticipates being able to reduce its net borrowing in the next two years and reduce its debt over a decade by $5 billion. That's because the demand for electricity is slowing.

Just a few years ago, agency officials worried the $30 billion debt cap imposed by Congress would be a problem.

TVA says its debt is expected to peak in 2015 just below the cap and then begin to decline.

TVA provides power to about 9 million people in Alabama, Georgia, Kentucky, Mississippi, North Carolina, Tennessee and Virginia.

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