Forbes.com informs us:
tennesseestar.com
The Tennessee Valley Authority (TVA), a quasi-public federal agency, paid their new chief executive officer much more than the U.S. president’s $400,000 annual salary.
In fact, Jeffrey Lyash earned $15.5 million in pay, perquisites, and retirement benefits over the last two years. Lyash’s compensation amounted to $8.2 million in 2019 and $7.3 million in 2020.
Unlike Dr. Anthony Fauci, who earned $434,300 last year and is the most highly compensated federal employee paid by taxpayers, TVA employees do not receive taxpayer-funded salaries and customers generate 100 percent of operating revenues.
However, the TVA is a federally owned utility, and they enjoy a competitive advantage that is funded by American taxpayers. For example, the TVA does not pay state, local or federal taxes. Congress approves its budget.
With a $1.3 billion-dollar taxpayer infusion of capital for its first 26 years; access to lower interest rates as a federal entity; exemption from some regulations and anti-trust laws; and a board appointed by the U.S. President and confirmed by the U.S. Senate, TVA remains a federal, not an independent, entity.
Our auditors at the OpenTheBooks.com compiled the TVA payroll numbers via our Freedom of Information Act request and the TVA’s U.S. Securities and Exchange filings.
In April 2019, the TVA hired Lyash and agreed to pay him $8.2 million. The package included a $445,846 salary; a $380,00 bonus; $480,085 in recruitment/relocation incentives; 401K retirement contributions; and millions in “other” compensation and deferred pension earnings.
In 2022 Lyash received a compensation package of $9.2 million. On the morning of Jan 17 he asked TVA customers to limit electrical use due to unfavorable weather.
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