THE NICKAJACK DAM $74 million for a lifetime of cheap power, flood control, and recreation.

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Presentation transcript:

THE NICKAJACK DAM $74 million for a lifetime of cheap power, flood control, and recreation

What is it? Tennessee River dam built in mid-1960’s Jointly funded by Federal appropriations and corporate bonds Upgraded old Hales Bar Dam, providing cheap electrical power, flood control, and recreational space Overseen by TVA

What is the TVA? Federal agency created in 1933 Jurisdiction in Tennessee River Basin Goals included reducing flood damage, providing cheap electricity Not without controversy

Division of costs In 1963 TVA Board of Directors requested proposal to build new dam on Nickajack site Bureau of the Budget stipulated that costs of power facilities be financed through bonds and power revenues

Division of costs, cont. Initially, 12% expected $70 million costs to be attributed to power facilities Final costs topped $74 million, with 38% attributed to power facilities

TVA power generation Most controversial aspect of TVA because private power companies suffered TVA basically sole provider in region, with more than 50 dams Among lowest rates in U.S., 1¼¢ per kwh in 1970 (national average > 2¢ per kwh) In 1959, ordered to pay back $1 billion plus dividends

Power related cash flows

Non-power cash flows

References Office of Engineering Design and Construction, Tennessee Valley Authority. The Nickajack Project. Knoxville: Tennessee Valley Authority, "Tennessee Valley Authority.” Encyclopædia Britannica Encyclopædia Britannica Online. 04 May, “Tennessee Valley Authority.” 4 May