— 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 (http://bit.ly/15An5bV) 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.