TVA’s top executive gets 10 times Obama’s pay

Federal cap can’t be used

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For both years, the bulk of the money came in the form of incentive bonuses and deferred compensation. Mr. Kilgore’s base salary dropped slightly from $853,269 to $850,000.

Mr. Kilgore announced his retirement earlier this year. He became chief executive in 2005, and Mr. Sansom credited him with “a vision that emphasizes low rates, reliable power generation and environmental stewardship.”

Kimberly S. Greene, executive vice president and chief generation officer, received nearly $2.4 million in 2011, but her overall compensation increased to more than $3.5 million in fiscal 2012.

The TVA’s chief financial officer, John M. Thomas III, received $2.2 million overall, compared with $1.6 million the previous year, while overall earnings for the chief nuclear officer, Preston D. Swafford, rose from about $1.9 million to nearly $2.3 million.

Executives also can receive perks such as personal financial counseling and a biweekly allowance toward the purchase or lease of a vehicle.

The TVA began in 1933 under President Franklin D. Roosevelt, but federal appropriations dwindled over the years. Since 1999, the TVA had funded its operations almost entirely from the sale of electricity and the sales of securities and lease arrangements, according to SEC filings.

The TVA reported $11.2 billion in revenue in 2012, compared with $11.8 billion in 2011 and $10.8 billion in 2010. The utility also reported net income for the 2012 fiscal year of $60 million.

Board members, who set compensation, are appointed by the president. One recent nominee includes former Democratic candidate for governor of Tennessee, Mike McWherter.

But board members’ salaries are frozen because of a two-year freeze on executive pay in federal agencies.

As of Sept. 30, the base stipend for the part-time board members was $48,900, though they also are reimbursed for lodging, travel and meeting expenses.

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