TVA triples Kilgore pay

photo Tom Kilgore, CEO of the Tennessee Valley Authority

The Tennessee Valley Authority more than tripled the pay of its chief executive this year and will give its 12,000 employees bonuses averaging more than $6,900 each next week.

TVA President Tom Kilgore was paid a record high $3.6 million in the fiscal year ended Sept. 30, according to the annual report released Friday.

Overall, TVA more than met most of its annual performance standards, triggering the payment of $94 million of "Winning Performance" bonuses. Kilgore said fiscal 2010 was the utility's best in meeting performance goals since 2002.

The utility's 90 top executives will average more than $120,000 each as a reward. Nonexecutive employees will get checks averaging $6,917 each.