Tennessee Valley power use jumps in cold weather
The Tennessee Valley Authority has suspended maintenance work and is operating under a "conservative operations alert" amid some of the coldest temperatures in its 7-state region in nearly two decades.
TVA expects electricity consumption to top 31,000 megawatts this morning, but the federal utility doesn't anticipate having problems meeting the high demand for electricity.
TVA's all-time winter peak was set in January 2009 when the average temperature in the Tennessee Valley was 32,572 megawatts.
"We have taken proactive measures so the system remains robust and reliable for our customers and power users across the Valley," TVA Chief Operating Officer Chip Pardee said.
Memphis-based Verso to buy rival firm
The Memphis-based coated papers maker Verso Paper is buying NewPage Holdings Inc. in a deal valued at $1.4 billion including debt. Privately held NewPage produces printing and specialty papers.
Verso President and CEO David Paterson said in a statement on Monday that the buyout will put it in a better position to face increased competition. Paterson will lead the combined company, which will have 11 manufacturing plants in six states.
A NewPage director will join Verso's board at closing.
The deal was unanimously approved by both companies' boards. It is targeted to close in the second half of the year.