Cash upfront

Memphis Light, Gas & Water is readying a landmark bond sale to fund a prepay electricity contract with the Tennessee Valley Authority. But some fear the deal could set a dangerous precedent. By Paul Lyon

In 1933, US President Franklin Roosevelt needed innovative solutions if hisNew Deal was to lift the nation out of the depths of the Great Depression. Oneof his ideas was to create the Tennessee Valley Authority (TVA) – “acorporation clothed with the power of government, but possessed of the flexibilityand initiative of a private enterprise.” The TVA was charged with modernisingthe region by providing electricity and promoting sustainable development. Seventyyears on and the TVA, the largest

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