The Tennessee Valley Authority, which is regarded (outside the U.S.) as one of the wonders of the world, during 1945 burgeoned into the biggest integrated utilties system in the U.S. In its twelfth annual report, TVA told Congress that last year it had produced nearly 12 billion kilowatt-hours of electric power, more than any other single company in the U.S. TVA's nearest competitor: Niagara Hudson Power Corp.

For TVA's power, TVA collected $39,000,000. Its net income after deductions or operating expenses and depreciation was $18,000,000, up 27% over 1944. Its 600,000 consumers...

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