Could the aspirations of a small Memphis utility signal the beginning of the end for TVA?

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The article examines Memphis Light, Gas and Water's potential departure from TVA, which could trigger a cascading exit of other utilities and a financial "death spiral" for the federal utility. Stephen Smith of SACE explains how TVA's transmission restrictions lock utilities into the system. The analysis suggests Memphis could save $120–$350 million annually by leaving TVA and joining MISO, though transmission infrastructure costs remain a significant barrier.