a 2009 article published by jim powell of the cato institute noted that a study estimated the annual cost of capital subsidies exceeded $1.2 billion, including taxes that the tennessee valley authority was able to avoid. in 1997, the heritage foundation issued a report entitled "five good reasons to force the t.v.a. into mandatory retirement." this report stated, "throughout its history, the t.v.a. has benefited from generous subsidies, tax breaks, and regulatory exemptions that allow it to keep its power rates lower than the national averages, yet despite its protective geographic monopoly, substantial indirect subsidies totaling roughly 1.2 billion each year sweeping across the broad regulatory exemptions, the t.v.a. has managed to amass a debt of w well over $27 billion and a disturbing record of waste, mismanagement, and chronic cost overruns." the private nonprofit group citizens against government waste has suggested selling the t.v.a.'s electric assets and privatizing its nonpower functions. in their 2011 list of prime cuts -- that's a quote, the words "prime cuts is a title."