TVA reports fiscal earnings, plans for the future

The Tennessee Valley Authority boasted of a strong fiscal year during a financial call Tuesday morning and spoke of their plans for the future of energy demand.

President and CEO Jeff Lyash reported that the TVA earned $8.7 billion in total operating revenues on 113 billion kilowatt-hours of electricity sales for nine months. Total operating revenues increased by three percent and sales of electricity decreased approximately four percent compared to the same time last year.

Lyash says they’ve been doing a lot of system and hardware updating since the winter, making sure to update facilities so they are better prepared to handle extreme weather, such as record-cold.

He says for the fourth year in a row, TVA’s base rate will not increase, hopefully keeping customers’ bills low.

Lyash says they remain focused on providing reliable, affordable power, but they’re also looking to keep up with energy demand of the future.

TVA’s net income was $91 million for the first three quarters of fiscal year 2023, which was $385 million lower than the same period of the prior year, mainly due to higher operating expenses.

The Tennessee Valley Authority is the nation’s largest public power supplier, delivering energy to 10 million people across seven southeastern states.