The Tennessee Valley Authority is reporting $2.8 billion in total operating revenues for the first quarter of fiscal year 2024.
They discussed that numbers on a financial call recently, sharing that total operating revenues decreased by eight percent, primarily due to a decrease in fuel cost driven by lower fuel rates. primarily due to a decrease in fuel cost recovery revenue, driven by lower fuel rates. Sales of electricity decreased approximately two percent compared to the same period of the prior year, driven by overall milder weather.
CEO and President Jeff Lyash boasted of meeting a historic demand for power recently, saying it shows their work to increase reliability across the system has really paid off. He says they will continue their efforts to modernize their fleets, as that demand will likely only increase.
He says they also intend to focus on expanding nuclear energy, as it will allow them to meet demand while lowering their carbon emissions.
Chief Financial and Strategy Officer John Thomas says a lower fuel rate helped balance out the base rate increase to customers.
TVA’s net income was $127 million for the first quarter of fiscal year 2024, $26 million higher than the same period of the prior year, primarily due to lower operating expenses.