The Tennessee Valley Authority discussed financial results so far for this fiscal year, at a meeting held Tuesday morning.
According to a news release, the TVA reported $5.9 billion in total operating revenues, with sales of electricity increasing approximately three percent when compared to the same time period last year. Those operating revenues did reflect a one percent decrease over the same period last year, likely due to a decrease in fuel cost recovery revenue. Fuel and purchased power expense was $331 million lower in the first half of fiscal year 2024 over the same period of the prior year, primarily due to lower effective fuel rates and lower purchased power market prices.
For the first six months of fiscal year 2024, 58 percent of TVA’s power supply was carbon free, and President and CEO Jeff Lyash says they intend to see that number only grow.
He says operational excellence remains a top priority for the TVA, especially as the summer months approach.
Lyash says they are continuing to invest in TVA’s infrastructure to make sure they can meet the ever-growing demand for power while being environmentally sound.
Interest expense was $528 million for the first half of fiscal year 2024, or $2 million lower than the same period last year. TVA’s net income was $434 million for the six months ended March 31, 2024, $285 million higher than the same period of the prior year, primarily due to lower operating expenses.