The Tennessee Valley Authority held a conference Tuesday sharing their third quarter fiscal year 2024 financial results.
The TVA reported $8.8 billion in total operating revenues on 117 billion kilowatt-hours of electricity sales for the nine months ending on June 30, according to a news release, and sales of electricity increased approximately four percent compared to the same period of the prior year. That’s likely primarily driven by a 50 percent increase in cooling degree days.
President and CEO Jeff Lyash says this summer has already been demandingly hot, and that seems to just be continuing.
He says the region is growing rapidly, and the TVA remains committed to meeting the demand that is needed, investigating billions of dollars to the endeavor.
The TVA boasted of their diverse power sources, with Lyash saying a good chunk of their power supplies are fueled through clean energy.
Operating and maintenance expenses increased by $109 million over the same period last year, driven primarily by increased labor and contract labor costs. TVA’s net income was $627 million for the nine months ending on June 30—$536 million higher than the same period of the prior year, likely due to higher operating revenue and lower operating expenses.