The Tennessee Valley Authority is reporting their end of fiscal year financial results in a call to investors Thursday morning.
The TVA reports they had $12.3 million in total operating revenues with 163 billion kilowatt-hours of electricity sales for the year that ended on September 30. That means total operating revenues increased two percent over the last year—sales of electricity increased roughly four percent, driven by a 20 percent increase in cooling degree days.
TVA President and CEO Jeff Lyash says the TVA was tested this year by extreme temperatures and natural disasters, such as Hurricane Helene, but they were able to rise to the challenge. Looking towards 2025, Lyash says they want to keep the momentum rolling by staying focused on making investments into their critical systems.
Fifty-two percent of TVA’s power supply was carbon-free in fiscal year 2024, coming from nuclear, hydroelectric and other renewables. Lyash says they intend to invest further into both green energy and new capacity.
He also took the time to brag on their many crews, staff and workers, saying they went the year with no serious injuries or safety reports.
Operating and maintenance expense increased by $269 million driven primarily by labor costs, an increase in outage expense, and contract labor expense. TVA’s net income was $1.1 billion for the fiscal year 2024, which was $635 million higher than the prior year.