- Register now for today's 9:30 a.m.
ET conference call discussing TVA's third quarter financial
results.
- TVA reported $8.8 billion in
total operating revenues through the first three quarters of 2024,
as sales of electricity increased approximately 4% compared to the
same period last year.
- TVA is a clean energy leader with nearly 60% of the agency's
power supply coming from carbon-free sources in fiscal year 2024 -
including nuclear, hydroelectric, solar and wind.
- TVA is focused on keeping electricity costs affordable. Our
effective electricity rate through the first nine months of fiscal
year 2024 is three percent lower than in the prior year despite a
base rate adjustment.
KNOXVILLE, Tenn., July 30,
2024 /PRNewswire/ -- The Tennessee Valley Authority
reported $8.8 billion in total
operating revenues on 117 billion kilowatt-hours of electricity
sales for the nine months ending on Jun.
30, 2024. Total operating revenues increased 1.5% over
the same period last year, primarily due to higher effective base
rates and higher sales volume. Sales of electricity increased
approximately 4% compared to the same period of the prior year,
primarily driven by a 50% increase in cooling degree
days.
![Tennessee Valley Authority. (PRNewsFoto/Tennessee Valley Authority) (PRNewsfoto/Tennessee Valley Authority) Tennessee Valley Authority. (PRNewsFoto/Tennessee Valley Authority) (PRNewsfoto/Tennessee Valley Authority)](https://mma.prnewswire.com/media/326461/tennessee_valley_authority_logo.jpg)
"In 2023, GDP in TVA's service territory grew 0.5% faster than
the national average, and we are focused on continuing to power
that growth by providing affordable, reliable, and cleaner energy
across the region," Jeff Lyash, TVA
President and CEO, said. "As a clean energy leader, TVA's diverse
power system continues to provide our region with a competitive
advantage. The most recent summer heat wave is a perfect example as
we worked with our partners to provide reliable power in extreme
weather conditions – the same power that our communities rely on
every single day."
Fuel and purchased power expense was $376
million lower in the nine months 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
nine months of fiscal year 2024, 57% of TVA's power supply was
carbon-free — coming from nuclear, hydroelectric, solar and
wind.
Operating and maintenance expenses increased by $109 million over the same period last year,
driven primarily by increased labor and contract labor costs.
Depreciation and amortization expense was $38 million lower than the same period last year,
primarily due to the Bull Run Fossil Plant fully depreciating in
the fourth quarter of 2023.
"Despite the extreme weather this year, our customers continue
to benefit from the diversity of TVA's power system," said
John Thomas, TVA Chief Financial and
Strategy Officer. "TVA's effective electricity rate to
customers through the first nine months was three percent lower
than in the prior year despite the base rate we put in place for
2024."
Interest expense was $796 million
for the nine months of fiscal year 2024, or $2 million higher than the same period last
year. TVA's net income was $627
million for the nine months ending on Jun. 30, 2024, $536
million higher than the same period of the prior year,
primarily due to higher operating revenue and lower operating
expenses.
TVA's senior leadership team will host a conference call and
webcast at 9:30 a.m. ET today to
discuss the third quarter fiscal year 2024 results. Please
click here to pre-register. A webcast replay and transcript
will also be available for one year on TVA's website at
https://www.tva.com/investors
Selected Financial
Data – Nine Months Ended June 30
|
Sales, Revenues
& Expenses
|
2024
|
2023
|
Sales (millions of
kWh)
|
117,313
|
112,685
|
|
|
|
Operating Revenues ($
millions)
|
$
8,798
|
$
8,672
|
|
|
|
Fuel & Purchased
Power Expense
|
2,703
|
3,079
|
Operating &
Maintenance Expense
|
2,655
|
2,546
|
Interest
Expense
|
796
|
794
|
|
|
|
Net Income
|
627
|
91
|
|
|
|
Net Cash Provided by
/ (Used in) ($ millions)
|
|
|
Operating
Activities
|
$
1,938
|
$
1,776
|
Investing
Activities
|
(2,545)
|
(2,233)
|
Financing
Activities
|
607
|
457
|
TVA's quarterly report on Form 10-Q provides additional
financial, operational, and descriptive information, including
unaudited financial statements for the quarter ending on
Jun. 30, 2024. TVA's quarterly report
and other SEC reports are available without charge on TVA's website
at http://www.tva.com/investors, on the SEC's website at
http://www.sec.gov, or by calling TVA toll free at
888-882-4975.
This release may contain forward-looking statements relating to
future events and future performance. Although TVA believes
that the assumptions underlying these statements are reasonable,
numerous factors could cause actual results to differ materially
from those in the forward-looking statements. Please refer to TVA's
most recent annual report on Form 10-K and quarterly report on
Form 10-Q for a discussion of factors that could cause actual
results to differ from those in the forward-looking statements.
The Tennessee Valley Authority is the nation's largest public
power supplier, delivering energy to 10 million people across seven
southeastern states. TVA was established 90 years ago to serve this
region and the nation by developing innovative solutions to solve
complex challenges. TVA's unique mission focuses on energy,
environmental stewardship, and economic development. With one of
the largest, most diverse, and cleanest energy systems – including
nuclear, hydro, solar, gas, and advanced technologies – TVA is a
leader in our nation's drive toward a clean energy future.
TVA is a corporate agency of the
United States, receiving no taxpayer funding, deriving
virtually all of its revenues from sales of electricity. In
addition to operating and investing its revenues in its electric
system, TVA provides flood control, navigation, and land management
for the Tennessee River system, and assists local power companies
and state and local governments with economic development and job
creation. Learn more at Energy System of the Future.
Media
Contact:
|
Melissa Greene, TVA
Media Relations, Knoxville, 865-632-6000
|
|
www.tva.com/news
|
|
Follow TVA news on
Facebook and Twitter
|
|
|
Investor
Relations:
|
Investor Relations,
888-882-4975
|
|
investor@tva.gov
|
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SOURCE Tennessee Valley Authority