TVA posts improved financials in Q2 2013

TVA posts improved financials in Q2 2013

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KNOXVILLE (WATE) - The Tennessee Valley Authority ended the second quarter of 2013 up five percent in revenue compared to the same period last year, the federally-owned independent corporation reported Friday.

TVA upped its net income for the quarter to $54 million on operating revenues of $2.74 billion. For the same period in 2012 TVA showed a net loss of $94 million on operating revenues of $2.60 billion.

In a statement released Friday morning, President and CEO Bill Johnson attributed TVA's improved financial report to favorable weather and cost-cutting measures.

"We are focused on controllable factors that improve cost management and drive operational performance as we work to keep rates low," Johnson is quoted in the news release. "This is particularly important as we enter the summer months, when customer usage and sales typically are at the highest levels."

TVA sold nine percent more electricity to local power companies in the second quarter and five percent more in the first six months of fiscal 2013, compared with the same periods last year.

There was a decrease in sales to directly served industrial customers.

Fuel expense was $148 million higher in the second quarter and $302 million higher in the first six months of 2013, compared with the same periods last year.

TVA said much of the increase was due to nuclear outages in 2013, which forced the agency to generate more power from higher-cost sources like natural gas and coal.

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