TVA Says Expenses, Debt Reduced

Thursday, May 10, 2018

TVA officials reported Thursday, "The improved performance of all of TVA’s generation and transmission assets has allowed a further reduction in its operating expenses over the first two quarters of the fiscal year. Interest costs also remained lower than budget and favorable cash flows reduced debt. Combined with high power sales driven by the colder weather this winter, these factors resulted in an improved net income.

TVA Chief Financial Officer John Thomas said, “Our positive financial performance is directly related to improved operational performance, which helps us maintain rates as low as feasible.

“Our effective wholesale rate remains 2 percent less than it was in 2013 and our retail rates are lower than about 75 percent of the U.S.”

Additional Q2 FY18 achievements include:

  • Reduced TVA’s overall carbon emissions by nearly 50 percent from 2005 levels, on track for a 60 percent reduction by 2020.

  • Retired the Allen Fossil Plant near Memphis after 58 years of service while essentially completing the Allen Combined Cycle gas generating facility, which entered commercial operation on April 30.

  • Completed an extended power uprate on Browns Ferry Unit 3 that will contribute an extra 155 megawatts of carbon-free energy. Similar uprates on units 1 and 2 will be completed next spring.

  • Minimized the flooding impact of record-setting February rains, which dropped nearly 12 inches of rainfall in some areas

President and CEO Bill Johnson said, “Fifty-five years ago, President John F. Kennedy stood not far from where the board is meeting today and prophesied that the work of TVA will never be done and there would always be new places for us to go. He challenged us to ensure that the letters T-V-A would stand for progress, and we take that charge seriously.

“TVA’s performance during the first six months of the fiscal year is evidence of how we are still delivering value to those we serve. We will continue to evolve to meet their needs and support the region’s progress for the next 85 years and beyond.”

The TVA Board approved natural gas agreements that officials said "will help ensure a continued flow of the low-cost fuel to power Valley homes and businesses."

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