TVA Reports $7.4 Billion In Operating Revenue For Third Quarter Fiscal Year 2021

Tuesday, August 3, 2021

The Tennessee Valley Authority reported $7.4 billion in total operating revenues on 113.6 billion kilowatt-hours of electricity sales for the nine months ended June 30. Sales of electricity were 5 percent higher for the nine months ended June 30 than the same period in the prior year primarily due to lower energy sales for the nine months ended June 30, 2020, associated with the COVID-19 pandemic. 

Total operating revenues increased 1 percent over the same period of the prior year as a result of higher energy sales, offset by lower effective base rates mainly due to the Pandemic Relief Credit that began in 2021, and totaled $156 million in the nine months ended June 30.

“TVA continues to serve our communities as they recover from the pandemic and as businesses and industries ramp production back up,” said Jeff Lyash, TVA president and CEO. “Through systematic planning and investment in our system, we are meeting strong summer power demand with 99.999 percent reliability and delivering some of the nation’s cleanest, most economical energy.”

TVA’s year-to-date net income was $257 million higher due mainly to lower depreciation and amortization expense, which was $286 million lower for the nine months ended June 30, than the same period in the prior year, due to accelerated retirements of coal-fired facilities. TVA’s tax equivalents expense was $17 million lower for the nine months ended June 30, mainly due to a decrease in TVA's revenue from sales of electricity in 2020, which is TVA’s basis for calculating tax equivalents.

Interest expense was $824 million for the nine months of fiscal year 2021, which is a 4 percent decrease from the same period of the prior year, driven by lower average debt balances.

“TVA’s effective wholesale power rate to customers remains lower than a decade ago,” said John Thomas, TVA’s chief financial officer. “Our investments in cleaner and more efficient energy resources, cost reductions and lower debt are helping TVA support the region’s recovery now, and contributing to TVA’s sustainability for the future.”

Additional highlights from TVA’s third quarter fiscal year 2021 include:

As of Aug. 2, 143 local power companies have long-term partnerships with TVA, including the recent addition of Cullman Electric Cooperative. Bill credits to partners totaled $133 million for the nine months ended June 30.

TVA continues to offer the Back-to-Business credit program that provides relief to certain larger customers when returning to operations and the Community Care Fund that partners TVA and LPCs to support local initiatives that address hardships created by the COVID-19 pandemic. TVA remains committed to supporting communities and customers across the Tennessee Valley during the region’s ongoing recovery.

TVA continued to maintain 99.999 percent reliability in delivering energy to its customers through June 30. TVA has maintained 99.999 percent reliability for more than 20 consecutive years, providing industry-leading reliability.

Rainfall and runoff in the Tennessee Valley through the third quarter of 2021 were 110% and 113% of normal, respectively. 

TVA's economic development efforts, combined with our reliability and low costs, continue to attract and encourage the expansion of business and industries in the Tennessee Valley, with over $7.8 billion in investments and more than 65,300 jobs created or retained through the third quarter of 2021.

Selected Financial Data – Nine Months Ended June 30

Sales, Revenues & Expenses

2021

2020

Sales (millions of kWh)

113,606

108,396

 

 

 

Operating Revenues ($ millions)

$ 7,403

$ 7,350

 

 

 

Fuel & Purchased Power Expense

1,892

1,844

Operating & Maintenance Expense

2,106

2,014

Interest Expense

824

859

 

 

 

Net Income

$ 909

$ 652

 

 

 

Net Cash Provided by / (Used in) ($ millions)

 

 

Operating Activities

$ 2,227

$ 2,496

Investing Activities

(1,698)

(1,467)

Financing Activities

(531)

(528)




Carol Keur Joins Grant Konvalinka And Harrison, P.C. As Litigation Paralegal

FASTSIGNS Employees Recognized With Sales Achievement Award And Platinum Sales Awards

Sustainability And Recycling Pitch And Pilot Competition Aims To Improve Area Recycling


The Grant, Konvalinka and Harrison, P.C. law firm announces that Carol W. Keur has joined the firm as litigation paralegal. Officials said, "Carol is a proud military brat born in San Diego, ... (click for more)

David Murphy, an outside sales professional at FASTSIGNS of Chattanooga, received the Sales Achievement Award at the 2021 Virtual FASTSIGNS/SIGNWAVE Outside Sales Summit. The Sales Achievement ... (click for more)

The city of Chattanooga and The Company Lab are partnering for a Sustainability and Recycling Pitch & Pilot Competition. “Recycling and waste management processes are overdue for innovation,” ... (click for more)



Business

Carol Keur Joins Grant Konvalinka And Harrison, P.C. As Litigation Paralegal

The Grant, Konvalinka and Harrison, P.C. law firm announces that Carol W. Keur has joined the firm as litigation paralegal. Officials said, "Carol is a proud military brat born in San Diego, Ca. In 1993, she finally put down roots in Chattanooga. Carol has six years of private practice experience in areas such as employment, disability, automobile liability, workers’ compensation ... (click for more)

FASTSIGNS Employees Recognized With Sales Achievement Award And Platinum Sales Awards

David Murphy, an outside sales professional at FASTSIGNS of Chattanooga, received the Sales Achievement Award at the 2021 Virtual FASTSIGNS/SIGNWAVE Outside Sales Summit. The Sales Achievement Award is given to an individual in recognition of outstanding sales achievement. The award honors the FASTSIGNS outside sales professional with the highest total sales from July 1, 2020 ... (click for more)

Breaking News

Police Say Videos Show Man Who Said He Was Attacked By Gang Initiated Fight, Was Intoxicated And Belligerent

Chattanooga Police say videos show that a man who claimed he was attacked by gangs downtown actually initiated a fight and was intoxicated and belligerent. Police said their investigation showed a number of discrepancies in Stuart Doster's Facebook account that was widely viewed. Mr. Doster on Facebook said he was walking to his car on Cherry Street in downtown Chattanooga ... (click for more)

PHOTOS: Ed Johnson Memorial Dedicated

Opinion

False Alarm - And Response

Stuart Doster should be arrested and charged with something. I'm not sure what but CPD should deter future misrepresentations and wastes of time like Mr. Doster's story. He lied to authorities and wasted valuable resources that could have been used to solve real crimes. In addition, his elected official buddy co-signs his falsehoods about black youth terrorizing downtown Chattanooga ... (click for more)

Roy Exum: A Terrifying Thought

It is no secret the Delta variant of the COVID pandemic has all but crippled our bulging hospitals. There isn’t a room to be found in any nearby hospital and the ravaging consequences are best detailed in our ever-rising death rates. But it could be worse. As of Friday, there were 3,422 patients hospitalized in Tennessee with 1,033 in intensive care, 747 so sick they are on ventilators. ... (click for more)