Tennessee Valley Authority officials last week reported $8.8 billion in total operating revenues on 117 billion kilowatt-hours of electricity sales for the first three-quarters of 2024 — an increase of 4% over the same time last year.
This was primarily driven by a 50% increase in cooling degree days.
Furthermore, 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.
In an update to the public, TVA President & CEO Jeff Lyash noted the power giant will continue to not only maintain its current grid, but also expand and fortify it — in the shadow of what’s been a scorching summer in some parts of the southeastern portion of the United States.
During this span, 57% of TVA’s power supply was carbon-free — coming from nuclear, hydroelectric, solar and wind — and this is something TVA Chief Financial and Strategy Officer John Thomas noted is going to become more the baseline norm.
Operating and maintenance expenses increased by $109 million over the same period last year, due primarily to increased labor and contract labor costs. However, TVA’s effective electricity rate through the first nine months of FY 2024 is 3% lower than in the prior year, despite a base rate adjustment.
