Tennessee Valley Authority Reports Increase In Income

Posted at 11:14 AM, May 01, 2015
and last updated 2015-08-30 14:45:53-04

CHATTANOOGA, Tenn. (AP) - The Tennessee Valley Authority says it has increased its net income for the first half of fiscal year 2015.

TVA reported on Friday that it had a net income of $577 million, which is $349 million more than it reported in the same time period a year ago.

The utility said operating expenses through the end of the second quarter were down by $392 million compared to the same time period last year.

Overall power sales were down by 1.5 percent, but TVA said cold weather early in the year drove the number of heating degree days 10 percent higher than normal.

For the second quarter, TVA earned $496 million on $2.86 billion in revenue. Last year during the same period, it earned $295 million on $2.94 billion in revenue.

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