Tennessee Valley Authority operating revenues $5.3 billion
The higher revenues were driven by a six percent increase in electricity sales, primarily due to weather conditions.
During the same six-month period, total operating expenses decreased four percent, as compared to the same period last year, primarily due to decreased fuel expense driven by higher hydro and natural gas generation and lower market prices for natural gas.
"Power demand has been higher so far in 2018 compared to last year's record warm winter, but our customers are paying less," said Bill Johnson, TVA president and chief executive officer.
"Higher output from hydro, nuclear and natural gas-fired generation helped keep the Valley warm during cold weather in January while our diversified fleet kept prices lower for TVA's customers during more moderate temperatures."
Operating and maintenance expense was down $34 million, or two percent lower, for the first six months of this fiscal year, compared to the same period last year, mostly driven by a decrease in planned nuclear outage days and an increase in workforce efficiencies.
"Higher revenues from the more normal weather this year, and lower operating expenses along with lower interest on debt, contributed to a stronger bottom line," said John Thomas, TVA chief financial officer. ■