Warmer weather and a rebounding economy helped boost electricity sales and TVA income this spring, the Tennessee Valley Authority said today.
In its quarterly earnings report for the period ended June 30, TVA reported net income of $199 million on revenues of nearly $2.59 billion. In the same period a year ago, TVA reported a $167 million loss on revenues of nearly 2.57 billion, although $258 million of the previous year’s loss was due to expenses related to the Kingston ash spill in late 2008.
Sales to industrial customers were up 6 percent this spring over the year-ago period even with cutbacks from one of its biggest industrial users, TVA reported in a regulatory filing today. TVA officials credited “the improvement in the economic conditions in the TVA service area” for the gain in industrial sales. Residential power sales also were up this spring over a year ago due to warmer weather.
For the first nine months of TVA’s fiscal year, TVA reported net income of $779 million this year, compared with a net loss of $339 million during the previous year with the Kingston ash spill. Overall sales of electricity in the current fiscal year are up 4 percent.