A milder spring reduced air conditioning use and electricity consumption during April, May and June, resulting in a quarterly loss for the Tennessee Valley Authority of $58 million on revenues of just under $2.7 billion.
In its quarterly financial report released Tuesday, TVA said sales of electricity dropped nearly 7% as compared to the same period of the prior year.
With spring fuel costs also below the inflated levels of a year ago, TVA said revenues in the second quarter of calendar 2023 dropped by more than 9%.
In the same period a year ago, TVA reported a quarterly net income of $256 million on revenues of nearly $3 billion.
(READ MORE: TVA starts up $500 million gas plants ahead of schedule to meet summertime demand)