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The Tennessee Valley Authority (TVA) was established by Congress in 1933 to address a range of environmental, economic, and technological issues in the Tennessee Valley region. TVA's core mission revolves around providing affordable electricity, fostering economic development, and ensuring environmental stewardship for the communities it serves. For over eight decades, TVA has supplied reliable electricity and has been a vital force in the economic growth of the region.
TVA operates an extensive power system that includes nuclear, hydro, solar, and gas energy sources, and it covers a service territory of 80,000 square miles. This area includes most of Tennessee and parts of Alabama, Georgia, Kentucky, Mississippi, North Carolina, and Virginia, serving more than 9 million people. TVA's electricity prices remain below the national average, benefiting both residential and industrial customers.
Financially, TVA is unique in that it is fully self-financing, receiving no taxpayer funding and virtually all of its revenues come from electricity sales and power system bonds. This structure allows TVA to invest its revenues back into its electric system and regional economic development projects. TVA operates on a not-for-profit basis, ensuring that all financial gains are utilized for the benefit of the communities it serves.
Recent achievements highlight TVA's commitment to a sustainable energy future. In fiscal year 2023, TVA reported $8.7 billion in total operating revenues, driven by 113 billion kilowatt-hours of electricity sales. Despite a 4% decrease in electricity sales due to milder weather, TVA maintained stable base rates for the fourth consecutive year and provided $158 million in recovery credits to customers in the first three quarters of the year.
Environmental stewardship is at the forefront of TVA's initiatives. Over 57% of TVA's power supply in 2023 was carbon-free, coming from nuclear, hydroelectric, and other renewable sources. This commitment to reducing carbon emissions is further evidenced by TVA's methodical retirement of coal-fired assets, with 75% of these assets either retired or scheduled for retirement.
TVA's ongoing projects include significant investments in new nuclear technologies and other advanced energy systems to secure the region's energy future. The agency also plays a crucial role in flood control, navigation, and land management for the Tennessee River system, contributing to the overall environmental and economic health of the region.
TVA's leadership team, including President and CEO Jeff Lyash, continues to prioritize affordable, reliable, and resilient energy solutions. The agency's financial strategies, including maintaining low effective rates and extending recovery credits, have proven beneficial for local communities and industries alike.
For more detailed financial, operational, and descriptive information, including quarterly and annual reports, visit TVA's investor website.
TVA reported $5.9 billion in total operating revenues for the second quarter of fiscal year 2024, with a 3% increase in electricity sales compared to the same period last year. The company successfully met record power demand and is focusing on clean energy transition. Despite a 1% decrease in total operating revenues due to lower fuel costs, TVA's net income rose to $434 million, primarily driven by lower operating expenses.
The Tennessee Valley Authority (TVA) reported $3.0 billion in total operating revenues, a 17% increase year-over-year, for the three months ending Dec. 31, 2022. Electricity sales rose 3% due to the impact of Winter Storm Elliott and strong economic growth in the Tennessee Valley. TVA returned $53 million in pandemic credits to customers, bringing total pandemic support to over half a billion dollars. Despite increased operational costs, including a $271 million rise in fuel expenses, TVA maintained stable rates for the fourth consecutive year, reporting a net income of $101 million, up $90 million from the prior year.
Tennessee Valley Authority (TVA) reported a record $12.5 billion in operating revenues for fiscal year 2022, marking a 19% increase year-over-year. Electricity sales rose by 3% due to regional demand growth. TVA maintained flat base power rates for a third consecutive year and returned $228 million in pandemic credits to customers. Total debt decreased for the sixth consecutive year, reaching its lowest level in 35 years. Despite higher operating expenses, TVA's net income was $1.1 billion, though down $404 million from the previous year.
The Tennessee Valley Authority (TVA) will hold a conference call on November 15, 2022, at 9:30 a.m. ET to discuss its fiscal year 2022 financial results. The call will include insights from President & CEO Jeff Lyash and Chief Financial Officer John Thomas. Participants can join via webcast or dial-in, with pre-registration recommended for better accessibility. A replay will be available post-call. Interested parties can find further details on the TVA investor relations website.
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