A warm summer has boosted TVA's finances in the third quarter with around the clock air conditioners running during record-breaking heat.
But not enough to offset a mild winter and slow economy in its first and second quarters according to a report released Friday.
In the third quarter report, TVA says electricity sales increased 6% and operating revenue increased 5% compared with the same period last year.
However, there was a net loss of $290 million in the first nine months of 2012 and the company is projecting revenues to be 7% less this year than they had planned.
TVA President and CEO Tom Kilgore addressed the report in a press release saying:
TVA's commitment to our customers is to deliver power at competitive rates while maintaining our financial health. To meet our financial challenges, and continue to invest in the reliability of our system, we are reducing operating costs and producing sustainable improvements in efficiency that will move us toward our vision of low-cost, cleaner energy.
The energy company says there was an increase of gas and nuclear generated power while coal generated power decreased.
The types of fuel and cost of that fuel used helped TVA's fuel expenses decrease $224 decreasing rates. However, Kilgore says that customers are seeing higher bills because of the weather.