Wet spring generates cheap power; TVA reports $12M loss

2:59 PM, Aug 5, 2013   |    comments
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KNOXVILLE, Tenn. (AP) - The Tennessee Valley Authority didn't sell as much electricity in its third fiscal quarter as last year's equivalent period, but it produced more cheap power.

The federal utility released its April-June financial results on Monday, showing power sales were off 4 percent in the third quarter. TVA officials said mild temperatures were the reason. However, the cooler temperatures were often caused by rainy weather and hydroelectric generation - TVA's most economical source - was up 226 percent.

Total revenues were largely flat year to date while sales to local power companies were up 2 percent for the first nine months of the utility's fiscal year.

For the quarter ended June 30, 2013, TVA reported a net loss of $12 million on $2.6 billion in operating revenues.

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