KNOXVILLE—The Tennessee Valley Authority reported Tuesday that operating expenses declined and its bottom-line results improved in the first quarter of fiscal year 2014 compared with the same quarter a year ago.
“Our efforts to keep rates low and reliability high for our customers by working more efficiently helped to offset lower sales and revenues reported in the first quarter of 2014,” TVA President and CEO Bill Johnson said.
TVA reported a $67 million net loss on operating revenues of $2.38 billion in the first quarter of 2014, an improvement over a $245 million loss on revenues of $2.58 billion for the same period last year.
Compared with last year, operating and maintenance expenses were down $112 million, or 12 percent, in the first quarter of 2014. This was driven by a $91 million decrease in expenses from planned outages, projects and scheduled maintenance, and a reduction in contract labor through cost-saving initiatives. A $10 million increase in coal-fired operation outages partially offset the O&M savings.
TVA SEC reports are also available without charge on TVA’s website at www.tva.com/finance or by calling TVA toll free at 888-882-4975.
To view a full report on the state’s finances visit www.comptroller.tn.gov/repository/NR/20140127JPWQuarterlyFiscalAffairs.pdf