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Tennessee Valley Authority reports increase in income

TVACHATTANOOGA — The Tennessee Valley Authority says it has increased its net income for the first half of fiscal year 2015.

TVA reported on Friday that it had a net income of $577 million, which is $349 million more than it reported in the same time period a year ago.

The utility said operating expenses through the end of the second quarter were down by $392 million compared to the same time period last year.

Overall power sales were down by 1.5 percent, but TVA said cold weather early in the year drove the number of heating degree days 10 percent higher than normal.

For the second quarter, TVA earned $496 million on $2.86 billion in revenue. Last year during the same period, it earned $295 million on $2.94 billion in revenue.

“It takes a collective effort by all of our employees to produce the sort of results we have seen so far this year,” TVA President and CEO Bill Johnson said in a statement. “Our employees are committed to delivering sustainable improvements in our business, while remaining focused on serving the people of the Tennessee Valley by delivering affordable, reliable power, being good stewards of our natural resources, and creating jobs in our communities.”

TVA is the nation’s largest public utility, supplying power to about 9 million people in Tennessee, Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.

 

 

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