The Tennessee Valley Authority has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports operating revenues of $12.3 billion, an increase from $12.1 billion in the previous year. This rise is primarily due to higher effective base rates and increased sales volume, partially offset by lower fuel rates.
TVA's total operating expenses decreased by $274 million, mainly due to a reduction in fuel and purchased power expenses. Fuel and purchased power expenses fell by $432 million, driven by lower coal, natural gas, and purchased power prices.
Operating income increased by $534 million, reaching $2.2 billion. Other income, net, increased by $10 million, while other net periodic benefit costs decreased by $101 million.
Interest expense increased slightly by $10 million, attributed to higher average balances on long-term debt, despite lower average rates on long-term debt.
TVA's net income was reported at $1.1 billion, up from $500 million in the previous year, reflecting a significant increase attributed to higher operating income and reduced benefit costs.
TVA continues to invest in its generating portfolio, with ongoing projects at its Johnsonville, Cumberland, and Kingston sites, and the evaluation of new projects at Caledonia and Allen.
The filing highlights TVA's commitment to decarbonization, including investments in renewable energy, nuclear technology, and energy efficiency initiatives.
TVA's economic development efforts helped attract or expand 175 companies, with projected capital investments of $8.9 billion and the creation of 10,368 jobs.
The filing also details TVA's compliance with environmental regulations, including the management of coal combustion residuals and the implementation of a groundwater monitoring program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tennessee Valley Authority annual 10-K report dated November 14, 2024. To report an error, please email earnings@qz.com.