TVA Sees First Quarter Loss

KNOXVILLE, Tenn. (AP) – The Tennessee Valley Authority reported a net loss of $245 million on operating revenues of $2.58 billion in the first quarter of fiscal year 2013 as electricity sales were flat and fuel expenses increased.

TVA said in a news release Tuesday that their quarterly filing with the Securities and Exchange Commission shows that total electricity sales increased by a slight 0.2 percent and total operating expenses were 4 percent higher than the same period last year, driven by a 24 percent increase in fuel expense.

The utility said those expenses were offset by a decline in purchased power expenses as TVA used more of its own generation sources to meet demand. Also the utility had $111 million increase in expenses from nuclear refueling outages in the first quarter.