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TVA Reports First Quarter FY2014 Results

KNOXVILLE, Tenn. ― 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.

TVA’s first-quarter filing to the U.S. Securities and Exchange Commission covered the three months ended Dec. 31, 2013, a period between summer and winter when lower demand for electricity typically results in a net loss.

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.

“We continued to see positive results from our efforts to achieve sustainable operating and maintenance cost reductions during the first quarter,” Chief Financial Officer John Thomas said. “The actions we are taking now help position TVA to remain financially healthy and meet our goal of reliable, low-cost and cleaner energy for the people of the Valley.”

Total operating expenses were 14 percent lower than the same period last year, driven primarily by a 32 percent decrease in fuel expenses. TVA’s nuclear and hydroelectric generation increased 29 percent and 30 percent, respectively, compared to the first quarter of last year, helping to drive the lower fuel costs. A 2 percent increase in purchased power expense also partially offset higher gas prices.

Operating revenues, impacted by lower fuel recovery costs, were $197 million lower compared with last year’s first quarter. TVA’s use of less-expensive nuclear and hydroelectric generation helped reduce fuel costs recovered through rates by $255 million, a decrease partially offset by a $60 million increase in base revenue.

“We were pleased to see such strong performance from our nuclear and hydro power assets and our entire fleet during the quarter, helping us provide low-cost reliable power,” said Johnson. “This demonstrates the value and flexibility of TVA’s well-diversified power system.”

Total electricity sales were down 3 percent for the quarter, primarily due to the loss of TVA’s largest directly served customer. But sales to local power companies were 7 percent higher as a result of cooler weather than a year ago and some growth in electric demand.

TVA Reports First Quarter FY2014 Results

Wednesday, February 5 2014, 12:04 PM EST

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Last Update on October 12, 2015 17:10 GMT


NEW YORK (AP) -- A survey of business economists says a majority still expect the Federal Reserve to raise interest rates before the end of the year, with the broader economy expected to grow at a slightly faster pace in 2015 than previously forecast.

Economists surveyed by the National Association for Business Economics now expect the gross domestic product to rise 2.5 percent for the year, when adjusted for inflation.

That's up from the previous forecast of 2.4 percent in June.

The uptick is the result of a stronger-than-expected growth in the first half of the year, however. For the remainder of the year, economists have lowered their forecast.


LONDON (AP) -- Budweiser brewer Anheuser-Busch InBev has increased its bid for SABMiller to 70.4 billion pounds ($108.2 billion) in its latest effort to win approval from directors who have rejected three previous offers.

AB InBev is now offering 3.2 percent more than its previous bid and 14 percent higher than its initial offer.

Tensions between the companies have risen since the first offer was announced Sept. 16, with AB InBev accusing SABMiller's board of failing to engage meaningfully in negotiations. SABMiller argued that the previous offers undervalue the company.


NEW YORK (AP) -- Dell is buying data storage company EMC in a deal valued at approximately $67 billion.

Shareholders of EMC Corp. will receive about $33.15 per share, which includes cash plus tracking stock linked to part of EMC's economic interest in the VMware business.

VMware will stay an independent, publicly traded company.

Michael Dell will serve as chairman and CEO of the combined business.

Dell Inc.'s headquarters will stay in Round Rock, Texas. The combined enterprise systems business headquarters will be in Hopkinton, Massachusetts, where EMC is based.

The deal is targeted to close in the second or third quarter of Dell's fiscal year ending Feb. 3, 2017. It still needs approval from EMC shareholders.


MILAN (AP) -- Fiat Chrysler Automobiles NV has begun the process of selling a near 10-percent stake in luxury sports car brand Ferrari to Wall Street investors.

Fiat Chrysler says in a statement that the initial public offering will price Ferrari at $48 and $52 per share, which will value one of Formula 1's most famous marques at $9.8 billion.

Fiat says the stake sale is part of a "series of transactions to separate Ferrari from FCA."


BEIJING (AP) -- Ford Motor Co. is investing $1.8 billion to develop technologies aimed at attracting Chinese car buyers, underlining China's importance to automakers despite slowing sales growth.

The American automaker says it will expand its research and development center in the eastern city of Nanjing and work on autonomous driving, smartphone connectivity, more efficient powertrains and other technologies.

Global automakers see China as a key source of sales growth and are spending heavily to appeal to Chinese tastes. Some have broken with a strategy of selling the same models worldwide and are creating China-only vehicles.


FRAMINGHAM, Mass. (AP) -- The Federal Trade Commission is pushing back the review deadline for the tie-up between Staples and Office Depot.

The agency was expected to make a decision by mid-October, but now says that it has mutually agreed with the companies to extend the review and decision to Dec. 8.

Staples Inc. is trying to buy one-time rival Office Depot for $6.3 billion. The deal, announced in February, is part of a rapid consolidation in the office supply sector that has been hammered by technological changes in the workplace and by competition from and other online retailers.

Office Depot Inc. shareholders approved the buyout in June.

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