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Lower expenses boost TVA's fiscal Q1 net income

Tennessee Valley Authority on Feb. 2 reported fiscal first-quarter 2018 net income of $288 million, up from the $102 million recorded in the same period in fiscal 2017. The company attributed the $186 million year-over-year increase in net income to overall lower expenses.

Operating revenues were relatively flat at about $2.55 billion for the three months ending Dec. 31, 2017, while power sales increased slightly to 37.3 billion kWh from 36.5 billion kWh in the prior-year period. The TVA increased its hydroelectric generation in the fiscal first quarter to account for 9% of the total power supply from 5% in the same quarter a year ago. Natural gas-fired generation also increased about 13% year over year due in part to slightly lower natural gas prices.

Operating and maintenance expense decreased to $709 million from $741 million, partially attributable to fewer planned nuclear outage days and lower expenses.