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Mild weather eats into TVA fiscal Q2 results

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Mild weather eats into TVA fiscal Q2 results

The TennesseeValley Authority reported net income of $318.0 million in thefiscal second quarter of 2016, representing a decrease from $496.0 million inthe same quarter of 2015.

TVA said electricity sales fell 2.3 billion kWh in thefiscal second quarter compared to the 2015 fiscal second quarter on account of"extremely" mild weather compared to colder weather in the year-agoquarter, according to a Form 10-Q filed May 3.

The company's fiscal second quarter operating revenuedropped to $2.57 billion from $2.86 billion in the corresponding period of 2015due mainly to a $145.0 million decrease in base revenue and a $147.0 milliondecrease in fuel cost recovery revenues. TVA's operating income for the mostrecent quarter totaled $589.0 million, compared with $776.0 million in the samequarter last year.