Press Releases
TVA Reports Fiscal Year 2024 Financial Results
- Register now for today’s 9:30 a.m. ET conference call discussing TVA’s fiscal year financial results.
- TVA reported $12.3 billion in total operating revenues for FY24, as sales of electricity increased approximately 4% compared to the prior year.
- TVA’s effective electricity rate for fiscal year 2024 is 2% lower than in the prior year.
- TVA’s economic development efforts, reliability, and competitive rates continued to help attract or expand businesses and industries in the Tennessee Valley in 2024. These companies announced a projected capital investment of $8.9 billion and are expected to create over 10,000 jobs and retain over 42,000 jobs.
- TVA remains a clean energy leader with more than half of its power supply again coming from carbon-free sources in 2024.
KNOXVILLE, Tenn. ― The Tennessee Valley Authority reported $12.3 billion in total operating revenues on 163 billion kilowatt-hours of electricity sales for the year ended Sep. 30, 2024. Total operating revenues increased 2% over last year, primarily due to higher effective base rates and higher sales volume. Sales of electricity increased approximately 4% compared to last year, primarily driven by a 20% increase in cooling degree days.
“Extreme temperatures and natural disasters tested us, and TVA’s workforce rose to the challenge to deliver record performance this year,” Jeff Lyash, TVA president and CEO, said. “We supported the growing needs of our customers with reliable, affordable power, maintained operations during extreme demand, continued to invest in the reliability and resiliency of our system, and advanced cleaner energy.”
Fuel and purchased power expense was $432 million lower, driven primarily by lower fuel and purchased power prices. Fifty-two percent of TVA’s power supply was carbon-free in fiscal year 2024 - coming from nuclear, hydroelectric and other renewables.
Operating and maintenance expense increased by $269 million driven primarily by labor costs, an increase in outage expense, and contract labor expense. Depreciation and amortization expense decreased $75 million over the prior year, primarily due to the decision to retire Bull Run, as Bull Run became fully depreciated in the fourth quarter of 2023.
Interest expense was $10 million higher for the year ended Sep. 30, 2024, primarily due to higher balances of debt.
TVA’s net income was $1.1 billion for the fiscal year 2024, which was $635 million higher than the prior year due mainly to higher operating revenues and lower operating expenses.
“TVA’s capital needs are increasing as we fulfill our business plan and make investments in the power system like the $3.9 billion we invested in 2024 to meet load growth and transition the power system,” John Thomas, TVA’s chief financial and strategy officer, said. “Keeping costs low, borrowing strategically, and raising base rates responsibly, will ensure TVA maintains strong financial health as we fund these critical investments for the future.”
TVA’s senior leadership team will host a conference call and webcast today to discuss fiscal year 2024 results at 9:30 a.m. ET. Please click here to pre-register. A webcast replay and transcript will also be available for one year on TVA’s website at tva.com/investors.
Selected Financial Data – Twelve Months Ended September 30
Sales, Revenues & Expenses | 2024 | 2023 |
Sales (millions of kWh) | 162,933 | 157,311 |
Operating Revenues ($ millions) | $ 12,314 | $ 12,054 |
Fuel & Purchased Power Expense | 3,750 | 4,182 |
Operating & Maintenance Expense | 3,641 | 3,372 |
Interest Expense | 1,066 | 1,056 |
Net Income | $ 1,135 | $ 500 |
Net Cash Provided by / (Used in) ($ millions) | ||
Operating Activities | $ 3,003 | $ 2,872 |
Investing Activities | (3,591) | (2,994) |
Financing Activities | 590 | 123 |
TVA’s annual report on Form 10-K provides additional financial, operational, and descriptive information, including audited financial statements for the year ended Sep. 30, 2024. TVA’s quarterly report and other SEC reports are available without charge on TVA’s website at tva.com/investors, on the SEC’s website at sec.gov, or by calling TVA toll-free at 888-882-4975.
This release may contain forward-looking statements relating to future events and future performance. Although TVA believes that the assumptions underlying these statements are reasonable, numerous factors could cause actual results to differ materially from those in the forward-looking statements. Please refer to TVA’s most recent annual report on Form 10-K and quarterly report on Form 10-Q for a discussion of factors that could cause actual results to differ from those in the forward-looking statements.
Additional details of TVA’s successes over the past year are found in its FY24 Corporate Annual Report, which highlights the stories of the women and men of TVA and partner agencies who delivered outstanding performance.
About TVA
The Tennessee Valley Authority is the nation’s largest public power supplier, delivering energy to 10 million people across seven southeastern states. TVA was established 90 years ago to serve this region and the nation by developing innovative solutions to solve complex challenges. TVA’s unique mission focuses on energy, environmental stewardship, and economic development. With one of the largest, most diverse, and cleanest energy systems – including nuclear, hydro, solar, gas, and advanced technologies – TVA is a leader in our nation’s drive toward a clean energy future.
TVA is a corporate agency of the United States, receiving no taxpayer funding, deriving virtually all of its revenues from sales of electricity. In addition to operating and investing its revenues in its electric system, TVA provides flood control, navigation, and land management for the Tennessee River system, and assists local power companies and state and local governments with economic development and job creation.
Contact
Melissa Greene
TVA Media Relations
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865-632-6000
Investor Relations
(888) 882-4975
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TVA Media Line
Our media staff is available 24 hours a day. If you cannot reach the contact above, please call our media line at 865-632-6000.