Company: TVC
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001376986-25-000011
Chunk: 59

Company: Tennessee Valley Authority
Filing Date: 2025-02-05
Form: 10-Q
Item: Part I, Item 2
Chunk 59
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,031 100 % 

Notes

(1)  The generation for the three months ended December 31, 2024 includes 8 thousand kWh of pre-commercial generation at Johnsonville Aeroderivative CT Units 25-28.  The generation for the three months ended December 31, 2023 includes 137 thousand kWh of pre-commercial generation at Paradise CT Units 5-7.

(2)  Generation from TVA-owned renewable resources (non-hydroelectric) is less than one percent for all periods shown and therefore is not represented in the table above.

(3)  Raccoon Mountain Pumped-Storage Plant net generation is allocated against each TVA-operated generation facility and purchased power type for both the three months ended December 31, 2024, and three months ended December 31, 2023.  See Part I, Item 1, Business — Power Supply and Load Management Resources — Hydroelectric Pumped-Storage in the Annual Report for a discussion of Raccoon Mountain Pumped-Storage Plant.

(4)  Purchased power (natural gas and/or oil-fired) includes generation from Caledonia Combined Cycle Plant ("Caledonia CC"), which is currently a leased facility operated by TVA.  Generation from Caledonia CC was 1,238 million kWh and 910 million kWh for the three months ended December 31, 2024, and three months ended December 31, 2023, respectively.

(5)  Purchased power (other renewables) includes purchased power from the following renewable sources: solar, wind, biomass, and renewable cogeneration.  TVA acquires Renewable Energy Certificates ("RECs") in connection with certain purchased power transactions and sells some of these RECs to customers. 

In addition to power supply sources included here, TVA offers energy efficiency programs that effectively reduce energy needs.  In 2025, TVA expects to invest $104 million on its energy efficiency programs and anticipates approximately 345 gigawatt hours of net incremental energy efficiency savings.

Interest Expense.  Interest expense and interest rates for the three months ended December 31, 2024, and the three months ended December 31, 2023, were as follows:

Interest Expense and Rates(in millions) Three Months Ended December 31 20242023Percent ChangeInterest expense(1)$280 $262 6.9 %Average blended debt balance(2)$21,509 $20,610