Company: TVC
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001376986-25-000011
Chunk: 205

Company: Tennessee Valley Authority
Filing Date: 2025-02-05
Form: 10-Q
Item: Part II, Item 2
Chunk 205
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-station average temperatures vary from 65 degrees Fahrenheit. 

Degree DaysVariation from NormalChange from Prior Period 2024NormalPercent Variation2023NormalPercent VariationPercent ChangeHeating Degree DaysThree Months Ended December 31983 1,243(20.9)%1,094 1,243 (12.0)%(10.1)%Cooling Degree DaysThree Months Ended December 3189 6145.9 %69 61 13.1 %29.0 %

Sales of electricity increased two percent for the three months ended December 31, 2024, as compared to the same period of the prior year.  The increased sales volume for LPCs and industries directly served was driven primarily by increases within the data processing, hosting, and related services sector.

Financial Results

The following table compares operating results for the three months ended December 31, 2024 and 2023:

Summary Consolidated Statements of Operations(in millions) Three Months Ended December 31 20242023ChangePercent ChangeOperating revenues$2,920 $2,765 $155 5.6 %Operating expenses2,507 2,376 131 5.5 %Operating income413 389 24 6.2 %Other income, net17 23 (6)(26.1)%Other net periodic benefit cost25 23 2 8.7 %Interest expense280 262 18 6.9 %Net income$125 $127 $(2)(1.6)%

Operating Revenues.  Operating revenues for the three months ended December 31, 2024 and 2023, were $2.9 billion and $2.8 billion, respectively.  The following table compares TVA's operating revenues for the periods indicated: 

Operating Revenues by Customer Type(in millions)Three Months Ended December 3120242023ChangePercent ChangeOperating revenuesLocal power company customers$2,616 $2,487 $129 5.2 %Industries directly served230 217 13 6.0 %Federal agencies and other30 30 — — %Revenue capitalized during pre-commercial plant operations(1)— (3)3 (100.0)%Other revenue44 34 10 29.4 %Total operating revenues$2,920 $2,765 $155 5.6 %

Note

(1