Company: TVC
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001376986-25-000011
Chunk: 141

Company: Tennessee Valley Authority
Filing Date: 2025-02-05
Form: 10-Q
Item: Part I, Item 1
Chunk 141
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)%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)  Represents revenue capitalized during pre-commercial operations at Johnsonville Aeroderivative CT Units 25-28 in the three months ended December 31, 2024 and Paradise CT Units 5-7 in the three months ended December 31, 2023.  Revenue capitalized at Johnsonville Aeroderivative was less than $1 million for the three