Company: TVC
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001376986-25-000029
Chunk: 337

Company: Tennessee Valley Authority
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 2
Chunk 337
---
 components are summarized below:

Changes in Revenue Components(in millions)Three Months Ended March 31Six Months Ended March 31 20252024Change20252024ChangeBase revenueEnergy revenue$1,403 $1,263 $140 $2,591 $2,375 $216 Demand revenue1,120 967 153 2,025 1,835 190 Grid access charge162 155 7 324 311 13 Long-term partnership credits for LPCs(61)(54)(7)(111)(101)(10)Other charges and credits(1)(196)(169)(27)(356)(309)(47)Total base revenue2,428 2,162 266 4,473 4,111 362 Fuel cost recovery1,049 929 120 1,879 1,712 167 Off-system sales1 2 (1)2 4 (2)Pre-commercial operations(2)(2)— (2)(2)(3)1 Revenue from sales of electricity3,476 3,093 383 6,352 5,824 528 Other revenue56 61 (5)100 95 5 Total operating revenues$3,532 $3,154 $378 $6,452 $5,919 $533 

Notes

(1)  Includes economic development credits to promote growth in the Tennessee Valley, hydro preference credits for residential customers of LPCs, and demand response credits allowing TVA to reduce industrial customer usage in periods of peak demand to balance system demand.  See Note 16 — Revenue.

(2)  Represents revenue capitalized during pre-commercial operations at Johnsonville Aeroderivative CT Units 21-30 in the six months ended March 31, 2025 and Paradise CT Units 5-7 in the six months ended March 31, 2024, all of which was recognized in the three months ended December 31, 2023.  

Operating revenues increased $378 million for the three months ended March 31, 2025, as compared to the same period of the prior year, primarily due to a $266 million increase in base revenue.  The $266 million increase in base revenue was driven by a $161 million increase attributable to higher sales volume and a $105 million increase attributable to higher effective base rates.   The higher sales volume was driven primarily by increases within the data processing, hosting