TVA reports net loss of $245 million in 1st quarter 2013 - WRCBtv.com | Chattanooga News, Weather & Sports

TVA reports net loss of $245 million in 1st quarter 2013

KNOXVILLE, TN(AP) -- The Tennessee Valley Authority reported a net loss of $245 million on operating revenues of $2.58 billion in the first quarter of fiscal year 2013 as electricity sales were flat and fuel expenses increased.

TVA said in a news release Tuesday that their quarterly filing with the Securities and Exchange Commission shows that total electricity sales increased by a slight 0.2% and total operating expenses were 4% higher than the same period last year, driven by a 24% increase in fuel expense.

The utility said those expenses were offset by a decline in purchased power expenses as TVA used more of its own generation sources to meet demand. Also the utility had $111 million increase in expenses from nuclear refueling outages in the first quarter.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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