Tuesday, November 24, 2015

TVA profits increase
The Tennessee valley Authority recently has been increasing residential rates, and lower electric rates for industrial customers, and the move appears to be paying off. Now the agency is reporting more than $1.1 billion of net income for fiscal year 2015 in its annual filing for the year. Net income was $642 million higher compared with last year due to $760 million lower operating expenses, according to TVA President and CEO, Bill Johnson. Lower operating expenses and strong net income in 2015 also helped TVA fund some major capital investments during the year without significant amounts of additional debt. Nearly $2.9 billion was invested in construction expenditures, primarily for new generating capacity, environmental improvement activities and reliability. Johnson says lower fuel costs and reduced operating expenses, mean that today a kilowatt of power costs an average of 6.9 cents compared to 7.2 cents in 2011. A core component of TVA’s mission is economic development. During the year, TVA partnered with its customers and other stakeholders to help attract and retain more than 76,200 jobs across the region along and a capital investment of more than $7.8 billion, extending the strong results achieved in prior years. The 10,900 employees will receive an average year-end bonus of $10,367 per employee. In addition, TVA CEO Bill Johnson was paid a compensation package in fiscal 2015 worth more than $6.4 million.


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