Thursday, November 16, 2017

TVA finances and bonuses
The Tennessee Valley Authority reported Wednesday it had a net income of $685 million for the fiscal year ended September 30, compared to $1.2 billion for the prior year. The lower net income was largely driven by an additional $500 million contribution to the retirement system. TVA's power sales were down about two percent for the year, as a result of extremely mild weather that affected sales . Fuel and purchased power expenses were about two percent, higher than the prior year, largely driven by higher prices for natural gas and a lower hydroelectric production. TVA expanded its renewable energy supply by beginning to purchase solar power from a facility in northern Alabama and also ventured into a self-constructed solar energy facility. TVA was able to fund capital investments primarily from operating funds rather than increasing debt. Employees of the Tennessee Valley Authority will have extra reason to be thankful during Thanksgiving next week when TVA distributes year-end performance bonuses averaging $10,970 for each of more than 10,000 workers. But TVA President Bill Johnson says electricity users in the Tennessee Valley should also be thankful for the utility's success in cutting power rates, pollution and expenses at TVA and helping attract more than $40 billion of new investment in the region over the past five years. "We are getting really good results for the people we serve, and this performance pay is in recognition of that effort by our employees," TVA President Bill Johnson said Wednesday.


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