The Tennessee Valley Authority (TVA) increased its use of nuclear and hydroelectric power in the first quarter of 2014, but reported a loss on operating revenues.
TVA released its first quarter results that showed a $67 million net loss on operating revenues of $2.38 billion, an improvement from a $245 million loss on revenues of $2.58 billion for the same time period last year. Operating and maintenance (O&M) expenses were down $112 million, or 12 percent, in the first quarter, which was helped by a $91 million decrease in expenses from planned outages, projects and scheduled maintenance, and a reduction in contract labor, along with a $10 million increase in coal-fired operation outages partially offset the savings in O&M.
Total operating expenses were 14 percent lower than the same period in 2013, thanks to a 32 percent decrease in fuel expenses. Nuclear generation increased 29 percent, while hydroelectric generation increased 30 percent over first quarter 2013.