TVA posts net income of $150M in first quarter

By The Associated Press

KNOXVILLE – The Tennessee Valley Authority said reduced power sales and wetter-than-normal weather are key factors that influenced the agency’s financial performance during the three-month period that ended Dec. 31, 2009.
TVA reported net income of $150 million, compared with a net loss of $305 million for the first quarter of the previous fiscal year, which included $525 million in expenses from the Kingston ash spill recovery effort. Those costs related to the ash spill have subsequently been reclassified by the TVA board as a regulatory asset to be recovered in future rates over 15 years.