By The Associated Press
KNOXVILLE, Tenn. — The Tennessee Valley Authority said a mild winter so far has reduced electricity sales by 5 percent in the first quarter of the fiscal year and will cause the utility to reconsider expenditures for the rest of the year.
The utility said in a news release on Friday that its first quarterly report to the Securities and Exchange Commission shows that total revenues declined by 9 percent or $260 million compared with the same period last year.
Chief Financial Officer John Thomas said weather fluctuations are normal and TVA can make adjustments to planned programs for 2012.
TVA is the nation’s largest public utility and supplies power to about 9 million people in Tennessee, Kentucky, Alabama, Mississippi, Georgia, North Carolina and Virginia.