By The Associated Press
KNOXVILLE, Tenn. — The Tennessee Valley Authority on Friday reported a net income of $54 million in its second fiscal quarter.
TVA President and CEO Bill Johnson said the government utility ended the quarter on plan because of more favorable weather and employee efforts to reduce costs.
The results from the January-March period compare favorably with the same quarter in 2012, in which revenues showed a net loss of $94 million.
The most recent quarter had operating revenues of $2.74 billion compared with $2.60 billion a year ago.
Electricity sales to power distributors were up 9 percent in the most recent period, but were offset by a drop in demand by industrial customers. There were higher sales of excess generation to other utilities, which helped the bottom line.