TVA says $240 million net loss for 3rd quarter

By The Associated Press

KNOXVILLE, Tenn. — A rate increase for Tennessee Valley Authority customers may be in the works when the utility’s board meets Thursday in Knoxville.

A spokesman for the utility said details about rates will have to wait until the Thursday discussion of next year’s budget.

TVA’s quarterly report to the Securities and Exchange Commission shows a $240 million net loss for the third quarter due to storms, nuclear reactor down time and a decline in electricity demand during May and June.

The net loss on $2.7 billion in revenues compares with $199 million in net income on $2.6 billion in revenues for the same period a year ago.

TVA has about 9 million customers in Tennessee, Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.