Tennessee Valley Authority reports boost in net income

Friday, April 28, 2017, Vol. 41, No. 17

KNOXVILLE (AP) — The Tennessee Valley Authority is reporting that it yielded $313 million in net income for the first half of 2017, a $32 million boost compared to the same period in 2016.

In a news release Tuesday, the federal utility said sales were down about by 1 percent over the first half of 2017 compared to the first half of 2016, including about a 7 percent drop in the second quarter due to milder winter weather.

TVA revenues increased 5 percent, or $242 million, for the six months that ended March 31 due to higher base rates and higher fuel cost recovery revenues.

The TVA is the nation's largest public utility, serving more than 9 million people in parts of seven southeastern states.