TVA posted its highest net income ever, $1.2 billion, in fiscal 2016.
That was the news delivered by TVA CFO John Thomas to a Nov. 10 meeting of the federally owned utility’s board of directors in Blairsville, GA. The record net income, nearly double the $641 million budgeted, was achieved despite lower sales. TVA has also reduced operating and maintenance expenses by more than $800 million over 2013 budget levels.
“As a result of the continuous improvement efforts of TVA’s employees, we ended the 2016 fiscal year with lower effective rates for our customers, lower expenses, lower debt balance and higher net income,” Thomas said.