KNOXVILLE, Tenn. (AP) -- The Tennessee Valley Authority reported a net loss of $245 million on operating revenues of $2.58 billion in the first quarter of fiscal year 2013, as electricity sales were flat and fuel expenses increased.
TVA said in a news release Tuesday, their quarterly filing with the Securities and Exchange Commission, shows total electricity sales increased by a slight 0.2 percent, and total operating expenses were 4 percent higher than the same period last year, driven by a 24 percent increase in fuel expense.
The utility said those expenses were offset by a decline in purchased power expenses, as TVA used more of its own generation sources to meet demand. Also the utility had $111 million increase in expenses from nuclear refueling outages in the first quarter.
