Tennessee Valley Authority (TVA) earnings increased in the first quarter of fiscal 2026 which the Knoxville-based federal utility attributed to higher sales thanks largely to weather impacts and growing demand from data processing and related sectors..
Net earnings for the first quarter of fiscal 2026 ended Dec. 31 were $266 million, up from $125 million, in the year-ago quarter. Quarterly revenue was $3 billion, up year-over-year from $2.9 billion.
Fuel and purchased power expense, which combined for $924 million in the quarter, was $25 million higher in the first three months of fiscal 2026 over the same period last year. TVA said in its Tuesday press release that this was primarily due to higher purchased power market prices and increased energy demand.
TVA follows a federal fiscal year that ends on Sept. 30.
“TVA is leading America’s energy independence and security,” TVA President and CEO Don Moul said. “These results reflect more than financial strength; they underscore TVA’s role in shaping the nation’s future.”
In December, TVA, along with Holtec, was awarded $400 million apiece to support early deployment of small modular reactors (SMRs). TVA has selected Clinch River in Oak Ridge, Tenn. as the site for a GE Vernova Hitachi BWRX-300 SMR.
The Nuclear Regulatory Commission is currently working on an environmental report for TVA’s Clinch River SMR. The utility hopes to have a construction permit for the site later this year or early 2027, Moul said during the call.
Also during the quarter, TVA had four board members confirmed by the Senate in December, restoring a quorum to its nine-member board after months without one. The board now has seven members thanks to the addition of Arthur Graham, Mitch Graves, Jeff Hagood and Randall Jones.
The new four members were sworn in on Jan 12.