Earnings rose at the Tennessee Valley Authority (TVA), Knoxville, Tenn., in the third quarter of fiscal 2025, which the federal utility attributed to higher rates and sales.
The net earnings of the third quarter of fiscal 2025 ended June 30 were $212 million, up from $181 million, in the third quarter of fiscal 2024. Quarterly revenue was $3.30 billion, up year-over-year from $2.87 billion, according to its Securities and Exchange Commission fiscal 2025 third quarter earnings filings.
In the first nine months of fiscal 2025, TVA’s net earnings increased to $745 million, up from $615 million over the same time in fiscal 2024. Total revenue through the third quarter of fiscal 2025 was nearly $9.8 billion, up year-over-year from nearly $8.8 billion last year, according to TVA’s Tuesday earnings report.
TVA follows a federal fiscal year that ends Sept. 30.
According to the report, sales of electricity rose by 3% driven by higher sales to residential and small customers and also increases within the data processing, hosted and related services sector.
At the same time, the utility’s nuclear fleet struggled some, TVA said.
Operating and maintenance expenses increased by $100 million over the same period last year, mainly due to an increase in nuclear outage days and increases in payroll and benefit costs, according to TVA’s Tuesday earnings report.
In TVA’s earnings third quarter fiscal 2025 presentation, nuclear energy generation dropped from 43% in fiscal 2024 to 31% in fiscal 2025 year-to-date.
All three of TVA’s nuclear plants faced unplanned outages along with planned maintenance and refueling outages during the year. According to reporting by the Chattanooga Times Free Press, all of TVA’s reactors reached full power on June 30, marking it as the first time that happened since July 8, 2024, according to Nuclear Regulatory Commission status reports.
The federal government-owned utility has more than 8,000 megawatts of nuclear generating capacity, making it the third-largest fleet in the nation. TVA also submitted its full construction permit application during the third quarter to the NRC for a BWRX-300 small modular reactor to be built at its Clinch River nuclear site in Oak Ridge, Tenn.
NRC accepted to review the application on July 9 and intends to review it within 17 months.
Additionally, a coalition-led by TVA reapplied in April for an $800 million grant from the Department of Energy’s Generation III+SMR Program to accelerate BWRX-300 deployment.
“TVA delivered another quarter of strong financial performance, driven by growing power demand, higher sales, and continued focus on financial discipline,” TVA CFO Tom Rice said in the press release.