The Tennessee Valley Authority (TVA) generated a lot more power from natural gas in the first half of its 2012 fiscal year compared to the same period in FY 2011.
Generation from gas-fired and hydroelectric facilities was 130% and 25% higher, respectively, in the first six months of FY 2012, compared with the same period last year to take advantage of low-cost fuel options, while coal-fired generation declined 35%, TVA said in a May 4 news release.
TVA reported a $267m net loss in the first six months of FY 2012, compared with net income of $205m reported for the first six months of last year.
The TVA again noted that its board of directors has again endorsed the completion of the never-finished Watts Bar 2 nuclear unit, despite cost overruns. TVA now says the plant will cost between $4bn and $4.5bn.
In addition, TVA noted that its John Sevier combined-cycle gas plant came online under budget and ahead of schedule.
CFO John Thomas announced second quarter earnings. Electricity sales declined 5.9% for the first half of fiscal year 2012, compared with the same period last year, as the TVA service region continued to experience unseasonably warm weather, TVA said in its quarterly report to the Securities and Exchange Commission (SEC).