The Tennessee Valley Authority revealed their second-quarter Fiscal Year 2026 Financial Results, showing strong earnings, and it was the first of such calls with the new interim President and CEO.
Mike Skaggs was chosen to serve as interim in that position following Board of Directors action in April, succeeding outgoing President Don Moul, who announced his retirement recently. Now, Skaggs if leading the nation’s largest public power utility in its mission in serving the public of the Valley service region.
The TVA reported $6.6 billion in total operating revenues for the quarter that ended March 31—that marks a revenue increase of two percent over the same period last year, and a one percent increase in sales of electricity. That increase is likely due to data processing, hosting and related services. Fuel and purchased power expense was $144 million higher in the first six months of fiscal year 2026 over the same period of the prior year, primarily due to higher purchased power market prices and higher effective fuel rates as a result of higher natural gas prices.
TVA Chief Financial Officer and Executive Vice President Tom Rice says it was a strong quarter for the power supplier.
Looking toward the future, Skaggs says they intend to further invest in growing infrastructure to support the ever-growing demand for power.
His priorities in the short-term include completing a comprehensive resource plan, while keeping the pro-nuclear stance of the TVA and how it can help the country be energy independent.
TVA’s net income was $658 million for the six months ending on March 31, which was $125 million higher than the same period of the prior year, primarily due to higher operating revenues. Skaggs says its good to be back at the TVA and he looks forward to seeing what the accomplish in the year to come.