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TVA REPORTS FINANCIAL RESULTS FOR 1993

 KNOXVILLE, Tenn., Oct. 21 /PRNewswire/ -- Record summer peak demand and a stable economy helped the Tennessee Valley Authority end the 1993 fiscal year in the black.
 TVA Executive Vice President and Chief Financial Officer William F. Malec released audited financial results today, reporting a net income of $311 million for the year ended Sept. 30, 1993.
 TVA continued to see an increase in revenues while it held the average price per kilowatthour stable for the sixth consecutive year. Revenues for the year were about $5.3 billion, on electric sales of 118.6 billion kilowatthours. Revenues increased $211 million over the previous year and sales increased 6.2 billion kilowatthours. Sales to industry from TVA's rate incentive programs such as economy surplus and limited interruptible power, increased 12 percent in 1993.
 "Our continued commitment to stable rates and cost control is reflected by the confidence consumers and industries have in the Tennessee Valley region," Malec said. "New industries are locating in the Tennessee Valley and the industries here continue to expand, which is reflected in increased electricity sales."
 All time high temperatures during the summer also contributed to increased sales. TVA consumers set records for peak electric demand when temperatures soared into the 90's for more than a month.
 Operating expenses were $3.3 billion in 1993, up 2 percent from 1992.
 This increase was due primarily to the increased generation required for greater system sales.
 TENNESSEE VALLEY AUTHORITY
 Financial Results for the Period Ending Sept. 30 (unaudited)
 (millions)
 Three Months Twelve Months
 1993 1992 1993 1992
 Operating Revenues $1,486 $1,351 $5,276 $5,065
 Operating Expenses
 Fuel and Power 464 366 1,401 1,354
 Other Production Costs 160 160 616 603
 Other Operating Expenses 389 322 1,252 1,241
 Total Operating Expenses 1,013 848 3,269 3,198
 Operating Income 473 503 2,007 1,867
 Interest Expense (456) (430) (1,777) (1,695)
 AFUDC 20 10 58 35
 Other Income and Deductions 4 5 23 22
 Accounting Write-offs -- (109) -- (109)
 Net Income $41 $(21) $311 $120
 kWh Sales 33.534 31.022 118.560 112.402
 -0- 10/21/93
 /CONTACT: Judy Beets, 615-632-8632, or William F. Malec, 615-632-3987, both of TVA (Knoxville)/


CO: Tennessee Valley Authority ST: Tennessee IN: UTI SU: ERN

SB-MM -- CH008 -- 5182 10/21/93 11:57 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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