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TVA REPORTS SECOND QUARTER FINANCIAL RESULTS

 KNOXVILLE, Tenn., May 3 /PRNewswire/ -- The Tennessee Valley Authority reported today increases in power sales, revenues and income, and a sizeable reduction in operating expenses for the second quarter of its current fiscal year, which began Oct. 1, 1992 and runs through September 1993.
 TVA's operating revenues for the six-month period increased significantly to $2.534 billion from $2.519 billion for the same period last year.
 William F. Malec, TVA's executive vice president and chief financial officer, said "the increased revenues reflect an improving economy in the Tennessee Valley and continued growth in the region."
 TVA's operating expenses for the six-month period decreased by $79 million compared to the same period last year, partly because of increased off-system sales which are an offset against expenses. Increased generation from TVA's less expensive hydro power and an accounting change related to the amortization of nuclear recovery costs also lowered operating expenses.
 TVA's operating income for the six-month period increased from $966 million to nearly $1.1 billion, a 10 percent jump compared to last year. Net income for the six-month period increased significantly from the same period last year, from $153 million to $223 million. TVA's kilowatthour sales for the six-month period jumped from 54 billion kWh to 57 billion kWh.
 For the 12-month period ending March 31, TVA's operating revenues decreased two percent from nearly $5.2 billion to nearly $5.1 billion.
 Malec said operating revenues for the 12-month period were affected by milder temperatures and growth in sales of TVA's nonfirm power, which is sold at lower rates. TVA's School and Job Credits Program also reduced revenues by approximately $60 million, due to discounts on the firm power bills of schools and certain categories of manufacturers.
 TVA's net income for the 12 months ending March 31 was $190 million compared to $426 million for the same period a year ago, partially affected by an accounting write-off of $109 million in 1992 related to certain nuclear fuel assets.
 TVA's kWh sales increased two percent for the 12-month period ending March 31, from 112 million kWh to nearly 115 million kWh.
 TENNESSEE VALLEY AUTHORITY
 Financial Results for the Period Ending March 31 (unaudited)
 (millions)
 Three Months Six Months Twelve Months
 1993 1992 1993 1992 1993 1992
 Operating Revenues $1,287 $1,282 $2,534 $2,519 $5,080 $5,177
 Operating Expenses
 Fuel and Power 320 320 605 655 1,304 1,368
 Other Production
 Costs 141 138 289 290 603 566
 Other Operating
 Expenses 295 306 580 608 1,213 1,202
 Total Operating
 Expenses 756 764 1,474 1,553 3,120 3,136
 Operating Income 531 518 1,060 966 1,960 2,041
 Interest Expense (444) (421) (872) (838) (1,729) (1,677)
 AFUDC 14 10 23 14 44 47
 Other Income and
 Deductions 6 6 12 11 24 15
 Accounting Write-offs -- -- -- -- (109) --
 Net Income $107 $113 $223 $153 $190 $426
 KWh Sales 29,291 27,773 57,021 54,567 114,856 112,541
 Note: TVA converted to an end-use wholesale rate structure in May 1992. KWh sales have been adjusted to reflect this change.
 -0- 5/3/93
 /CONTACT: Arlethia Perry-Johnson, (Knoxville) 615-632-2006 or 615-632-6000, or William F. Malec, (Knoxville) 615-632-2987, both of TVA/


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

CM -- CH006 -- 3843 05/03/93 13:18 EDT
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Date:May 3, 1993
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