KNOXVILLE, TN ― The Tennessee Valley Authority reported $6.6 billion in total operating revenues on nearly 82 billion kilowatt-hours of electricity sales for the six months ending Mar. 31, 2026. Total operating revenues increased 2% over the same period last year, primarily due to higher sales volume and higher fuel cost recovery rates. Sales of electricity increased approximately 1% compared to the same period last year, primarily driven by increases within the data processing, hosting, and related services sector.
On April 24, 2026, TVA’s Board named Mike Skaggs as TVA’s Interim President and Chief Executive Officer. He succeeds Don Moul, who announced his retirement early last month. In his new role, Skaggs is responsible for leading the nation’s largest public power utility in its mission of serving the people of TVA’s seven-state region.
“It is good to be back at TVA. I truly believe the TVA team is one of the most talented and dedicated groups in the utility industry ― with broad energy experience, strong relationships and a solid leadership team that is focused on delivering results for the more than 10 million people in our region,” said Mike Skaggs, TVA’s Interim Chief Executive Officer. “In the weeks ahead, my focus will be on listening, getting up to speed quickly, and ensuring we maintain the operational excellence that people throughout our seven‑state region depend on every day. Strengthening relationships with our local power companies, directly served customers, and partners at every level remains a top priority.”
Skaggs continued, “TVA plays a vital role in America’s energy future. We will continue to support reliable growth across the region while maintaining strong financial performance. That includes evaluating opportunities in new nuclear generation, updating our long‑range resource and strategic asset plans, and ensuring our rate structure continues to support load growth while protecting the Valley’s ratepayers.”
More on TVA’s second-quarter financial results:
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’s diverse energy portfolio ― including nuclear, natural gas, hydroelectric and other renewables, coal, and storage technologies ― enabled us to maintain system reliability and successfully meet demand throughout the second quarter of fiscal year 2026.
Operating and maintenance expenses decreased by $118 million over the same period last year, driven primarily by tax credits and lower payroll and benefit costs.
Depreciation and amortization expense was $37 million lower than the same period last year, primarily due to the Browns Ferry Nuclear Plant license renewal.
Interest expense was $44 million higher than in the same period last year, primarily driven by higher average balances and rates on long-term debt.
TVA’s net income was $658 million for the six months ending on Mar. 31, 2026, $125 million higher than the same period of the prior year, primarily due to higher operating revenues.
“TVA delivered a strong first half to fiscal year 2026. Financial discipline and our diverse generation portfolio enabled us to reinvest in critical infrastructure and maintain low rates for the people of the Tennessee Valley,” said Tom Rice, TVA’s Chief Financial Officer and Executive Vice President. “TVA’s mission of service remains unwavering, and we are delivering strong results. With demand rising across the Valley, we are executing one of the largest capital programs in our history ― building 3,770 megawatts of new generation, extending licenses, and making other strategic asset decisions.”
Media Release/Melissa Greene, TVA Media Relations
