TVA had net gain of $54 million in second quarter

KNOXVILLE, Tenn. (AP) - The Tennessee Valley Authority on Friday reported a net income of $54 million in its second fiscal quarter.

The results from the January-March period compare favorably with the same quarter in 2012, in which revenues showed a net loss of $94 million.

The most recent quarter had operating revenues of $2.74 billion compared with $2.60 billion a year ago.

Electricity sales to power distributors were up 9 percent in the most recent period, but were offset by a drop in demand by industrial customers. There were higher sales of excess generation to other utilities, which helped the bottom line.

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