The Tennessee Valley Authority's (TVA) board re-elected Chairman Joe Ritch during a meeting late last week, where President and CEO Bill Johnson highlighted the fiscal quarter's solid performance, despite a warmer-than-usual winter.
Although power sales were down, leading to a net loss, Johnson said cost-reduction efforts helped secure a decent bottom line.
An earlier TVA report said net income fell by approximately $118 million, with operating revenues falling by $131 million.
Ritch has served on the TVA board since 2013 and was elected chairman in 2014.
Johnson also recognized the employees at the Colbert Fossil Plant in Alabama. The plant is set to close in April after 61 years in operation, with officials citing pressures from environmental regulations and the area's weak economic climate.
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