Bonneville Power Administration announced week
that it ended fiscal 2004 on Sept. 30 in
positive territory despite another year of low
water and less-than-projected power and
transmission sales revenues.
Discounting certain accounting adjustments and
proceeds from refinancing non-federal debt, BPA
earned $66 million on total income of $3.2
BPA is a not-for-profit agency, any net revenue
is applied to financial reserves for use in the
event that low water reduces hydropower sales in
though we ended the year in the black, our power
and transmission revenues were significantly
lower than expected," said BPA Administrator
Steve Wright. "By cutting costs and aggressively
managing long-term debt, we were able to avoid
dropping below the break-even line."
to projections made as the fiscal year began,
BPA revenues fell short by more than $200
million, Wright said.
the proceeds from non-federal debt refinancing
and accounting adjustments, BPA's audited
financial results for fiscal year 2004 show
total net revenues of $504 million, as stated in
the agency's annual financial report. Proceeds
from refinancing non-federal debt associated
with thermal plants are used to pay down U.S.
power sales fell short of projections as a
result of a fifth consecutive year of
under-average water conditions. Transmission
revenues were also below estimates largely due
to lower volumes of power transferred over the
Northwest grid during the economic downturn.
More efficient use of transmission contracts by
customers was also a factor.