The Tennessee Valley Authority says it will likely press on with its plans to shut down several power generators, even though freezing temperatures in January led to record demand.
As temperatures dropped in Tennessee and surrounding states, homes and businesses turned up their thermostats, which led TVA breaking records for electricity use. TVA later touted its reliability on twitter:
— TN Valley Authority (@TVA_Newsroom) February 6, 2014
The agency has said long-term demand is on the decline, and it’s shutting down eight coal-fired generators as a result. CEO Bill Johnson says TVA will take another look at its long-range forecast, but it’s unlikely to change.
“When you sort of have 30 year events-which is what this was-you don’t need to get too excited about the future. I think the forecast will remain largely the same,” Johnson said on an earnings call Tuesday. TVA reported a $67 million loss for the first quarter. Johnson wouldn’t speculate on how January’s demand would affect the agency’s earnings.