Bonneville Power announces 2nd quarter revenues
| May 11, 2022 1:00 AM
PORTLAND — The Bonneville Power Administration on Tuesday announced that net revenue for the organization’s second quarter of fiscal 2022 hit $566 million, far in excess of the $178 million originally forecast.
The BPA, which starts its fiscal year on Oct. 1 of each year, attributed the growth in sales to higher wholesale power prices and a strong surge in electricity sales.
“Our financial position at our midpoint is strong,” said BPA Administrator and CEO John Hairston, via a press release. “While we have another six months to go, barring any unforeseen setbacks, all indicators are that we will close out the fiscal year in a better financial position than we originally forecast.”
However, the BPA press release said that rising labor and material costs could dent future agency earnings by raising the organization’s operating costs.
The BPA markets electricity from 31 dams across the Pacific Northwest owned and operated by the U.S. Army Corps of Engineers and the Bureau of Reclamation, as well as the Columbia Generating Station nuclear power plant near Richland and several smaller non-federal thermal power plants, according to an agency press release.
The BPA, which owns and operates the large substation near the interchange of I-90 and Dodson Road, provides around 28% of electric power in the Pacific Northwest.