PORTLAND, Ore. — The Bonneville Power Administration recently announced lower than expected revenue for the first quarter of 2024.
The administration is forecasting a negative $102 million in net revenues, which is $197 million below its performance target, according to a press release.
The administration points to increased power purchases due to the dry winter for the decrease in revenues this quarter.
“We entered the fiscal year with healthy reserve levels, which have helped us navigate the volatility we saw this January. In this environment of volatile weather and market prices, liquidity is paramount and something we will be focused on maintaining going forward” said Marcus Harris, executive vice president and chief financial officer.
The administration’s financial reserves for risk are forecast to be $903 million at the end of the fiscal year, an estimated 121 days cash on hand, which exceeds its minimum target of 60 days.
The administration’s full first quarter business review is available at www.bpa.gov.
