PORTLAND, Ore. — The Bonneville Power Administration recently announced lower than expected revenue for the second quarter of 2023.
The administration is forecasting a negative $396 million in net revenues, which is $101 million below its performance target, according to a press release.
The administration points to increased power purchases due to the colder temperatures for the decrease in revenues this quarter.
“Even with the projected shortfall, we do not expect to have to collect additional funds from customers,” said Marcus Harris, the administration’s acting chief financial officer. “This is clear evidence our financial plan and reserves policy are more than adequate to help us manage the volatility and uncertainty that weather, energy markets and other variables can throw at us.”
The negative revenue targets for 2023 are the result of rate reductions resulting from the reserve distribution clause triggered by last year’s earnings.
The administration’s full second quarter business review is available at www.bpa.gov.
