Second Quarter Financial Reports Released
BPA Journal, June 2009
BPA has posted two quarterly financial reports on its external Web site. The Quarterly Report looks back at the previous 90 days and contains actual figures to date. The Quarterly Review, which looks forward, is of particular interest to BPA customers because it provides an up-todate forecast of the agency's expected financial results for the current fiscal year.
The Second Quarter Review is currently forecasting the agency will finish the fiscal year with modified net revenue of negative $125 million. The two major reasons for the negative forecast are the projected low January- July streamflow and forecasts of reduced net secondary revenues because of low electricity prices driven by a decline in natural gas prices.
The review is also important because its forecasts for Power Services' finances will be used in the final power rates proposal. BPA has taken aggressive steps to mitigate the potential rate impact of fiscal year 2009's poor financial prognosis by implementing cost reductions this year. In addition, BPA is reducing spending levels for fiscal years 2010-2011, which will also reduce the potential rate impact.
For more details, check the Quarterly Reports and Quarterly Review pages on BPA's Web site at www.bpa.gov/corporate/Finance/.
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