Tennessee Valley Authority (NYSE:TVC) Q1 2020 Earnings Conference Call - Final Transcript
Feb 05, 2020 • 09:30 am ET
Good morning, everyone, and welcome to the Tennessee Valley Authority's First Quarter Fiscal Year 2020 Conference Call. [Operator Instructions]
At this time for opening remarks, I would like to turn the call over to Ms. Tammy Wilson, TVA Vice President, Treasurer, and Chief Risk Officer. Ms. Wilson, please go ahead.
Thank you, Jamie. Good morning, everyone, and welcome to the Tennessee Valley Authority's first quarter fiscal year 2020 financial review. As always, we appreciate your interest in TVA and thank you for your support of TVA's funding program over the years.
Today I have with me TVA's Chief Executive Officer Jeff Lyash, and TVA's Chief Financial Officer John Thomas. Jeff will begin with the business update, and then John will follow with the review of TVA's financial performance. After our prepared remarks, the call will then be opened up to give participants the opportunity to ask questions.
Now for a few housekeeping items. Today's press release and TVA's Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2019, are available on TVA's website, and that's www.TVA.com. A replay of this call is also be available on our website for a period of one year.
Today's discussion may include forward-looking statements that are subject to risks and uncertainties, so please refer to our Quarterly Report on Form 10-Q for the quarter ended December 31, 2019, and TVA's Annual Report on Form 10-K for the fiscal year ended September 30, 2019, for a discussion of these factors.
And with that, I will now turn the call over to TVA's President and Chief Executive Officer, Jeff Lyash. Jeff?
Jeffrey J. Lyash
Thank you, Tammy. Good morning, everyone, and thank you for joining us on today's call. I hope everyone had a safe start to 2020.
On our last call, it was my pleasure to say that TVA's performance for fiscal year 2019 was among the strongest we've seen in recent history. In fiscal year '19, we achieved our 20th consecutive year of delivering power at 99.999% reliability, that's five nines.
The TVA Board approved a new integrated resource plan, a new 10-year strategic financial plan, and a new long-term partnership option for our local power companies, setting TVA on a path for sustained future success. And, TVA also reduced its debt by $1.5 billion, driving our debt to the lowest level in almost 30 years. So, 2019 was a great year for TVA, and we continued to build on these positive results during the first quarter of 2020.
We're working on several focus areas this year. First, we want to continue to strengthen partnerships with our customers. The long-term Valley partnerships strengthen the service that TVA and our local power company customers can provide to the nearly 10 million people we collectively serve. Partners that sign up for these 20-year agreements receive a monthly bill credit equal to 3.1% of wholesale demand, energy, and grid access charges. And, these partners will be more involved in TVA's long- term business planning, helping to guide our