Year of productivity and financial resilience highlighted in FY 2024 annual report

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Year of productivity and financial resilience highlighted in FY 2024 annual report

November 18, 2024

BPA's fiscal year 2024 annual report describes its many financial and operational successes in the face of challenging conditions.

BPA's fiscal year 2024 annual report describes its many financial and operational successes in the face of challenging conditions.

Sustained financial strength boosted by healthy monetary reserves and cost discipline allowed the Bonneville Power Administration to meet all its financial commitments in fiscal year 2024, despite volatile market and weather conditions. The latest annual report, "Powering a clean energy future," captures many of BPA's financial and operational successes in the face of challenging conditions.

"The federal hydropower system prevailed against extreme weather in FY 2024, dependably serving the region," notes Administrator and CEO John Hairston in his opening letter. "Water conditions in the Columbia River Basin were below average . . . coming in at 77% of normal. But the federal dams and Columbia Generating Station nuclear plant consistently delivered, keeping the lights on even through the most extreme events .

In January, a four-day cold snap set the tone for the rest of BPA's fiscal year. With electricity demand in BPA's service area reaching record highs, exceeding the output of the FCRPS, the agency turned to power markets to fill the gap. Soaring power costs led to purchases costing $300 million.

On the other hand, financial resilience let BPA absorb that loss, preventing the need for increased power rates. The agency also ended the year with substantial financial reserves and strong investment-grade credit ratings.

Among its other successes, BPA established a framework for new long-term power contracts; reached an agreement in principle to modernize the Columbia River Treaty; and strengthened partnerships for fish and wildlife while preserving hydropower flexibility.

Notably, BPA also advanced critical transmission initiatives to expand the grid in support of load growth and renewable resource integration. This included deploying $665 million toward capital projects, an increase of $232 million over the prior year.

"Everything we've accomplished this year supports our vision for economic prosperity and environmental sustainability, while overcoming challenges to enable the Northwest's clean
energy future," said Hairston. "Bonneville remains committed to being a reliable business partner that our customers can count on to meet their evolving needs, and a trustworthy steward that the region can count on to provide vital power and transmission resources."

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