BPA's new annual report, titled “Investing in the Future,” is now available. A limited supply of hard copies will be available from the BPA Library and Visitor Center in December.

This year’s publication underscores the importance of cost management to BPA and its customers. The narrative section features sidebars highlighting safety achievements and a fish-friendly turbine at Ice Harbor Dam.

For FY 2016, BPA had total operating expenses of $2.9 billion with total operating revenues of $3.4 billion. Adjusted net revenues was negative $30.9 million. Power modified net revenues was negative $132.8 million, which is lower than rate case expectations largely due to sustained low natural gas prices affecting net secondary power revenues. Transmission Services’ net revenues of $101.9 million was slightly below rate case expectations. However, Transmission also lowered expenses, which offset some of the loss in revenues.

The financial pressure created by lower-than-expected net revenues underscores the need to adequately assess and plan for these significant uncertainties, and for BPA’s leadership and workforce to remain diligent about managing internal operating costs prudently.

BPA’s financial reserves were $724.4 million, a decrease from fiscal year 2015. Since March, BPA has been engaging customers and stakeholders through workshops to discuss what a new financial reserves policy should look like; BPA will propose a financial reserves policy in the BP-18 initial proposal in November.