Legacy of Clean Audits Continues at BrightRidge in FY 2025

CIUDAD DE JOHNSON — BrightRidge has received an unmodified, or “clean,” audit opinion for the fiscal year ended June 30, 2025, continuing a 35-year legacy of clean independent audits and full public transparency.

“BrightRidge has a legacy of public accountability and sound finances, a legacy a century storm couldn’t upend,” said BrightRidge CEO Jeff Dykes. “Hurricane Helene recovery efforts cost more than $3 million to date, with federal FEMA reimbursements still pending. Yet, the BrightRidge team managed that impact while reinvesting in our community’s electric infrastructure and meeting strong demand for our nation-leading broadband products.”

For 2025, electric sales revenue increased 11 percent to $235 million. Most of the increase was due to a 38 percent Tennessee Valley Authority fuel cost increase, while TVA base rates also rose 5.25 percent. TVA generates wholesale electricity for 153 local power companies, including BrightRidge.

Electric sales growth beyond TVA rate changes is attributed to weather variation and customer growth. BrightRidge recorded an above-average 1.38 percent increase in electric customer accounts, including 143 new commercial and industrial accounts and 1,158 total new customers during the fiscal year.

Purchased power from TVA accounted for 71.91 percent of the electric division’s total budget. The remaining balance funded BrightRidge operations, maintenance, and capital improvements.

Targeted investments in electric system capacity and reliability during FY 2025 included:

• $545,758 for a double circuit to balance load growth in Gray
• $511,065 for downtown Johnson City electric infrastructure upgrades
• $982,484 for replacement of a Knob Creek substation transformer
• $1.19 million for electric infrastructure supporting Johnson City’s West Walnut Street project

Meanwhile, BrightRidge Broadband generated continuing strong demand for its products, adding more than 4,800 customers to finish the fiscal year with 20,972 total customers. Broadband installation expense increased 19 percent to $4.38 million.

“We are well ahead of schedule in our mission to bring 10 Gb symmetrical fiber broadband to every BrightRidge electric customer, reaching 70 percent of our customers by June 30,” Dykes said. “In only our sixth year of offering broadband products, we couldn’t be happier with the overwhelmingly response to BrightRidge Broadband.”

Payments in lieu of taxes (PILOT) to local governments increased to $6.35 million, up from $5.56 million the prior year. As directed by law, the largest payments were distributed to Johnson City and Washington County.

BrightRidge also continued a steady payoff of its low overall debt load. At the close of FY 2025, electric division debt totaled $39.64 million, reflecting a conservative debt position relative to system size.

BrightRidge’s audited financial statements detail how revenues are used to pay TVA power costs, maintain local operations, invest in local infrastructure, and support local governments through annual PILOT payments. To view the audit, please click here.