Tennessee Val SEC Filings

The Tennessee Valley Authority reported leadership changes affecting its board and senior management. On February 24, 2026, William J. Renick resigned from the TVA Board of Directors. The notice states his departure as a director without providing further detail on the circumstances.

The filing also states that, effective March 2, 2026, Jeremy P. Fisher will no longer be performing the duties of Executive Vice President and Chief Business Officer and will be departing TVA. This represents a change in a key executive role responsible for business operations.

Tennessee Valley Authority is changing how it evaluates long-term executive incentives. The Board approved replacing the Carbon-Free Performance Indicator in its Long-Term Incentive Plan with a new Project Milestones measure for the FY 2024–2026, FY 2025–2027, and FY 2026–2028 performance cycles.

The Project Milestones measure carries a 20% weight in the LTIP, with payouts tied to milestone completion at threshold, target, and stretch levels of 80%, 90%, and 100%. It focuses on large, Board-approved projects over $200 million or those critical to TVA’s mission, tracking the share of project milestones completed on or ahead of schedule. Milestone lists can be adjusted with oversight by the Chair of the People and Governance Committee, and all other LTIP measures and goals remain unchanged.

Tennessee Valley Authority reports stronger results for the quarter ended December 31, 2025. Operating revenues rose to $3,049 million from $2,920 million, driven mainly by higher electricity sales. Net income increased to $266 million versus $125 million a year earlier, as operating and maintenance expenses declined and other income improved.

TVA’s balance sheet shows total assets of $59,515 million and total liabilities of $40,726 million, with power program retained earnings of $18,063 million as of December 31, 2025. Cash, cash equivalents, and restricted cash fell to $522 million from $1,597 million, mainly reflecting high construction and nuclear fuel expenditures and the redemption of $1,350 million of power bonds, partially offset by increased short-term debt.

Asset retirement obligations decreased to $9,725 million, largely due to a $740 million downward revision in nuclear decommissioning estimates following subsequent license renewal for the Browns Ferry nuclear units, which also reduced quarterly depreciation expense.

Tennessee Valley Authority filed an amended report to update board governance details. The filing explains that after the United States Senate confirmed four new members to the TVA Board of Directors on December 18, 2025, the Board met on January 16, 2026 and approved new committee assignments. Mitch Graves was named chair of the Audit, Risk, and Cybersecurity Committee, while A. Wade White chairs the Finance, Rates, and Portfolio Committee. Other committees include External Stakeholders and Regulation, Operations and Nuclear Oversight, and People and Governance, each listing specific directors as members and chairs. This amendment focuses solely on how TVA’s directors are organized across these oversight committees.

Tennessee Valley Authority reported a senior leadership change. Effective January 15, 2026, Rebecca C. Tolene is no longer performing the duties of Executive Vice President and General Counsel and will be departing TVA. The notice focuses solely on this transition in the executive leadership team and does not provide additional context on succession plans or other operational changes.

Tennessee Valley Authority reported that the United States Senate has confirmed four nominees — Mitch Graves, Jeff Hagood, Randall Jones, and Arthur Graham — to serve on its Board of Directors. They will join the Board after Presidential commissioning, completion of administrative steps, and being sworn in. The new directors have not yet been assigned to any Board committees and, based on this report, are not involved in any material transactions or arrangements with TVA other than their Board service. As directors, they will receive the standard benefits and arrangements for Board members, as previously described in TVA’s annual report for the year ended September 30, 2025.

Tennessee Valley Authority filed a current report to announce that it has released an updated offering circular for its electronotes® program. The offering circular, dated December 9, 2025, is provided as Exhibit 99.1 to the report. This type of document typically describes the terms and structure of TVA’s electronotes® debt offerings to investors, and the filing formally makes that circular publicly available.

Tennessee Valley Authority (TVA) filed its annual report, highlighting operations of the nation’s largest public power system serving about 10 million people. In 2025, electricity sales generated $13.5 billion, which provided virtually all revenues.

Customer mix and contracts: Local power company customers (LPCs) accounted for approximately 90% of total operating revenues. TVA had wholesale power contracts with 153 LPCs; 148 had signed the long‑term Partnership Agreement that includes a 3.1% wholesale bill credit, and 109 had executed Power Supply Flexibility Agreements that permit LPCs to source up to roughly five percent of energy locally. TVA’s largest LPCs, MLGW and NES, represented 9% and 8% of total operating revenues, with five‑year and 20‑year termination notices, respectively.

Rates and cost recovery: The TVA Board sets rates using a debt‑service coverage methodology, with seasonal time‑of‑use base rates and a monthly fuel adjustment allocated across three customer classes.

Supply and projects: Commercial operations began on Johnsonville Aeroderivative CT Units 21–30 in 2025. TVA reports ongoing natural gas projects at its Cumberland and Kingston sites, an aeroderivative CT project at the Allen CT site, a new Caledonia simple‑cycle CT project, and evaluations for additional CT capacity at Cumberland and Lagoon Creek.

Tennessee Valley Authority entered into a Third Amended and Restated September Maturity Credit Agreement providing access to up to $1,000,000,000 in loans or letters of credit. The facility, arranged with Royal Bank of Canada as administrative agent and several other major banks as lenders, runs until September 10, 2030, unless extended under the agreement’s terms. Borrowings carry a variable interest rate that depends on market conditions and the rating of TVA’s senior unsecured long-term non-credit enhanced debt. TVA will also pay an unused facility fee on any undrawn portion of the $1,000,000,000 and fees on any letters of credit, with both fee levels tied to TVA’s debt rating.