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Tennessee Valley Authority reported steady results for the quarter ended March 31, 2026. Operating revenues were $3,546 million, roughly flat with $3,532 million a year ago. Quarterly net income was $392 million versus $408 million, while six‑month net income rose to $658 million from $533 million, helped by lower depreciation and operating costs.
Cash from operations for the first six months was $1,106 million, below $1,461 million last year, as regulatory deferrals and working capital shifts offset higher earnings. TVA invested heavily, with construction expenditures of $1,996 million and nuclear fuel spending of $223 million, contributing to a $1,075 million reduction in cash and equivalents to $522 million.
Total debt outstanding was broadly unchanged at $23,484 million. TVA’s asset retirement obligation fell to $9,511 million from $10,414 million, largely due to extended nuclear plant lives and updated coal ash closure timelines, which also reduced ongoing depreciation expense.
The Tennessee Valley Authority appointed Michael D. Skaggs as Interim President and Chief Executive Officer, with his term running from April 24, 2026 to April 24, 2027. He succeeds Donald A. Moul, who previously announced plans to retire on July 1, 2026.
Skaggs, age 65, is a longtime TVA veteran who served from 1994 until his retirement in January 2022, including roles as Executive Vice President and Chief Operating Officer and multiple senior nuclear operations positions. He will receive an annual salary of $500,000 and may earn additional lump-sum compensation at the end of his term if performance criteria set by the TVA Board are met.
The TVA Board may remove Skaggs only for Gross Misconduct under his offer letter; removal for other reasons could trigger accelerated payment of remaining salary and any additional compensation. The filing notes there are no family relationships or related-party transactions involving Skaggs beyond his employment terms.
Tennessee Valley Authority entered into a separation and release agreement on April 7, 2026 with its President and Chief Executive Officer, Donald A. Moul. Under this agreement, he will receive severance and retirement benefits that are materially consistent with TVA’s existing Executive Severance Plan and Long-Term Incentive Plan.
The filing indicates a leadership transition at TVA while emphasizing that Mr. Moul’s exit package follows the previously disclosed executive compensation frameworks rather than creating new, bespoke arrangements.
Tennessee Valley Authority (TVA) reported a planned leadership change. On April 3, 2026, President and Chief Executive Officer Donald A. Moul notified TVA and its Board of Directors of his intention to retire. His retirement is planned to be effective July 1, 2026, providing several months for an orderly transition. The filing is made under the Securities Exchange Act in connection with a change in certain officers.
The Tennessee Valley Authority reported a leadership change on its Board of Directors. On February 27, 2026, the TVA Board approved Mitch Graves as Chair, with his term in that role running until April 1, 2027.
The Board also approved Jeff Hagood to serve as Chair Elect and then as Chair for a term ending May 18, 2029. Hagood’s term as Chair will begin on the earlier of April 1, 2027, or if Graves becomes unable to continue serving as Chair.
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.