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Tennessee Valley Authority reported solid results for the quarter ended June 30, 2026. Operating revenues rose to $3,442 million from $3,306 million, and net income increased to $307 million from $212 million, helped by sharply lower depreciation and amortization of $448 million versus $572 million a year earlier.
For the first nine months of fiscal 2026, operating revenues were $10,037 million and net income $965 million, up from $9,758 million and $745 million. Operating cash flow was $1,883 million, funding heavy construction and nuclear fuel spending of $2,874 million and $274 million, respectively. Total debt outstanding increased to $24,589 million, driven by $2,000 million of new variable interest entity financing for the Cumberland combined-cycle project, with related restricted cash of $68 million.
TVA’s asset retirement obligations fell to $9,535 million, primarily from revised nuclear and coal-ash closure estimates following the Browns Ferry subsequent license renewal and updated CCR rules. Investment funds grew to $6,245 million, and regulatory balances shifted to reflect stronger nuclear decommissioning funding. TVA also recognized $66 million of income-related government grants under the Inflation Reduction Act.
Tennessee Valley Authority entered a Third Amended and Restated $1,000,000,000 July Maturity Credit Agreement on July 10, 2026. The facility, arranged by Toronto Dominion (Texas) LLC and a syndicate of banks, allows access to up to $1,000,000,000 in loans or letters of credit.
The agreement expires on July 10, 2031. Borrowing costs and fees, including an unused facility fee and letter of credit fees, vary based on market factors and the rating of TVA's senior unsecured long-term non-credit enhanced debt. It is reported under the items for creation of a direct financial obligation and an obligation under an off-balance sheet arrangement.
Tennessee Valley Authority (TVA) entered a long-term lease-purchase financing for its Cumberland Combined Cycle Generation Facility with Cumberland Combined Cycle Generation LLC (CCCGL). CCCGL raised $2,000,000,000, including $200,000,000 of equity and $1,800,000,000 of secured notes, and will pay or cause to be paid $1,931,875,011 to TVA under the Head Lease and Construction Management Agreement, with the balance deposited with a lease indenture trustee.
TVA will lease the Facility back for 30 years, making semiannual rent payments from November 2026 through May 2056, with debt and equity portions such as $62,416,544 and $7,310,866 on early dates. TVA plans to use its aggregate proceeds for its power program and transaction expenses. The TVA Board also approved amended compensation, annual incentive, and long-term incentive plans that reduce maximum payout and scorecard achievement levels beginning with future performance cycles.
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.