TVC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-05

• Total operating expenses increased $6 million for the six months ended March 31, 2026, as compared to the six months ended March 31, 2025. Fuel and purchased power expense increased $144 million for the six months ended March 31, 2026, as compared to the same period of the prior year primarily due t…

• Sales of electricity increased one percent for the six months ended March 31, 2026, as compared to the same period of the prior year. Sales volume increased primarily due to higher sales within the data processing, hosting, and related services sector.

• The following table compares operating results for the three and six months ended March 31, 2026 and 2025:

• Operating Revenues. Operating revenues for both the three months ended March 31, 2026 and the three months ended March 31, 2025, were $3.5 billion. Operating revenues for the six months ended March 31, 2026 and 2025, were $6.6 billion and $6.5 billion, respectively. The following table compares TVA'…

• Revenue capitalized during pre-commercial plant operations(1)

Text removed vs the prior filing · source: 10-Q · 2026-02-03

• Total operating expenses decreased $10 million for the three months ended December 31, 2025, as compared to the three months ended December 31, 2024. Operating and maintenance expense decreased $56 million for the three months ended December 31, 2025, as compared to the same period of the prior year…

• The following table compares operating results for the three months ended December 31, 2025 and 2024:

• Operating Revenues. Operating revenues for the three months ended December 31, 2025 and 2024, were $3.0 billion and $2.9 billion, respectively. The following table compares TVA's operating revenues for the periods indicated:

• TVA's two largest LPCs — Memphis Light, Gas and Water Division ("MLGW") and Nashville Electric Service ("NES") — have contracts with a five-year and a 20-year termination notice period, respectively. Sales to both MLGW and NES accounted for eight percent of TVA's total operating revenues for both th…

• agreements. Participating LPCs receive benefits including a 3.1 percent wholesale bill credit in exchange for their long-term commitment, which enables TVA to recover its long-term financial commitments over a commensurate period. As of December 31, 2025, 148 LPCs had signed the 20-year Partnership …

Text added vs the prior filing · source: 10-Q · 2026-05-05

• •Risks from failure to attract or retain key personnel, changes in TVA's compensation policies or practices that may result from, among other things, presidential memoranda regarding compensation practices at TVA, changes in senior management or TVA Board of Directors ("TVA Board") membership, or th…

• •Legal, administrative, and regulatory proceedings, including those involving CCR facilities, gas plants, and permitting challenges, and other litigation, which could lead to unanticipated costs, operational changes, or modifications to TVA's business or compliance obligations;

Text removed vs the prior filing · source: 10-Q · 2026-02-03

• •Legal, administrative, and regulatory proceedings, including those involving CCR facilities, gas plants, permitting challenges, and other litigation, which could lead to unanticipated costs, operational changes, or modifications to TVA's business or compliance obligations;

• •Risks from failure to attract or retain key personnel, changes in TVA's compensation policies or practices, changes in senior management or TVA Board membership, or the absence of a Board quorum, which could limit TVA's ability to conduct business or adapt strategy and could increase legal and regu…

Text added vs the prior filing · source: 10-Q · 2026-05-05

• During the quarter ended March 31, 2026, TVA completed the implementation of its enterprise resource planning ("ERP") cloud-based financial system, replacing the previous financial system. The implementation resulted in significant changes to processes, procedures, and controls which represent a mat…

Text removed vs the prior filing · source: 10-Q · 2026-02-03

• During the quarter ended December 31, 2025, there were no changes in TVA's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, TVA's internal control over financial reporting.

Text added vs the prior filing · source: 10-Q · 2026-05-05

• Under the TVA Act, a quorum of the TVA Board is five members. In January 2026, the TVA Board regained a quorum,

• and it currently has six members. Becoming a member of the TVA Board requires confirmation by the U.S. Senate following

• appointment by the President, and this process may be lengthy. In addition, the President may remove TVA Board members,

• and TVA Board members may resign or otherwise leave office before a successor is commissioned. Without a quorum, the TVA

• Board may not have authority to direct TVA into new areas of activity, to embark on new programs, or to change TVA's existing

Text removed vs the prior filing · source: 10-Q · 2026-02-03

• Under the TVA Act, a quorum of the TVA Board is five members. In January 2026, the TVA Board regained a quorum, and it currently has seven members. Becoming a member of the TVA Board requires confirmation by the U.S. Senate following appointment by the President, and this process may be lengthy. In …