TVE — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-04

• Pre-commercial plant operations began on the Cumberland Combined Cycle Gas Plant ("CUG") Units 1 and 2 during the third quarter of 2026.

• Sales of electricity were 40,227 million and 39,751 million kilowatt hours ("kWh") for the three months ended June 30, 2026 and 2025, respectively. Sales of electricity were 121,771 million and 120,527 million kWh for the nine months ended June 30, 2026 and 2025, respectively. The total sales of ele…

• Sales of electricity increased one percent for the three months ended June 30, 2026, as compared to the same period of the prior year. Sales volume increased primarily due to higher sales within the data processing, web hosting, and related services sector. Partially offsetting this increase was a 3…

• Operating revenues increased $279 million for the nine months ended June 30, 2026, as compared to the same period of the prior year, primarily due to a $144 million increase in fuel cost recovery revenue. The $144 million increase in fuel cost recovery revenue was driven by a $115 million increase a…

• Fuel expense increased $96 million for the three months ended June 30, 2026, as compared to the same period of the prior year. This increase was primarily driven by an increase in fuel cost recovery of $73 million due to the recovery of unplanned fuel costs during the winter of 2026. Additionally, f…

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

• Sales of electricity were 41,966 million and 42,745 million kilowatt hours ("kWh") for the three months ended March 31, 2026 and 2025, respectively. Sales of electricity were 81,543 million and 80,776 million kWh for the six months ended March 31, 2026 and 2025, respectively. The total sales of elec…

• Sales of electricity decreased two percent for the three months ended March 31, 2026, as compared to the same period of the prior year. For the three months ended March 31, 2026, weather conditions were milder as compared to the same period of the prior year, which resulted in an 11 percent decrease…

• Operating revenues increased $143 million for the six months ended March 31, 2026, as compared to the same period the prior year, primarily due to a $82 million increase in base revenue. The $82 million increase in base revenue was driven by a $67 million increase attributable to higher sales volume…

• Fuel expense increased $103 million for the three months ended March 31, 2026, as compared to the same period of the prior year. This increase was primarily due to an increase in effective fuel rates due to higher natural gas prices, resulting in a $115 million increase in fuel expense. Additionally…

• period of the prior year, resulting in a $246 million increase. Partially offsetting this increase was a decrease of $196 million

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

• GAAPAccounting principles generally accepted in the United States of America

Text added vs the prior filing · source: 10-Q · 2026-08-04

• During the quarter ended June 30, 2026, 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 removed 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 added vs the prior filing · source: 10-Q · 2026-08-04

• Under the Tennessee Valley Authority Act of 1933, as amended ("TVA Act"), a quorum of the TVA Board of Directors ("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. Sen…

Text removed 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