Tennessee Valley Authority

Tennessee Valley Authority (TVA) entered a material lease-purchase transaction for its Cumberland Combined Cycle Generation Facility, receiving $1,931,875,011 from Cumberland Combined Cycle Generation LLC (CCCGL). CCCGL funded this through $200 million in equity and $1.8 billion in secured notes. TVA will lease the facility to CCCGL for 50 years and then lease it back for 30 years, with commercial operations expected by December 2026. Additionally, TVA's Board approved amendments to executive compensation plans, reducing maximum payouts for the Executive Annual Incentive Plan (EAIP) from 225% to 150% and for the Long-Term Incentive Plan (LTIP) from 200% to 150%.

Tennessee Valley Authority reported a significant increase in net income for the six months ended March 31, 2026, rising to $658 million, a 23.5% improvement year-over-year. Total operating revenues also grew by 2.2% to $6,595 million, while operating income increased by 12.1% to $1,266 million. The Nuclear Regulatory Commission approved a 20-year license extension for the Browns Ferry Nuclear Plant, which is expected to reduce depreciation expense. However, net cash provided by operating activities decreased, and short-term debt increased significantly.

Tennessee Valley Authority (TVA) announced the appointment of Michael D. Skaggs as its new Interim President and Chief Executive Officer, effective April 24, 2026, until April 24, 2027. Mr. Skaggs, who previously retired from TVA in January 2022 after a long career, succeeds Donald A. Moul, who is set to retire on July 1, 2026. His annual salary will be $500,000, with potential for additional performance-based compensation.

Tennessee Valley Authority (TVA) announced the separation of its President and Chief Executive Officer, Donald A. Moul, effective April 7, 2026. Mr. Moul will receive severance and retirement benefits in line with the company's existing Executive Severance Plan and Long-Term Incentive Plan. This marks a significant leadership change for the corporate agency.