Built for the People: Driving America’s Energy Future FY 2024 Annual Report Contents GUIDE TO USING TVA’S ANNUAL REPORT AND FORM 10-K This Annual Report is intended to provide highlighted information of interest about TVA’s business and operations during its fiscal year (FY) ended Sept. 30, 2024. This Annual Report should be read in conjunction with TVA’s Form 10-K Annual Report for the year ended Sept. 30, 2024, filed with the Securities and Exchange Commission. The Form 10-K provides additional financial, operational and descriptive information, including TVA’s financial statements. The Form 10-K also provides important information about various material risks to which TVA is exposed in the course of its operations, which are important to consider before investing in any TVA securities. The 2024 TVA Annual Report and Form 10-K do not contain all information about TVA securities that is important for making investment decisions. Please refer to the appropriate Offering Circular, and any relevant supplements, for detailed information about TVA securities. TVA’s Form 10-K may be found at www.tva.com/investors. STATEMENT/FACTORS THAT MAY AFFECT OUR BUSINESS We have included in this letter and 2024 TVA Annual Report “forward-looking statements” relating to our operations, results of operations and other matters that are based on our current expectations, estimates, assumptions and projections. Words such as “will,” “plan,” “believe” and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward- looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is described or forecasted in these forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to, the factors discussed in our Form 10-K and Quarterly Reports on Form 10-Q under the sections entitled “Forward-Looking Information,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Our forward-looking statements speak only as of the date of this letter and the 2024 Annual Report or as of the date they are made, and we undertake no obligation to update them. President’s Report 2 People Advantage 4 Powerful Partnerships 11 Operational Excellence 20 Igniting Innovation 27 Financial Strength 34 Leadership 38 Pictured above, left to right: Terrestrial zoologist Emily Doub holds a bat during a survey of Tennessee caves. TVA senior manager of transmission lines Joe Turk inspects conductor wire at a site near Chickamauga Dam. TVA lineworker Phillip Walker positions an X-ray device on a transmission line during training. FY 2024 Annual Report 1 Our unique, long-standing mission of service drives and inspires us daily to pursue new ideas and innovative solutions. We continually work to lower our operating and maintenance costs, improving both productivity and efficiency. These savings are passed on to you in terms of lower energy costs. We are a leader in carbon reduction, but we aren’t satisfied. We’re committed to reducing carbon emissions while maintaining our focus on delivering the affordable, reliable energy you expect and deserve. We are stewards of our environment, protecting and preserving the region’s land, water and air. We help attract investment and jobs for the people who live in our seven- state region. And, today, we’re collaborating with partners to help ensure this region continues to be a great place to live, work and play in the decades ahead. It all starts with caring for our communities when they need it most. Communities like those in eastern Tennessee and western North Carolina. When Hurricane Helene struck, we sent people, equipment and supplies for power restoration and recovery. TVA was created to manage the river system and, through the dedication and expertise of our team, we do this very well. Our flood control efforts helped protect communities and prevented more than $400 million in additional downstream damage. We live our mission of service at TVA. Through the work of thousands who came before us, TVA changed this region’s trajectory, lifting its people and building its economy. In the decades ahead, TVA will continue to define and innovate an American-made energy future. We’ll build a blueprint for others to follow. We’ll create a thriving new nuclear industry with roots and resources based right here. And we’ll power the next generation of U.S. manufacturing — from electric vehicles to advanced components. We cannot meet the energy needs of tomorrow by making small changes today. It will require innovation, collaboration and pushing TVA, the industry and the nation to go further, faster to make our vision for tomorrow a reality. As you’ll see by the highlights shared in this report, TVA made great strides in FY 2024 to advance these efforts. I’m optimistic about the future of TVA and our region. My optimism is rooted in what I believe sets us apart – our people. Living our mission President’s Report At TVA, we’re driving an American energy future. Built for the people more than 91 years ago, TVA strives to make life better for the communities and people across this region. Jeff Lyash FY 2024 Annual Report 3 Mission with a purpose A positive workplace culture. Building a sense of belonging. Helping employees excel in their own work and collaborating with colleagues. This is the culture that helps each employee fulfill TVA’s mission of service, Jan Brown, TVA’s vice president of People and Culture, said. “We’re fortunate to have a mission with a purpose,” Brown said. “To effectively serve the region, it’s important that all TVA employees feel seen, valued, respected and heard.” In FY 2024, TVA saw improved scores in employee engagement surveys that focused on purpose and pride, psychological safety and recognition. “That tells me employees are engaged and connected to their work and to TVA’s mission,” Brown said. She and her team work to ensure employees feel empowered to show up as their best selves – as open- minded, curious, active listeners with unique perspectives. “This will position us to be successful as individuals,” she said. “And collectively, our individual successes mean TVA will be successful, too.” 12.6% People of Color 16.9% Veterans 7.8% People with Disabilities 21.2% Women A DIVERSE WORKFORCE Jan Brown Vice President of TVA People and Culture TVA River Services deckhand Madison Young tosses a line to deckhand Tasha Case. Building Tomorrow Together What an American-made energy future looks like Dams and locks. Reservoirs and powerhouses. Cooling towers and transmission towers. You can see them from highways and waterways across seven states. All the infrastructure TVA built over the years is like a lightbulb – its usefulness comes not from seeing it, but from what you can see by it. For more than 91 years, TVA has worked to make life better across the Valley region, and today TVA and its partners are working to cast the light even further, envisioning the future of American energy. Shane Carman, TVA River Services manager, stands in the engine room of Mv. Freedom. FY 2024 Annual Report 5 PEOPLE ADVANTAGE A culture of belonging TVA’s nine Employee Resource Groups foster a deep sense of belonging within the work community. Each ERG helps employees gain a rich understanding of team members’ unique stories, strengthening TVA by providing valued, diverse perspectives to colleagues and leaders. Open to all employees, the groups offer professional networking, volunteer opportunities and peer mentoring. TVA’S 9 EMPLOYEE RESOURCE GROUPS ABLED ACTion African American Voices Council of Native Americans New Employee Network Spectrum TVA & Amigos Veterans Association Women Empowered PEOPLE SPOTLIGHT Shantavia McCurdy As a senior reactor operator at Browns Ferry Nuclear Plant – and the first female operations shift manager at Browns Ferry – Shantavia McCurdy embodies TVA’s commitment to empowering employees in an ever-changing industry. “Initially, it was not a big deal to me,” McCurdy said. “What made it a big deal are all the individuals who came and talked to me and shared with me how I had inspired them.” EMPLOYER AWARDS NO. 9 Top Companies for Veterans Fair360 NO. 4 Top Companies for Utilities Fair360 NO. 1 Military Friendly Supplier Diversity Program NO. 5 Military Friendly Top 10 Employer NO. 6 in Tennessee Forbes America’s Best-in-State Employers for 2024 5-STAR Employer 2024 VETS Indexes MILITARY FRIENDLY EMPLOYER AWARDS DEI Team Award Winner 2024 OnCon Icon Awards 100 TOP Designated as Military Spouse Friendly Employer Leading Disability Employer National Organization on Disability Designated as Military Friendly Brand As a member of TVA’s Biological Compliance team, biologist Sara McLaughlin-Johnson conducts surveys of the Valley region’s semi- aquatic and terrestrial species. Members of African American Voices and Spectrum, two of TVA’s Employee Resource Groups, attend a Juneteenth and Pride event on June 18, 2024, in Chattanooga. 2024-25 ETHISPHERE COMPLIANCE LEADER VERIFICATION TVA is the only federal agency to receive this coveted accolade, recognizing a BEST-IN-CLASS Ethics and Compliance Program FY 2024 Annual Report 7 6 Tennessee Valley Authority PEOPLE ADVANTAGE Nurturing new generations A skilled workforce is essential to TVA’s ability to meet the region’s growing demand for clean, reliable energy. To continue attracting top talent, TVA nurtures partnerships that remove barriers and develop pipelines to in-demand jobs. “We’re investing in technology to engage students early, sharing what a career in energy can provide – financial stability, opportunities for growth and being a part of making life better for those living in the region,” Jamie Choate, TVA’s director of Workforce Strategy and Development, said. Strategic outreach can help lead new generations to opportunities in the power industry. Just one example of this is TVA’s sponsorship of the Tennessee Chamber of Commerce Be Pro Be Proud program, a mobile workshop that uses virtual reality and augmented reality to teach students about skilled trades. “I started my career at TVA as an assistant unit operator,” Choate said. “And now I get to share my story and inspire the next generation of craft workers.” PEOPLE POWER Nearly 19,000 Retirees About 11,300 Employees Approximately 17% of workforce are Veterans 57% of TVA employees are represented by union agreements 17 unions represent TVA employees and contractors Core values create opportunities At TVA, we deliver affordable, reliable, resilient and clean energy – and so much more – for our region. We believe our core values help create greater opportunities for individuals and families, community partnerships, our environment and regional economic growth. SAFETY We are committed to the safety and well-being of each TVA employee and the communities we serve. INCLUSION We strive to treat everyone with dignity and respect by welcoming each person’s individuality so we can all reach our full potential. SERVICE We are proud to serve in the communities where we live, work and play. INTEGRITY We are honest and straightforward. Instructor Jason Lewis watches a student perform a virtual reality welding exercise at the Be Pro Be Proud mobile workshop. Terrestrial zoologists Rob Stinson and Emily Doub are among the many experts who help advance TVA’s mission of environmental stewardship throughout the seven-state region. FY 2024 Annual Report 9 8 Tennessee Valley Authority PEOPLE ADVANTAGE A stand for safety TVA has long held safety as a core value, remaining uncompromising in its commitment to keep teammates safe. This year, TVA rolled out the enterprise- wide Stand Up for Safety event, with teams across the Valley region sharing insights on smart safety practices and areas for improvement. TVA completed FY 2024 with one of its best safety records in decades. “We have additional enhancements coming to ensure we are a world-class safety organization,” Will Trumm, vice president of TVA Labor, Safety and Workforce Development, said. “Safety at TVA is an area of continuous improvement. We are always looking to improve the safety and well-being of anyone who steps on TVA property.” Will Trumm Vice President of TVA Labor, Safety and Workforce Development All eyes on innovation Valley Vision will help shape future of public power TVA, local power companies, directly served customers and customer associations are collaborating to meet the evolving energy needs of the Valley region. Together, they’re unlocking the public power model to create a more cost- effective, resilient and reliable future for the customers and communities they serve. Billy Parrish, a master marine pilot foreman with TVA River Services, helms the Mv. Freedom. “TVA’s mission is not just for its employees, but for all the Valley region,” said Kelly McCormack, program manager in nuclear assurance at TVA’s Power Service Shops. “We strive to do our best every day and keep the plants running safely.” 10 Tennessee Valley Authority POWERFUL PARTNERSHIPS Phase 2 of the Valley Vision initiative began in FY 2024 with approximately 40 participants working together to proactively address the changes coming to the region. Jamie Bach, TVA’s program lead for Valley Vision, provided insights on the initiative. What does the Valley region’s future power system look like? Changing market dynamics are driving the need for greater optionality and differentiation. The adoption of distributed energy resources will create a two-way power system where energy is generated not only by TVA, but also by local power companies, industries and even homes. Optimizing a more decentralized and decarbonized system will require progressing capabilities and collaborative planning at all levels of the system to create value across the Valley region. What’s next for Valley Vision? The Valley Vision team collaboratively identified three initiatives. They include enabling greater choice for customers through products and pricing; spurring investments in technical capabilities and standards; and creating collaborative, system- wide planning and operations processes that bring together distribution resource planning, integrated transmission planning and other system-wide attributes. These initiatives work together to modernize distribution systems and enhance technical capabilities. Collaborative input from local power companies is critical in shaping these outcomes. How do we get there? The individual workstreams meet monthly and will also come together as a collective group every few months to share information and promote cross-functional discussion across different topics. We are working aggressively to develop plans and deliver tangible results that will start unlocking the full potential of the Valley region’s public power model. Through powerful collaboration, TVA and its partners are paving the way for a dynamic, resilient and sustainable energy future. In short, we get there by working together. ‘We never really stop’ TVA has four seasons – preparing for winter, winter, preparing for summer and summer. “We never really stop making sure we’re prepared for the worst of days,” said Norm Flake, TVA’s program manager for seasonal readiness. “That’s extreme heat in the summer or extreme cold in the winter.” During Winter Storm Heather in January 2024, TVA reached an all-time high peak power demand. And when a prolonged heat wave hit in June, followed by a sweltering spike in late August, TVA partnered with residents to meet both challenges. And some days, Mother Nature can send her worst. Like Dec. 9, 2023, when a tornado launched a fireball of burning oil over a substation in Madison, Tennessee. TVA electrician foreman Shane Bandy pulled together a crew that worked around the clock for nearly two weeks on cleanup and repairs. “It’s a shock when you see the damage,” Bandy said. “But the actual work? We do this stuff every day. You just put your head down and do what you’ve got to do.” 31,096 MW TVA sets summer 2024 peak demand record at 3 p.m. CT, Aug. 29 34,577 MW TVA meets all-time high peak demand at 8 a.m. CT, Jan. 17 “During those storms, you just kind of look at the big plate of mess you’ve got going on and you realize it’s just one bite at a time. You make sure everybody’s safe. In a situation like that it’s really heightened to watch out for each other because it’s unfamiliar, it’s fast- paced, it’s long hours.” Shane Bandy TVA electrician foreman who has responded to tornadoes, floods and ice storms in his 25 years with TVA TVA crews assess the damage after a tornado struck a middle Tennessee community on Dec. 9, 2023. 12 Tennessee Valley Authority FY 2024 Annual Report 13 POWERFUL PARTNERSHIPS Driving a clean energy economy TVA partnered with the University of Tennessee’s Baker School on the landmark Valley Pathways Study, which will play an integral role in helping the Valley region envision a net-zero carbon emissions economy. With insights from stakeholders across the region, the study identifies strategies to help shape a clean energy economy, such as improved energy efficiency in homes and businesses, electrification of certain machines and processes, advancement of cleaner power sources and collaboration among stakeholders. Good neighbors TVA strives to be a good neighbor to the communities it serves. The enterprise invests in nonprofit organizations that support education, human services and community enrichment. TVA employees also give their time and talents, with more than 13,000 hours of volunteer service logged during FY 2024. Strengthening customer connections Two years ago, TVA established a regional business model to strengthen its partnerships with customers and communities. The creation of four regions – North, East, South and West – has led to great success, providing enhanced support and tailored solutions to local communities. With continued economic growth and expansion in the West Region, which originally had 51 local power companies – the most among the four regions – TVA identified yet more opportunities to support its customers and communities. In FY 2024, TVA divided the West Region into two parts and created a new Southwest Region. The West Region now serves west Tennessee, and the new Southwest Region focuses on Mississippi. This enables TVA to continue growing partnerships with customers and communities in Mississippi and beyond. And these partnerships are now stronger than ever, making life better for the people who call the Valley region home. Amy Tate Regional Executive for TVA Southwest Region “Mississippi has a rich history with TVA and public power, and it’s home to many firsts – from Tupelo being TVA’s first city, to the first electric pole raised in Pontotoc. I’m excited to have a team dedicated to delivering the best service to our customers and communities across the state, and we look forward to continuing to build those relationships.” 14 Tennessee Valley Authority FY 2024 Annual Report 15 POWERFUL PARTNERSHIPS Light after the storm Crews help rebuild in the wake of Helene Roads washed away. Trees and power lines snapped. Homes destroyed. Lives lost. As Hurricane Helene devastated east Tennessee and western North Carolina communities, TVA teams rallied to their aid while also working around the clock to keep downstream communities safe from historic flooding. “The devastation and loss is heartbreaking and difficult to put into words, but the resiliency of these communities and the outpouring of love and support from coast to coast is equally as powerful,” Bert Robinson, TVA regional executive for the East Region, said. Many of the local power companies impacted by Helene are TVA customers. “But in our view, the 153 LPCs we serve are partners more than customers,” Robinson said. TVA mobilized its unique arsenal of resources and expertise to deliver immediate difference-making support when these communities needed it most. TVA ASSISTED WITH: Helicopter support to help safely repair and reenergize Mountain Electric Cooperative Inc.’s Cranberry substation in Avery County, North Carolina, and Beech Mountain substation in Watauga County, North Carolina. Supplying Mountain Electric Cooperative with satellite- based connectivity kits to improve communications capabilities in storm-ravaged areas. Connecting Erwin Utilities leadership with TVA project management specialists to assist in evaluating options for restoration of Erwin’s wastewater facility. Providing portable pumps to Newport Utilities – one as a backup for raw water supply to the city’s water treatment facility, and another to use at a pumping station. Deploying a drone-certified power utilization engineer to perform aerial scans of Elizabethton Electric Department power distribution lines. Providing portable light towers to the Greeneville Water Commission to assist with critical work to set up a temporary water intake for Greene County. Answering Duke Energy Carolinas’ request for mutual aid support to help restore energy in western North Carolina communities. Providing pallets of bottled water and critical supplies to communities most in need. In the days that followed, TVA President and CEO Jeff Lyash visited communities in both states to survey infrastructure damage, offer additional support and resources to local power company leaders, and engage with federal, state and local officials regarding ongoing relief, recovery and cleanup efforts. The familial spirit of TVA’s public power partnerships shined through as local power companies who completed power restoration on their own systems quickly deployed their crews to assist neighboring utilities. Crews from middle Tennessee, Alabama, Virginia and elsewhere sent trucks and team members eager to help. That sentiment flowed both ways as TVA crews traveled beyond the borders of TVA’s service area to assist Duke Energy Carolinas. “The Public Power Model exists to make life better in the communities it serves,” Robinson said. “It’s about people over profits. It delivers benefits every day; challenging times simply have a way of bringing those benefits into clearer focus.” The region’s rebuild journey will be lengthy. TVA stands committed to supporting these communities. At top, TVA crews enter the Nolichucky Dam powerhouse, which sustained damage from flood waters after Hurricane Helene. At bottom, TVA President and CEO Jeff Lyash, right, meets with TVA crews at Nolichucky Dam to survey damage from floodwaters. An aerial view of Douglas Dam in the wake of heavy rain and runoff from Hurricane Helene. 16 Tennessee Valley Authority FY 2024 Annual Report 17 POWERFUL PARTNERSHIPS COMMUNITY CONTRIBUTIONS $12.6 million in Community Contributions FY 2024 $2.9 million to the Community Care Fund More than 13,000 hours of volunteer service $1.5 million in STEM grants awarded to 343 classrooms during the 2023-24 school year STEM GRANTS $2 million Awarded in grants to pilot projects that support broadband and digital literacy, economic empowerment, energy and environmental justice and enhanced community resiliency CONNECTED COMMUNITIES More than 6,000 Home Uplifts completed since program began in 2018 HOME UPLIFT Approximately $10,000 Upgrades average per home $342 Homeowner average savings per year Up to 25% Reduction in home energy use Jeff Lyash TVA President and CEO “The most important word as we move forward is partnership. Partnerships connect us to those we serve – from switchyards to Main Streets, from schools to manufacturing facilities, from community groups such as local food pantries to family homes.” TVA teams with Ripken Foundation Baseball star Cal Ripken, Jr. helped cut the ribbon in Tupelo, Mississippi, in November 2023 for the first of 27 STEM centers across TVA’s region. A new robotics curriculum is being launched in 10 of the existing centers. TVA has invested more than $1.5 million in the Ripken Foundation’s STEM Center program, supporting K-8 students in public schools and community organizations. PEOPLE SPOTLIGHT Shane Carman Shane Carman, a towboat pilot and TVA’s River Services manager, has spent years navigating the shoals and sandbars of the Tennessee River, TVA’s original resource. Carman supports a team on the Freedom, a towboat that is the first of its kind in the federal space, boasting a selective catalytic reduction system that scrubs emissions. TVA’s Mv. Freedom is the newest vessel in the River Services fleet. The Ripken Foundation’s STEM centers provide hands-on learning opportunities that encourage students to explore careers in science, technology, engineering and math. FY 2024 Annual Report 19 18 Tennessee Valley Authority POWERFUL PARTNERSHIPS Building for growth Generation plans center on reliability, clean energy Population growth, economic development and electrification are fueling an unprecedented surge in the demand for power. “While our entire nation is experiencing this growth, our region is experiencing it much faster,” Jeff Lyash, TVA President and CEO, said. Few watch this trend more closely than Bryan Williams, whose team handles TVA’s major construction projects. “It’s a busy time,” Williams, senior vice president of Generation Projects and Fleet Services, said. “We have seen both residential and industrial loads coming into the Valley. And we foresee even more industry moving into the Valley, largely driven by the reliability of our power as well as the fair price. “So we need to build – and build quickly – to serve this load.” At the same time, TVA is retiring its coal plants and older gas plants. In FY 2023, TVA retired Bull Run and made the decision to retire Cumberland Fossil Plant in two stages, with one unit retiring by the end of CY 2026 and the second unit by the end of CY 2028. In FY 2024, TVA announced it would retire Kingston by the end of CY 2027. It all adds up to opportunities for TVA to create a cleaner energy future. “We continue to make substantial investments throughout our power system,” Lyash said. “We are planning to invest more than $19 billion through FY 2029 to build new generation, upgrade the existing power system and make transmission system improvements.” The new plants enable TVA’s central grid managers to fine-tune the entire system. “The reliability of the fleet will greatly improve as we move through this build period over the next 10 years,” Williams said. Clean energy is a guiding principle in this growth phase. TVA’s renewable energy initiatives call for 10,000 megawatts of solar generation while also considering other clean energy projects, including advanced nuclear technology, an additional pumped storage plant and battery storage. “We’re going to evolve the fleet to be gradually greener,” Williams said. “We’re doing things even today on coal plants to make them cleaner ahead of their retirement.” As TVA works to accelerate the growth of renewables, it also continues to evaluate adding flexible, lower-carbon-emitting gas plants as a strategy to maintain reliability. TVA’s dams play a key role, too. “I see these dams and hydro plants as long-term assets,” Williams said. “So we’re walking through those units and doing life extension projects to make them run for another 40-plus years.” A view inside a hydroelectric unit at Fort Loudoun Dam during a Hydro Life Extension project in FY 2024. Bryan Williams Senior Vice President of Generation Projects and Fleet Services More than $19 billion in planned investments through FY 2029 to build new generation, upgrade the existing power system and make transmission system improvements FY 2024 Annual Report 21 OPERATIONAL EXCELLENCE Roadmap for expansion TVA’s building plan strikes a balance between adding renewables and ensuring reliable power is always available when needed. “We’re building a lot of fast-starting generation units so we can very quickly respond to changes in demand, as well as the intermittency of solar resources,” Bryan Williams, TVA’s senior vice president of Generation Projects and Fleet Services, said. TVA refers to these fast-starting units as “dispatchable,” which means they can quickly generate power at the flip of a switch. “Our winter peak occurs first thing in the morning, around 7 a.m. CT,” Williams said. “And the sun in January in the Valley is not yet out. Solar is not considered dispatchable because I can’t flip a switch and turn it on when I need it. It’s outside my control.” At Johnsonville Combustion Turbine Plant, crews are installing new aeroderivative gas turbines that can reach full power in 10 minutes. “They are there to back up renewables during winter mornings and the times when the sun’s not shining,” Williams said. 3,570 MW New generating assets under construction 1,950 MW New generation projects pending environmental review or preliminary work Bryan Williams TVA Senior Vice President of Generation Projects and Fleet Services “Power companies, regulators and the public – we’re all driving to a cleaner energy portfolio. But we can’t get there overnight. When we do make these investments, we’ve got to find those least-cost, dispatchable energy solutions to continue to serve our growing load.” Expanding generation capacity NEW GENERATION ADDED SINCE 2023 Paradise, Kentucky 681 MW, frame combustion turbine Colbert, Alabama 681 MW, frame combustion turbine NEW GENERATION UNDER CONSTRUCTION Vonore, Tennessee 20MW / 40MWh battery storage Johnsonville, Tennessee 500 MW, aeroderivative combustion turbine Cumberland, Tennessee 1,450 MW, combined cycle Kingston, Tennessee 1,500 MW, combined cycle, aeroderivative combustion turbine, solar and battery storage Shawnee, Kentucky 100 MW, solar POTENTIAL NEW GENERATION PENDING REVIEWS OR PRELIMINARY WORK Memphis, Tennessee (Allen) 200 MW, proposed aeroderivative combustion turbine Steens, Mississippi (New Caledonia) 500 MW, proposed frame combustion turbine Cheatham County, Tennessee 900 MW, proposed combustion turbine and battery storage Brownsville, Tennessee (Lagoon Creek) 350 MW energy complex STEENS, MS CHEATHAM COUNTY, TN CUMBERLAND, TN BROWNSVILLE, TN JOHNSONVILLE, TN KINGSTON, TN VONORE, TN COLBERT, AL SHAWNEE, KY PARADISE, KY MEMPHIS, TN Johnsonville Combustion Turbine Plant is positioned to have 10 aeroderivative turbines in 2025. 22 Tennessee Valley Authority FY 2024 Annual Report 23 OPERATIONAL EXCELLENCE Advancing nuclear leadership TVA’s three nuclear plants – Browns Ferry, Watts Bar and Sequoyah – generated 39% of the enterprise’s total power supply in FY 2024. Tim Rausch, TVA Executive Vice President and Chief Nuclear Officer, leads a team of employees who focus on carbon-free generation and pursuit of innovative nuclear technologies. What is TVA’s overarching nuclear strategy? We have three objectives with our nuclear fleet: optimizing the existing seven nuclear units and their performance, extending the life of those units, and pursuing new opportunities for nuclear. How is TVA optimizing existing nuclear units? We want to run them better than anyone else in the industry – safely, reliably and with resiliency. That’s our first and foremost focus. We’re planning to invest in the nuclear fleet to create efficiencies of up to 244 megawatts through 2045, which is enough to power more than 140,000 homes. We plan to replace or upgrade some of the major components and systems to last the lifetime of the plant, with specific emphasis on reactor protection systems and secondary plant systems such as turbine components, cooling water systems, heat exchangers and electrical systems. How will TVA extend the life of those units? We’re taking action to request license renewals for all seven nuclear units to continue operation beyond the original operating licenses issued by the Nuclear Regulatory Commission. Browns Ferry submitted a subsequent license renewal application in January 2024 for another 20 years of operation, in addition to the current 60-year approved timeframe. Watts Bar Unit 1 is preparing to submit initial license renewal for another 20 years of operation beyond its currently licensed 40 years. And in August 2024, the TVA Board approved $257 million for the nuclear life extension project in FY 2025. How is TVA positioned in the advancement of new nuclear? Our new nuclear program provides a disciplined, systematic roadmap for exploring advanced nuclear technology, both in terms of various reactor designs being proposed and potential locations where facilities may be needed to support future energy needs. In new nuclear, we continue to investigate advanced nuclear opportunities, which includes our work with GE Hitachi, Orlen Synthos Green Energy and Ontario Power Generation on standard design of the BWRX-300 small modular reactor. The TVA Board has also authorized an additional $150 million – so, a total of $350 million – for the New Nuclear Program, which includes exploration of potential small modular reactors at TVA’s Clinch River site in Tennessee. Nuclear: 39% (Generated and purchased power) Natural Gas/Oil: 34% Coal: 14% Hydro: 9% Solar/Other Renewables: 4% OPERATIONAL EXCELLENCE FY 2024 Sequoyah Nuclear Plant can supply enough power to meet the needs of about 1.3 million homes in the Valley region each day. FY 2024 Annual Report 25 24 Tennessee Valley Authority A pillar of power TVA’s renowned hydro fleet remains a pillar of operational excellence. With 29 conventional dams and Raccoon Mountain, TVA hydro provided 7% of TVA’s total power supply in 2024. Dam safety engineers maintain the storied structures, while the Hydro Life Extension program overhauls generating units to run for another 40 years. Studying pumped storage Pumped storage, essentially a giant water battery, supports TVA’s transition to renewable energy and carbon-free energy sources. Opened in 1978, Raccoon Mountain is TVA’s largest hydroelectric facility, with a summer net capacity of 1,715 megawatts. TVA is currently preparing an Environmental Impact Statement (EIS) to evaluate potential new pumped storage sites similar to Raccoon Mountain. This draft EIS is expected to be released in summer 2025, followed by a public comment period. PEOPLE SPOTLIGHT Cassidy Chandler Cassidy Chandler, an operations technician at Southaven Combined Cycle Plant, knows a thing or two about excellence. She comes from a family of fixers and doers, and her attention to detail contributes to TVA’s mission of safety and reliability. Using her mechanical mind, Chandler helps ensure everything stays within spec. She is setting the pace for progress. An American energy future Inside TVA’s clean energy strategy As a leader in advancing an American-made, clean energy future, TVA is pursuing strategies that maintain affordability, add needed grid capacity and support energy security. Raccoon Mountain is TVA’s largest hydroelectric facility. TVA senior project manager Justin McBath and Decommissioning program field supervisor Angela Austin guide team members at a job site. TVA senior program manager Bernie Auld is part of a 50-person team responsible for the safety and structural integrity of TVA’s dams. 26 Tennessee Valley Authority IGNITING INNOVATION Expanding renewables In FY 2024, more than half of TVA’s power came from carbon-free sources. TVA has retired or announced the retirement of 86% of its coal fleet. The enterprise is focusing on renewables – particularly solar – for its energy portfolio, aiming for 10,000 megawatts of solar by 2035. About 4,000 megawatts of solar are currently in operation or development. About half of TVA’s solar capacity comes from its Green Invest program, connecting large customers with large- scale solar developers. In May 2024, the first of three solar plus battery storage projects with Origis Energy came online in Lowndes County, Mississippi. When all projects are complete, the complex is expected to include 1.5 million solar panels with a total capacity of 550 megawatts – enough to power about 126,000 homes. Powering clean jobs Over the past five years, TVA has helped recruit capital investments projected to total around $46 billion, which is expected to help create almost 100,000 new jobs. Many of these jobs are in industries that drive a clean energy economy, such as Accelera, Daimler Truck and Paccar in Marshall County, Mississippi, and First Solar in Lawrence County, Alabama, along with many others. Energy efficiency and demand response TVA is investing more than $1.5 billion in energy efficiency and demand management programs, estimated to offset nearly 30% of new load growth through 2033. The enterprise has helped businesses and residents reduce energy usage to eliminate more than 577,000 tons of carbon, equivalent to the carbon emissions from powering about 63,000 homes for a year. Driving innovation TVA is investing in innovative methods of generating and delivering carbon-free energy, including exploration of a small modular reactor at its Clinch River site and the first TVA-owned battery storage facility in Vonore, Tennessee. TVA is also making strategic transmission investments that bring renewables onto the grid. To meet future energy needs, TVA is exploring emerging technologies such as long-duration energy storage, carbon capture and low-carbon fuels such as hydrogen. Accelerating EV adoption TVA is helping to drive innovation and build partnerships, with a goal of having 200,000 EVs on Valley-region roads by 2028 and more than 1 million EVs by 2035. Partnering with local power companies and state and local governments, TVA has deployed 90 Fast Chargers at 39 sites, with more to come in FY 2025. So far, the Fast Charge Network has avoided 585 tons of carbon and supported 2.5 million miles of EV driving. Powering a clean energy economy Cities and towns across the Valley region are thriving, thanks in large part to economic development projects that promote clean energy industries. In FY 2024, TVA collaborated with civic and state business leaders to attract a major economic development project in Marshall County, Mississippi. The resulting Chickasaw Trails Industrial Park will soon host a $1.9 billion facility dedicated to manufacturing batteries for electric vehicles and commercial and industrial uses. The complex is expected to create more than 2,000 jobs, with an average annual salary of $66,000 – boosting the local economy and supporting electrification and carbon emission reduction. These investments and jobs, which enable products and technologies for broader emission reductions, are building blocks in a clean energy economy. In Stanton, Tennessee, Ford Motor Co.’s BlueOval City will help enable the automaker to broaden its electrification strategy to reach more customers, improve profitability and continue to reduce emissions – while also creating good-paying jobs for the community. Working with industry and community partners, TVA is charting the course to a more competitive and clean economy. John Bradley Senior Vice President of TVA Economic Development “When you get a deal like this, it’s just the beginning. We’ll continue marketing Marshall County. Good sites are not easy to find, and this is truly a good site. We’re just going to continue seeing growth in that area.” Cash Saver grocery proprietor Fred Carlisle anticipates the growth at Chickasaw Trails Industrial Park will benefit residents all throughout Marshall County. “It should be a big boost for us,” he said. First Solar’s $1.1 billion North Alabama facility is expected to create more than 700 jobs and bring new opportunities for American solar manufacturing. 28 Tennessee Valley Authority FY 2024 Annual Report 29 IGNITING INNOVATION ‘Nuclear renaissance’ Most noteworthy for its role in the Manhattan Project, the city of Oak Ridge, Tennessee, is adding another transformational chapter to its story. Orano USA, a Maryland-based nuclear technologies company, is building a multibillion-dollar centrifuge uranium enrichment facility near Oak Ridge National Laboratory, ushering in new opportunities for the advancement of nuclear technologies. It’s the biggest private capital investment project in Tennessee’s history. Expected to create more than 300 jobs, the project will lead to increased tax revenue for communities and attract top talent to this region. It is also expected to strengthen Tennessee as a leader in the advancement of critical technologies. A new era As a significant component of its clean energy strategy, TVA is pursuing advanced nuclear technology. Its Clinch River site in Oak Ridge, Tennessee, has the nation’s first early site permit from the Nuclear Regulatory Commission for small modular reactors. The TVA Board has authorized $350 million for the New Nuclear Program, which includes exploration of potential SMRs at its Clinch River site. TVA continues to work with Tennessee Gov. Bill Lee to grow the nuclear industry in Tennessee – both he and U.S. Energy Secretary Jennifer Granholm have visited the Clinch River site and recognized TVA as a leader in SMRs. TVA is partnering under the Technology Collaboration Agreement to mature the standard SMR design as it prepares to submit a construction permit application to the Nuclear Regulatory Commission. The enterprise is also considering other potential deployment of SMRs and large-scale reactors. Gen IV advanced nuclear technology is also being evaluated. TVA is collaborating with Kairos Power in Oak Ridge on the development of its Hermes reactors. 1 “New jobs” in the TVA fiscal year are newly created, paid positions at a facility of a TVA customer. “Positions” are calculated by adding (1) the number of full-time, on-site employees and/or independent contractors at the facility, (2) the total number of full-time work-from- home employees and independent contractors who reside in the TVA service territory and who spend 100% of their work time on facility-related matters, and (3) the total hours worked on facility-related matters by (a) full-time and part-time on-site employees at the facility and (b) full-time and part-time work-from-home employees who reside in the TVA service territory and who spend less than 100% of their work time on facility-related matters, divided by the number of work hours of such employees based on a 40-hour work week. A “TVA customer” means an entity that purchases power from TVA or a distributor of TVA power. New jobs reported by TVA may include positions created during the current TVA fiscal year and certified projections of anticipated positions to be created within a five-year time frame. New job numbers reported by TVA are certified and provided to TVA by TVA customers. 2 “Retained jobs” are paid positions at a facility of a TVA customer that were created prior to the current TVA fiscal year and that continue to be filled in the current TVA fiscal year. “Positions” are calculated by adding (1) the number of full-time, on-site employees and/ or independent contractors at the facility, (2) the total number of full-time work-from-home employees and independent contractors who reside in the TVA service territory and who spend 100% of their work time on facility-related matters, and (3) the total hours worked on facility-related matters by (a) full-time and part-time on-site employees at the facility and (b) full-time and part-time work-from-home employees who reside in the TVA service territory and who spend less than 100% of their work time on facility-related matters, divided by the number of work hours of such employees based on a 40-hour work week. A “TVA customer” means an entity that purchases power from TVA or a distributor of TVA power. Retained job numbers reported by TVA are certified and provided to TVA by TVA customers. TVA Executive Vice President and Chief Operating Officer Don Moul, center, chats with colleagues at Orano USA’s announcement of a multibillion-dollar centrifuge uranium enrichment facility in Oak Ridge. “TVA is leading on small modular reactors with this site,” U.S. Energy Secretary Jennifer Granholm said during her Dec. 5, 2023, visit to TVA’s Clinch River site. At right of Granholm are Bob Deacy, TVA senior vice president for the Clinch River project, and Jeff Lyash, TVA President and CEO. More than 10,360 1 new jobs expected to be created, based on FY 2024 performance More than 42,390 2 jobs expected to be retained, based on FY 2024 performance More than 91,150 new jobs expected to be created based on performance for the past five years $8.9 billion in projected capital investments, based on FY 2024 performance $45.9 billion projected capital investments, based on performance for the past five years 19 years consecutively as a Top Utility in Economic Development, according to Site Selection Magazine FY 2024 Annual Report 31 30 Tennessee Valley Authority IGNITING INNOVATION ‘Meaningful impact’ TVA has been undergoing a flurry of innovation in its Community Energy portfolio, an array of partnerships with homeowners, businesses, local power companies and others to advance energy efficiency, lower energy bills and help lower demand peaks. “We’ve been designing new programs and redesigning existing programs,” said Claire Moore, manager of commercial energy solutions at TVA EnergyRight®. “These programs help TVA manage our capacity needs in the most environmentally sustainable way, while putting money back into the pockets of the people we serve.” TVA is investing more than $1.5 billion in energy efficiency and demand management programs, estimated to offset nearly 30% of new load growth through 2033. FY 2024 efficiency projects are expected to help customers save $328 million on their electric bills over the life of their energy improvements and avoid 577,000 tons of CO2. “Energy efficiency and demand response are the quiet heroes of energy innovation, transforming sometimes invisible efforts into meaningful impact,” Monika Beckner, vice president of energy services and programs at TVA EnergyRight, said. Carrie Fogleman Director of Energy Efficiency Programs at TVA EnergyRight “Our energy programs are gaining momentum thanks to expanding partnerships and the people and businesses of the Valley region really showing up to be a powerful force for change.” $98.8 million in incentives paid to businesses for curtailing energy use 1,254 homes weatherized through the Home Uplift program, reducing energy bills by an average of $342 per home 1,444 MW available to reduce peak demand $7.2 million in rebates paid to homeowners for energy efficiency upgrades Solar Phoenix rising from coal ash TVA’s pioneering Project Phoenix is expected to produce 100 megawatts of solar generation on a closed coal ash site at the Shawnee Fossil Plant in Kentucky. The $262 million pilot project is under construction, with an in-service date of June 2028. The first-of-its-kind design may be considered for other sites within TVA and beyond. PEOPLE SPOTLIGHT Justin McBath Justin McBath, a senior project manager, got his start at TVA when a passerby visited his mom’s food truck in Knoxville and saw his graduation photo in the window. Now he’s managing projects that will put more megawatts on the grid and promote aeroderivative technology that will support TVA’s move toward a clean energy future. The ADVANCE Act The ADVANCE Act, or the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy Act of 2024, is a bipartisan bill signed into law July 9, 2024. The key provisions are designed to help modernize the nuclear regulatory framework and spur the development and deployment of new nuclear technologies and advanced reactors. It is also designed to help facilitate the export of U.S. nuclear technology and preserve existing nuclear generation. Buffy Holton, winner of a TVA EnergyRight sweepstakes, installs a water-saving device on a faucet in her middle Tennessee home. Brad Wagner, manager of program operations at TVA EnergyRight, clips a whistle to a furnace filter. The whistle sounds when the filter is 80% clogged and needs changing. FY 2024 32 Tennessee Valley Authority FY 2024 Annual Report 33 IGNITING INNOVATION TVA enters building phase with strong balance sheet “We’ve set the table, including laying out our long-range financial plan for what we have to go do over the next three years. And as we look at the most significant capital program in TVA history, we’re starting from a position of strength. Can we do it? Yes, we can. Now we need to get to work.” As senior vice president of TVA Finance, Tom Rice leads 380 experts who handle everything from expense reimbursements to 20-year forecasts of copper pricing. His team serves as a guiding light for all things financial, translating TVA’s strategic priorities into budget- backed operational plans and, ultimately, driving TVA’s wherewithal to carry out those plans. As a Chattanooga native and the son of a retired TVA nuclear fleet engineer, he’s deeply familiar with the enterprise’s mission of service. “Fundamentally, the mission of serving the people of the Valley region and making life better – how could you not get behind that?” he said. “The decisions we’re making today are setting the stage for the next 20, 30, 40 years of energy supply for the seven-state region. It’s a big deal. I hope the team here gets a sense they’re part of something very big and very important.” Rice offered insights into TVA’s financial strategies. Building new generation capacity isn’t cheap. Is TVA financially strong and prepared? TVA is as financially healthy and strong today as it’s ever been. We’ve spent the last 10 to 14 years working deliberately on financial health. In the past decade, we tremendously modernized the fleet, deployed a significant amount of capital and paid down debt. So we end the day with a very strong balance sheet – which is important because we need that strong balance sheet to support the capital expansion plans we have for the next several years. How much is TVA looking to invest in new generation and transmission? Through FY 2027, we’re looking at $11.4 billion on new generation and upgrades to the existing power system, as well as about $2.6 billion on transmission. We plan to access the capital markets to support our investments in these long-lived assets, particularly new generation assets. Our two primary sources of funding are rates and debt. We’re very deliberate about borrowing money. Can you tell us a bit more about how TVA is working to be a good steward of financial resources? TVA is targeting a $950 million reduction in planned costs over FY 2024, FY 2025 and FY 2026. Then, after FY 2026, we are targeting a sustainable $500 million of cost savings going forward. As good stewards of the money we are entrusted with, we should be looking for opportunities to do things better, faster and with less expense. As we are adjusting rates for our customers, we need to be doing everything we can to offset costs internally. How does TVA get the most out of its resources? We’ve got to generate sufficient cash flow every year through running the business well. Every employee has a part in improving efficiency and managing cost, all of which goes straight to keeping rates low. And as we embark on a period of significant capital investment, we need to maintain discipline in project selection and project execution. This is the only way to ensure we’re making the most cost-effective investments for our customers. Tom Rice Senior Vice President of TVA Finance ‘Setting the stage’ $215 million in FY 2024 LONG-TERM PARTNER CREDITS $979 million total to date FY 2024 Annual Report 35 FINANCIAL STRENGTH Power Service Shops add 3D printing As TVA facilities age, equipment and parts can become obsolete or difficult to find. Some might not even be made by the original equipment manufacturer. If something breaks, replacing it can be a challenge. Thanks to the employees at TVA’s Power Service Shops, the enterprise is becoming less reliant than ever before on outside vendors. The team is using 3D-printing technology to help reduce the risk of supply chain issues. This additive manufacturing process creates parts by depositing material, building the piece one layer at a time. This year, Power Service Shops team members have created and refurbished parts with great success, and they’re working diligently to scale up TVA’s additive strategy to produce even more parts in-house. Scott Schannuth Manager of TVA Supply Chain Equipment Reliability “Additive manufacturing is a game-changing technology that helps us increase supply chain resilience by removing risk from the procurement process and providing more control over what we need and when we need it. It’s helping us make the TVA fleet more nimble, reliable and affordable by creating our own metal parts domestically.” PEOPLE SPOTLIGHT Bryant Henley As TVA’s economic development consultant for north Mississippi, Bryant Henley advocates for his region and helps recruit companies that will contribute to the area’s success. By helping his community on a strategic and personal level, Henley is investing in a better tomorrow. He knows jobs aren’t just a statistic – they uplift families and boost the region’s vitality. Authentic investors Students across the region put TVA trust funds to work in the stock market in the 2023 TVA Investment Challenge. The challenge allows students to manage investment portfolios totaling $12 million, gaining real-world experience and engagement with TVA professionals. Student portfolios have outperformed the S&P 500 by 0.46% annually since inception of the program in 1998. 2023 TOP-PERFORMING TEAMS THAT BEAT THE S&P 500: Alabama A&M University Christian Brothers University East Tennessee State University Lipscomb University Middle Tennessee State University Murray State University Tennessee State University Tennessee Tech University University of Kentucky University of Memphis University of North Alabama University of Tennessee at Chattanooga University of Tennessee at Martin Vanderbilt University Western Carolina University “We are a ‘do-all’ organization,” Wayne Davis, a mechanical quality assurance foreman, said of the Power Service Shops. Residential rates are lower than those paid by over 80% of customers of the top 100 U.S. utilities. Industrial rates are lower than those paid by over 90% of customers of the top 100 utilities. RATES $12.3 billion FY 2024 revenues Totaled $588 million in FY 2024 More than $5.4 billion in past 10 years $16.8 billion since 1941 Return 5% of power revenues in tax equivalent payments: PAYMENTS IN LIEU OF TAXES Not including the tax equivalent impact associated with fuel cost adjustments TVA offers power bonds TVA occasionally offers power bonds to help fund projects and short-term debt. In August 2024, TVA priced $1 billion of new 10-year maturity global power bonds. This is TVA’s first bond offering with a 10-year maturity since 2021, and its first benchmark-size 10-year offering since 2017. The bonds attracted interest from a wide variety of domestic and global institutions. This offering reflects the need to continue to invest in additional, clean generation to meet the sustained growth across the region. TVA plans to use the proceeds to pay down short-term debt, and this transaction will not materially change TVA’s debt balance. 36 Tennessee Valley Authority FY 2024 Annual Report 37 FINANCIAL STRENGTH A legacy of service TVA devotes 91st anniversary to volunteerism For five days, at 37 nonprofit and civic organizations throughout the region, more than 750 TVA employees, contractors and retirees united for a singular purpose. Serve those who call the Valley region home. TVA employees celebrated the enterprise’s 91st anniversary in May by investing their time and talents into a week of service that totaled nearly 2,800 volunteer hours. Under royal blue Mississippi skies, two dozen team members from TVA’s Southwest region applied their handiwork to a Habitat for Humanity build just east of Starkville. At food pantries in Tupelo, Mississippi, and Decatur, Alabama, team members prepped produce and goods for distribution. In Nashville, Knoxville and Chattanooga, Tennessee, they packaged groceries at food pantries, applied fresh paint to nonprofit buildings and passed out toys to children at a hospital. They brightened up Ronald McDonald House locations in Knoxville and Chattanooga, and painted park benches in Kentucky. At DeBusk Family Boys and Girls Club and Emerald Youth Foundation in Knoxville, TVA volunteers painted learning spaces and prepped STEM and reading materials for kids. In Jackson, Tennessee, they packed snack bags for kids. In Memphis, they worked with the Junior Achievement of Memphis and the Mid-South. They pulled weeds, cleared brush and branches, tended to box gardens and installed wiring at Habitat for Humanity homes. All in the name of service to communities and people across the region. “Service to others is foundational to TVA’s mission and, across the region, you can see the passion and dedication of our people supporting our communities,” Jeff Lyash, TVA President and CEO, said. “They bring their talents and energy to their work every day. “It’s inspiring to see our teams share that energy with nonprofits and community organizations that, like TVA, uphold a mission to benefit others.” Written into the earliest chapters of TVA’s story are guidelines on power production, flood control, river navigation, agricultural development, environmental stewardship, economic development and innovation – always with an aim of bettering life in the Valley region. Those elements hold true today, even as TVA continues writing its story. “TVA’s mission of service is timeless,” Lyash said. “It guides our path forward, and it places our focus on helping our region and its people thrive.” TVA employees help build a new roof in May 2024 at a Habitat for Humanity home build in Starkville, Mississippi. FY 2024 Annual Report 39 LEADERSHIP ‘We make a difference’ In addition to generating electricity, TVA empowers people through programs that improve the quality of their lives and provide new opportunities. “I’m proud that TVA’s here to serve all the people of the Valley,” Janice Horn, TVA’s senior program manager of Environmental Justice, said. “We make a difference in energy efficiency, in our environment and in economic development.” TVA is pursuing cleaner energy technologies and reducing energy burdens through TVA EnergyRight’s Home Uplift and the suite of Uplift programs for schools and businesses. TVA seeks public input on projects and consults with Native American Tribes on sites of interest. The enterprise also hosts the Community Information Hub, which links communities to resources in four areas – broadband and digital literacy, energy and environmental justice, enhanced community resiliency and economic empowerment. Other Environmental Justice grants help residents and visitors experience the outdoors through inclusive recreation. TVA’s economic initiatives help fund the Cal Ripken, Sr. Foundation’s STEM Centers, school robotics programs and Tennessee Urban League grants, as well as bringing green jobs to the region. “When you look at our region and the things that TVA does, we make a difference,” Horn said. Janice Horn Senior Program Manager of TVA Environmental Justice “At TVA, we’re listening. It makes a difference when you hear people, when you care about them, and when you care about what they think.” A mission to innovate Tim Fritch earns TVA’s Engineer of the Year award. As a child, Tim Fritch had a natural inclination to tinker. That fascination with all things technical quickly led to a passion for electrical engineering. And it has only grown stronger over the years. In February, Fritch received TVA’s highest engineering honor, the Ike Zeringue Engineer of the Year award. With more than 20 years of service at TVA, Fritch leads the 14-member TVA Reliability Analysis team that plans and coordinates transmission outages and studies how transmission and generation outages, varying load levels and other factors can affect the transmission grid. Over the past three years, they identified more than 250 improvements resulting in average savings north of $6 million in labor and generation redispatch. “This year we recognize Tim, who exemplifies excellence in the engineering field,” Jeff Lyash, TVA President and CEO, said. “Tim’s leadership is critical to protecting our power grid as TVA delivers electricity to 10 million people across seven states.” Tim Fritch Manager of TVA Reliability Analysis “We’re helping lead the industry, probably more so than ever, with new technology. And we’re sharing what we learn for the betterment of the industry.” After 20 years of service at TVA, Tim Fritch continues to discover new ideas, inspired each day by those around him. At left, Knox County ADA coordinator Carly Pearson rides an adaptive mountain bike at the Trotter Bluff Adaptive Trail near Douglas Dam. At right, attending the Trotter Bluff Adaptive Trail opening in fall 2023, left to right, are Catalyst Sports founder Eric Gray, TVA Natural Resources director Rebecca Hayden, TVA recreation agreements specialist Brian Ross, TVA recreation strategy specialist Clay Guerry and Knox County ADA coordinator Carly Pearson. 40 Tennessee Valley Authority FY 2024 Annual Report 41 LEADERSHIP Amazing projects, amazing places Across TVA’s seven-state service area, scientists monitor and manage habitat for the plants and animals that make up a healthy ecosystem. TVA experts snorkel for mussels and net fish and aquatic insects. They map remote plants, restore grasslands, host educational events and fund aquatic and urban habitat restoration. They catch and monitor bats and collaborate to bring rare, threatened and endangered species back from the brink. They achieve all of this, and more, thanks to powerful partnerships with local, state and federal agencies. TVA’s collaboration with National Geographic’s Photo Ark project showcases these consistent conservation efforts. Created by Joel Sartore, the quest to document species takes TVA experts and partners into wild rivers of Tennessee, North Carolina and Georgia. “Photo Ark is an amazing project in an amazing place for aquatics,” Jon Michael Mollish, TVA fisheries biologist, said. “We’re so privileged to work in one of the most biodiverse places in the temperate world.” Joel Sartore Photographer for National Geographic’s Photo Ark “TVA is consistent and puts muscle behind conservation.” A guiding light TVA is involved in a long-term planning process that has the potential to impact every resident and business in the region. The Integrated Resource Plan (IRP) will help shape TVA’s energy system of the future, ensuring those who live and work in the region have affordable, reliable, resilient and increasingly clean energy for decades to come. TVA released the draft IRP in September. The IRP evaluates scenarios that TVA could be operating in through 2050 and examines the business strategies TVA could use to meet energy demand in any scenario. It provides strategic direction, establishing a strong planning foundation and informing TVA’s next long-range financial plan. Public engagement and transparency are vital to the process. TVA teams have engaged a diverse group of stakeholders who meet regularly to provide guidance on the IRP. The enterprise also seeks public participation through open houses and public comments, which run through Dec. 11, 2024. TVA provides information at the IRP website, tva.gov/IRP. After public input is incorporated, the final IRP and an Environmental Impact Statement will be made available to the public for at least 30 days prior to consideration by the TVA Board of Directors. Subject to the Board’s direction, an official Record of Decision will then be posted. PEOPLE SPOTLIGHT Sara McLaughlin- Johnson Sara McLaughlin-Johnson, a terrestrial zoologist in Biological Compliance, is an extension of TVA’s environmental mission. Her research points toward ways to better balance energy and the environment. McLaughlin-Johnson reminds us that we can all be conservationists, and our actions affect the resources we share. U.S. Forest Service aquatic monitoring specialist Gary Williams holds a musk turtle found during the National Geographic Photo Ark project. Members of an IRP working group listen to a presentation on Feb. 29, 2024, in Nashville. 42 Tennessee Valley Authority FY 2024 Annual Report 43 LEADERSHIP TVA Board of Directors The TVA Board of Directors establishes broad strategies, goals and objectives and sets long-range plans and policies for TVA. Directors are nominated by the U.S. president and confirmed by the Senate. Each director serves a term of five years. The public is encouraged to attend quarterly Board meetings. Jan Brown Vice President of People and Culture Laura Campbell Vice President of Supply Chain Allen Clare Senior Vice President of Power Operations Carol Eimers Vice President and Chief Human Resources Officer Buddy Eller Vice President of Communications Jeremy Fisher Senior Vice President of Strategy and Commercial Officer Jessica Hogle Chief of Federal Affairs Aaron Melda Senior Vice President of Transmission and Power Supply Doug Perry Senior Vice President of Enterprise Transformation Dan Pratt Senior Vice President of Customer and Community Relations Matt Rasmussen Senior Vice President of Nuclear Operations Tom Rice Senior Vice President of Finance Wilson Taylor III Vice President of Support Services Rebecca Tolene Vice President and Chief of Staff Bryan Williams Senior Vice President of Generation Projects and Fleet Services Tammy Wilson Vice President and Chief Information Officer MEMBERS OF THE SENIOR MANAGEMENT COUNCIL INCLUDE: Leadership With many years of experience serving the Valley region, our leaders oversee all TVA strategy, policy and operations. They’re responsible for delivering TVA’s mission of service through affordable energy, environmental stewardship and economic development. CEO and President Jeff Lyash, Executive Vice President and General Counsel David Fountain, Executive Vice President and Chief Administrative Officer Jeannette Mills, Executive Vice President and Chief Operating Officer Don Moul, Executive Vice President and Chief Nuclear Officer Tim Rausch, and Executive Vice President and Chief Financial and Strategy Officer John Thomas. The TVA Board of Directors gathers at a public meeting. In the back row, from left to right, are Bill Renick, Michelle Moore, Beth Geer, Bobby Klein and Wade White; in the front row are Brian Noland, Joe Ritch and Beth Harwell. 44 Tennessee Valley Authority FY 2024 Annual Report 45 LEADERSHIP 400 W. Summit Hill Drive Knoxville, TN 37902 2024-1276 1024