Tennessee Valley Authority Business Summary

The Tennessee Valley Authority (TVA) operates as a corporate agency of the United States, generating revenue primarily through the wholesale of electricity to 153 local power companies (LPCs), which account for approximately 90% of its total operating revenues. Its business is structured into three primary segments: Wholesale Power, which serves the LPCs; Direct-Served Customers, including large industrial plants and federal agencies; and non-power programs focused on economic development, flood control, and environmental stewardship. As of early 2026, TVA manages a diverse generation portfolio of nuclear, coal, natural gas, and hydroelectric assets, reporting over $3 billion in quarterly operating revenue driven by rising demand from data centers and regional population growth. While TVA maintains a regional monopoly, it competes for capital and benchmarks its performance against large investor-owned utilities such as Duke Energy, Southern Company, Entergy, and NextEra Energy, positioning itself as the nation's largest public power provider and a leader in advanced nuclear technology. Founded in 1933 through the TVA Act as a cornerstone of the New Deal, the agency is currently led by President and CEO Don Moul, a 38-year industry veteran with a deep background in nuclear operations who was elevated from COO in April 2025. The executive team includes Executive Vice President and CFO Tom Rice, who oversees financial strategy and risk management, and Tammy Wilson, the Vice President and Chief Information & Digital Officer responsible for technology and AI integration. As a federally owned corporation, TVA has no private shareholders; instead, it is governed by a nine-member Board of Directors nominated by the President of the United States and confirmed by the Senate. As of February 2026, the board is chaired by Bill Renick and includes recent appointees Art Graham, Mitch Graves, Jeff Hagood, and Randy Jones, who have focused the agency's strategic direction on energy independence and the continued operation of its fossil and nuclear fleets.