What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2021-11-15 compared with 2020-11-17 · 27 added, 24 removed, 99 unchanged (34% of the section changed)

3 unchanged sentences

Generating Properties

At September 30, 2020, TVA-operated generating assets consisted of seven nuclear units, 25 active coal-fired units, 86 simple-cycle units, one cogeneration unit, 14 combined-cycle power blocks, 109 conventional hydroelectric units, four pumped-storage units, five diesel generator units, and 14 solar sites.

At September 30, 2021, TVA-operated generating assets consisted of seven nuclear units, 25 active coal-fired units, 86 simple-cycle units, one cogeneration unit, 14 combined-cycle power blocks, 109 conventional hydroelectric units, four pumped-storage hydroelectric units, five diesel generator units, and 13 solar installations.

As of September 30, 2021, eight of the simple-cycle combustion turbine units and four of the combined-cycle power blocks were leased to special purpose entities ("SPEs") and leased back to TVA under long-term leases.

9 unchanged sentences

TVA-Operated Generating Facilities

Browns Ferry (2)

Alabama 3 3,309 1974 1977

Browns Ferry Alabama 3 3,662 1974 1977

Sequoyah Tennessee 2 2,292 1981 1982

29 unchanged sentences

Magnolia Mississippi 3 918 2003 2003

Paradise (10)

Kentucky 1 1,100 2017 2017

10 unchanged sentences

Tennessee (10)

60 1,824 1912 1972

Pumped-Storage (11)

6 unchanged sentences

Contract Renewable Resources (13)

Power Purchase and Other Agreements (14)

Power Purchase and Other Agreements - Renewable (14)

Power Purchase and Other Agreements - Nonrenewable (14)

Total Summer Net Capability 37,896

1 unchanged sentence

and does not include operational limitations such as derates.

(2) The summer net capability for Browns Ferry excludes the impact of the EPU project.

The generating capability is expected to increase by an estimated

465 MW after sufficient run time to validate the new capacity upon issuance of the engineering memos.

(2) See Generating Properties above for a discussion of TVA-operated natural gas and/or oil-fired facilities subject to leaseback and long-term lease arrangements.

(4) Peak firing of simple-cycle combustion turbine units accounts for 326 MW of short-term capability.

(3) As of September 30, 2021, 326 MW of peak firing short-term capability of simple-cycle combustion turbine units was not operational and would require additional

investment for dependable use;

therefore, this short-term capability is not presented in the table above.

(4) Ackerman Combined Cycle Facility is a single steam cycle unit driven by two gas turbines (2x1 configuration).

(5) Allen Combined Cycle Facility is a single steam cycle unit driven by two gas turbines (2x1 configuration).

(7) Caledonia Combined Cycle Plant is currently a leased facility operated by TVA.

(8) John Sevier Combined Cycle Facility is a single steam cycle unit driven by three gas turbines (3x1 configuration).

(6) Caledonia Combined Cycle Plant ("Caledonia CC") is currently a leased facility operated by TVA.

(7) John Sevier Combined Cycle Facility ("John Sevier CCF") is a single steam cycle unit driven by three gas turbines (3x1 configuration).

(8) Lagoon Creek Combined Cycle Facility is a single steam cycle unit driven by two gas turbines (2x1 configuration).

(9) Paradise Combined Cycle Facility is a single steam cycle unit driven by three gas turbines (3x1 configuration).

(11) See Item 1, Business — Power Supply and Load Management Resources — Hiwassee Hydro Unit 2 for a discussion of Hiwassee Hydro Unit 2.

(12) TVA owns approximately 1 MW of solar installations at 14 solar sites.

(13) Contract Renewable Resources include capability from various renewable energy programs established by TVA to encourage the development of solar, wind, biomass, and low-impact hydroelectric generation systems across the Tennessee Valley.

(14) Power Purchase and Other Agreements includes renewable resources.

See Item 1, Business — Power Supply and Load Management Resources — Power Purchase and Other Agreements for information on renewable energy power purchase contracts.

(10) Includes 86 MW of summer net capability associated with Hiwassee Hydro Unit 2.

See Item 1, Business — Power Supply and Load Management Resources — Conventional Hydroelectric Dam s.

(11) See Item 1, Business — Power Supply and Load Management Resources — Raccoon Mountain Pumped-Storage Plant for a discussion of Raccoon Mountain Pumped-Storage Plant.

(12) TVA owns approximately 1 MW of solar capability among 13 solar installations.

(13) Contract Renewable Resources is capability from various historical renewable energy programs that consist of PPAs primarily with individuals and small businesses.

(14) See Item 1, Business — Power Supply and Load Management Resources — Power Purchase and Other Agreements for information on renewable and non-renewable energy power purchase contracts.

Transmission Properties

TVA's transmission system interconnects with systems of surrounding utilities and consisted primarily of the following assets at September 30, 2021:

• Approximately 2,500 circuit miles of 500 kilovolt, 11,800 circuit miles of 161 kilovolt, 2,000 circuit miles of other voltage transmission lines, and 3,900 miles of fiber optic lines;

• Approximately 2,500 circuit miles of 500 kilovolt, 11,900 circuit miles of 161 kilovolt, and 2,000 circuit miles of other voltage transmission lines;

• 4,048 miles of fiber optic lines;

• 522 transmission substations, power switchyards, and switching stations;

• 1,325 customer connection points (customer, generation, and interconnection).

At September 30, 2020, certain qualified technological equipment and other software related to TVA's transmission system were leased to private entities and leased back to TVA under long-term leases.

At September 30, 2021, certain qualified technological equipment and software ("QTE") related to TVA's transmission system were leased to private entities and leased back to TVA under long-term leases.

See Note 14 — Debt and Other Obligations — Lease/Leasebacks and Note 23 — Commitments and Contingencies — Commitments — Leasebacks .

7 unchanged sentences

As part of its stewardship responsibilities, TVA approval is required to be obtained before any obstruction affecting navigation, flood control, or public lands can be constructed in or along the Tennessee River and its tributaries.

These public lands and waters managed by TVA provide both conservation and responsible recreation, and serve as a driver for nearly $12.0 billion dollars of annual economic activity across the Tennessee Valley each year.

These public lands and waters managed by TVA provide both conservation and responsible recreation.

TVA has a variety of buildings and structures located throughout its service area including generation and transmission facilities, corporate offices, customer service centers, power service centers, warehouses, visitor centers, and crew quarters.

Two significant buildings are its Knoxville Office Complex ("KOC") and the Chattanooga Office Complex in Tennessee.

In 2013, TVA initiated a study of its real estate portfolio for the purpose of reducing cost, right-sizing the portfolio, and aligning its real estate with TVA's strategic direction over the next 10 to 20 years.

As part of this effort, TVA completed a comprehensive assessment of its real estate holdings in the Knoxville region in 2016.

For a discussion of these real estate holdings, see Disposal of Property — Knoxville Property below.

TVA continues to study its real property portfolio as part of the Strategic Real Estate Plan, which is aimed at reducing

cost, right-sizing the portfolio, and aligning real estate holdings with TVA's strategic direction.

In addition, as TVA continues to

implement mandatory telework for those who do not have to be physically present during the COVID-19 pandemic, it is also

assessing and reviewing the pandemic's long-term impacts to real estate.

Disposal of Property

8 unchanged sentences

In 2016, TVA completed a comprehensive assessment of its real estate holdings in the Knoxville, Tennessee region including the KOC and adjacent Summer Place Complex ("SPC").

As a result of this study and a subsequent Environmental Assessment in 2017, TVA has consolidated its Knoxville area employees into the West Tower of the KOC and the Greenway Drive Transmission Service Center, and is completing the centralized field offices in Norris, Tennessee.

As part of this consolidation effort, TVA approved the conveyance of the SPC and the East Tower of the KOC and the transaction closed in August 2020.

As a result of this study and a subsequent Environmental Assessment in 2017, TVA consolidated its Knoxville area employees into the West Tower of the KOC and the Greenway Drive Transmission Service Center in 2020.

Consolidation of the centralized field offices in Norris, Tennessee and additional consolidations from the Greenway Area Office are expected to be completed in early 2022.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties