Company: TVC
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001376986-25-000011
Chunk: 218

Company: Tennessee Valley Authority
Filing Date: 2025-02-05
Form: 10-Q
Item: Part II, Item 2
Chunk 218
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 Until his retirement, Mr. Thomas will serve as Executive Vice President and Advisor to the Chief Executive Officer ("CEO") and assist with the transition of his responsibilities.

On January 29, 2025, Jeffrey J. Lyash, TVA's President and CEO, notified his executive leadership team, and the TVA Board, of his intention to retire no later than October 2, 2025.  Mr. Lyash will continue to serve in his current role as TVA undergoes a search for a new President and CEO.

Executive Actions

On January 20, 2025, President Trump issued an executive order (“EO”) that revoked a number of EOs, including the following EOs discussed in Part I, Item 1, Business — Environmental Matters — Climate Change — Executive Actions in TVA's Annual Report on Form 10-K for the year ended September 30, 2024: EO 13990, "Protecting Public Health and the Environment and Restoring Science To Tackle the Climate Crisis"; EO 14008, "Tackling the Climate Crisis at Home and Abroad”; EO 14030, “Climate-Related Financial Risk”; EO 14057, "Catalyzing Clean Energy Industries and Jobs Through Federal Sustainability"; EO 14082, “Implementation of the Energy and Infrastructure Provisions of the Inflation Reduction Act of 2022”; and EO 14096, “Revitalizing Our Nation's Commitment to Environmental Justice for All.”  In addition, on January 21, 2025, the Office of Management and Budget issued Memorandum M-25-11, which requires agencies to immediately pause disbursement of certain funds appropriated under the IRA or the BIL, which may delay any award of grants for which TVA has applied under these acts.  Furthermore, President Trump and the Administration have taken a number of other actions that may impact TVA, and TVA is currently reviewing these actions.

Environmental Matters

There have been no material changes to the environmental matters described in Part I, Item 1, Business — Environmental Matters of the Annual Report, except as described below.

Cleanup of Solid and Hazardous Wastes

Coal Combustion Residuals.  In August 2015, TDEC issued an order that includes an iterative process through which TVA and TDEC will investigate, assess, and remediate any unacceptable risks resulting from coal combustion residual (“CCR”) management and disposal at TVA CCR units in the State of Tennessee.  As