Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 681

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 2
Chunk 681
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ITEM 2.  PROPERTIES

TVA holds personal property in its own name but generally holds real property as agent for the U.S.  TVA may acquire real property as an agent of the U.S. by negotiated purchase or by eminent domain.

Generating Properties

At September 30, 2025, TVA-operated generating assets consisted of seven nuclear units, 24 active coal-fired units, 68  simple-cycle gas units, one cogeneration unit, 10 aeroderivative units, 14 combined-cycle gas power blocks, 109 conventional hydroelectric units (106 active units and three units in long-term outage and unavailable for service), four pumped-storage hydroelectric units, five diesel generator units, and nine operating solar installations.  As of September 30, 2025, four of the combined-cycle power blocks and 10 aeroderivative units were leased to special purpose entities ("SPEs") and leased back to TVA under long-term leases.  See Note 12 — Variable Interest Entities and Note 15 — Debt and Other Obligations — Lease/Leasebacks.  In addition, TVA is leasing the three Caledonia combined-cycle power blocks under a long-term lease.  For a discussion of these assets, see Item 1, Business — Power Supply and Load Management Resources.

Net Capability

Net capability is defined as the ability of an electric system, generating unit, or other system component to carry or generate power for a specified time period.  It does not include real-time bulk electrical system operating constraints such as transmission line loading limitations, fuel availability such as coal, gas, and seasonal river reservoir levels, fuel blend, severe weather events, environmental and/or other regulatory constraints, transmission system outages, generator outages, or generator derates.  Summer net capability as presented in the table below reflects the expected output of individual resources at 

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TVA’s anticipated summer demand peak.  The summation of those individual resources does not include the real-time bulk electrical system operating constraints previously noted.  See also Item 1A, Risk Factors — Operational Risks and Risks Related to the Environment and Catastrophic Events.

In addition to the TVA-operated generating facilities presented in the table below, TVA also has 8,482 MWs of operating capacity available through PPAs.  The summation of TVA's PPAs under contract does not include real-time operating