Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 234

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 234
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 its CCR post-closure care obligations in September 2024, which resulted in an increase of $32 million as a result of expected cost increases.  In September 2024, TVA decreased its liability for legacy CCR areas by $38 million as a result of revised acreage assumptions for areas covered by the Legacy CCR Rule. 

    Revisions in nuclear estimates decreased the liability balance by $160 million for the year ended September 30, 2024.  The decrease was primarily attributable to an estimate revision of $164 million following the filing of a subsequent license

renewal ("SLR") application with the Nuclear Regulatory Commission ("NRC") for Browns Ferry Nuclear Plant ("Browns Ferry").

If approved, the SLR will allow for an additional 20 years of operations for each of Browns Ferry's three units, resulting in a total

operating life of 80 years.

Additionally, during the years ended September 30, 2025 and 2024, both the nuclear and non-nuclear liabilities were increased by periodic accretion, partially offset by settlements related to retirement projects that were conducted during the respective periods.  The nuclear and non-nuclear accretion amounts were deferred as regulatory assets.  During 2025, 2024, and 2023, $220 million, $188 million, and $188 million, respectively, of the related regulatory assets were amortized into expense as these amounts were collected in rates.  See Note 11 — Regulatory Assets and Liabilities.  TVA maintains investment trusts to help fund its decommissioning obligations.  See Note 17 — Fair Value Measurements — Investment Funds and Note 23 — Commitments and Contingencies — Contingencies — Decommissioning Costs for a discussion of the trusts' objectives and the current balances of the trusts.

111

Asset Retirement Obligation Activity(in millions) NuclearNon-NuclearTotalBalance at September 30, 2023$3,808 $3,681 $7,489 Settlements(4)(253)(257)Revisions in estimate (non-cash)(160)292 132 Additional obligations (non-cash)— 3,136 3,136 Accretion (recorded as regulatory asset)170 136 306 Balance at September 30, 20243,814 6,992 10,806 (1)Settlements(15)(255)(270)