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

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 6
Chunk 13
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 net generation is allocated against each TVA-operated generation facility and purchased power type for both the year ended September 30, 2025, and the year ended September 30, 2024.  See Part I, Item 1, Business — Power Supply and Load Management Resources — Hydroelectric Pumped-Storage for a discussion of Raccoon Mountain Pumped-Storage Plant.

(4)  Purchased power (natural gas and/or oil-fired) includes generation from Caledonia CC, which is currently a leased facility operated by TVA.  Generation from Caledonia Combined Cycle Plant ("Caledonia CC") was 5,464 million kWh and 4,798 million kWh for the years ended September 30, 2025 and 2024, respectively.

(5)  Purchased power (other renewables) includes purchased power from the following renewable sources: solar, wind, biomass, and renewable cogeneration.  TVA acquires Renewable Energy Certificates ("RECs") in connection with certain purchased power transactions and sells some of these RECs to customers.

(6)   At September 30, 2024, 2,286 MWs previously classified as Purchased power (other renewables) has been reclassified to Purchased power (wind) to conform to current year presentation.

In addition to power supply sources included here, TVA offers energy efficiency programs that effectively reduce energy

needs.  In 2025, TVA invested $94 million on its energy efficiency programs and effectively reduced 2025 energy needs by approximately 257 gigawatt hours of net incremental energy efficiency savings.

Interest Expense.  Interest expense and interest rates for 2025 and 2024 were as follows: 

Interest Expense and RatesFor the years ended September 30 20252024Percent ChangeInterest expense(1)$1,196 $1,066 12.2 %Average blended debt balance(2)$22,604 $20,936 8.0 %Average blended interest rate(3)5.06 %4.90 %3.3 %

Notes

(1)  Includes amortization of debt discounts, issuance, and reacquisition costs, net.

(2)  Includes average balances of long-term power bonds, debt of VIEs, and discount notes.

(3)  Includes interest on long-term power bonds, debt of VIEs, and discount notes.

    Total interest expense increased $130 million for the