Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 18

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 6
Chunk 18
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-term borrowings.

Short-Term Borrowings(in millions) At September 30, 2025For the year ended September 30, 2025At September 30, 2024For the year ended September 30, 2024Gross Amount Outstanding (at End of Period) or Average Gross Amount Outstanding (During Period)Discount notes$— $538 $1,168 $787 Maximum Month-End Gross Amount Outstanding          (During Period)Discount notesN/A$1,541 N/A$1,205 Weighted Average Interest RateDiscount notes— %4.37 %4.76 %5.37 %

    TVA ended the year at September 30, 2025, with a lower balance of short-term debt as compared to September 30, 2024.  The decrease was primarily due to higher redemptions of short-term debt compared to the previous year, and the timing of cash flows, including higher cash from issuance of long-term bonds in the fourth quarter in anticipation of cash needed to pay bond maturities in November 2025.

TVA generally uses proceeds from the issuance of power bonds to refinance maturing power bonds or other financing obligations, as necessary, or for other power system purposes.  The total balance of power bonds may decline in periods where redemptions of power bonds exceed issuance due to net positive cash flow from operating and investing activities.  At this time, TVA anticipates the balance of Bonds and other financing obligations will increase in future years due to an expected increase in capital expenditures.

TVA Bonds are traded in the public bond markets and are listed on the New York Stock Exchange ("NYSE") except for TVA's discount notes, and the 2009 Series B power bonds.  TVA's Putable Automatic Rate Reset Securities ("PARRS") are traded on the NYSE under the exchange symbols "TVC" and "TVE."  Other bonds listed on the NYSE are assigned various 

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symbols by the exchange, which may be noted on the NYSE's website.  TVA has also listed certain bonds on foreign exchanges from time to time, including the Luxembourg, Hong Kong, and Singapore Stock Exchanges.  See Part I, Item 1A, Risk Factors — Financial, Economic, and Market Risks for additional information regarding the market for TVA's Bonds. 

Although TVA Bonds are not obligations of the U.S., TVA,