Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 597

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 11
Chunk 597
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 for the Powerful Partnerships Survey.  Below are key highlights for this performance period:

•Strong transmission grid system reliability performance 

•Financial performance

–Remained in sound financial health

–Maintained competitiveness in total effective power rates

–Maintained alignment with debt and long-term financial plan

–TVA's residential customers pay rates lower than those of 80% of the top 100 U.S. utilities

–TVA's industrial customers pay rates lower than those of 90% of the top 100 U.S. utilities 

•Customer relationships

–97% of 153 LPCs have signed 20-year Partnership Agreements with TVA

–Continued active engagement with stakeholders as shown in the Powerful Partnership Survey results just below target

•Continued economic development efforts  

–In 2025, companies announced projected capital investments of over $6.6 billion and are expected to create 9,316 jobs and retain 43,254 jobs

•Lower than threshold External Performance Indicators for the TVA Nuclear Fleet due to unplanned outages and derates at all sites. 

Based on overall performance for the 2023–2025 LTIP cycle, the TVA Board approved the calculated payout of 98 percent for all participants, except for the retired CEO.  For the retired CEO, the TVA Board approved the calculated payout of 83 percent, which reflects the LTP Scorecard range of 0 percent to 150 percent for the retired CEO.  NEO award payouts are detailed below and in the Executive Compensation Tables and Narrative Disclosures – Summary Compensation Table under "Non-Equity Incentive Plan Compensation."

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NEO2023–2025 LTP Award CalculationLTP TargetScorecard Results Percent of OpportunityAchievedLTP Award PayoutDonald A. Moul$1,425,000 98%$1,396,500 Jeffrey J. Lyash(1)(2)3,429,806 83%2,846,739 Thomas C. Rice342,870 98%336,013 John M. Thomas, III(2)1,147,917 98%1,124,959 Matthew M. Rasmussen300,000 98%294,000 Rebecca C. Tolene145,000 98%142,100 Jeremy P. Fisher250,000 98%245,000 Timothy S. Rausch725,000 98%710,500 David B.