Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 584

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 11
Chunk 584
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 on a review of executive compensation survey data and/or public proxy statement data for members of this peer group.  

•For the survey-based analysis, TVA referenced a sample from the 2024 Willis Towers Watson ("WTW") Energy Services Executive Compensation Database consisting of (1) 28 IOUs with revenue greater than or equal to $3.0 billion plus (2) 11 additional government/non-profit entities with revenue greater than or equal to $1.0 billion.    

•The survey analysis was supplemented with public compensation data from a separate proxy peer group of IOUs.  The Committee reviews the proxy peers annually to ensure continued appropriateness, including comparable business content and model, company size measured primarily by revenue and assets, and other refining factors such as generating capacity, number of employees, and number of customers.  

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Compensation Peer Companies.  The following chart outlines the companies that constituted the survey sample and proxy peer group used to benchmark NEO compensation for 2025.

List of Compensation Peer CompaniesInvestor owned utilities with revenue greater than or equal to $3.0 billion — proxy peer group and participants in 2024 Willis Towers Watson Energy Services SurveyGovernment/non-profit entities with revenue greater than or equal to $1.0 billion which participated in 2024 Willis Towers Watson Energy Services SurveyAES Corporation Eversource Energy Colorado Springs Utilities Alliant Energy Corporation Exelon Corporation CPS Energy Ameren Corporation FirstEnergy Corp. Great River EnergyAmerican Electric Power Company, Inc. NiSource, Inc. JEA CenterPoint Energy, Inc. NRG Energy, Inc. Lower Colorado River AuthorityCMS Energy Corporation Pacific Gas and Electric Company Nebraska Public Power DistrictConsolidated Edison, Inc. Pinnacle West Capital Corporation New York Power AuthorityConstellation Energy Corporation PPL Corporation Oak Ridge National Laboratory Dominion Energy, Inc. Public Service Enterprise Group, Inc. Omaha Public Power DTE Energy Company Sempra Energy Salt River Project Duke Energy Corporation Southern Company Tri-State Generation and Transmission Edison InternationalVistra Corp. Entergy Corporation WEC Energy Group, Inc. Evergy, Inc. Xcel Energy, Inc. 

Total Direct Compensation

In setting executive compensation each year, the Committee focuses on TDC, which includes those compensation elements that motivate future performance or reward past performance.  TDC is comprised of annual salary, an annual incentive award under TVA’s EAIP, and an LTI award provided under TVA’s LTIP, which is delivered in two components, an LTP award and a Long-Term Retention (“LTR”) award