Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 21

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 6
Chunk 21
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A anticipates a need to increase debt in the coming years as it continues to invest in power system assets, which may result in positive net cash flows provided by financing activities in future periods.

Cash Requirements  

Actual capital expenditures and future planned capital expenditures for property, plant, and equipment additions, including environmental projects and new generation, and nuclear fuel are as follows:

Capital ExpendituresFor the years ended September 30(in millions)ActualEstimated Capital Expenditures(1) 202520262027202820292030Capacity expansion expenditures$2,957 $2,669 $2,279 $1,557 $687 $1,170 Environmental expenditures(2)94 239 296 172 122 36 Nuclear fuel234 277 282 365 594 885 Transmission expenditures720 669 711 745 834 897 Other capital expenditures(3)959 824 776 777 784 784 Total capital expenditures$4,964 (4)$4,678 $4,344 $3,616 $3,021 $3,772 

Notes

(1)  Currently, TVA expects to utilize a combination of Bonds, other financings, or potentially additional power revenues through power rate increases to meet its ongoing operational liquidity needs while making planned capital investments.  TVA may also utilize available funding through the IRA and the BIL, other federal funding opportunities, or other third-party financing arrangements.   Estimated capital expenditures only include expenditures that are currently planned.  Additional expenditures may be required, among other things, for TVA to meet growth in demand for power in its service area or to comply with new environmental laws, regulations, or orders.

(2)   The table includes the capital portion of estimated environmental expenditures. See Part I, Item 1, Business  — Environmental Matters — Estimated Required Environmental Expenditures for total estimates on projects related to environmental laws and regulations.

(3)  Other capital expenditures are primarily associated with short lead time construction projects aimed at the continued safe and reliable operation of generating assets.

(4)   The numbers above include the change in construction in progress and nuclear fuel expenditures included in Accounts payable and accrued liabilities of $283 million.

TVA continually reviews its capital expenditures and financing programs.  The amounts shown in the table above are forward-looking amounts based on a number of assumptions and are subject to various uncertainties.  Amounts may differ materially based upon a number