Company: TVC
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001376986-25-000029
Chunk: 331

Company: Tennessee Valley Authority
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 2
Chunk 331
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 the Tennessee Air Pollution Control Board stay the effectiveness of the permit and order TDEC to revoke the permit.  On January 7, 2025, TVA filed a petition to intervene in the administrative proceeding, which was granted on January 15, 2025.  The parties filed competing motions for summary judgement on March 14, 2025.  TVA cannot predict the outcome of this litigation.

Challenge to Certificate for Cumberland Pipeline.  On April 29, 2024, the Southern Environmental Law Center, on behalf of the Sierra Club and Appalachian Voices, filed a petition with the United States Court of Appeals for the District of Columbia Circuit ("D.C. Circuit") challenging FERC’s issuance of a certificate of public convenience for the pipeline that will need to be constructed in order for TVA to operate the Cumberland Combined Cycle Plant (the “Cumberland Pipeline”).  The petitioners allege that they and their members have been and will be aggrieved by the approval, construction, and operation of the Cumberland Pipeline and are asking the D.C. Circuit to review and set aside FERC’s order approving the pipeline.  The D.C. Circuit heard oral arguments on the merits on March 4, 2025, but has not yet issued a ruling. TVA, the Tennessee Valley Public Power Association, and Tennessee Gas Pipeline Company, L.L.C., which has contracted with TVA to build and operate the pipeline, have intervened in the proceeding.  TVA cannot predict the outcome of this litigation. 

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Table of Contents                               Draft 4.0                    04/24/2025 5:00 PM

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") explains the results of operations and general financial condition of the Tennessee Valley Authority ("TVA").  The MD&A should be read in conjunction with the accompanying unaudited consolidated financial statements and TVA's Annual Report on Form 10-K for the year ended September 30, 2024 (the "Annual Report").

Executive Overview

TVA's operating revenues were $6.5 billion and $5.9 billion for the six months ended March 31, 2025 and 2024, respectively.  Operating revenues increased for the six months ended March 31, 2025, as compared to the same period of the prior year