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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(MARK ONE)

x ANNUAL REPORT PURSUANT TO

SECTION 13, 15(d), OR 37 OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended September 30, 2020

OR

 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission file number 000-52313

TENNESSEE VALLEY AUTHORITY

(Exact name of registrant as specified in its charter)

A corporate agency of the United States created by an act of Congress  (State or other jurisdiction of incorporation or organization)									62-0474417  (IRS Employer Identification No.)
400 W. Summit Hill Drive Knoxville, Tennessee  (Address of principal executive offices)									37902  (Zip Code)

(865) 632-2101

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
N/A			N/A			N/A

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13, 15(d), or 37 of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o   No x

Table of Contents
GLOSSARY OF COMMON ACRONYMS.......................................................................................................................................................................................................			4
FORWARD-LOOKING INFORMATION.........................................................................................................................................................................................................			6
GENERAL INFORMATION............................................................................................................................................................................................................................			7
PART I
ITEM 1. BUSINESS......................................................................................................................................................................................................................................			8
The Corporation.................................................................................................................................................................................................................................			8
Service Area.......................................................................................................................................................................................................................................			9
COVID-19 Pandemic......................................................................................................................................................................................................................			9
Customers..........................................................................................................................................................................................................................................			10
Rates..................................................................................................................................................................................................................................................			11
Power Supply and Load Management Resources.............................................................................................................................................................................			12
Fuel Supply.........................................................................................................................................................................................................................................			18
Transmission......................................................................................................................................................................................................................................			20
Weather and Seasonality....................................................................................................................................................................................................................			20
Competition........................................................................................................................................................................................................................................			21
Research and Development...............................................................................................................................................................................................................			21
Flood Control Activities.......................................................................................................................................................................................................................			22
Environmental Stewardship Activities.................................................................................................................................................................................................			22
Economic Development Activities......................................................................................................................................................................................................			22
Regulation..........................................................................................................................................................................................................................................			23
Taxation and Tax Equivalents.............................................................................................................................................................................................................			24
Environmental Matters.......................................................................................................................................................................................................................			24
Human Capital Resources..................................................................................................................................................................................................................			30
ITEM 1A. RISK FACTORS............................................................................................................................................................................................................................			32
ITEM 1B. UNRESOLVED STAFF COMMENTS............................................................................................................................................................................................			45
ITEM 2. PROPERTIES..................................................................................................................................................................................................................................			45
Generating Properties........................................................................................................................................................................................................................			45
Transmission Properties.....................................................................................................................................................................................................................			47
Natural Resource Stewardship Properties.........................................................................................................................................................................................			47
Buildings.............................................................................................................................................................................................................................................			47
Disposal of Property...........................................................................................................................................................................................................................			47
ITEM 3. LEGAL PROCEEDINGS..................................................................................................................................................................................................................			48
ITEM 4. MINE SAFETY DISCLOSURES......................................................................................................................................................................................................			48
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES............			49
ITEM 6. SELECTED FINANCIAL DATA........................................................................................................................................................................................................			49
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS...................................................................			50
Business and Mission.........................................................................................................................................................................................................................			50
Executive Overview............................................................................................................................................................................................................................			52
Results of Operations.........................................................................................................................................................................................................................			53
Liquidity and Capital Resources.........................................................................................................................................................................................................			59
Off-Balance Sheet Arrangements.......................................................................................................................................................................................................			64
Key Initiatives and Challenges...........................................................................................................................................................................................................			64
Critical Accounting Policies and Estimates.........................................................................................................................................................................................			73
Fair Value Measurements...................................................................................................................................................................................................................			77
New Accounting Standards and Interpretations.................................................................................................................................................................................			79
Legislative and Regulatory Matters....................................................................................................................................................................................................			79
Environmental Matters.......................................................................................................................................................................................................................			79
Legal Proceedings..............................................................................................................................................................................................................................			79
Risk Management Activities...............................................................................................................................................................................................................			79
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK...........................................................................................................................			82
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA..........................................................................................................................................................			83
Consolidated Balance Sheets............................................................................................................................................................................................................			84
Consolidated Statements of Operations.............................................................................................................................................................................................			83
Consolidated Statements of Comprehensive Income (Loss).............................................................................................................................................................			86
Consolidated Statements of Cash Flows...........................................................................................................................................................................................			87
Consolidated Statements of Changes in Proprietary Capital.............................................................................................................................................................			88
Notes to Consolidated Financial Statements.....................................................................................................................................................................................			89

Report of Independent Registered Public Accounting Firm...............................................................................................................................................................			151
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE...............................................................			152
ITEM 9A. CONTROLS AND PROCEDURES...............................................................................................................................................................................................			152
Disclosure Controls and Procedures..................................................................................................................................................................................................			152
Internal Control over Financial Reporting...........................................................................................................................................................................................			152
Report of Independent Registered Public Accounting Firm................................................................................................................................................................			153
ITEM 9B. OTHER INFORMATION................................................................................................................................................................................................................			154
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.............................................................................................................................			156
Directors..............................................................................................................................................................................................................................................			156
Executive Officers...............................................................................................................................................................................................................................			157
Disclosure and Financial Code of Ethics............................................................................................................................................................................................			158
Committees of the TVA Board............................................................................................................................................................................................................			158
ITEM 11. EXECUTIVE COMPENSATION.....................................................................................................................................................................................................			159
Compensation Discussion and Analysis.............................................................................................................................................................................................			159
CEO Pay Ratio Disclosure.................................................................................................................................................................................................................			195
Executive Compensation Tables and Narrative Disclosures..............................................................................................................................................................			196
Retirement and Pension Plans...........................................................................................................................................................................................................			199
Nonqualified Deferred Compensation................................................................................................................................................................................................			201
Potential Payments on Account of Resignation, Retirement, Termination without Cause, Termination with Cause, Death, or Disability...........................................			203
Other Agreements..............................................................................................................................................................................................................................			207
Director Compensation.......................................................................................................................................................................................................................			208
Compensation Committee Interlocks and Insider Participation..........................................................................................................................................................			209
Compensation Committee Report......................................................................................................................................................................................................			209
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS......................................			209
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.........................................................................................			209
Director Independence.......................................................................................................................................................................................................................			209
Related Party Transactions................................................................................................................................................................................................................			209
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES......................................................................................................................................................................			212
PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.....................................................................................................................................................................			213
ITEM 16. FORM 10-K SUMMARY.................................................................................................................................................................................................................			216
SIGNATURES................................................................................................................................................................................................................................................			217

GLOSSARY OF COMMON ACRONYMS
Following are definitions of some of the terms or acronyms that may be used in this Annual Report on Form 10-K for the fiscal year ended September 30, 2020 (the "Annual Report"):
Term or Acronym						Definition
ACE						Affordable Clean Energy
ANI						American Nuclear Insurers
AOCI						Accumulated other comprehensive income (loss)
ARO						Asset retirement obligation
ART						Asset Retirement Trust
Bonds						Bonds, notes, or other evidences of indebtedness
CAA						Clean Air Act
CCR						Coal combustion residuals
CERCLA						Comprehensive Environmental Response, Compensation, and Liability Act
CME						Chicago Mercantile Exchange
CO2						Carbon dioxide
COVID-19						Coronavirus Disease 2019
COLA						Cost-of-living adjustment
CSAPR						Cross-State Air Pollution Rule
CTs						Combustion turbine unit(s)
CVA						Credit valuation adjustment
CWA						Clean Water Act
CY						Calendar year
DBOT						Down-blend offering for Tritium
DCP						Deferred Compensation Plan
DER						Distributed Energy Resources
DOE						Department of Energy
EIS						Environmental Impact Statement
ELGs						Effluent Limitation Guidelines
EMPs						Electromagnetic pulses
EPA						Environmental Protection Agency
EPRI						Electric Power Research Institute
ESPA						Early Site Permit Application
ERC						Enterprise Risk Council
FASB						Financial Accounting Standards Board
FERC						Federal Energy Regulatory Commission
FPA						Federal Power Act
FTP						Financial Trading Program
GAAP						Accounting principles generally accepted in the United States of America
GHG						Greenhouse gas
GMDs						Geomagnetic disturbances
HAP						Hazardous Air Pollutants
IRP						Integrated Resource Plan
JSCCG						John Sevier Combined Cycle Generation LLC
KOC						Knoxville Office Complex
kW						Kilowatts
kWh						Kilowatt hours
LPCs						Local power company customers
LTA						Long-Term Agreement
LTDCP						Long-Term Deferred Compensation Plan

FORWARD-LOOKING INFORMATION

This Annual Report on Form 10-K ("Annual Report") contains forward-looking statements relating to future events and future performance.  All statements other than those that are purely historical may be forward-looking statements.  In certain cases, forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "anticipate," "believe," "intend," "project," "plan," "predict," "assume," "forecast," "estimate," "objective," "possible," "probably," "likely," "potential," "speculate," the negative of such words, or other similar expressions.

Although the Tennessee Valley Authority ("TVA") believes that the assumptions underlying any forward-looking statements are reasonable, TVA does not guarantee the accuracy of these statements.  Numerous factors could cause actual results to differ materially from those in any forward-looking statements.  These factors include, among other things:

•The impact of the Coronavirus Disease 2019 ("COVID-19") pandemic on TVA's operating results, financial condition, and cash flows, the demand for electricity, TVA's workforce and operations, the availability of fuel and critical parts, supplies, and services, the financial markets, and the business and financial condition of TVA's customers and counterparties;

•The duration and severity of the COVID-19 pandemic, actions taken to contain its spread and mitigate its effects, and broader impacts of the COVID-19 pandemic on economic and market conditions, including impacts on interest rates, commodity prices, investment performance, and foreign currency exchange rates;

•New, amended, or existing laws, regulations, executive orders, or administrative orders or interpretations, including those related to environmental matters, and the costs of complying with these laws, regulations, executive orders, or administrative orders or interpretations;

•The cost of complying with known, anticipated, or new emissions reduction requirements, some of which could render continued operation of many of TVA's aging coal-fired generation units not cost-effective or result in their removal from service, perhaps permanently;

•Significant reductions in demand for electricity produced through non-renewable or centrally located generation sources that may result from, among other things, economic downturns, increased energy efficiency and conservation, increased utilization of distributed generation and microgrids, and improvements in alternative generation and energy storage technologies;

•Changes in customer preferences for energy produced from cleaner generation sources;

•Changes in technology;

•Actions taken, or inaction, by the United States ("U.S.") government relating to the national or TVA debt ceiling or automatic spending cuts in government programs;

•Costs or liabilities that are not anticipated in TVA's financial statements for third-party claims, natural resource damages, environmental cleanup activities, or fines or penalties associated with unexpected events such as failures of a facility or infrastructure;

•Addition or loss of customers by TVA or TVA's local power company customers ("LPCs");

•Significant delays, cost increases, or cost overruns associated with the construction and maintenance of generation, transmission, navigation, flood control, or related assets;

•Requirements or decisions changing the amount or timing of funding obligations associated with TVA's pension plans, other post-retirement benefit plans, or health care plans;

•Increases in TVA's financial liabilities for decommissioning its nuclear facilities or retiring other assets;

•Risks associated with the operation of nuclear facilities or other generation and related facilities, including coal combustion residuals ("CCR") facilities;

•Physical attacks on TVA's assets;

•Cyber attacks on TVA's assets or the assets of third parties upon which TVA relies;

•The outcome of legal or administrative proceedings;

•The failure of TVA's generation, transmission, navigation, flood control, and related assets and infrastructure, including CCR facilities and spent nuclear fuel storage facilities, to operate as anticipated, resulting in lost revenues, damages, or other costs that are not reflected in TVA's financial statements or projections;

•Differences between estimates of revenues and expenses and actual revenues earned and expenses incurred;

•Weather conditions;

•Catastrophic events such as fires, earthquakes, explosions, solar events, electromagnetic pulses ("EMPs"), geomagnetic disturbances ("GMDs"), droughts, floods, hurricanes, tornadoes, or other casualty events or pandemics, wars, national emergencies, terrorist activities, or other similar events, especially if these events occur in or near TVA's service area;

•Events at a TVA facility, which, among other things, could result in loss of life, damage to the environment, damage to or loss of the facility, and damage to the property of others;

•Events or changes involving transmission lines, dams, and other facilities not operated by TVA, including those that affect the reliability of the interstate transmission grid of which TVA's transmission system is a part and those that increase flows across TVA's transmission grid;

•Disruption of fuel supplies, which may result from, among other things, economic conditions, weather conditions, production or transportation difficulties, labor challenges, or environmental laws or regulations affecting TVA's fuel suppliers or transporters;

•Purchased power price volatility and disruption of purchased power supplies;

•Events which affect the supply of water for TVA's generation facilities;

•Changes in TVA's determinations of the appropriate mix of generation assets;

•Ineffectiveness of TVA's efforts at adapting its organization to an evolving marketplace and remaining cost competitive;

•Inability to use regulatory accounting or loss of regulatory accounting approval for certain costs;

•Inability to obtain, or loss of, regulatory approval for the construction or operation of assets;

•The requirement or decision to make additional contributions to TVA's Nuclear Decommissioning Trust ("NDT") or Asset Retirement Trust ("ART");

•Limitations on TVA's ability to borrow money which may result from, among other things, TVA's approaching or substantially reaching the limit on bonds, notes, and other evidences of indebtedness (collectively, "Bonds") specified in the Tennessee Valley Authority Act of 1933, as amended ("TVA Act");

•An increase in TVA's cost of capital that may result from, among other things, changes in the market for TVA's debt securities, changes in the credit rating of TVA or the U.S. government, or, potentially, an increased reliance by TVA on alternative financing should TVA approach its debt limit;

•Changes in the economy and volatility in financial markets;

•Reliability or creditworthiness of counterparties;

•Changes in the market price of commodities such as coal, uranium, natural gas, fuel oil, crude oil, construction materials, reagents, electricity, or emission allowances;

•Changes in the market price of equity securities, debt securities, or other investments;

•Changes in interest rates, currency exchange rates, or inflation rates;

•Ineffectiveness of TVA's disclosure controls and procedures or its internal control over financial reporting;

•Inability to eliminate identified deficiencies in TVA's systems, standards, controls, or corporate culture;

•Inability to attract or retain a skilled workforce;

•Inability to respond quickly enough to current or potential customer demands or needs;

•Events at a nuclear facility, whether or not operated by or licensed to TVA, which, among other things, could lead to increased regulation or restriction on the construction, ownership, operation, or decommissioning of nuclear facilities or on the storage of spent fuel, obligate TVA to pay retrospective insurance premiums, reduce the availability and affordability of insurance, increase the costs of operating TVA's existing nuclear units, or cause TVA to forego future construction at these or other facilities;

•Loss of quorum of the TVA Board of Directors ("TVA Board");

•Changes in the priorities of the TVA Board or TVA senior management; or

•Other unforeseeable events.

See also Item 1A, Risk Factors, and Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.  New factors emerge from time to time, and it is not possible for TVA to predict all such factors or to assess the extent to which any factor, or combination of factors, may impact TVA's business or cause results to differ materially from those contained in any forward-looking statement.  TVA undertakes no obligation to update any forward-looking statement to reflect developments that occur after the statement is made.

GENERAL INFORMATION

Fiscal Year

References to years (2020, 2019, etc.) in this Annual Report are to TVA's fiscal years ending September 30 except for references to years in the biographical information about directors and executive officers in Item 10, Directors, Executive Officers and Corporate Governance, as well as to years that are preceded by "CY," which references are to calendar years.

Notes

References to "Notes" are to the Notes to Consolidated Financial Statements contained in Item 8, Financial Statements and Supplementary Data in this Annual Report.

Property

TVA does not own real property and real property interests (collectively, "real property").  TVA acquires real property in the name of the United States, and such legal title in real property is entrusted to TVA as the agent of the United States to accomplish the purposes of the TVA Act.  TVA acquires personal property in the name of TVA.  Accordingly, unless the context indicates the reference is to TVA's personal property, any statement in this Annual Report referring to TVA property shall be read as referring to the real property of the United States that has been entrusted to TVA as its agent.

Available Information

    TVA files annual, quarterly, and current reports with the Securities and Exchange Commission ("SEC") under Section 37 of the Securities Exchange Act of 1934. TVA's SEC filings are available to the public on the SEC's website at www.sec.gov or on TVA's website at www.tva.gov. Information contained on TVA's website shall not be deemed to be incorporated into, or to be a part of, this Annual Report.