TVA’s long-standing mission of service is to serve the people of the Tennessee Valley to make life better.
Our mission continues to be as relevant today as it was when TVA was founded in 1933. At the core of our mission is providing clean, reliable, low-cost electricity; creating jobs through robust economic development efforts and environmental stewardship programs that protect and enhance some of the most beautiful and productive lands and waterways in the United States. At TVA, we are committed to pursuing new ideas and innovative solutions that improve service to our customers.
Community Care Fund: Helping Our Neighbors During COVID-19
Our nation and world experienced unprecedented hardship this year with the COVID-19 pandemic. The Tennessee Valley was no exception, and our communities felt the impact.
Consistent with our mission to serve, TVA moved quickly to launch the Community Care Fund in April 2020 to help address hardships and challenges created by the pandemic. The fund was an immediate way to give back to the community, providing relief and easing the burdens families and businesses are experiencing during this time of uncertainty. The fund leverages the strength of the Tennessee Valley Public Power Model to serve communities and customers in need. We are honored to give back and support local communities during this challenging time.
Additional Community Support through the $200M Pandemic Relief Credit
To help communities and businesses recover more quickly from the pandemic, TVA extended a special $200 million Pandemic Relief Credit for the coming fiscal year for LPCs, their large commercial and industrial customers and TVA’s directly served customers. This temporary wholesale rate reduction allows each customer to apply the savings in the best way possible to invest in their communities and support those they serve. That means $200 million is going back into communities in the form of retail rate reductions, bill assistance for those in need, upgraded system infrastructure to maintain reliability and more.
Community Care Fund
April - September 2020
Partnered with 130
Local Power Companies
Provided more than 340 grants to charitable and community organizations
Over $4 million
In local contributions & TVA matching funds to address hardships created by the COVID-19 pandemic.
Making the Tennessee Valley a Better Place for Everyone
Quality of life is central to economic growth. We understand the value of developing sustainable programs in a way that also sustains resources and enhances the lives of those who live and work in our communities.
TVA manages its public lands and waterways to support recreation, helping make the Tennessee Valley one of the best places in the country to live, work and play. For example, we knew that with so many lockdowns and a lack of recreation opportunities at the onset of COVID-19, it would be important to make sure recreation and outdoor activities were abundant and accessible. That is why we worked hard to ensure kayak and river-rafting options were open and available for the public as a way of encouraging physical activity and getting people outdoors.
As part of our larger recreation offerings, we allowed visitors to safely enjoy the outdoors on TVA land and waterways, which generates nearly $12 billion of economic activity in an average year.
Public Service Mission in the Community
We are proud of our employees and their commitment to TVA’s mission of service. With more than 4,400 hours of volunteer time performed by our nearly 10,000 employees in FY 2020, we have provided ongoing support and assistance in local communities across the Tennessee Valley. Our Community Relations program supports this commitment through:
TVA contributes to our local youth through educational programs and competitions focused in the fields of science, technology, engineering and math (STEM) and robotics in both primary and secondary schools. By concentrating our efforts on STEM and robotics for school-related assistance, we are educating the future workforce and building a pipeline of prospective employees for TVA and other businesses in the Valley. We strengthened this commitment through our investments of more than $1.1 million in grants for STEM and robotics and sponsored over 200 robotics competitions in FY 2020.
Human Relief Services
We proactively partner with local nonprofit organizations delivering disaster relief and helping meet basic needs during times of need. We have increased those efforts to support unforeseen challenges of the COVID-19 pandemic. During FY 2020, over 1 million meals were distributed through our Feeding America Partnership to ensure that people in need in our communities have access to healthy, nutritious meals when they’re needed most.
TVA supports civic activities that support TVA’s core business objectives and key stakeholders. Partnering with our LPCs and directly served customers, we are here to support and strengthen communities across the Valley
TVA and the Tennessee Urban League Affiliates Partnership
TVA and the Tennessee Urban League Affiliates partnered to launch a pilot program in FY 2020 that provided technical and soft skills training to increase minority participation in TVA EnergyRight’s Quality Contractor Network (QCN) Certification. This Certification enables contractors to work in TVA’s Residential Services programs, which offer energy efficiency services to homeowners. The Urban League Affiliates that participated include the Urban League of Greater Chattanooga Inc.; Memphis Urban League; Knoxville Area Urban League and Urban League of Middle Tennessee. As of June 2020, 30 minority contracting businesses achieved QCN membership.
Generating Justice Pro Bono Program
Through the Generating Justice pro bono program, TVA’s Office of the General Counsel attorneys and other professionals – and outside private law firm and legal aid organization pro bono partners – donate legal knowledge and skills to help lower barriers that affect lower-income individuals, especially during the COVID-19 pandemic. In FY 2020, it produced estimated total client savings of up to $110,000 – a significant amount even without factoring in the value of resulting housing, financial and personal benefits.
In early 2020, TVA and its LPC partners in Middle Tennessee, Chattanooga and Mississippi faced the unexpected challenge of devastating tornadoes ripping through communities. As soon as the tornadoes struck, TVA and local power companies dispatched crews that worked hand-in-hand to help those in need. Together, we identified priorities, helped ensure the safety of our residents and restored power as quickly as possible. TVA and local power company line crews and other employees worked countless hours in adverse conditions in service to Valley residents and businesses.
Cumberland Fossil Fuel Plant Employees Partner with Local Schools on Robotics Program
Employees at TVA’s Cumberland Fossil Plant in Cumberland City, Tennessee, launched a robotics program in the Stewart County School System through TVA’s robotics partnership with VEX Robotics. Robotics teams were created at Stewart County’s high school, middle school and two elementary schools, providing students with opportunities to hone their engineering abilities as well as life skills such as team-building and critical thinking. TVA provided robotics kits and teacher training while plant employees mentor these team members who represent the next generation of engineers, scientists and leaders in the community.
"TVA’s financial and volunteer support of Boys & Girls Clubs of the Tennessee Valley has enabled our organization to meet the needs of more than 8,000 kids this year and more than 3,500 during the COVID-19 pandemic. The partnership has helped us ensure kids’ basic needs are met, educational opportunities and support are abundant and effective and that our members are learning and choosing to make healthy choices."
President & CEO
Boys & Girls Clubs of the Tennessee Valley
Community Care Fund
United Way of Greater Chattanooga
TVA and Electric Power Board of Chattanooga together donated $160,000 to the United Way of Greater Chattanooga’s Restore Hope Fund, which channels funds to nonprofits working to meet the most pressing, on-the-ground needs of those financially impacted by the pandemic. In total, the fund raised over a $500,000 and has helped more than 800 households cover housing or utility costs so families could remain in their homes despite job or income loss due to the economic downturn created by the pandemic.
"This year has brought unique challenges to our community and in the midst of a time where it is easier to withdraw, we are grateful that we can count on partners like TVA to help support neighbors in need. TVA has been crucial in supporting United Way of Greater Chattanooga’s pandemic response and recovery efforts like the Restore Hope Fund, which has helped over 2,000 individuals secure basic needs thus far in 2020."
President & CEO
United Way of Greater Chattanooga
"For more than five years, Mid-South Food Bank has been proud to receive funds from TVA. Their support is recognition of the need for our mission and that we are doing good work to make life better for people in our community living with food insecurity. TVA’s support for our Mobile Pantry program provides nutritious food to families in 30 counties, including many rural areas where our trucks can go directly to people living in food deserts. TVA also supports our Healthy School Pantry program so that kids and their families have easy access at school to a monthly box of wholesome food. And their generosity continues with support for our Covid-19 response efforts, allowing Mid-South Food Bank to nearly triple its food distribution capacity to meet the need of those who have lost their jobs, have children unexpectedly out of school or who are isolated at home, recovering from the virus. Mid-South Food Bank takes one worry off the table – having enough food. We are only able to accomplish this through the generous support of caring partners like TVA."
President & CEO
Mid-South Food Bank
Mid-South Food Bank
TVA partnered with Memphis Light, Gas and Water (MLGW) to support the Mid-South Food Bank through corporate contributions and employee volunteer events to support the area’s most vulnerable residents. When the pandemic hit, the Food Bank’s mobile pantry program became a lifeline for many as more families and seniors than ever before needed help getting food on the table. TVA and MLGW together donated $150,000 to the pantry to stock truckloads of food at 17 mobile pantry sites and pop-up food distributions events every day. Nearly 17.5 million pounds of food was distributed to thousands of food insecure households in the first several months of economic impacts from the pandemic.
Lauderdale County (AL) School System
TVA partnered with the Florence Electricity Department to jointly donate $20,000 to the local Alabama school system to help keep students connected and learning through the challenges posed by the pandemic. The funds are helping expand remote and virtual learning options with technology assistance for students. As kitchens and couches are transformed into classrooms, the joint donation helps ensure kids have access to the tools they needed to stay on track academically and safely interact with their teachers and classmates.
Nourish One Child
TVA and Scottsboro Electric Power Board partnered to donate a combined $5,000 to Nourish One Child, which provides food for food insecure children for when they aren’t receiving in-school meals. During the pandemic, the organization is working with Scottsboro City Schools to provide bags of food three days a week for the school system to distribute to children in need. With students learning from home, these deliveries meant the difference between hunger and having balanced options of proteins, fruits, dairy and grains to supplement what they might receive otherwise at home.
4,400+ Employee Volunteer Hours
In fiscal year of 2020
$200 Million Pandemic Relief Credit for customers
For TVA’s LPCs, their large commercial and industrial customers, and TVA directly served customers
Over $4 Million
Total funds disbursed by the Community Care Fund (TVA and Matching) in fiscal year 2020; additional $2 Million Available
Sponsored 200+ Robotics Competitions
350 teams in fiscal year of 2020
Approximately $10 million Back-to-Business Incentives
For certain large commercial & industrial customers
$1 Billion in Credit Support
Available to 153 local power companies across seven states
Guide to Using TVA’s Annual Report and Form 10-K
This Annual Report is intended to provide highlighted information of interest about TVA's business and operations during its fiscal year ended September 30, 2020. This Annual Report should be read in conjunction with TVA’s Form 10-K Annual Report for the year ended September 30, 2020. The Form 10-K provides additional financial, operational and descriptive information, including TVA’s financial statements. The Form 10-K also provides important information about various risks to which TVA is exposed in the course of its operations, which are important to consider before investing in any TVA securities. The 2020 TVA Annual Report and 2020 Form 10-K do not contain all information about TVA securities that is important for making investment decisions. Please refer to the appropriate Offering Circular, and any relevant supplements, for detailed information about TVA securities. TVA’s Form 10-K can be found at www.tva.com/investors.
TVA Investor Relations
Forward-looking statements and certain factors that may affect our business
We have included in this letter and 2020 Annual Report “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act relating to our operations, results of operations and other matters that are based on our current expectations, estimates, assumptions and projections. Words such as “will,” “plan,” “believe” and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include, but are not limited to, the factors discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q under the sections entitled “Risk Factors.” Our forward-looking statements speak only as of the date of this letter and 2020 Annual Report or as of the date they are made, and we undertake no obligation to update them.