A Message from the Chair of the Board of Directors

The pandemic has created unprecedented hardships that challenge us all. TVA has risen to that challenge with the strength of its people at the forefront to provide quality service and compassion to communities across the Valley. TVA’s experienced and talented workforce is committed to improving the quality of life for the approximately 10 million people across the Tennessee Valley and beyond.

The TVA Board is privileged and honored to serve alongside such a dedicated and passionate group of employees. Despite the challenge of pandemic conditions, the TVA team has embodied our values and long-standing mission of service, they have safely delivered some of the best performance in TVA’s 87-year history.

TVA’s historic mission of service is embodied in the three “Es”: energy, environment and economic development.

TVA is the nation’s largest public power company and one of the top producers of electricity. Its customers are 153 local power companies, and through them TVA supplies the power that approximately 10 million people rely on 24 hours a day, now more than ever.

TVA manages a complex river system that spans seven states and not only prevents damage due to flooding, as part of its commitment to preserve the environment, but provides a place of outdoor entertainment for residents and visitors.

We have an economic development program recognized as one of the best in the nation – producing approximately 341,000 jobs and over $45.4 billion in capital investment in the past five years alone.

And TVA does this without any taxpayer support, in a competitive environment, where fiscal and operational performance make the difference.

Despite the pandemic, and thanks to the performance and commitment of TVA’s employees, TVA continues to provide safe, reliable, low-cost energy to our customers; preserve and protect the environment; and promote the economic development of the TVA service area. And the TVA team did this while meeting or exceeding all of our financial goals.

Based on that performance, the Board approved a $200 million “Pandemic Relief Credit” in August for TVA customers. This 2.5% credit will deliver financial relief during the ongoing challenges that our customers and communities are facing.

In addition, TVA provided $1 billion of credit support to local power companies, more than $4 million through the COVID-19 Community Care Fund and approximately $10 million in Back-to-Business incentives.

Our ability to provide this level of support is based on one important outcome – the performance of TVA’s employees. Their performance over the past year – both operationally and financially – has put us in a position to offer continued assistance.

Serving the public good and living our values are how TVA delivered on its goals in the face of an unprecedented challenge. The Board thanks TVA’s nearly 10,000 employees. Together, with our public power partners, we are committed to serving the people in the Tennessee Valley.

John Ryder, Chair

TVA Board of Directors

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

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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.


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