Tennessee Valley Authority - SEC.gov | HOME the appropriate box below if the Form 8-K filing is...
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-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, C5at8t0Ias6ZfCfSZDrDeb7fq45YfOfFbbNJuyzUn3XsSOp3mok2ze/PMvgHm/dB +hPx6tyEBcZmVZ8eGL5SBw==
0000950144-07-007402.txt : 200708070000950144-07-007402.hdr.sgml : 2007080720070807165701ACCESSION NUMBER:0000950144-07-007402CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:33CONFORMED PERIOD OF REPORT:20070801ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Other EventsITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20070807DATE AS OF CHANGE:20070807
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:Tennessee Valley AuthorityCENTRAL INDEX KEY:0001376986STANDARD INDUSTRIAL CLASSIFICATION:ELECTRIC SERVICES [4911]IRS NUMBER:620474417FISCAL YEAR END:0930
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-52313FILM NUMBER:071032297
BUSINESS ADDRESS:STREET 1:400 WEST SUMMIT HILL DRIVECITY:KNOXVILLESTATE:TNZIP:37902BUSINESS PHONE:865-632-2101
MAIL ADDRESS:STREET 1:400 WEST SUMMIT HILL DRIVECITY:KNOXVILLESTATE:TNZIP:37902
8-K1g08804e8vk.htmTENNESSEE VALLEY AUTHORITY
Tennessee Valley Authority
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section13, 15(d), or 37 of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August1, 2007
TENNESSEE VALLEY AUTHORITY
(Exact name of registrant as specified in its charter)
A corporate agency of the United States
000-52313
62-0474417
created by an act of Congress
Commission file
(I.R.S. Employer Identification No.)
(State or other jurisdiction of
number
incorporation or organization)
400 W. Summit Hill Drive
37902
Knoxville, Tennessee
(Zip Code)
(Address of principal executive offices)
(865)632-2101
(Registrants telephone number, including area code)
None
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfythe filing obligation of the registrant under any of the following provisions (see GeneralInstruction A.2. below):
o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))
Item7.01 RegulationFD Disclosure.
On August1, 2007, Tom Kilgore, TVAs President and Chief Executive Officer, gave apresentation at the public meeting of the TVA Board of Directors (Board). During his presentation,Mr.Kilgore gave, among other things, estimates of TVAs electricity sales, energy supply, andoperating performance for fiscal year 2008, which begins October1, 2007, and discussed actual andpredicted expenses. Copies of the materials used in Mr.Kilgores presentation are attached, andcan also be found on TVAs website at www.tva.com/finance.
The information furnished in this Item7.01, including Exhibit99.1, shall not be deemed to befiled for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the ExchangeAct), or otherwise subject to the liability of that section, and shall not be incorporated byreference into any other document filed under the Exchange Act, except as shall be expressly setforth by specific reference in that filing. By furnishing the information set forth in this Item7.01, including Exhibit99.1, TVA makes no admission as to the materiality of this information.
Item8.01 Other Events.
Approval of Completion of Watts Bar Nuclear Plant Unit 2
On August1, 2007 the TVA Board approved the completion of Watts Bar Nuclear Plant Unit 2(Watts Bar Unit 2) upon which construction was halted in 1985. Prior to the decision, a detailedscoping, estimating, and planning study was conducted to assess the projects cost, schedule, andrisks. Separately, TVA has prepared a report evaluating potential environmental impacts asrequired by the National Environmental Policy Act. TVA has a construction permit from the NuclearRegulatory Commission (NRC) for Watts Bar Unit 2 that expires in 2010 and will need to seek anextension of its construction permit in order to complete construction activities. TVA intends toseek an operating license under NRC regulations, including an opportunity for a public hearing.Completing Watts Bar Unit 2 is expected to take sixty months and cost approximately $2.49billion,excluding allowance for funds used during construction and initial nuclear fuel core costs. Whencompleted, the nuclear unit is expected to provide 1,180 megawatts of electricity. Some activitiesat the site are expected to begin October1, 2007. On August3, 2007, TVA notified the NRC of itsplan to resume unlimited construction activities on December3, 2007.
Commencement of Commercial Operations of Browns Ferry Nuclear Plant Unit 1
On August1, 2007, Unit 1 at TVAs Browns Ferry Nuclear Plant began commercial operation.
Item9.01 Financial Statements and Exhibits
EXHIBIT NO. DESCRIPTION OF EXHIBIT
99.1 Materials used in Mr.Kilgores August1, 2007 presentation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Tennessee Valley Authority
(Registrant)
Date: August 7, 2007 /s/ John M. Hoskins
John M. Hoskins
Interim Chief Financial Officer andExecutive Vice President, Financial Services
EXHIBIT INDEX
This exhibit is furnished pursuant to Item7.01 hereof and should not be deemed to befiled under the Exchange Act.
EXHIBIT NO. DESCRIPTION OF EXHIBIT
99.1 Materials used in Mr.Kilgores August1, 2007 presentation.
EX-99.12g08804exv99w1.htmMATERIALS USED IN MR KILGORE'S 8/1/07 PRESENTATION
Materials used in Mr Kilgore's 8/1/07 Presentation
Exhibit99.1
President's Report
Tom Kilgore
President & Chief Executive Officer
August 1, 2007
Report Overview
Fiscal Year Update
Financial Status
Highlights
Looking to FY 08
FY 2007 RAINFALL / RUNOFF
FYTD 2007 Financial Drivers
Percentof Plan
Estimates as of July 13, 2007
FY2007 Total Cost of Power Forecast
FY2007 Budget versus Forecast
($/MWh)
FY2007Budget
50.15
FY2007Forecast
51.51
LowerPurchasedPower Expense(ExcludingImpacts ofLower Hydro)
HigherFuelExpense
LowerPowerSales
(0.98)
0. 51
0.36
Coal Price Up $(66.4)
Coal Volume Up (15.5)
Nuclear Cost Down 19.4
Gas/Oil Cost Up (32.1)
Price Down $ 67.9
Volume Down 103.0
(0.17)
OtherExpense
LowerHydroGeneration
1.64
Hydro generationdown 27.6%.
Total Cost of Power is forecasted to be
above plan by 2.7% for the year.
TVA SO2 Reductions
Impact ofParadise
Scrubber
2007
Energy Conservation Initiative
Demand Side Management Strategic Objective:
Strive to achieve leadership in energy efficiency improvements andpeak reduction within 5 years
Measures for achieving objective:
Offset one year of load growth - minimum 700MW, strive for1200MW
Reduce per capita energy consumption to lowest national quartile
Maximize participation in Energy Efficiency and Peak Shavinginitiatives
National Total Residential Energy Use
(million Btu per capita - All Energy Sources 2003)
Demand Side Management Overview
OBJECTIVE
CATEGORY
MARKET
Leader in
Energy Efficiency
and Peak Reduction
Peak
Reduction
(MW)
Generation
Offset
(MW & MWh)
Energy
Efficiency
(MWh)
Time
Differential
Pricing (MW)*
Residential
Commercial
Solar & Wind
Fuel Cells
Plug-In Hybrid
Electric Vehicles
Residential
Commercial
Industrial
Interruptible Rates
Industrial
Residential
Commercial
Industrial
Browns Ferry Update
Browns Ferry Update
Looking to FY08
Strategic Plan Implementation
Long-term power supply
Use of financial principles
Sustainable performance improvement
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