New laws, regulations, or administrative orders, or congressional action or inaction, may negatively affect TVA's cash flows, results of operations, and financial condition, as well as the way TVA conducts its business.
TVA may become subject to additional environmental regulation.
TVA's ability to control or allocate funds could be restricted.
TVA may lose its protected service territory.
The TVA Board may lose its sole authority to set rates for electricity.
TVA may lose responsibility for managing the Tennessee River system.
TVA may lose responsibility for managing real property currently under its control.
Existing laws, regulations, and orders may negatively affect TVA's cash flows, results of operations, and financial condition, as well as the way TVA conducts its business.
TVA is involved in various legal and administrative proceedings whose outcomes may affect TVA's finances and operations.
TVA is largely restricted to a defined service area.
TVA may become subject to additional NERC requirements.
TVA could be divested by the federal government or be required to sell some or all of its assets.
TVA may incur delays and additional costs in its major projects or may be unable to obtain necessary regulatory approval.
TVA may not be able to operate one or more of its nuclear power units.
Operating nuclear units subjects TVA to nuclear risks and may result in significant costs that adversely affect its cash flows, results of operations, and financial condition.
TVA's management and operation of CCR facilities exposes it to additional costs and risks.
TVA's facilities and operations may be damaged or interfered with by physical attacks, threats, or other interference.
TVA's facilities and information infrastructure may not operate as planned due to cyber threats to TVA's assets and operations.
Cyber attacks on third parties could interfere with or harm TVA.
TVA's assets or their supporting infrastructure may not operate as planned.
TVA's safety programs may not prevent accidents that could, among other things, impact TVA's operations or financial condition.
Weather conditions may influence TVA's ability to supply power and its customers' demands for power.
Catastrophic events may negatively affect TVA's cash flows, results of operations, and financial condition.
TVA's service reliability could be affected by problems at other utilities or at TVA facilities, or by the increase in intermittent sources of power.
TVA's supplies of fuel, purchased power, or other critical items may be disrupted or obtained at a higher cost than planned.
Events that affect the supply or quality of water in the Tennessee River system and Cumberland River system or elsewhere may interfere with TVA's ability to generate power.
TVA's determination of the appropriate mix of generation assets may change.
TVA's cost management efforts may not be successful.
TVA may have to make significant contributions in the future to fund its qualified pension plan.
TVA's debt ceiling could be made more restrictive. Additionally, approaching or reaching TVA's debt ceiling could limit TVA's ability to carry out its business.
TVA may be unable to meet its current cash requirements if TVA's access to the debt markets is limited.
TVA's credit ratings may be impacted by congressional actions or by a downgrade of the U.S.'s sovereign credit ratings.
TVA, together with owners of TVA securities, may be impacted by downgrades of TVA's credit ratings.
TVA's assumptions about the future may be inaccurate.
Demand for electricity may significantly decline or change, negatively affecting TVA's cash flows, results of operations, and financial condition.
Changes in technology could require TVA to change how it conducts its operations, affect relationships with customers, or impact its financial condition.
TVA is subject to a variety of market risks that may negatively affect TVA's cash flows, results of operations, and financial condition.
TVA's ability to use derivatives to hedge certain risks may be limited.
The market for TVA Bonds might be limited.
TVA may be unable to use regulatory accounting for some or all costs.
TVA's financial control system cannot guarantee that all control issues and instances of fraud or errors will be detected.
Payment of principal and interest on TVA securities is not guaranteed by the U.S.
TVA may not be able to implement its business strategy successfully.
TVA's organizational structure may not adequately support TVA's anticipated business needs or enable it to meet the needs of its current or potential customers.
TVA may have difficulty in adapting its business model to changes in the utility industry and customer preferences.
TVA's quasi-governmental status may interfere in its ability to quickly respond to the needs of its current or potential customers or to act solely in the interest of its ratepayers.
TVA's reputation may be negatively impacted.
Failure to attract and retain an appropriately qualified workforce may negatively affect TVA's results of operations.
Loss of a quorum of the TVA Board could limit TVA's ability to adapt to meet changing business conditions.
Changes in the membership of the TVA Board and TVA senior management could impact how TVA operates.
Operating revenues increased $85 million for the year ended September 30, 2019, as compared to the prior year, primarily due to a $227 million increase in base revenue. The $227 million increase in base revenue was driven by an increase of $318 million attributable to higher effective rates resulting from the base rate adjustment that became effective October 1, 2018, partially offset by a $103 million decrease attributable to lower sales volume. During November 2018, TVA recorded its second highest peak power demand for the month of November at 26,714 MW. During September 2019, TVA experienced nine days with demand over 28,000 MW, breaking TVA's record for the most days in September with demand over 28,000 MW. TVA also broke its September 30-day average peak load record with an average peak load of 26,258 MW. Despite this record-setting weather, the TVA service territory experienced overall milder than normal weather in 2019 driven by overall lower than normal heating degree days. Partially offsetting these increases was a $140 million decrease in fuel cost recovery revenues, driven by a $104 million decrease attributable to lower fuel rates and a $35 million decrease attributable to lower energy sales. The lower fuel rates experienced were primarily driven by lower market prices for natural gas and increased hydroelectric generation.