Tennessee Valley Authority

KNOXVILLE – November 13, 2026 -- The Tennessee Valley Authority (TVA) reported net income of $2.1 billion for fiscal 2026, $761 million more than a year earlier, on total operating revenues of $14.2 billion. By our calculation, prior-year net income was about $1.34 billion, so earnings rose roughly 57% while revenue grew approximately 4%.

The fiscal year ended September 30, 2026. Revenue growth of about 4% implies prior-year revenue of roughly $13.7 billion. Net income now equals about 15% of revenue, against about 10% a year earlier, by our calculation.

Electricity sales reached nearly 172 billion kilowatt-hours, up approximately 2%. Revenue therefore grew about twice as fast as volume. TVA attributes the revenue increase to higher sales volume and higher fuel cost recovery rates, so part of the gain reflects what TVA charges for fuel rather than additional power sold. Total operating revenue works out to about 8.3 cents per kilowatt-hour sold.

Knoxville, Tenn. – – September 30, 2026 -- The U.S. Nuclear Regulatory Commission has issued a construction permit for Clinch River Unit 1, making the Tennessee Valley Authority the first U.S. utility cleared to build a GE Vernova Hitachi Nuclear Energy BWRX-300 small modular reactor (SMR). The permit, granted for TVA's Clinch River Nuclear Site near Oak Ridge, Tenn., marks only the second advanced reactor construction permit ever issued in the country.

NRC clears path for 300-megawatt reactor ahead of schedule

TVA said the NRC's evaluation process allowed the permit to be issued earlier than anticipated, a move officials framed as evidence of streamlined federal licensing for advanced nuclear technology. No construction start date has been announced.

"This construction permit is more than a regulatory achievement – it's foundational for America's nuclear future," said Mike Skaggs, TVA Interim President & CEO.