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<SEC-DOCUMENT>0001376986-08-000049.txt : 20081006
<SEC-HEADER>0001376986-08-000049.hdr.sgml : 20081006
<ACCEPTANCE-DATETIME>20081006143453
ACCESSION NUMBER:		0001376986-08-000049
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080930
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20081006
DATE AS OF CHANGE:		20081006

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tennessee Valley Authority
		CENTRAL INDEX KEY:			0001376986
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				620474417
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-52313
		FILM NUMBER:		081109137

	BUSINESS ADDRESS:	
		STREET 1:		400 WEST SUMMIT HILL DRIVE
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37902
		BUSINESS PHONE:		865-632-2101

	MAIL ADDRESS:	
		STREET 1:		400 WEST SUMMIT HILL DRIVE
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37902
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tva8-k.htm
<DESCRIPTION>TENNESSEE VALLEY AUTHORITY
<TEXT>
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STATES</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></div>
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communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
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material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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Other Events.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 4pt">&#160;&#160;&#160;</font>&#160;On September
30, 2008, Seven States Power Corporation (&#8220;SSPC&#8221;) exercised an option to buy a
portion of TVA&#8217;s Southaven Power Plant, a combined-cycle electric generating
facility (the &#8220;facility&#8221;) located in Southaven, Mississippi.&#160;&#160;SSPC
bought this portion through its wholly-owned subsidiary, Seven States Southaven
LLC (&#8220;SSSL&#8221;).&#160;&#160;SSSL paid TVA approximately $325 million and purchased
an undivided 69.69 percent interest in the facility.&#160;&#160;Funding for the
purchase was provided through loans obtained by SSSL.&#160;&#160;The loans were
provided by JPMorgan Chase Bank, N.A., CoBank, ACB, and Branch Banking and Trust
Company.</font></font></font></font></div>
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ability to acquire up to a 90&#160;percent undivided interest in the facility
and may increase its ownership in the facility up to this amount on or prior to
May 9, 2009.&#160;&#160;SSSL and TVA have entered into a lease under which TVA
leases SSSL&#8217;s undivided interest in the facility and operates the entire
facility through April 30, 2010.</font></div>
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the transaction with SSSL, SSSL has the right at any time and for any reason to
require TVA to buy back SSSL&#8217;s interest in the facility at SSSL&#8217;s original
purchase price (plus SSSL&#8217;s share of any capital improvements) minus
amortization costs that TVA pays under the lease. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>As
part of any such buy back, TVA would pay off the remaining balance on SSSL&#8217;s
loan, with that amount being credited against the buy-back price that TVA would
pay to SSSL.&#160;&#160;A buy back may also be triggered under certain
circumstances including, among other things, a default by
SSSL.&#160;&#160;Finally, TVA will buy back SSSL&#8217;s interest in the facility if
long-term operational and power sales arrangements for the facility among TVA,
SSSL, and SSPC are not in place by April 30, 2010.<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>TVA&#8217;s buy-back
obligation will terminate if such long-term arrangements are in place by that
date.&#160;&#160;TVA will recognize the buy-back obligation on its balance sheet
as a long-term liability.</font></div><br></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.</font></div>
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      October 6, 2008</font></div>
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      Financial Officer and Executive Vice President, Financial
      Services</font></div>
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