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Debt
 9 Months Ended
Jun. 30, 2011
Debt [Abstract]  
Debt

Debt Outstanding

The TVA Act authorizes TVA to issue Bonds in an amount not to exceed $30 billion outstanding at any time.  Debt outstanding at June 30, 2011, and September 30, 2010, including the effect of translations related to Bonds denominated in foreign currencies, consisted of the following:
 
Debt Outstanding
 
 
   
At June 30, 2011
  
At September 30, 2010
 
 
      
   Current debt
      
     Short-term debt, net
 $—  $27 
     Current maturities of long-term debt
   1,523    1,008 
       Total current debt
  1,523   1,035 
 
        
   Long-term debt
        
     Long-term debt
  22,673   22,605 
     Unamortized discount
   (235)   (216)
       Total long-term debt, net
   22,438     22,389  
Total outstanding debt
 $23,961  $23,424 


Debt Securities Activity

The table below summarizes TVA’s long-term Bond activity for the period from October 1, 2010, to June 30, 2011.

 
Date
 
Amount
 
Interest Rate
 
 
Issuances:
           
 2011 Series A
February 2011
 
 
$    1,500
 
3.88%
 
             
electronotes®(1)
Three months ended
March 31, 2011
 
          40
 
4.25%
 
             
 
Three months ended
June 30, 2011
 
          42
 
4.33%
 
             
             
Total
   
$    1,582
     
 
Redemptions/Maturities:
           
 2009 Series A
November 2010
 
 
$           2
 
2.25%
 
 2009 Series B
December 2010
 
 
            1
 
3.77%
 
 2001 Series A
January 2011
 
 
     1,000
 
5.63%
 
 2009 Series A
May 2011
 
 
     2
 
2.25%
 
 2009 Series B
June 2011
 
 
     1
 
3.77%
 
             
electronotes®(2)
Three months ended
December 31, 2010
 
 
            2
 
3.62%
 
             
 
Three months ended
March 31, 2011
 
 
          10
 
5.47%
 
                 
 
Three months ended
June 30, 2011
 
 
          2
 
3.12%
 
             
Total
   
$    1,020
     
 
Note
(1)  The electronotes® interest rate is the weighted average of the interest rates of the notes issued during that period.
(2)  The electronotes® interest rate is the weighted average of the interest rates of the notes redeemed during that period.

Credit Facility Agreements.  TVA and the U.S. Treasury have entered into a memorandum of understanding under which the U.S. Treasury provides TVA with a $150 million credit facility.  This credit facility matures on September 30, 2011, and is expected to be renewed.  This arrangement is pursuant to the TVA Act.  TVA plans to use the U.S. Treasury credit facility as a secondary source of liquidity.  The interest rate on any borrowing under this facility is based on the average rate on outstanding marketable obligations of the United States with maturities from date of issue of one year or less.  There were no borrowings outstanding under the facility at June 30, 2011.

TVA also has funding available in the form of three long-term revolving credit facilities totaling $2.5 billion.  Both the $0.5 billion and one of the $1.0 billion credit facilities mature on January 14, 2014, and the other $1.0 billion credit facility matures on May 11, 2014.  The credit facilities also accommodate the issuance of letters of credit.  The interest rate on any borrowing under these facilities is variable based on market factors and the rating of TVA’s senior unsecured long-term non-credit enhanced debt. TVA is required to pay an unused facility fee on the portion of the total $2.5 billion which TVA has not borrowed or committed under letters of credit. This fee, along with letter of credit fees, fluctuates depending on the rating of TVA’s senior unsecured long-term non-credit enhanced debt.  At June 30, 2011, and September 30, 2010, there were $224 million and $411 million, respectively, of letters of credit outstanding under the facilities in place at those times, and there were no borrowings outstanding.