<SEC-DOCUMENT>0001376986-13-000013.txt : 20130220
<SEC-HEADER>0001376986-13-000013.hdr.sgml : 20130220
<ACCEPTANCE-DATETIME>20130220152215
ACCESSION NUMBER:		0001376986-13-000013
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130214
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20130220
DATE AS OF CHANGE:		20130220

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:		13626481

	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>a8-kboardapprovalofcompens.htm
<DESCRIPTION>8-K
<TEXT>
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		<title>8-K Board approval of Compensation calculations February 2013</title>
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<a name="s8E4C4EFF0EE6A8E10891D55DF6B41565"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Pursuant to Section 13, 15(d), or 37 of the Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Date of Report (Date of earliest event reported): February 14, 2013</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;"><img src="tva-logoa01.jpg" style="font-family:Arial;height:57px;width:57px;"></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">TENNESSEE VALLEY AUTHORITY</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">(Exact name of registrant as specified in its charter)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:90.234375%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td width="42%"></td><td width="3%"></td><td width="16%"></td><td width="3%"></td><td width="36%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A corporate agency of the United States created by an act of Congress</font></div><div style="font-family:Arial;padding-top:2px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">&#160;(State or other jurisdiction of incorporation or organization)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">000-52313</font></div><div style="font-family:Arial;padding-top:2px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">(Commission file number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">62-0474417</font></div><div style="font-family:Arial;padding-top:2px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">&#160;(IRS Employer Identification No.)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">400 W. Summit Hill Drive</font></div><div style="font-family:Arial;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Knoxville, Tennessee</font></div><div style="font-family:Arial;padding-top:2px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">&#160;(Address of principal executive offices)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">37902</font></div><div style="font-family:Arial;padding-top:2px;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">&#160;(Zip Code)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(865)&#160;632-2101</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">(Registrant's telephone number, including area code)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">None</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">(Former name or former address, if changed since last report)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Check the 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><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;padding-bottom:5px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[   ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="line-height:174%;padding-bottom:5px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="line-height:120%;padding-bottom:9px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR </font></div><div style="line-height:120%;padding-bottom:9px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">240.14d-2(b))</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">[   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">240.13e-4(c))</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">1</font></div></div><hr style="page-break-after:always"><a name="s59063DF3FD03455CAB66D5651326E5BB"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On February 14, 2013, the Board of Directors (the &#8220;Board&#8221;) of the Tennessee Valley Authority (&#8220;TVA&#8221;) approved the following items related to compensation: (i) TVA enterprise-wide measures and goals for fiscal year (&#8220;FY&#8221;) 2013 on which TVA's performance will be measured and awards under the Winning Performance Team Incentive Plan (&#8220;WPTIP&#8221;) and Executive Annual Incentive Plan (&#8220;EAIP&#8221;) may be made to employees for FY 2013; (ii) two design changes to TVA's WPTIP and EAIP; and (iii) Executive Long-Term Incentive Plan (&#8220;ELTIP&#8221;) performance measures and goals for the three-year cycle ending September 30, 2015.  Each of these items is discussed in more detail below.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">TVA Enterprise-Wide Performance Measures</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Board established five TVA enterprise-wide performance measures for the WPTIP and EAIP for FY 2013: Total Financing Obligations over Productive Assets, Nuclear Operating Availability Factor, Critical Coal Seasonal Equivalent Forced Outage Rate, Combined Cycle Seasonal Equivalent Forced Outage Rate, and Clean Energy Percentage.  These performance measures will represent 60 percent of the potential payout for employees participating in the WPTIP and EAIP.  The remaining 40 percent of the potential payout will be based on the achievement of performance measures in applicable strategic business unit (&#8220;SBU&#8221;) and business unit (&#8220;BU&#8221;) scorecards, which are derived from the TVA enterprise-wide performance measures and approved by the Chief Executive Officer (&#8220;CEO&#8221;).  The TVA enterprise-wide performance measures, along with their associated weights and goals, are as follows:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">FY 2013 TVA Enterprise-Wide Performance Measures</font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8"></td></tr><tr><td width="22%"></td><td width="11%"></td><td width="3%"></td><td width="19%"></td><td width="3%"></td><td width="19%"></td><td width="4%"></td><td width="19%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Goals</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Performance Measure</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Weight</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Threshold</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">(50%)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Target</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">(100%)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Maximum</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">(150%)</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="font-family:Arial;font-size:9pt;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">Total Financing Obligations over Productive Assets</font><font style="font-family:Arial;font-size:9pt;vertical-align:middle;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">15%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">75.6%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(business plan </font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">+ 0.4% point)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">75.2%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(business plan)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">74.8%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(business plan </font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">- 0.4% point)</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">Nuclear Operating Availability Factor</font><font style="font-family:Arial;font-size:9pt;vertical-align:middle;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2)</sup></font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">20%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">96.1%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(3-year average </font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">+ 0.1% point)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">97.2%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(median)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">98.1%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(top quartile)</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">Critical Coal Seasonal Equivalent Forced Outage Rate</font><font style="font-family:Arial;font-size:9pt;vertical-align:middle;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(3)</sup></font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">10%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">7.1%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(3-year average </font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">- 0.1% point)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">4.6%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(median)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;padding-top:4px;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">2.5%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(top quartile)</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">Combined Cycle Seasonal Equivalent Forced Outage Rate</font><font style="font-family:Arial;font-size:9pt;vertical-align:middle;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(4)</sup></font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">5%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">3.6%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(3-year average </font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">- 0.1% point)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">2.7%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(median)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;padding-top:12px;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">1.6%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(top quartile)</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">Clean Energy Percentage</font><font style="font-family:Arial;font-size:9pt;vertical-align:middle;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(5)</sup></font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">10%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;padding-top:10px;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">41%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(3-year average </font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">+ 0.1% point)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;padding-top:8px;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">43%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(top quartile)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;padding-top:8px;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">45%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(top quartile </font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">+ 2.0% points)</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">2</font></div></div><hr style="page-break-after:always"><a name="s59063DF3FD03455CAB66D5651326E5BB"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;text-decoration:underline;">Notes</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">(1)  Total Financing Obligations over Productive Assets is a measure of debt, leaseback obligations, and energy prepayment obligations over assets (excluding regulatory assets).</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">(2)  Nuclear Operating Availability Factor is calculated as follows:  Winter Net Dependable Capacity x Period Hours - Total Megawatt Hour Losses / Winter Net Dependable Capacity x Period Hours - Planned Outage Megawatt Hour Losses (Refueling Outages Only).  </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">(3)  Critical Coal Seasonal Equivalent Forced Outage Rate measures the generation lost because of forced events as a percentage of time a unit would have been scheduled to run.  This indicator is for the months of December to March and June to September and includes the Allen, Cumberland, Gallatin, Paradise, and Shawnee coal-fired plants.</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">(4)  Combined Cycle Seasonal Equivalent Forced Outage Rate measures the generation lost because of forced events as a percentage of time a unit would have been scheduled to run.  This indicator is for combined cycle plants for the months of December to March and June to September.</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">(5)  Clean Energy Percentage tracks and measures the percent of TVA's clean energy generation and purchases.  Clean energy is defined as energy that has a near-zero carbon emission rate or energy efficiency improvements. Generation from energy resources with zero or low emissions of greenhouse gases include nuclear, wind, biomass, solar, hydroelectric, and other non-fossil sources such as waste heat.  This metric includes all clean energy generated and purchased by TVA.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">WPTIP/EAIP Design Modification</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Board approved two design changes to the WPTIP and EAIP beginning in FY 2013.  The first design change revises the previously approved corporate modifier.&#160; The corporate modifier was established to allow the CEO to adjust the amount of incentive awards -20 percent to +20 percent based on the CEO's subjective assessment of TVA's performance during the year and consideration of factors that are significant to TVA but not easily quantifiable.&#160; In order to strengthen the alignment of the WPTIP and EAIP to TVA performance, the corporate modifier was revised to provide an opportunity for the Board to determine an adjustment, if needed, at year-end that would apply to all WPTIP/EAIP scorecards a corporate modifier ranging from 75 percent&#160;to 125 percent based on several metrics and other factors such as attainment of threshold level net cash flow, stakeholder and customer satisfaction, and significant events during the year.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The second design change to the WPTIP and EAIP adjusts the weighting of the TVA enterprise-wide performance measures and SBU/BU performance measures in determining awards under the plans.  Starting in FY 2013, the TVA enterprise-wide performance measures will represent 60 percent of the potential payout, and the applicable SBU or BU performance measures will represent 40 percent of the potential payout for all employees, including William D. Johnson, John M. Thomas, III, Kimberly S. Greene, Preston D. Swafford, and Ralph E. Rodgers. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The CEO will retain discretion under the EAIP to adjust individual incentive awards based on subjective assessments of individual performances during the year.  Therefore, for FY 2013, the CEO will continue to subjectively evaluate the performance of Mr. Thomas, Ms. Greene, Mr. Swafford, and Mr. Rodgers during the year for purposes of determining whether to adjust any of their incentive awards under the EAIP.  In addition, for FY 2013, the Chairman of the Board, in consultation with the People and Performance Committee and with input from individual members of the Board, will continue to subjectively evaluate the performance of the CEO for purposes of determining whether to adjust the CEO's incentive award under the EAIP.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">3</font></div></div><hr style="page-break-after:always"><a name="s59063DF3FD03455CAB66D5651326E5BB"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">ELTIP Performance Criteria</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Board approved ELTIP performance measures for the three-year performance cycle ending September 30, 2015.  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width="18%"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Performance Measure</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Weight</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;font-weight:bold;">Threshold</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;font-size:9pt;"><font 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style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">(FY 2014)</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">40%</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">3-year average</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:9pt;"><font 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style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">99.999%</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">reliable</font></div><div style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div></td><td style="vertical-align:middle;border-bottom:1px solid 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style="font-family:Arial;font-size:9pt;text-align:center;vertical-align:middle;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;vertical-align:middle;">plus 3% points</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;text-decoration:underline;">Notes</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">(1)  Distributor reported retail power revenue and directly served power revenue divided by distributor reported retail power sales and directly served power sales.</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">(2)  Load Not Served is equal to the product of (i) the percentage of total load not served and (ii) the number of minutes in the period (excluding events during declared major storms).</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">(3)  The Organizational Health Index (&#8220;OHI&#8221;) measures and tracks the organizational elements that drive TVA's performance culture. 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style="font-family:Arial;font-size:10pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">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><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New 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#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#160;Tennessee Valley Authority</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#160;&#160;(Registrant)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td 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style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Date:  February 20, 2013</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">/s/ John M. Thomas, III</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#160;&#160;John M. Thomas, III</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-family:Arial;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;&#160;</font><font style="font-family:Arial;font-size:9pt;">Executive Vice President and </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">&#160;&#160;Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">5</font></div></div>	</body>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
