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Plant Closures (Text Block) | 6 Months Ended
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Mar. 31, 2022
Property, Plant and Equipment Impairment or Disposal [Abstract] |
Plant Closures Disclosure | Plant Closures Background TVA must continuously evaluate all generating assets to ensure an optimal energy portfolio that provides safe, clean, and reliable power while maintaining flexibility and fiscal responsibility to the people of the Tennessee Valley. Based on results of assessments presented to the TVA Board in 2019, the retirement of Bull Run Fossil Plant ("Bull Run") by December 2023 was approved. In addition, TVA is evaluating the impact of retiring the balance of the coal-fired fleet by 2035, and that evaluation includes environmental reviews, public input, and TVA Board approval. Due to these evaluations, certain planning assumptions were updated, and their financial impacts are discussed below. Financial Impact TVA's policy is to adjust depreciation rates to reflect the most current assumptions, ensuring units will be fully depreciated by the applicable retirement dates. As a result of TVA's decision to accelerate the retirement of Bull Run, TVA has recognized a cumulative $412 million of accelerated depreciation since the second quarter of 2019. Of this amount, $35 million and $34 million were recognized for Bull Run during the three months ended March 31, 2022 and 2021, respectively, and $70 million and $67 million were recognized during the six months ended March 31, 2022 and 2021, respectively. In addition, service lives for Cumberland Fossil Plant, Gallatin Fossil Plant, Kingston Fossil Plant ("Kingston"), and Shawnee Fossil Plant were lowered in a new depreciation study implemented during the first quarter of 2022 to reflect current planning assumptions to potentially retire the remainder of the coal-fired fleet by 2035. As a result, TVA recognized an estimated $166 million of additional depreciation related to these four coal-fired plants during the six months ended March 31, 2022. This estimate represents the effect of using the new depreciation rates on the property, plant, and equipment balances at March 31, 2021, and does not include any potential impact from additions to or retirements of net completed plant that occurred since March 31, 2021. During the six months ended March 31, 2022, TVA also recognized $11 million in Operating and maintenance expense related to additional inventory reserves and write-offs for the coal-fired fleet, including Bull Run. Of this amount, $5 million was recognized during the three months ended March 31, 2022.

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