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Regulatory Assets and Liabilities (Tables)

6 Months Ended

Mar. 31, 2022

Regulatory Assets and Liabilities Disclosure [Abstract]

Regulatory Assets and Liabilities

Components of regulatory assets and regulatory liabilities are summarized in the table below.

Regulatory Assets and Liabilities
			At March 31, 2022						At September 30, 2021
Current regulatory assets
Unrealized losses on interest rate derivatives			$	86					$	114
Unrealized losses on commodity derivatives			4						3
Fuel cost adjustment receivable			19						79
Total current regulatory assets			109						196
Non-current regulatory assets
Deferred pension costs and other post-retirement benefits costs			3,518						3,668
Non-nuclear decommissioning costs			2,716						2,653
Unrealized losses on interest rate derivatives			888						1,122
Nuclear decommissioning costs			331						363
Unrealized losses on commodity derivatives			3						—
Other non-current regulatory assets			140						150
Total non-current regulatory assets			7,596						7,956
Total regulatory assets			$	7,705					$	8,152
Current regulatory liabilities
Fuel cost adjustment tax equivalents			$	149					$	130
Unrealized gains on commodity derivatives			208						210
Total current regulatory liabilities			357						340
Non-current regulatory liabilities
Unrealized gains on commodity derivatives			53						40
Total non-current regulatory liabilities			53						40
Total regulatory liabilities			$	410					$	380

TVA reinstated the FHP in December 2021, and hedging activity began under the program in the second quarter of 2022. Deferred gains and losses relating to TVA's FHP represent net unrealized gains and losses on financial instruments used to hedge risks related to commodity prices, which are also included as part of unrealized gains and losses on commodity derivatives. Currently, TVA is hedging exposure to the price of natural gas under the FHP. TVA defers all mark-to-market ("MtM") unrealized gains or losses as regulatory liabilities or assets, respectively, and records the realized gains or losses in fuel and purchased power expense as the contracts settle to match the delivery period of the underlying commodity. This accounting treatment reflects TVA's ability and intent to include the realized gains or losses of these commodity contracts in future periods through the fuel cost adjustment. Net unrealized gains and losses for any settlements that occur within 12 months or less are classified as a current regulatory asset or liability. See Note 14 — Risk Management Activities and Derivative Transactions.

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- Definition

Tabular disclosure of assets and liabilities that are created when regulatory agencies permit public utilities to defer certain costs included in rate-setting to the balance sheet or that result from rate actions of a regulator. Rate actions of a regulator can impose a liability on a regulated enterprise resulting in a regulatory liability. Regulatory liabilities can result from obligations to make refunds to customers or deferral of gains that will be credited to customers in future periods

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