TVA is a federally owned electric utility — the largest public power system in the U.S. — that generates and delivers electricity to roughly 10 million people across a seven-state region in the southeastern U.S. TVA operates primarily as a wholesale electricity provider, selling power to 153 local power companies (municipalities and rural cooperatives) that distribute power to retail customers; these local power companies account for roughly 90% of TVA's revenues. TVA also sells directly to large industrial and commercial customers and federal agencies. TVA's generation fleet is large and diverse, drawing from nuclear (33% of power supply), natural gas and oil (24%), coal (15%), hydroelectric (8%), and purchased power (20%). Unlike investor-owned utilities, TVA cannot issue equity and funds itself through electricity revenues and debt; TVA has not received federal appropriations for its power program since 1959. TVA's rates are set by the TVA Board — not any state or federal regulator — and are designed to cover operating costs, debt service, and Treasury payments. Local power companies sign all-requirements contracts with 20-year termination notice periods, giving TVA significant long-term revenue visibility. TVA's generation portfolio is shifting: TVA is evaluating retiring its entire coal fleet by 2035 while adding natural gas capacity, pursuing license extensions for its seven nuclear units, and advancing a small modular reactor construction permit application at its Clinch River site in Tennessee. TVA's statutory mission also includes economic development, creating a feedback loop where attracting industrial investment increases electricity demand and supports TVA's ability to finance its capital program.