TENNESSEE VALLEY AUTHORITY (NYSE:TVE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The term of Eric M. Satz as a member of the Tennessee Valley Authority (“TVA”) Board of Directors ended January 3, 2019, with the adjournment of the most recent session of Congress. Although his term of office expired May 18, 2018, the TVA Act permitted him to continue to serve as a Director until the end of this session of Congress.
About TENNESSEE VALLEY AUTHORITY (NYSE:TVE)
Tennessee Valley Authority (TVA) operates a public power system and supplies power in Tennessee, northern Alabama, northeastern Mississippi, and southwestern Kentucky and in portions of northern Georgia, western North Carolina, and southwestern Virginia. The Company manages the Tennessee River, its tributaries and certain shorelines to provide navigation, flood damage reduction and electricity, among others. The Company is a wholesaler of power. The Company sells power to local power company customers of TVA (LPCs), which then resell power to their customers at retail rates. TVA’s LPCs consist of municipalities and other local government entities (municipalities), and customer-owned entities (cooperatives). TVA has approximately three nuclear sites consisting of over six units in operation and approximately one unit under construction. The Company’s transmission system has approximately 70 interconnections with over 10 neighboring electric systems.
