4 minute read
Message from Our President & CEO
Contents
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements relating to future events and future performance. All statements other than those that are purely historical may be forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “intend,” “project,” “plan,” “predict,” “assume,” “forecast,” “estimate,” “objective,” “possible,” “probably,” “likely,” “potential,” “speculate,” or other similar expressions. TVA believes that the assumptions underlying the forward-looking statements are reasonable. Numerous factors could cause actual results to differ materially from those in the forward-looking statements. For a discussion of these factors, please see the annual, quarterly and periodic reports that TVA files with the Securities and Exchange Commission. New factors emerge from time to time, and it is not possible for management to predict all such factors or to assess the extent to which any factor or combination of factors may impact TVA’s business or cause results to differ materially from those contained in any forward-looking statement. TVA undertakes no obligation to update any forward-looking statement to reflect developments that occur after the statement is made. Reporting: All references to years in this annual Sustainability Report refer to TVA’s fiscal years ending September 30, unless specifically identified as calendar years. All financial data is reported in U.S. dollars. This report contains key measures of the progress being made and describes our strategies for the future. TVA is committed to continual improvement in reducing environmental impact and modernizing the electricity grid to support new technologies. Publication Date: May 4, 2022 Reporting Period: October 1, 2020 to September 30, 2021 Contact: sustainability@tva.gov
Message from Our President & CEO..............................................................2
A Q&A with Our Chief Sustainability Officer...........................................4
Introduction...........................................................................................................................8
Aspiring to Achieve Net-Zero ............................................................................ 16
Economic Impact: Partnering to Build ........................................................30 the Region’s Clean Energy Economy
Social: Serving People and Communities..................................................46 Across the Region
Governance: Driving Progress through Accountability..................62 and Transparency
Appendices.........................................................................................................................68
Message from Our President & CEO
2021 marked a year of transformation and progress at TVA. We are positioned to lead the industry in creating a sustainable energy future – one we have been actively advancing for nearly 90 years. Today, the challenges are different than those faced by those who came before us, yet no less critical to the lives of the people we serve. It’s clear our mission to serve the public good has stood the test of time. Businesses around the globe are committed to sustainability and related environmental, social and governance (ESG) criteria. We believe these criteria not only align with our mission and core values but also play a key role in our long-term strategy. Sustainability is deeply rooted in and across TVA’s culture. It is an essential part of TVA’s heritage of delivering innovative solutions that have helped transform our sevenstate region – one that stretches across and beyond the Tennessee Valley. From our earliest days, we built dams to control flooding, produced electricity and created transmission infrastructure to bring the first electric lights to rural communities. Since that time, the fundamental parts of the TVA DNA have pushed us forward: our people and a focus on innovation. Today, TVA is a recognized leader in pioneering cost-effective technologies that will help enable us to achieve our aspiration of a net-zero carbon energy future. We are decreasing carbon emissions – the numbers provide the proof. And we’re doing so while maintaining our responsibility to deliver the reliable, low-cost energy our customers expect and deserve. Our diverse and clean energy generation portfolio is a differentiator for TVA. We own and operate hydroelectric plants, renewable energy, natural gas facilities and the nation’s third-largest nuclear fleet, which provide optimal flexibility. And while this portfolio provides our customers with the reliability they expect, we recognize the need to keep pace with the changes across the industry. We are expanding renewable energy on our system – targeting up to 10,000 megawatts of solar by 2035. We are also focused on developing emerging technologies, including advanced nuclear technologies and utility-scale battery storage. We aren’t stopping at energy generation because sustainability encompasses so much more. Our partnership with local power companies and state agencies is accelerating the adoption of electric vehicles (EVs) by removing barriers that prevent consumers from making the switch to EVs. We are developing a network of fast-charging stations at least every 50 miles along interstates and major highways across our seven-state service area. Our collective goal is to put more than 200,000 EVs on Tennessee Valley roadways by 2028. TVA is also protecting and enhancing our waterways and natural resources through our expansive stewardship programs. We are investing time, talent and dollars to ensure the generations after us will be able to fully experience the beauty and resources of our region. The vitality and growth of our region is underpinned by low-cost, reliable and clean energy. Over the past five years, TVA has worked with state and local partners to deliver about 350,000 jobs and $45.9 billion in capital investments. While business results are important, it’s how those results are achieved that matters. TVA’s values – Safety, Integrity, Inclusion and Service – are fundamental beliefs that guide our actions, behaviors and decisions as a company. The strength of TVA is its people. Our experienced, talented workforce is committed to improving the quality of life for the communities and people we are privileged to serve. I am privileged to lead such a dedicated, passionate workforce – one that shows up every day and delivers time and time again. They have never failed to be there to serve and support. At TVA, our strength lies in our collective power. We welcome your partnership in building a sustainable future for all who call our Valley home.
Jeff Lyash
President & CEO
