Investment Opportunities

The Tennessee Valley Authority is a wholly-owned, but self-funded agency of the U.S. government. TVA meets its funding needs with operating revenues and power program financings. TVA debt securities are secured by revenues from its power system and are issued only for power program purposes, including refinancing of existing debt. TVA debt securities are not obligations of the U.S. government and do not carry a government guarantee.

TVA issues a variety of debt securities. TVA Discount Notes have maturities of less than one year. TVA may issue long-term bonds with final maturities of up to 50 years. These bonds and notes are available to investors through banks, brokers and investment dealers. Information about the specific types of bonds and notes TVA issues is provided below.

Long-Term Power Bonds

TVA Power Bonds

Global and domestic issues offered with varying maturities, structures and interest payment time frames and in different currencies

TVA electronotes®

This retail bond program offers a series of issues with a variety of structures targeted to individual investors.

To find a CUSIP number, coupon rate, maturity date and other pertinent information on TVA's outstanding issued electronotes®, see the Summary of Information Sheet.

Putable Automatic Rate Reset Securities (PARRS)

Bonds that trade on the New York Stock Exchange under the symbols "TVC" and "TVE"

Short-Term Notes

Discount Notes

Offered for sale on a periodic basis through participating investment dealers and dealer banks


Key Strengths of TVA Securities

• TVA's rated Power Bonds receive some of the highest credit ratings from major credit rating agencies.

• The TVA Act requires TVA to set power rates sufficient to pay debt service on outstanding bonds, and investors are given first pledge of payment from net power proceeds.

• Both principal and interest on TVA securities are generally exempt from state and local income taxes.

• TVA is a "bricks and mortar" company that supplies electric power - a vital commodity - to parts of seven states in the Southeastern United States, and an integral part of the nation's energy infrastructure.


Frequently Asked Questions


Power Bond Resolution

Read about bondholder protections and other provisions relating to TVA's Evidences of Indebtedness (PDF, 364KB).

Tax Table

Compare yields on state and local tax-exempt TVA securities to non-exempt investments.



Investor Relations