Contents

Corporate Profile

Financial Highlights—Power Program

Power System Statistics

Chairman’s Letter

Connecting the TVA Region Through Energy, Environment and Economic Development

Summary Analysis of Results of Operations and Financial Condition

Condensed Statements of Income

Condensed Balance Sheets

Condensed Statements of Cash Flows

Forward-Looking Statements

Certifications of the Members of the TVA Board of Directors

Certification of the Chief Financial Officer

Report of Independent Auditors

Report of Management

Report of the Inspector General

Board of Directors and Executive Committee

Seven Decades — 25,500 Days — of Service to the TVA Region

Investor Information

Investment Opportunities

Information Statement (PDF, 476 kb)

2003 Annual Report Contents TVA Home TVA Investor Resources