Report by TVA Office of Inspector General on TVA's Financial Flexibility

October 18, 2011

The report underscores the importance of financial flexibility to TVA's ability to keep electricity prices as low as possible while making strategic decisions that will provide reliable power and a cleaner energy supply for the future.

We appreciate the substantive discussion of the challenges and the various options that could help TVA achieve financial flexibility, while maintaining affordable rates and growing the region's economy.

TVA is committed to adhering to sound financial principles that generate the most value for our customers and stakeholders, and this report supports those efforts to maintain a financially healthy TVA.

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Media Relations, Knoxville (865) 632-6000

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Ann Storberg, Knoxville, (865) 632-4425 or (888) 882-4975

www.tva.com/finance