UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13, 15(d), or 37 of the Securities Exchange Act of
1934
Date
of
Report (Date of earliest event reported): November 29, 2007
TENNESSEE
VALLEY AUTHORITY
(Exact
name of registrant as specified in its charter)
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A
corporate agency of the United States created by an act of
Congress
(State
or other jurisdiction of incorporation or
organization)
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000-52313
Commission
file number
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62-0474417
(I.R.S.
Employer Identification No.)
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400
W. Summit Hill Drive
Knoxville,
Tennessee
(Address
of principal executive offices)
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37902
(Zip
Code)
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(865) 632-2101
(Registrant’s
telephone number, including area code)
None
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02 Results of Operations and Financial Condition.
At
the November 29, 2007 public meeting
of the TVA Board of Directors (“Board”), TVA’s President and Chief Executive
Officer Tom Kilgore gave a presentation that, among other things, included
estimates of TVA’s financial results for fiscal year 2007, which ended September
30, 2007. Copies of the relevant materials used in Mr. Kilgore’s
presentation are furnished as Exhibit 99.1 to this Current Report, and can
also
be found on TVA’s website at www.tva.com/finance.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
At
its November 29, 2007 public
meeting, the Board approved compensation for certain of TVA’s
officers. When combined with previously approved arrangements, the
compensation packages for TVA’s President and Chief Executive Officer, Chief
Operating Officer, and Chief Financial Officer and Executive Vice President,
Financial Services for fiscal year 2008 are as follow:
• President
and Chief Executive Officer Tom Kilgore
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A
base salary of $650,000
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Executive
Annual Incentive Plan (“EAIP”) level of 125% of
salary
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Executive
Long-Term Incentive Plan (“ELTIP”) opportunity of 150% of
salary
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Long-term
deferred credit of $300,000
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• Chief
Operating Officer William R. McCollum, Jr.
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A
base salary of $721,000
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EAIP
level of 70% of salary
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ELTIP
opportunity of 70% of salary
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Long-term
deferred credit of $200,000
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• Chief
Financial Officer and Executive Vice President, Financial Services Kimberly
S.
Greene
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A
base salary of $500,000
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EAIP
level of 65% of salary
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ELTIP
opportunity of 65% of
salary
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Item
9.01 Financial Statements and Exhibits.
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EXHIBIT
NO.
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DESCRIPTION
OF EXHIBIT
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99.1
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Materials
used in Mr. Kilgore’s November 29, 2007
presentation
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SIGNATURES
Pursuant
to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report
to
be signed on its behalf by the undersigned hereunto duly
authorized.
Tennessee
Valley
Authority
(Registrant)
Date:
December 5,
2007 /s/
Kimberly
S. Greene
Kimberly
S. Greene
Chief
Financial Officer
and
Executive
Vice President, Financial
Services
EXHIBIT
INDEX
This
exhibit is furnished pursuant to
Item 2.02 hereof and should not be deemed to be filed under the Exchange
Act.
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EXHIBIT
NO.
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DESCRIPTION
OF EXHIBIT
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99.1
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Materials
used in Mr. Kilgore’s November 29, 2007
presentation
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