Tennessee Valley Authority

There have been no material changes to the environmental matters described in Part I, Item 1, Business —Environmental Matters of the Annual Report, except as described below.

Clean Air Act Programs and Regulations.

Mercury and Air Toxics Standards for Electric Utility Units. On February 24, 2026, EPA published the repeal of the 2024 MATS Rule. This final rule removes the 2024 filterable particulate matter ("PM") emission standard for coal-fired electric generating units ("EGUs"), the tighter mercury standard for lignite-fired EGUs, and the requirement to use PM Continuous Emission Monitoring Systems. TVA is currently evaluating how these changes will impact its operations. See Part I, Item 1, Business —Environmental Matters —Clean Air Act Programs and Regulations— Mercury and Air Toxics Standards for Electric Utility Units in the Annual Report.

Water Quality Control Developments

Steam-Electric Effluent Guidelines. On December 31, 2025, EPA published a final effluent limitation guidelines (“ELG”) deadline extensions rule that extends certain compliance deadlines in the 2024 ELG rule and provides authority to state permitting authorities to extend other compliance deadlines in the 2020 and 2024 ELG rules. In March 2026, TVA requested modifications to the National Pollutant Discharge Elimination System permits for applicable facilities to incorporate the requirements of the rule. This rule provides TVA with greater flexibility with its coal-fired plants to meet future generation and reliability requirements. See Part I, Item 1, Business —Environmental Matters—Water Quality Control Developments—Steam-Electric Effluent Guidelinesin the Annual Report.

Cleanup of Solid and Hazardous Wastes

Coal Combustion Residuals. In August 2015, TDEC issued an order that includes an iterative process through which TVA and TDEC will investigate, assess, and remediate any unacceptable risks resulting from Coal Combustion Residuals ("CCR") management and disposal at TVA's current and former coal-fired generating units in the State of Tennessee. As part of this process, TVA submitted environmental assessment reports (“EARs”) to TDEC, and after the EARs were approved, TVA submitted Corrective Action/Risk Assessment (“CARA”) Plans that identified the unacceptable risks and all associated TVA actions to remediate those risks. TDEC will review the CARA Plans and provide comments, and TVA will make revisions to address TDEC's comments until TDEC approves a final CARA Plan for each site. The public also will have an opportunity to review and comment on each CARA Plan prior to TDEC's approval of the final plan. On November 14, 2025, TDEC approved the final CARA Plan for the Allen Coal-Fired Plant. See Key Initiatives and Challenges —Coal Combustion Residuals above for a discussion of recent EPA actions related to federal CCR regulations.

NEPA Procedures

On January 21, 2026, TVA published revised NEPA procedures in response to recent amendments to NEPA, the Council on Environmental Quality’s rescission of its NEPA implementing regulations, the Supreme Court’s recent decision in Seven County Infrastructure Coalition v. Eagle County, Colorado, and Executive Order 14154, Unleashing American Energy. The revised NEPA procedures will streamline TVA’s environmental review of its proposed actions.