The Tennessee Valley Authority (TVA) is a federal public power agency that operates the nation's largest publicly owned electricity system, serving approximately 10 million people across a seven-state region in the Southeast. TVA generates and sells electricity through a diversified portfolio of nuclear, natural gas, coal, and hydroelectric facilities, along with renewable energy sources and purchased power, primarily to 153 local municipal and cooperative power companies and directly to large industrial customers and federal agencies. The company is a wholesale electricity supplier with no state or federal rate regulation—the TVA Board sets rates unilaterally using a debt-service coverage methodology designed to cover operating costs, debt service, and system investments while keeping rates as low as feasible under its statutory mandate.