, completed in 1924, was the first dam under the authority of TVA, created in 1933.
The Tennessee Valley Authority was initially founded as an agency to provide general economic development to the region through power generation, flood control, navigation assistance, fertilizer manufacturing, and agricultural development, but has evolved primarily into a power utility. Despite its shares being owned by the federal government, TVA operates exactly like a private corporation, and receives no taxpayer funding. The TVA Act authorizes the company to use eminent domain.
TVA provides electricity to approximately ten million people through a diverse portfolio which includes nuclear, coal-fired, natural gas-fired, hydroelectric, and renewable generation. TVA sells its power to 154 local power utilities, 5 direct industrial and institutional customers, and 12 surrounding utilities. In addition to power generation, TVA provides flood control with its 29 hydroelectric dams, which allow for recreational activities, and provides navigation and land management along rivers within its region of operation. TVA also assists governments and private companies on economic development projects.
TVA has a nine member board of directors, each nominated by the United States President and confirmed by the United States Senate. The part time members serve five year terms and receive an annual stipend of $45,000 ($50,000 for the chairman). The board members choose the chief executive officer (CEO).
The Tennessee Valley Authority Police are the primary law enforcement agency for the company. Initially part of the TVA, the TVA Police became a federal law enforcement agency in 1994.