Michael E. Rescoe, Chief Financial Officer, Announces Resignation

November 14, 2006

Michael E. Rescoe, Chief Financial Officer and Executive Vice President, Financial Services, has announced plans to resign from TVA to become CFO at Travelport Limited, the parent company of the Travelport group of travel distribution services companies.

“Mike helped TVA increase its competitive posture and enhanced operational effectiveness while instituting new financial reporting requirements,” said TVA President and Chief Executive Officer Tom Kilgore.

TVA will immediately begin to search for a successor, and Rescoe has agreed to serve as a consultant in the transition to new financial leadership at TVA.

John Hoskins, TVA’s Senior Vice President and Treasurer, who has more than 28 years’ experience in finance and accounting at TVA will serve as interim CFO. Hoskins has worked extensively on every financing in TVA’s $25 billion debt portfolio. He has an undergraduate degree in accounting from Tennessee Technological University and an MBA in finance from The University of Tennessee.

Before joining TVA in 2003, Rescoe served as Chief Financial Officer and Senior Vice President of finance and planning at 3Com Corporation in Santa Clara, California. Rescoe also held CFO positions at San Francisco-based PG&E Corporation and Dallas- based Ensearch Corporation, both diversified energy and utility companies.Rescoe also worked for more than a dozen years as an investment banker within the energy and utility sector.

Rescoe has an undergraduate degree in anthropology from Tulane University in New Orleans and a master of business administration from The University of Texas at Austin.

TVA is the nation’s largest public power provider and is completely self financed. TVA provides power to large industries and 158 power distributors that serve approximately 8.6 million consumers in seven southeastern states. TVA also manages the Tennessee River and its tributaries to provide multiple benefits, including flood damage reduction, navigation, water quality and recreation.

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Gil Francis, (865) 632-8031
TVA News Bureau, Knoxville, (865) 632-6000

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