Last year, a report by the US General Accounting Office (GAO) argued that TVA’s alternative arrangements for refinancing new power plants have resulted in long-term obligations similar to debt, but are not counted toward its federally set $30 million debt cap.

In 2000, TVA began using a financing arrangement known as a ‘lease-leaseback’ to refinance new power plants, supplementing its traditional reliance on financing with cash generated by operations and the issuance of bonds and notes. As