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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Washington,
      D.C. 20549</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>FORM
      8-K</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CURRENT
      REPORT</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Pursuant
      to Section 13, 15(d), or 37 of the Securities Exchange Act of
      1934</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Date
      of
      Report (Date of earliest event reported): September 27, 2007</font></div>
    <div><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="tva-logo.jpg" alt=""></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>TENNESSEE
      VALLEY AUTHORITY</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>(Exact
      name of registrant as specified in its charter)</em></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="28%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">A
                corporate agency of the United States created by an act of
                Congress</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>&#160;(State
                or other jurisdiction of incorporation or
                organization)</em></font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">000-52313</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>Commission
                file number</em></font></div>
            </td>
            <td align="left" valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="top" width="28%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">62-0474417</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>&#160;(I.R.S.
                Employer Identification No.)</em></font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="bottom" width="28%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">400
                W. Summit Hill Drive</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Knoxville,
                Tennessee</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>&#160;(Address
                of principal executive offices)</em></font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="left" valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="top" width="28%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">37902</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><em>&#160;(Zip
                Code)</em></font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(865)&#160;632-2101</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>(Registrant&#8217;s
      telephone number, including area code)</em></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">None</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>(Former
      name or former address, if changed since last report)</em></font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[&#160;&#160;&#160;]&#160;&#160;Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[&#160;&#160;&#160;]&#160;&#160;Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[&#160;&#160;&#160;]&#160;&#160;Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[&#160;&#160;&#160;]&#160;&#160;&#160;Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
    <div><br></div>
    <div><br></div><br>
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    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      4.01 Changes in Registrant's Certifying Accountant.</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
      September 27, 2007, the Board of Directors of the Tennessee Valley Authority
      (the &#8220;Company&#8221;) approved the recommendation of the Audit and Ethics Committee of
      the Company&#8217;s Board of Directors, made in consultation with the Office of the
      Inspector General for the Company, to appoint Ernst &amp; Young LLP (&#8220;Ernst
&amp; Young&#8221;) as the independent registered public accounting firm for the
      Company for the fiscal year ending September 30, 2008.&#160;&#160;The decision
      to select Ernst &amp; Young was the result of a competitive process conducted by
      the Company in the ordinary course of business.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">During
      the fiscal years ended September 30, 2006 and 2005, and through September 27,
      2007, Ernst &amp; Young was not engaged as the principal accountant of the
      Company to audit its financial statements nor did the Company consult with
      Ernst
&amp; Young regarding (1) the application of accounting principles to any
      completed or proposed transaction, (2) the type of audit opinion that might
      be
      rendered on the Company&#8217;s financial statements for such periods, or (3) any
      other accounting, auditing, or financial reporting matter described in Items
      304(a)(2)(i) and (ii) of Regulation S-K.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Approving
      Ernst &amp; Young as the independent registered public accounting firm for the
      Company will result in the September 27, 2007 dismissal of
      PricewaterhouseCoopers LLP (&#8220;PricewaterhouseCoopers&#8221;) as the independent
      registered public accounting firm for the Company, effective upon completion
      by
      PricewaterhouseCoopers of its procedures described in the next
      paragraph.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">PricewaterhouseCoopers
      remains the independent registered public accounting firm for the Company for
      the fiscal year ending September 30, 2007, subject to completion of its
      procedures regarding the financial statements of the Company as of and for
      the
      fiscal year ending September 30, 2007, and the Annual Report on Form 10-K in
      which such financial statements will be included.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">PricewaterhouseCoopers&#8217;s
      reports on the financial statements of the Company as of and for the fiscal
      years ended September 30, 2006 and 2005, did not contain any adverse opinion
      or
      a disclaimer of opinion, nor were such reports qualified or modified as to
      uncertainty, audit scope, or accounting principle.&#160;&#160;During the fiscal
      years ended September 30, 2006 and 2005, and through September 27, 2007, there
      were no disagreements with PricewaterhouseCoopers on any matter of accounting
      principles or practices, financial statement disclosure, or auditing scope
      or
      procedure, which, if not resolved to the satisfaction of PricewaterhouseCoopers,
      would have caused PricewaterhouseCoopers to make reference thereto in its
      reports on the financial statements of the Company for such
      years.&#160;&#160;During the fiscal years ended September 30, 2006 and 2005, and
      through September 27, 2007, there were no &#8220;reportable events&#8221; as defined in Item
      304(a)(1)(v) of Regulation S-K except for (1) a material weakness in internal
      controls related to the Company&#8217;s end use billing arrangements with wholesale
      power customers and (2) a material weakness related to controls over the
      completeness, accuracy, and authorization of the Company&#8217;s property, plant, and
      equipment transactions and balances; the calculation of the allowance for funds
      used during construction; and the review of construction work in progress
      accounts for proper closure to completed plant assets.</font></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">These
      two
      material weaknesses are discussed in detail in Part II, Item 9A, Controls and
      Procedures, of the amended Annual Report on Form 10-K/A for the fiscal year
      ended September 30, 2006, filed with the Securities and Exchange Commission
      (&#8220;SEC&#8221;) on July 6, 2007, and in Part I, Item 4, Controls and Procedures, of the
      Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007,
      filed with the SEC on August 14, 2007.&#160;&#160;The Company has authorized
      PricewaterhouseCoopers to respond fully to the inquiries of Ernst &amp; Young
      concerning the subject matter of each of the two material weaknesses described
      above.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Company has provided a copy of the disclosures made in this Form 8-K related
      to
      PricewaterhouseCoopers to PricewaterhouseCoopers and has requested
      PricewaterhouseCoopers to provide it with a letter addressed to the SEC stating
      whether or not PricewaterhouseCoopers agrees with these
      disclosures.&#160;&#160;A copy of PricewaterhouseCoopers&#8217;s letter, dated October
      2, 2007, is attached as Exhibit 16.1 to this Form 8-K.</font><br></div>
    <div>&#160;</div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      9.01 Financial Statements and Exhibits.</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(d)&#160;&#160;Exhibits</font></div>
    <div><br></div>
    <div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>EXHIBIT
                NO.</strong></font></div>
            </td>
            <td valign="top" width="67%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>DESCRIPTION
                OF EXHIBIT</strong></font></div>
            </td>
          </tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">16.1</font></div>
            </td>
            <td align="left" valign="top" width="67%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Letter
                from PricewaterhouseCoopers to the SEC dated October 2,
                2007</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURES</strong></font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 198pt;"></font><u>&#160;&#160;&#160;Tennessee
      Valley
      Authority&#160;&#160;&#160;&#160;</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 198pt;"></font>&#160;&#160;&#160;(Registrant)</font></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Date:
      October 2,
      2007&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>&#160;&#160;/s/&#160;
Randy
      Trusley&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 198pt;"></font>Randy
      Trusley</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 198pt;"></font>Vice
      President and
      Controller</font></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div>
    <div><br></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>EXHIBIT
      INDEX</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      exhibit is filed pursuant to Item 4.01 hereof.</font></div>
    <div><br></div>
    <div><br></div>
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                NO.</strong></font></div>
            </td>
            <td valign="top" width="67%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>DESCRIPTION
                OF EXHIBIT</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">16.1</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Letter
                from PricewaterhouseCoopers to the SEC dated October 2,
                2007</font></div>
            </td>
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{"company-data": {"conformed-name": "Tennessee Valley Authority", "cik": "0001376986", "assigned-sic": "4911", "irs-number": "620474417", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-52313", "film-number": "071149970"}, "business-address": {"street1": "400 WEST SUMMIT HILL DRIVE", "city": "KNOXVILLE", "state": "TN", "zip": "37902", "phone": "865-632-2101"}, "mail-address": {"street1": "400 WEST SUMMIT HILL DRIVE", "city": "KNOXVILLE", "state": "TN", "zip": "37902"}}
tva8k.htm
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
FORM
      8-K
CURRENT
      REPORT
Pursuant
      to Section 13, 15(d), or 37 of the Securities Exchange Act of
      1934
Date
      of
      Report (Date of earliest event reported): September 27, 2007
TENNESSEE
      VALLEY AUTHORITY
(Exact
      name of registrant as specified in its charter)
A
                corporate agency of the United States created by an act of
                Congress
(State
                or other jurisdiction of incorporation or
                organization)
000-52313
Commission
                file number
62-0474417
(I.R.S.
                Employer Identification No.)
400
                W. Summit Hill Drive
Knoxville,
                Tennessee
(Address
                of principal executive offices)
37902
(Zip
                Code)
(865) 632-2101
(Registrant's
      telephone number, including area code)
None
(Former
      name or former address, if changed since last report)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):
[   ]  Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
[   ]  Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
[   ]  Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
[   ]   Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
Item
      4.01 Changes in Registrant's Certifying Accountant.
On
      September 27, 2007, the Board of Directors of the Tennessee Valley Authority
      (the "Company") approved the recommendation of the Audit and Ethics Committee of
      the Company's Board of Directors, made in consultation with the Office of the
      Inspector General for the Company, to appoint Ernst & Young LLP ("Ernst
& Young") as the independent registered public accounting firm for the
      Company for the fiscal year ending September 30, 2008.  The decision
      to select Ernst & Young was the result of a competitive process conducted by
      the Company in the ordinary course of business.
During
      the fiscal years ended September 30, 2006 and 2005, and through September 27,
      2007, Ernst & Young was not engaged as the principal accountant of the
      Company to audit its financial statements nor did the Company consult with
      Ernst
& Young regarding (1) the application of accounting principles to any
      completed or proposed transaction, (2) the type of audit opinion that might
      be
      rendered on the Company's financial statements for such periods, or (3) any
      other accounting, auditing, or financial reporting matter described in Items
      304(a)(2)(i) and (ii) of Regulation S-K.
Approving
      Ernst & Young as the independent registered public accounting firm for the
      Company will result in the September 27, 2007 dismissal of
      PricewaterhouseCoopers LLP ("PricewaterhouseCoopers") as the independent
      registered public accounting firm for the Company, effective upon completion
      by
      PricewaterhouseCoopers of its procedures described in the next
      paragraph.
PricewaterhouseCoopers
      remains the independent registered public accounting firm for the Company for
      the fiscal year ending September 30, 2007, subject to completion of its
      procedures regarding the financial statements of the Company as of and for
      the
      fiscal year ending September 30, 2007, and the Annual Report on Form 10-K in
      which such financial statements will be included.
PricewaterhouseCoopers's
      reports on the financial statements of the Company as of and for the fiscal
      years ended September 30, 2006 and 2005, did not contain any adverse opinion
      or
      a disclaimer of opinion, nor were such reports qualified or modified as to
      uncertainty, audit scope, or accounting principle.  During the fiscal
      years ended September 30, 2006 and 2005, and through September 27, 2007, there
      were no disagreements with PricewaterhouseCoopers on any matter of accounting
      principles or practices, financial statement disclosure, or auditing scope
      or
      procedure, which, if not resolved to the satisfaction of PricewaterhouseCoopers,
      would have caused PricewaterhouseCoopers to make reference thereto in its
      reports on the financial statements of the Company for such
      years.  During the fiscal years ended September 30, 2006 and 2005, and
      through September 27, 2007, there were no "reportable events" as defined in Item
      304(a)(1)(v) of Regulation S-K except for (1) a material weakness in internal
      controls related to the Company's end use billing arrangements with wholesale
      power customers and (2) a material weakness related to controls over the
      completeness, accuracy, and authorization of the Company's property, plant, and
      equipment transactions and balances; the calculation of the allowance for funds
      used during construction; and the review of construction work in progress
      accounts for proper closure to completed plant assets.
These
      two
      material weaknesses are discussed in detail in Part II, Item 9A, Controls and
      Procedures, of the amended Annual Report on Form 10-K/A for the fiscal year
      ended September 30, 2006, filed with the Securities and Exchange Commission
      ("SEC") on July 6, 2007, and in Part I, Item 4, Controls and Procedures, of the
      Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007,
      filed with the SEC on August 14, 2007.  The Company has authorized
      PricewaterhouseCoopers to respond fully to the inquiries of Ernst & Young
      concerning the subject matter of each of the two material weaknesses described
      above.
The
      Company has provided a copy of the disclosures made in this Form 8-K related
      to
      PricewaterhouseCoopers to PricewaterhouseCoopers and has requested
      PricewaterhouseCoopers to provide it with a letter addressed to the SEC stating
      whether or not PricewaterhouseCoopers agrees with these
      disclosures.  A copy of PricewaterhouseCoopers's letter, dated October
      2, 2007, is attached as Exhibit 16.1 to this Form 8-K.
Item
      9.01 Financial Statements and Exhibits.
(d)  Exhibits
EXHIBIT
                NO.
DESCRIPTION
                OF EXHIBIT
16.1
Letter
                from PricewaterhouseCoopers to the SEC dated October 2,
                2007
SIGNATURES
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
Tennessee
      Valley
      Authority
(Registrant)
Date:
      October 2,
      2007
/s/ 
Randy
      Trusley
Randy
      Trusley
Vice
      President and
      Controller
EXHIBIT
      INDEX
This
      exhibit is filed pursuant to Item 4.01 hereof.
EXHIBIT
                NO.
DESCRIPTION
                OF EXHIBIT
16.1
Letter
                from PricewaterhouseCoopers to the SEC dated October 2,
                2007