# Tennessee Valley Authority Nuclear Decommissioning Trust

Tennessee Valley Authority Nuclear Decommissioning Trust is a Trust based in Knoxville, United States.

## Overview

- **Organization type:** Trust
- **Headquarters:** Knoxville, United States
- **Region:** North America
- **Address:** Knoxville, TN, United States
- **Founded:** 1996
- **Assets under management:** Undisclosed
- **Website:** tva.com
- **LinkedIn:** https://www.linkedin.com/company/tennessee-valley-authority

## Regulatory record

- **Reports private funds:** No

## About

The Tennessee Valley Authority Nuclear Decommissioning Trust is a US-based investment trust in Knoxville, managing approximately $3.7 billion in assets, primarily focused on North America.

## Sectors

- Nuclear Decommissioning
- Real Estate
- Infrastructure
- Natural Resources

## People

- Bill Renick — Chair of the TVA Board of Directors
- Don Moul — CEO and President of TVA
- Jeff Hagood — Member of the TVA Board of Directors
- Mitch Graves — Member of the TVA Board of Directors

## Questions

### How does the trust's liability-driven mandate shape its investment strategy?

The trust's entire portfolio exists to match a known, long-dated liability curve tied to reactor license expirations extending to the 2050s. This forces an investment framework that prioritizes cash-flow predictability and inflation protection over absolute return maximization. Asset classes like real estate, REITs, and natural resource equities are selected because their income streams and appreciation patterns correlate with the construction-cost inflation that drives decommissioning expenses.

### Who oversees investment decisions for the trust?

Ultimate fiduciary authority rests with the TVA Board of Directors, a presidentially appointed and Senate-confirmed body currently chaired by Bill Renick. The CEO and President of TVA, Don Moul, oversees executive management. Day-to-day investment operations are executed by TVA treasury and investment staff, supported by external investment consultants and managers selected through federal procurement processes.

### How is the trust separate from the TVA Retirement System?

The TVA Nuclear Decommissioning Trust and the Tennessee Valley Authority Retirement System are legally distinct pools with entirely different beneficiaries. The decommissioning trust serves ratepayers and the public interest by funding reactor cleanup; the retirement system serves TVA employees and retirees. Their asset allocations, governance committees, and investment policies are managed independently, though the TVA Board provides overarching governance to both.

### Does the trust invest directly in nuclear energy or related infrastructure?

The trust does not invest in operating nuclear plants or energy generation assets. Its mandate is to build a portfolio of diversified, income-generating assets — real estate, REITs, and natural resource equities — whose returns will be drawn down decades from now to pay decommissioning contractors. The trust's connection to nuclear energy is solely through the liability it exists to defease, not through thematic energy-sector investment.

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Last updated: 2026-06-03T20:00:00.000Z

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