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): March 5, 2008

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))

(1)

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On March 5, 2008, TVA entered into an agreement to issue $1 billion in TVA Global Power Bonds (the “Bonds”).  The settlement date for the transaction is March 12, 2008.  The Bonds bear a coupon rate of 4.5% and pay interest semi-annually on each April 1 and October 1, beginning October 1, 2008.  The Bonds mature on April 1, 2018, and are not subject to redemption prior to maturity.  Net proceeds to TVA are 99.673%, exclusive of expenses incurred in connection with offering the Bonds.

These Bonds, like the $500 million 4.875% 2008 Global Power Bonds Series A, due January 15, 2048, which were issued in January 2008, can be separated into their interest and principal components beginning on the first interest payment date(s) of the respective bonds.  The separate interest and principal components can be maintained as such on the book-entry records of the U.S. Federal Reserve Banks.

(2)

SIGNATURE

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: March 11, 2008                                                   /s/ Kimberly S. Greene                    

Kimberly S. Greene

      Chief Financial Officer and Executive

Vice President, Financial Services

(3)