Compensation for the CEO of the Tennessee Valley Authority, the highest paid position in the federal government, dropped by millions of dollars this year after the board of directors selected a new leader for the public power provider.
TVA CEO Don Moul made $5.7 million in direct compensation during fiscal year 2025, which ended Sept. 30, according to figures released by the company. His target compensation for fiscal year 2026 is around $6 million, down from more than $8 million in direct compensation for his predecessor.
The federally owned corporation created during the New Deal is on track to save $950 million of annual operating expenses by late 2026, managers said at a board meeting Thursday in Oxford, Mississippi. The cuts include the number of executives and labor costs as TVA invested $4.7 billion in its power system in fiscal year 2025.
Moul’s total compensation will be detailed in an annual financial report published later in November. The total will include benefits from a special retirement plan for the top five executives that ended on Sept. 30 at the direction of the board.
TVA funds itself through sales of electricity to industrial customers and local utilities, which distribute it to 10 million people in Tennessee and parts of six neighboring states. TVA, the nation’s largest public utility, reported $13.7 billion in revenue in 2025.