As a cooperative, we operate differently from investor-owned utilities. We do not have outside investors or large profit reserves. Instead, we collect only what is necessary to maintain and expand our grid for the communities we serve. All our board members are SVEC members themselves. We share your commitment to keeping costs fair and transparent - only increasing rates when necessary.
Before any rate change is considered, an independent financial team conducts a Cost-of-Service Study (COSS) to analyze the cost of providing electricity. The outside consultant provides an independent perspective and analysis of our costs, major drivers, and how they're distributed across rates. Based on these findings, a proposed rate structure can be developed and presented to the board for review and approval. This process ensures that any changes align with the cooperative principles of reliability, fairness, and financial stability.
These changes are also submitted to Florida's Public Service Commission (PSC), where the filing undergoes a regulatory review to ensure the change is just, reasonable, and lawful.