SVEC incurred over $130 million in just over 13 months following Hurricane Idalia, the May North Florida Tornadoes, Hurricane Debby, and Hurricane Helene. In addition, Florida co-ops alone have paid more than $12 million in disaster-related interest in recent years- money that could otherwise be invested to better serve Floridians and their access to safe, affordable, and reliable power. SVEC's average daily interest on storm costs is approximately $15,000.
Total to Date Storm Costs
$134,794,185
Interest Paid
$7,453,819
Idalia Cost Recovery (ICR)
$7,804,307
FDEM Reimbursement
$30,564,473
FEMA Reimbursement
$299,400
Current Balance
$94,888,465
Infrastructure costs
The past five years have been a period of exploding costs for the electric utility industry, pushed by soaring demand, supply chain challenges, raw materials shortages, increased labor costs and tariffs. The impact has been rapid increases in the cost of producing power, longer and more unpredictable project timelines and the need for more financing, all of which have driven electric rates up for residences, businesses, and other end-users. Here's a look at what's contributing to the trend across our industry:
SVEC is a not-for-profit electric cooperative owned by those we serve. Any margins (profits) are reinvested into the electric system and eventually retired back to our consumer-members through the capital credit process.
By default, notifications are sent to the email address associated with your account — the same one you use as a username. If you want notifications sent to a different email address or even texted to your mobile phone, you can do that too.
Once you have set up a contact, you need to change the contact on an active notification on the Manage Notifications screen to use the additional contact.
Notifications in SmartHub can email or text important information about your account, such as a reminder that your bill is due or if it’s past due. You tell SmartHub when and how to contact you. Some notifications even allow you to get specific, such as setting the numbers of days to remind you before your bill is due.
To send you a notification, you need to have contact information stored in the system. Be sure you’ve added contacts before setting your notifications.
Some common notifications include:
Bill Available
Payment Due
Payment Confirmation
Delinquent Notice
Credit Card Expiration
Power Outage
Some notifications are also specific to your account type. For example, prepaid customers might see different options than other customers.
