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Currents Suwannee Valley

Join us for the 2025 ANNUAL MEETING

MARCH 2025

WHEN: Saturday, April 26

REGISTRATION: 9-10 A.M.

WHERE: Suwannee County Agricultural Coliseum 1302 11th St. SW, Live Oak

BINGO WITH PRIZES: 9-9:45 A.M.

YEAR IN REVIEW

Look back at some SVEC highlights from 2024

BUSINESS MEETING: 10 A.M.

BY THE NUMBERS See the bottom line on another year of service 2024 MEETING Review the minutes from the 2024 annual meeting

CEO’S MESSAGE Suwannee Valley

Guiding principles Have you ever considered how the cooperative principles would look if we all applied them in our day-to-day lives? The world would certainly be a better place if everyone made it a priority to find ways to better serve the people around us. What if we made a real effort to help the people closest to us understand the work we do or if we made serving the community a central part of our lives? We all know how important a commitment to open communication can be to our relationships, and that is another one of the principles guiding everything Suwannee Valley Electric does as a cooperative. As important as it is for our consumer-members to know what is going on with their system, it isn’t just about transparency. It’s also about being answerable to the people we serve. That sense of responsibility to our consumerExecutive VP/CEO members is one of the many reasons I’m proud to work MICHAEL S. MCWATERS for an electric co-op. At SVEC, we aren’t accountable to a group of shareholders living somewhere across the country — we answer to you alone. It’s also one of the reasons our annual meeting is so important. Each year, we have the chance to come together, reflect on the past year and share our plans for the year to come. It’s also an important opportunity for consumer-members to talk to SVEC’s leaders face-to-face about the business of our cooperative. This year, we have a lot to be proud of, even as we navigated significant challenges. In the following pages, you can find SVEC’s financial statements for 2024, along with the minutes of last year’s annual meeting. Through resilience and adaptability, we remain committed to ensuring safe and reliable electric service for our members now and into the future. But we were also able to achieve so much more over the last year. Together, we raised money to support our local students and ensure they have the materials they need in the classroom. We also continued to provide opportunities for high school students with our Youth Tour and scholarship programs. Through popular events like the Suwannee Valley Cornhole Tournament and the Touch-a-Truck event, we were also able to give back to the United Way of Suwannee Valley. All that while weathering one of the toughest strings of major storms our system has ever seen. In all, 2024 was a year of resilience for SVEC, and I hope each of you will set aside some time to join us at this year’s annual meeting. We look forward to seeing all of you there. ■

2 | MARCH 2025

Currents March 2025

WE BELONG TO THOSE WE SERVE Business Office: 800-447-4509 11340 100th St. Live Oak, FL 32060 Lobby Hours: 8 a.m.-4:30 p.m., Monday-Friday Drive-thru Kiosk: Open 24 Hours 24/7 Power Outage Reporting: 800-752-0025 svec-coop.com facebook.com/sveccoop Instagram.com/sveccoop SVEC is an equal opportunity provider and employer. On the cover:: For SVEC, 2024 was a challenging year with three major storms striking the system in just four months. Even with so much time dedicated to recovery and supporting the linemen in the field, our cooperative was able to find ways to give back to the community. Read more on Page 4.

Suwannee Valley Currents

SVEC NEWS

Rapid Fiber Internet in 2024 Over the last year, Rapid Fiber Internet grew by leaps and bounds, bringing high-speed connections to thousands of customers across our area. Here are just a few highlights: • Completed Phase 1 construction. • Opened 20 zones for service. • Connected 4,000 customers — and counting! • Service is now available to all SVEC members in Columbia County Join your neighbors who are enjoying streaming without buffering, lag-free gaming and crystal-clear video conferencing with lightning-fast service from Rapid Fiber Internet. Find your zone by entering your address into the search tool on the Project Info page at rapid-fiber.com.

100% FIBER-TO-THE-HOME INTERNET NOW AVAILABLE IN SELECT LOCATIONS!

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Visit rapid-fiber.com

Broadband speeds are based on best availability in your area.

Suwannee Valley Currents

MARCH 2025 | 3

SVEC’s year in review 2024 highlights SERVICE 28,000+ meters upgraded 4.85 OUT OF 5 2024 Member Experience Score (Average rating for overall customer service) 39,725 calls taken by member service representatives 760 new service connections 952 miles of right-of-way cut 99.94% Average service availability

OUTREACH 54 community organizations supported 10 scholarships awarded to local high school seniors 244 grants awarded through Operation Round Up™ 237 hours of community service by SVEC employees 1,670 miles of fiber built (as of Jan. 25) 20 zones where fiber service is available

YEAR OF STORMS 3 major storms in four months 930,688 miles driven, equal to 37 trips around the world 106,291 man-hours worked with no major accidents or injuries MOTHER’S DAY STORM 8 months after Hurricane Idalia; intense squall line with straight-line winds 95% system restored in 72 hours, 45 minutes 215 peak worker headcount HURRICANE DEBBY CATEGORY 3 hurricane with maximum sustained winds of 80 mph and up to 12 inches of rain 97% system restored within 72 hours 522 peak worker headcount HURRICANE HELENE 95% system restored in all counties within six days 1,481 peak worker headcount

PHASE 1 of Rapid Fiber Internet completed

4 | MARCH 2025

Suwannee Valley Currents

Vehicles wind around an SVEC fuel bay as they prepare to head out for the day following Hurricane Helene.

Administrative employees prepare boxed lunches for field crews.

Restoration work during Hurricane Debby involved flooded areas.

SVEC lineworker Tray Boatright uses a military Humvee to reach a remote location in Lafayette County that was inaccessible due to flooding during the Mother’s Day storm.

PHOTOS BY CHRISTY TUCKEY

Crews report for a transfer of information ahead of Hurricane Debby. Suwannee Valley Currents

MARCH 2025 | 5

FINANCIAL INFO

BALANCE SHEETS Dec. 31, 2024 and 2023 Suwannee Valley Electric Cooperative, Inc. — Live Oak, Florida ASSETS 2024 Utility Plant Electric Plant in Service Construction Work in Process (Accumulated Provision for Depreciation) Total Utility Plant Other Property and Investments at Cost or Stated Value Investments in Associated Organizations and Other funds Notes Receivable Total Other Property and Investments at Cost or Stated Value Current Assets Cash - General Accounts Receivable Unbilled Revenues Materials and Supplies Other Current and Accrued Assets Total Current Assets Deferred Charges Total Assets

2023

$231,846,213

$196,035,693

56,204,055

29,173,364

288,050,268 (70,212,033)

225,209,057 (66,089,469)

217,838,235

159,119,588

16,463,982 7,075,722

18,897,132 1,825,722

23,539,704

20,722,854

56,349 80,078,463 2,119,559 10,818,076 493,123

52,890,960 1,795,873 13,562,428 389,749

93,565,570 13,043,151

68,639,010 13,554,834

$347,986,661

$262,036,286

EQUITIES AND LIABILITIES 2024 Equities Memberships Patronage Capital Other Comprehensive Income (209) Total Equities Long-term Debt Notes payable, net of current maturities Capital Lease Obligations Post-retirement Benefit Obligation Total Long-term Debt Current Portion of Long-term Debt Current Portion of Capital Lease Obligations Line of Credit Accounts Payable - Purchased Power Accounts Payable - Other Overbilled Wholesale Power Cost Adjustment Consumer Deposits Accrued Employee Compensated Absences Other Current Liabilities Total Current Liabilities Deferred Credits Total Equities and Liabilities

6 | MARCH 2025

2023

$108,330

$107,360

65,181,130 393,705

62,163,932 358,484

65,683,165

62,629,776

75,959,764

71,034,313

2,115,582 400,007

2,383,800 464,514

78,475,353

73,882,627

3,185,395 594,040 151,896,794 3,324,379 35,808,484 2,124,926 1,720,765 1,760,606 996,065

2,897,480 817,750 73,750,000 2,346,809 33,531,190 4,506,707 1,698,558 1,969,753 595,316

201,411,455 2,416,688 $347,986,661

122,113,562 3,410,320 $262,036,286

Suwannee Valley Currents

STATEMENTS OF REVENUE AND PATRONAGE CAPITAL For the years ended Dec. 31, 2024 and 2023 Suwannee Valley Electric Cooperative, Inc. — Live Oak, Florida December 31 2024

2023

Increase (Decrease)

Amount

Operating Revenue

$77,503,707

100.0

$69,559,465

100.0

$7,944,242

Operating Expenses Cost of Purchased Power

40,876,085

52.7%

42,532,630

61.1%

(1,656,545)

3,134,204 13,062,920 1,753,119 38,583 5,230,349 7,218,756

4.0% 16.9% 2.3% 0.0% 6.7% 9.3%

2,667,355 8,356,537 1,777,247 40,870 5,048,197 6,148,525

3.8% 12.0% 2.6% 0.1% 7.3% 8.8%

466,849 4,706,382 (24,128) (2,287) 182,152 1,070,231

71,314,015

92.0%

66,571,362

95.7%

4,742,653

6,189,692

8.0%

2,988,103

4.3%

3,201,589

Fixed Charges (Interest on Debt)

3,547,584

4.6%

2,296,545

3.3%

1,251,039

Operating Margins After Fixed Charges G & T and Other Capital Credits Net Operating Margins

2,642,108 2,459,971 5,102,079

3.4% 3.2% 6.6%

691,558 1,072,977 1,764,535

1.0% 1.5% 2.5%

1,950,550 1,386,994 3,337,544

875,430

1.1%

314,411

0.5%

561,019

Loss from Investments Total Nonoperating Margins

-3,337,193

-4.3%

-1,046,693

-1.5%

-2,290,500

-2,461,763

-3.2%

-732,282

-1.1%

-1,729,481

Net Margins

$2,640,317

3.4%

$1,032,253

1.5%

$1,608,063

Distribution - Operations Distribution - Maintenance Consumer Accounts Selling Expense Administrative and General Depreciation and Amortization (Total Operating Expenses) Operating Margins Before Fixed Charges

Nonoperating Income/Loss Interest Income & Other

FINANCIAL STATEMENTS ARE UNAUDITED. AUDITED FINANCIAL STATEMENTS WERE UNAVAILABLE AT TIME OF PRINT.

Suwannee Valley Currents

MARCH 2025 | 7

SVEC IN THE COMMUNITY

MINUTES OF ANNUAL MEETING OF MEMBERS April 27, 2024

Suwannee Valley Electric Cooperative, Inc’s (SVEC) annual business meeting of the members was held on Saturday, April 27, 2024, at the Suwannee County Agricultural Coliseum. At 10:00 a.m., Executive Vice President and CEO Michael McWaters welcomed consumer-members who were in attendance. Mr. McWaters introduced SVEC’s trustees and asked for a moment of silence in remembrance for Mr. Sidney Lord. Mr. Lord represented members of District 5 for 24 years. Following the moment of silence, Mr. McWaters thanked all veterans and first responders. Mr. McWaters also recognized employees who have achieved ten years and thirty years of service to the cooperative. Dan Hartley, field representative for Congresswoman Cammack, addressed the crowd, after which Mr. McWaters introduced Ella Hancock from Lafayette High School who was one of the Washington Youth Tour winners. After Ms. Hancock’s comments, Mr. McWaters turned the meeting over to Mr. Jerry Goff who serves as secretary for the board of trustees. Mr. Goff gave the invocation and led the Pledge of Allegiance. Mr. Goff announced that 626 members had registered for the meeting, thereby constituting a quorum which allowed for the meeting to be convened and business to be transacted. Mr. Goff asked for a motion to dispense with the reading of the Official Notice. A motion was made, seconded, and approved by a majority vote. Mr. Goff announced that the motion to dispense with the reading of the Official Notice had been approved. Mr. Goff asked for a motion to dispense with the reading of the minutes from the 2023 annual meeting. A motion was made, seconded, and approved by a majority vote. Mr. Goff announced that the motion to dispense with the reading of the

8 | MARCH 2025

minutes from the 2023 annual meeting was approved. Mr. Goff introduced Tyler Putnal, president for the board of trustees, to deliver the President’s Address. After completion of the President’s Address, Mr. Putnal asked Mr. McWaters to make a few comments. At the conclusion of his comments, Mr. McWaters introduced Andy Walker, treasurer of the board of trustees. Mr. Walker introduced Mr. Woody Trimble, CPA and principal with Jackson Thornton, to present the unaudited financial statements. At the conclusion of Mr. Trimble’s report, Mr. Walker introduced Mr. Josh Crapps, board counsel, to report on district elections. Mr. Crapps reported that meetings of consumermembers in Districts 4, 5, and 6 were held for the purpose of nominating official candidates for the position of trustee from those districts. Consumermembers were notified by letter in advance of the meetings that were held in their respective districts. The District 4 meeting was held on March 22, 2024, at the Day Community Center; the District 5 meeting was held on March 21, 2024, at the Pine Grove Church of God; and the District 6 meeting was held on March 20, 2024, at the Lebanon Baptist Church. Mr. Crapps stated that Mr. Tyler Putnal (District 4), Mr. Jackson Lord (District 5), and Mr. Andy Walker (District 6) were nominated at the district meetings. Mr. Crapps announced that no additional nominations were made by petition and that, per the cooperative’s bylaws, Mr. Putnal, Mr. Lord, and Mr. Walker were declared and installed as trustees. Mr. Crapps’s then called Mr. Putnal to the podium to adjourn the meeting. Mr. Putnal asked if there were any objections to the meeting being adjourned. Hearing none, the meeting was adjourned. ■

Suwannee Valley Currents