Currents - March 2026

Currents Suwannee Valley

2026 ANNUAL MEETING Join us April 25

MARCH 2026

WHERE: Suwannee County Agricultural Coliseum, 1302 11th St. SW, Live Oak REGISTRATION : 9-10 a.m.

BINGO WITH PRIZES: 9-9:45 a.m..

BUSINESS MEETING: 10 a.m.

CEO’S MESSAGE

Forward together

What makes a cooperative different is also what guides us. Suwannee Valley Electric Cooperative exists to serve its members through electric service. Unlike investor-owned utilities, we do not answer to shareholders elsewhere, and we do not operate for profit. Instead, what you pay goes directly into the service you receive.

Decision making is guided by SVEC members who are elected by their communities to represent their areas. Democratic and local leadership helps shape the cooperative’s future and enhances understanding in ways investor-owned utilities cannot. At the same time, it also means the responsibility we carry is significant, and the decisions we make are not always easy.

In recent years, we’ve continued navigating more than $134 million in storm recovery costs.

Long after service is restored, the work continues Executive VP/CEO MICHAEL S. McWATERS through careful documentation, coordination, audits, and good financial husbandry. As we know, the reimbursement process can take years, and its impact follows us well beyond the initial response.

Through this, we remain focused on being careful stewards of member dollars. We continue addressing debt methodically, maintaining financial stability, and planning for the long term. At the same time, we do not pause investment in what matters most: our electric system, our employees, and the communities we serve. That balance is essential to ensuring reliability today while preparing for tomorrow.

While system durability is crucial, we recognize the true strength of SVEC is our people. Our team works year-round to ensure consistently safe, reliable service. In 2025, our system maintained 99.96% availability, a testament to the hours spent maintaining infrastructure and responding to service needs so members can power their homes, families, and daily life with confidence.

Internally, we continue strengthening our workforce and operations through training, certification, and system improvements. This year, with more team members earning certification through Northwest Lineman College, SVEC achieved full Energy Control Center status. We also continued expanding Rapid Fiber Internet service, supporting education, economic development and quality of life across our service territory for years to come.

As a member-owned cooperative, participation in co-op meetings helps keep you informed about the business of the cooperative so that you can better understand operations and the decisions we make. At our annual meeting, you can meet some of our team, hear from co-op leadership, receive outcomes for the annual audit, and learn more about what lies ahead. I appreciated the opportunity to meet with many of you at the District 1, 2, and 3 meetings this year, and hope you’ll join us again for our Annual Meeting on April 25.

As we look ahead in 2026, we continue moving forward by navigating challenges, strengthening our system, and making decisions with the future of the cooperative and our communities in mind.

Thank you for being part of SVEC. ■ 2 | MARCH 2026

Suwannee Valley

Currents March 2026

Suwannee Valley Currents is a monthly newsletter published by Suwannee Valley Electric Cooperative, © 2026. It is distributed without charge to all consumermembers of the cooperative.

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.

PHOTO BY CHRISTY TUCKEY/SVEC

SVEC members gather at the Suwannee County Agricultural Coliseum for the 2025 Annual Meeting. Join us again on April 25 to learn about co-op happenings and what’s to come in 2026. Read more on Page 4.

Suwannee Valley Currents

SVEC NEWS

Rapid Fiber Internet YEAR IN REVIEW

SVEC brings Rapid Fiber Internet to thousands of homes across our service area. Our team made tremendous progress in 2025, completing construction on our high-speed network ahead of schedule and transforming internet access across the Suwannee Valley.

Take a look at a few of the milestones Rapid Fiber reached in 2025:

13.8 devices per customer on average

3 OF 3 phases complete

7,300+

75,000

devices on our network during peak times in the evenings

customers connected Service now available to SVEC members in Columbia, Hamilton, Lafayette and Suwannee counties

19 zones

opened in 2025

Named 2025 Mid-Size Business of the Year by the Suwannee County Chamber of Commerce Project proceeded ahead of schedule and the final zones opened February 2026

REFER A FRIEND IS NOW AVAILABLE FOR ALL ACTIVE CUSTOMERS TO SHARE THROUGH ECARE. Suwannee Valley Currents

MARCH 2026 | 3

Looking back SVEC’S YEAR IN REVIEW

Whether it was committing to the highest industry safety standards, remaining present in our community or keeping our system reliable through a trying economic environment, we worked through a lot as a cooperative family over the last year.

Here are a few of snapshots from our year:

822

A child enjoys the Touch-A-Truck event.

235

pole replacements

new service connections

15,095

pole inspections

An SVEC lineman rescues a dummy during a safety exercise.

Children color at an SVEC classroom visit.

232 grants awarded to

local classrooms through Operation Round Up®

99.96%

Average Service Availability percentage 4 | MARCH 2026

34,218

phone calls taken by member service representatives

Suwannee Valley Currents

A student gets hands-on at the Build My Future event.

886,434

miles driven with no major accidents or injuries

3 apprentice-to-journeyman lineworker graduations

158,317

hours worked with no major accidents or injuries

4.95 OUT OF 5

overall customer satisfaction rating

Four SVEC dispatchers earned certification in 2025.

SVEC’s three new journeyman lineworkers.

An SVEC member stops by the co-op’s Arbor Day giveaway.

Advocated for co-ops at home and in Washington, D.C., engaging with state and federal leaders on issues that affect rural infrastructure, disaster recovery, regulatory policy and long-term affordability for our members.

Achieved a fully certified Energy Control Center, with all team members certified as system operators through Northwest Lineman College Met or exceeded all safety standards through the Rural Electric Safety Achievement Program, with strong performance across facilities, equipment and crew practices Suwannee Valley Currents

MARCH 2026 | 5

FINANCIAL INFO

BALANCE SHEETS DEC. 31, 2025 AND 2024 Suwannee Valley Electric Cooperative, Inc. — Live Oak, Florida ASSETS 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

2025

2024

$ 264,287,931

$ 231,846,212

33,280,688

56,178,242

297,568,619 (73,471,007)

288,024,454 (70,720,116)

224,097,612

217,304,338

14,592,881 92,179,307

20,903,210 54,323,482

106,772,188

75,226,692

293,077

74,695

33,551,954 2,094,526 8,632,790 427,041

18,500,254 1,730,525 11,863,369 531,438

44,999,388 7,671,926

32,700,281 20,821,628

$ 383,541,114

$ 346,052,939

2025

2024

EQUITIES AND LIABILITIES 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 2026

$ 109,765

$ 108,330

70,928,993 393,705

65,612,746 393,705

71,432,463

66,114,781

103,406,508

75,959,764

1,531,237 412,494

2,147,801 400,007

105,350,239

78,507,572

3,259,985 692,497 189,144,982 3,680,981 4,101,659 -231,533 1,883,634 1,579,181 519,855

3,185,395 594,040 151,896,794 3,324,379 32,285,799 2,124,926 1,720,765 2,001,550 555,974

204,631,241 2,127,171 $ 383,541,114

197,689,622 3,740,964 $ 346,052,939

Suwannee Valley Currents

STATEMENTS OF REVENUE AND PATRONAGE CAPITAL FOR THE YEARS ENDED DEC. 31, 2025 AND 2024 Suwannee Valley Electric Cooperative, Inc. — Live Oak, Florida Dec. 31 2025 Amount

2024 %

Amount

Increase (Decrease) %

Operating Revenue

94,187,352

100.0

76,763,337

100.0

$ 17,424,015

Operating Expenses Cost of Purchased Power

47,330,142

50.3%

40,876,085

53.2%

6,454,057

Distribution - Operations Distribution - Maintenance Consumer Accounts Selling Expense

3,378,209 14,580,909 1,667,323 32,447

3.6% 15.5% 1.8% 0.0%

3,227,460 13,066,090 2,040,474 215,994

4.2% 17.0% 2.7% 0.3%

150,749 1,514,819 (373,151) (183,547)

Administrative and General Depreciation and Amortization (Total Operating Expenses) Operating Margins Before Fixed Charges

5,609,546 8,567,196

6.0% 9.1%

6,639,421 7,685,637

8.6% 10.0%

(1,029,875) 881,559

81,165,772

86.2%

73,751,161

96.1%

7,414,611

13,021,580

13.8%

3,012,176

3.9%

10,009,404

Fixed Charges (Interest on Debt)

7,291,893

7.7%

3,551,219

4.6%

3,740,674

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

5,729,687 2,371,122 8,100,809

6.1% 2.5% 8.6%

-539,043 2,459,971 1,920,928

-0.7% 3.2% 2.5%

6,268,730 (88,849) 6,179,881

752,039

0.8%

1,151,005

1.5%

(398,966)

Loss From Investments Total Nonoperating Margins

-3,904,475

-4.1%

0

0.0%

-3,904,475

-3,152,436

-3.3%

1,151,005

1.5%

-4,303,441

Net Margins

4,948,373

5.3%

3,071,933

4.0%

1,876,440

Nonoperating Income/Loss Interest Income & Other

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

Suwannee Valley Currents

MARCH 2026 | 7

SVEC IN THE COMMUNITY

MINUTES OF ANNUAL MEETING OF MEMBERS April 26, 2025

Suwannee Valley Electric Cooperative, Inc.’s (SVEC) annual business meeting of the members was held on Saturday, April 26, 2025, 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 after which Mr. Jerry Goff led an invocation and the pledge of allegiance. Mr. McWaters asked for a moment of silence in remembrance of former trustee Mr. William F. “Bill” Hart and former SVEC employee Ms. Janice Goodman. Mr. Hart represented members of District 9 for 33 years prior to not seeking re-election. Ms. Goodman served as a valued employee for 46 years prior to her retirement. Following the moment of silence, Mr. McWaters thanked all veterans and first responders.

Mr. McWaters also recognized employees who have achieved five, ten, and thirty years of service to the cooperative. Mr. McWaters introduced Whitton Musgrove from Suwannee High School and Alyssa Jones from Lafayette High School who were the two Washington Youth Tour representatives.

Mr. Goff, Board of Trustees’ Secretary, announced that 394 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 2024 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 minutes from the 2024 annual meeting was approved. Mr. Goff turned

8 | MARCH 2026

the program back over to Mr. McWaters who gave a joint CEO/President’s Address.

After completion of the joint CEO/President’s Address, Mr. McWaters 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. McWaters introduced Mr. Josh Crapps, board counsel, to report on district elections. Mr. Crapps reported that meetings of consumer-members in Districts 7, 8, and 9 were held for the purpose of nominating official candidates for the position of trustee from those districts. Consumer-members were notified by letter in advance of the meetings that were held in their respective districts. The District 7 meeting was held on February 18, 2025, at the Prospect Primitive Baptist Church; the District 8 meeting was held on February 18, 2025, at the Mt. Olive Baptist Church; and the District 9 meeting was held on February 20, 2025, at the Mayo Baptist Church. Mr. Crapps stated that Mr. Hugh Hunter (District 7), Ms. Cynthia Boyette (District 8), and Ms. Francene Folsom (District 9) 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. Hunter, Ms. Boyette, and Ms. Folsom were declared and installed as trustees.

Mr. Crapps then called Mr. McWaters to the podium to adjourn the meeting. Mr. McWaters asked if there were any objections to the meeting being adjourned.

Hearing none, the meeting was adjourned. ■

Scan the code for proposed bylaw revisions and information on the 2026 ANNUAL MEETING Suwannee Valley Currents