Suwannee Valley
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currents May 2017
SVEC celebrates 80th year at annual meeting
11340 100th Street • Live Oak, FL 32060
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CEO’S COR NER
A history of serving our members Michael S. McWaters Executive V.P./CEO
The story of SVEC is the story of rural electrification. Cooperatives like ours took on the task that forprofit companies wouldn’t think of: bringing life-changing electric service to the rural areas of this nation. SVEC’s story goes back to 1937, when a group of Suwannee Valley residents decided to take matters into their own hands, and it’s a heritage we’re proud to continue 80 years later. Many of you heard Hugh Hunter, our board of trustees president, recount that story at last month’s annual meeting. For those of you who couldn’t attend, you can read about the meeting and some of SVEC’s accomplishments over the last year in this newsletter. In short, your cooperative is in very good shape. We stand on sound financial footing and achieved much across the board last year when it comes to safety, reliability and affordability. You can also read about SVEC’s rich past as remembered by a few of the cooperative’s longest-serving employees. All three have been with us for nearly 40 years or longer and have seen incredible changes in their time. We hope you’ll enjoy seeing the cooperative through their eyes and join us in thanking them for their decades of good work. They have spent their lives serving our members. That service is at the heart of everything we do, and it’s what makes our job rewarding on a daily basis. Thank you for that privilege and for your continued support.
SVEC held its 80th annual meeting on Saturday, April 22 at the Suwannee County Agricultural Coliseum in Live Oak. The cooperative welcomed a crowd of nearly 700 people, including members, their families and guests. Attendees enjoyed bingo and other contests, during which SVEC gave out nearly 200 prizes, and also had a chance to hear SVEC Board of Trustees President Hugh Hunter speak about the cooperative’s origins. “In the 1930s, for-profit utilities wouldn’t string electric lines across woods and fields. There wasn’t any money in it,” he said. “So, the rural people of the U.S. formed their own electric utilities to serve themselves. That was the birth of Suwannee Valley Electric Cooperative.” Hunter also updated members on the cooperative’s financial standing, which continues to be strong. The board authorized a return of around $850,000 in capital credits to members this year, meaning SVEC has returned approximately $12.7 million in capital credits since it was founded in 1937. CEO Michael McWaters shared some of SVEC’s accomplishments over the last year, with a particular focus on safety, reliability and affordability. He noted that, as of the meeting, the cooperative had gone 920 consecutive days without a lost-time injury while
maintaining a 99.95 percent reliability rating. SVEC has also decreased the cost of electricity it provides compared to last year. The crowd also heard from Lisa Johnson, CEO and general manager of Seminole Electric Cooperative, SVEC’s wholesale power provider. Johnson took the opportunity to thank members for making their voices heard on the issue of the Clean Power Plan and commended their enthusiasm for the new Cooperative Solar program. “Through all of you, our members asked for access to the future of energy, and Cooperative Solar will play a part in that,” she said. “It demonstrates Seminole’s commitment to our members, our care for the environment, and our plan for the future of energy. I understand that all of Suwannee Valley’s blocks of solar energy have already been reserved!” In addition, three cooperative trustees were re-elected at the meeting. Mike Adams was re-elected to represent District 1, as was Jerry Goff in District 2 and Sam Roberson in District 3. For more information on your cooperative’s annual finances, check the March 2017 newsletter. If you don’t have a copy and would like one, please call 800-447-4509 or email memberservicerep@svec-coop.com.