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- In essence, this is a co-op version of a cost-of-living increase.
- Since its most recent rate increase, SVEC has continued to see rising costs of service.
- At the same time, SVEC has continued to invest in the safety and reliability of its system, consistent with good utility practice and member expectations for performance. Examples include a new fiber utility network, advanced metering technology and general system maintenance and upgrades.
- The requested rate revisions will generate additional revenue to allow SVEC to recover the costs of these investments, to continue to meet its financial obligations, and to provide high levels of reliability and member service.
- This rate revision is part of the electric distribution portion of members’ bills – this is the portion SVEC has exclusive control over and makes up about 30% of the bill, as opposed to generation/transmission costs that SVEC passes directly through to members from our wholesale provider, Old Dominion Electric Cooperative. Watch this video to learn more about your electric bill.
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