Facts and Figures

Storm Costs

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:

Item	Percentage Increase
Transformer	125%
Lightning Arrestor	102%
Wooden Pole	72%
Cross Arm	67%
Fuse	55%
Wire	50%