Central Virginia Electric

Name

Central Virginia Electric

Legal name

Central Virginia Electric Cooperative

Website

https://mycvec.com

Company type

Private

Founded year

1937

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Electric Utility Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Transmission, Control, and Distribution (22112), Solar Electric Power Generation (221114)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Electric Cooperatives (Rural/Member-Owned Utilities) (EUADABAC)

akta.pro secondary industries

Residential DER Aggregation & VPPs (Solar+Storage, Smart Home, Community) (EUAFAHAA), DER Dispatch, Aggregation & Virtual Power Plant (VPP) Integration (EUADALAI), DER Aggregation & Virtual Power Plants (VPPs) (EUAMAJAC), Retail Supply + DER/Virtual Power Plant Bundles (Solar, Storage, DR) (EUAGABAI)

Keywords

• Electric utility services
• Rural broadband internet
• Community solar programs
• Cooperative energy distribution
• Fiber optic broadband

Headquarters

HQ city

Arrington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D

Revenue model

1. Electric Distribution Service: Member-owned not-for-profit electric utility providing distribution service to 40,000+ residential, commercial, and industrial accounts. Revenue generated through rate schedules including fixed monthly charges and volumetric energy charges. Cooperative operates on cost-of-service basis without profit.
2. Power Cost Adjustment (PCA): Pass-through mechanism for wholesale electricity cost fluctuations, adjusted periodically to reflect actual power supply costs. PCA increase of 1.4 cents per kWh implemented June 2026.
3. Firefly Fiber Broadband: Wholly-owned subsidiary providing high-speed internet and phone services through fiber-to-the-premise technology. Revenue from residential broadband subscriptions. Project completed at end of 2022 with over 4,000 miles of fiber constructed.
4. Solar Share Program: Community solar program allowing members to purchase solar blocks (50 kWh each) at fixed rates through 2043. Coronal Energy owns and operates solar panels under power purchase agreement with CVEC.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Central Virginia Electric Cooperative (CVEC) is a member-owned, not-for-profit electric utility cooperative that distributes electricity to over 40,000 homes, farms, and businesses across 14 rural Virginia counties through 4,600 miles of distribution lines. It also delivers high-speed fiber broadband internet and phone services via its wholly-owned subsidiary Firefly Fiber Broadband, and offers community solar through the Solar Share program and net metering options.

Product overview

Central Virginia Electric Cooperative operates as a member-owned, not-for-profit electric utility providing power distribution to 40,000 members across 14 Virginia counties. The cooperative offers a unified suite of services centered on reliable electricity delivery, complemented by its wholly-owned broadband subsidiary Firefly Fiber Broadband. Core offerings include electric utility service, the Solar Share community solar program, energy efficiency resources, and net metering options. Digital access is provided through the MyCVEC Mobile App and Member Account Portal. The cooperative is also expanding grid capabilities through battery energy storage systems deployed in partnership with Lightshift Energy, with anticipated savings of $100 million over 20 years.

Differentiator

Problem solved

Functional benefit

Products and services

• CVEC Electric Utility Service Member-owned, not-for-profit electric distribution service delivering power to over 40,000 homes, farms, and businesses across 14 rural Virginia counties. Includes outage management, billing, vegetation management for reliability, and energy efficiency resources. Operates on a cost-of-service basis with rates approved by the Virginia State Corporation Commission.
• Firefly Fiber Broadband Wholly-owned subsidiary of CVEC providing high-speed fiber-to-the-premise internet and voice phone services to rural central Virginia. Offers speeds from 100 Mbps (Firefly Light) to 1 Gbps (Firefly Flash) with no data caps or contracts. Expanded to non-member territories through the Regional Internet Service Expansion (RISE) project targeting 50,000 additional underserved locations.
• Solar Share Community Solar Program Community solar subscription program enabling residential members to purchase blocks of solar generation (50 kWh per block) at fixed monthly rates locked in through 2043 via power purchase agreement with Coronal Energy, which owns and operates the solar panels. Pricing tiers range from 1 block ($4.50/month) to 20 blocks ($90/month).

Quantifiable outcome

• $100 million projected savings over 20 years from battery storage portfolio
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and important.

• Lightshift EnergycoreStrategic or Co-development Partner · 16 April 2026Partnership to deploy battery energy storage portfolio across rural Virginia. Lightshift Energy develops and operates five 5-MW battery storage systems in partnership with Blue Ridge Power Agency, providing benefits to both distribution and transmission systems. Projects expected online in 2026 with projected $100 million savings over project lifetimes.
• Blue Ridge Power AgencycoreStrategic or Co-development Partner · 16 April 2026Partnership with Lightshift Energy to deploy battery energy storage portfolio. Agency represents rural Virginia utilities including CVEC, Craig-Botetourt Electric Cooperative, and City of Salem Electric Department for joint battery storage procurement and deployment.
• Coronal EnergycoreOthersPower purchase agreement for community solar program. Coronal Energy built and owns solar panels; CVEC passes through locked-in low rates to members through 2043. Enables Solar Share community solar program for members.
• S&N CommunicationscoreChannel Partner/ Reseller/ DistributorFiber construction partner for Firefly Fiber Broadband network deployment. S&N Communications is Louisa, VA-based leader in construction, site assessment, and tower construction services. Partnered with CVEC to complete 4,000+ miles of fiber construction.
• Firefly Fiber BroadbandcoreOthersWholly-owned subsidiary of CVEC providing high-speed internet and phone services. Launched in 2018; completed mainline fiber construction in 2022 for $150 million. Offers Firefly Light (100 Mbps), Firefly Flash (1 Gbps), and Firefly Voice phone service.
• Juniper NetworksimportantTechnology or IntegrationSmart grid modernization utilizing Juniper SRX security infrastructure. CVEC uses newly constructed fiber network to modernize electric grid, improve service, lower operational costs, and meet renewable energy demand through Juniper technology.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Craig-Botetourt Electric Cooperative: Fellow rural Virginia distribution cooperative explicitly named alongside CVEC in the Blue Ridge Power Agency battery storage partnership. Operates under the same regulatory framework (Virginia SCC) and serves a comparable rural member base, making it the closest peer in geography, structure, and current strategic agenda.
• Shenandoah Valley Electric Cooperative: Virginia-based member-owned electric distribution cooperative serving rural members across multiple counties. Highly comparable to CVEC in cooperative structure, regulatory environment, scale, and rural service-territory profile.
• Rappahannock Electric Cooperative: One of the largest electric cooperatives in Virginia, serving rural and suburban members. Closely comparable to CVEC in cooperative governance, Virginia SCC regulation, and mix of residential/commercial/industrial loads.
• Southside Electric Cooperative: Member-owned distribution cooperative serving rural southern Virginia. Directly comparable to CVEC in member count scale, territory type, cooperative cost-of-service model, and reliance on wholesale power supply.
• Mecklenburg Electric Cooperative: Virginia electric distribution cooperative serving rural members, including broadband initiatives. Comparable to CVEC in cooperative model, rural Virginia territory, and emerging member-facing broadband services.
• Conexon Connect: Rural fiber-to-the-home broadband provider built in partnership with electric cooperatives. Operates the same broadband-over-cooperative-infrastructure model that Firefly Fiber Broadband exemplifies, including the Conexon 100 Club recognition framework that CVEC joined in 2024.

Broad incumbents

• Dominion Energy Virginia: Incumbent investor-owned utility serving the majority of Virginia, including data center load. Overlaps with CVEC in regulated electric distribution in Virginia and is the primary competitive/regulatory counterparty for cooperative utilities in the state.
• Appalachian Power (American Electric Power): Investor-owned utility operating in western and central Virginia, overlapping with parts of CVEC's service territory and the same PJM wholesale market. Broadly comparable as a regulated distribution operator but operating under IOU rather than cooperative structure.

Emerging players

• Kit Carson Electric Cooperative: New Mexico member-owned electric cooperative that has built a broadband subsidiary (Kit Carson Internet) on top of its electric infrastructure. Closely parallels CVEC's Firefly Fiber Broadband model and provides a comparable benchmark for cooperative-led broadband+storage plays.

Regional players

• BARC Electric Cooperative: Member-owned electric distribution cooperative serving rural Virginia. Operates outside the immediate CVEC footprint but follows the same Virginia SCC regulatory model and cooperative cost-of-service economics, providing a useful structural comparable.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/mycvec
• Facebookfacebook.com/myCVEC
• LinkedInlinkedin.com/company/central-virginia-electric-cooperative

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Central Virginia Electric