Broadband Subsidiary: Firefly Fiber Broadband
Two years into Central Virginia Electric Cooperative’s (CVEC) broadband deployment, the project is on track and successful by most measures. The co-op is maintaining a build-out rate of between 20 and 25 miles of fiber and signing up between 80 and 100 customers per week. Take rates, both from co-op members and non-member subscribers are hovering anywhere from 40 to 50 percent.
One of the key contributors to the project’s success was CVEC’s participation in the Conexon co-op consortium bidding for 2018 Connect America Fund (CAF) II auction funds. The resulting $28 million positions co-op subsidiary, Firefly Fiber Broadband, for profitability in an astonishing two-to-three years on a $100 million project.