SECO Energy Announces $2.01 Million Capital Credits Retirement to Members
SECO Energy, an electric cooperative serving over 235,000 homes and businesses in seven Central Florida counties, is excited to announce the approval of a $2.01 million Capital Credits retirement to its current and former members. The decision, approved by the SECO Energy Board of Trustees, highlights the cooperative’s ongoing commitment to its members and communities.
Capital Credits are a unique feature of cooperatively formed businesses like SECO Energy. They signify the true cooperative difference, where those purchasing electricity from SECO are not just customers but partial owners of the cooperative. This ownership structure is fundamental to the cooperative business model, allowing SECO Energy to reinvest unretired capital into reliability improvements while ensuring that members receive a return of member-furnished capital.
The retirement of Capital Credits follows a diligent process. After covering all operating costs and expenses, SECO Energy designates the prior year’s excess revenues as Patronage Capital. These margins are then allocated pro-rata to each member’s account as capital credits, representing the percentage of the annual amount of electric service purchased by each member.
CEO Curtis Wynn remarked, “SECO Energy has a strong tradition of returning Capital Credits to our members. In fact, we have retired nearly $83 million to our membership over the years, with almost $50 million retired in the last decade alone. This represents a significant commitment to our members and communities and exemplifies the cooperative principle of member benefit.”
The role of the SECO Energy Board of Trustees is pivotal in the retirement of Capital Credits. They rigorously review the cooperative’s financial position, consider management’s recommendation, and determine the approval of the Capital Credits return. This process ensures transparency and accountability in how the funds are allocated to the cooperative’s members.
The retirement of $2.01 million in Capital Credits is a testament to SECO Energy’s unwavering commitment to its members. As a cooperative, not-for-profit electric provider, SECO Energy remains dedicated to serving its communities with integrity and dedication.
Wynn emphasized, “SECO members are at the heart of everything we do, and we look forward to providing you with reliable electricity and the benefits of being part of our cooperative family. Your satisfaction and well-being are our top priorities.”
Current members will find the credit on their November billing statement, while former members will receive a check. This announcement underscores SECO Energy’s resolve to fulfill its mission of providing reliable and innovative energy services to its members and communities.
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SECO Energy’s proposed project will enhance resilience by undergrounding overhead utility lines, hardening existing poles and increasing line capacity, replacing aging inefficient equipment and expanding load capacity with a new distribution substation. 
The majority of roadway lighting in The Villages is high-pressure sodium (HPS), which is quickly becoming an outdated product. LED lighting is the more energy-efficient choice. Most SECO Energy members are gradually switching over to LED bulbs and fixtures in their homes. As HPS fixtures are being phased out in favor of LED equivalents, there are benefits to the switch. LEDs use less energy than traditional HPS fixtures and carry a longer lifespan.
The onset of Hurricane Idalia’s winds is projected to be felt in the western SECO Energy service territories of Citrus, Levy, Marion and Sumter Counties this evening. Hurricane-force winds extend outward up to 15 miles from the center, and tropical storm-force winds extend up to 160 miles. These winds are expected to intensify rapidly overnight and result in a major hurricane by the time it makes landfall on Florida’s Gulf Coast Wednesday morning.
Distracted driving may have accounted for the first vehicle accident. That may have also been the case with the second vehicle that struck the fallen wires as the driver clearly did not recognize the hazard in the roadway ahead and didn’t make the appropriate effort to avoid it.
CEO Curtis Wynn is concerned with the number of vehicle accidents that damage SECO Energy facilities. Wynn stated, “SECO Energy crews are trained to perform power restoration in all weather conditions, day or night, rain or shine. Linework is inherently dangerous, but the possibility of injury increases when wind, rain, storms and road traffic are present. With the high number of heavy-duty vehicles on the road for new construction tasks and an increasing number of Florida citizens driving, our local roadways are becoming more dangerous.”