Gresco Partnership Pays Capital Credits to SECO Energy
SECO Energy has a long-standing partnership with fellow not-for-profit cooperative Gresco Utility Supply that benefits SECO members in the form of Capital Credits. Gresco’s Senior Vice President of Supplier Relationships Todd McLellan presented CEO Jim Duncan with a check for $336,327 that represents SECO’s share of Gresco’s current Capital Credit retirement cycle.
Gresco Utility Supply was formed by 15 electric cooperatives in 1960. SECO Energy is one of Gresco’s member-owners and earns allocated margins annually from Gresco based on that year’s supply purchases. Gresco has grown from a small cooperative serving the southeastern region into a supply-chain partner with a diverse portfolio that includes products and services in lighting, tools, telecom, solar, EV charging stations and unmanned aircraft systems.
McLellan values SECO’s partnership with Gresco and stated, “SECO Energy is a valued partner of Gresco Utility Supply. We are thankful for our continued relationship with a large and fast-growing cooperative like SECO Energy. A cooperative principle is Cooperation among Cooperatives and is a foundation of both Gresco and SECO’s business models. Cooperatives doing business with other – like -minded cooperatives – makes sense.”
SECO Energy CEO Duncan stated, “Central Florida communities are growing at an astounding pace and SECO Energy is welcoming new members every day. Having a valued supply-chain partner like Gresco enables SECO to procure the construction material we need to meet the growing demand for new services. Gresco also aids in securing material needed to expand and upgrade SECO’s existing electric infrastructure. Gresco is our valued partner and we’re honored to be a member-owner of the cooperative.”
Gresco is SECO Energy’s premier supply partner. SECO Energy’s equity in the company is now over $12,776,000 million making it one of Gresco’s largest member-owners by equity.
As a not-for-profit electric cooperative, SECO Energy also returns a portion of its margins in the form of Capital Credits to current and former members. With the Board of Trustees’ approval, current members received their Capital Credits retirement on their November billing statement.
To learn more about Capital Credits, visit SECOEnergy.com>Your Co-op>Capital Credits. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.
