SECO Earns Capital Credits from Gresco
SECO Energy’s customers are member-owners and SECO – like its members – is a member-owner of other cooperatively structured businesses.
GRESCO is one-such cooperatively owned business that is one of SECO’s premier partners. GRESCO is the cooperatives key utility supplier – the company stocks equipment and supplies to help SECO meet its ever-growing power demand.
On a yearly basis, SECO Energy returns/retires a portion of equity, called Capital Credits, to its members. Like SECO, GRESCO is structured as a not-for-profit cooperative and follows this practice as well. GRESCO returned a portion of SECO’s share of its margins to the cooperative in the amount of $152,929.
Todd McLellan, GRESCO’s General Manager Florida Division is proud of the partnership GRESCO has cultivated with SECO. McLellan stated, “Beginning in 2000, GRESCO and SECO have worked together to develop a long-term partnership. Right now, SECO is GRESCO’s largest equity owner.”
Jim Duncan, SECO Energy CEO stated, “GRESCO is one of our most valued and trusted partners. Because GRESCO is a cooperative like SECO, our partnership is even more special. As a not-for-profit electric cooperative, SECO Energy’s top priority is its members, and GRESCO shares that viewpoint as well.”
Duncan added, “Cooperation among cooperatives is a key cooperative principal. Two cooperatives working together – SECO and GRESCO – continue to strengthen the cooperative spirit.”
SECO Energy members receive Capital Credits from the cooperative as well. In November, SECO returned a record $5.1 million in Capital Credits to current and former members. Since inception, the company has returned more than $52.4 million to its members. Learn more about Capital Credits.
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