SECO Energy Earns Capital Credits Through Gresco Partnership
SECO Energy and fellow not-for-profit cooperative Gresco Utility Supply based out of Forsyth, Georgia have a long-standing partnership that continues to pay off for SECO and its members. Gresco presented SECO a check for $265,617 that represents SECO’s share of Gresco’s current Capital Credit retirement cycle.
Gresco is a cooperatively-owned business that was formed in 1960 by 15 electric cooperatives that recognized the need for a dedicated supply partner. SECO Energy is one such member-owner of Gresco and thus earns allocated margins annually from Gresco based on that year’s supply purchases. The utility supply cooperative works with hundreds of utilities in the southeast to meet their need for electric and lighting products and services, tools, telecom, solar, EV charging stations and unmanned aircraft systems.
Todd McLellan, Gresco’s Senior Vice President of Supplier Relationships, is thankful for the continuing partnership between SECO Energy and Gresco. McLellan stated, “Gresco is proud to be the service provider SECO Energy expects. Cooperatives doing business with fellow cooperatives makes sense. Cooperation among Cooperatives is also one of the seven cooperative principles and is a foundation of Gresco and SECO’s business models.”
SECO Energy CFO Gene Kanikovsky stated, “SECO Energy counts on Gresco’s ability to deliver high-quality electric supplies during normal business operations and during critical times. Gresco is one of our most reliable partners. When recovering from Hurricane Irma and preparing for Hurricane Dorian, Gresco was behind us every time. We value our partnership with Gresco and are honored to be one of its member-owners.”
Gresco is SECO Energy’s premier supply partner. SECO Energy’s equity in the company is now over $10.5 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 Board of Trustee approval, current members will receive their Capital Credits retirement on their November billing statement. Current commercial and industrial members with retirements over $1,000 will receive a check as will former members who have a forwarding address on file with SECO.
Learn more about Capital Credits online. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.
