SECO Energy Lowers Members’ Bills
SECO Energy CEO Curtis Wynn announced a significant reduction to residential members’ monthly energy bills that will appear on bills arriving in October to reflect September usage. The adjustment, known formally as the Power Cost Adjustment (PCA), will result in average bills totaling their lowest cost in the last five years.
SECO Energy coined the term, “Hot Bucks,” to refer to opportunities the not-for-profit cooperative electric provider acts upon to lower members’ bills. The recent stabilization of natural gas pricing has led to lower wholesale electricity costs from SECO’s wholesale provider of electricity, Seminole Electric Cooperative.
In coordination with Seminole’s projections, SECO’s Board of Trustees approved changing the PCA to lower its members’ bills. The Hot Bucks credit will reduce SECO Energy’s cost for residential service per 1,000 kilowatt hours (kWh) from $146.60 to $116.60 with bills generating as of October 1.
SECO Energy CEO, Curtis Wynn, stated, “SECO is dedicated to returning value to its members when possible. ‘Hot Bucks’ are a direct reflection of the price variation the cooperative pays for power purchased from Seminole Electric Cooperative. Natural gas is the main fuel source for power generation and a continued downward trend in price is projected as we move into the autumn months. Our Mission, as a not-for-profit cooperative is to provide reliable and innovative energy services to our members and communities. Ensuring affordable energy service is a key component to fulfilling our role as a trusted source for energy solutions.”
The reduction is displayed as a line item on members’ monthly billing statement beginning October 1 to reflect prior period usage from September.
Both SECO and Seminole are not-for-profit cooperatives that work closely to ensure the lowest rates possible for their members. When the wholesale cost of purchased power decreases, SECO passes those savings along to its members. This reduction places SECO Energy’s cost per kWh lower than the average Florida Investor-owned, Municipal and Cooperative utility.
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