Once again, SECO Energy’s “Hot Bucks” are hotter than ever. As of March 1st, SECO is lowering the cost of electricity again. Residential members will now pay $114.60 based on 1,000 kWh used, which is average residential usage in our area.
In the past 27 months, SECO has lowered electric rates a record seven times; this latest reduction equates to a 10.3% decrease over that timeframe. This decrease reinforces SECO’s commitment to keeping electric rates low for members. The reduction will appear on SECO bills under the line item “Hot Bucks.” The term refers to the Power Cost Adjustment (PCA) portion of your bill.
Seminole Electric is SECO Energy’s wholesale power provider. SECO works closely with Seminole to ensure it offers our members the lowest rate we can; when the wholesale purchase price goes down, usually due to a reduction in fuel costs, SECO lowers the PCA and members see their bills decrease.
As a not-for-profit electric cooperative, when wholesale power costs are lower, SECO shares the savings with its members. Decreasing the current electric rate is a joint effort between SECO, Seminole Electric, and SECO’s employees. SECO employees and management work diligently to keep costs down and control expenses.
CEO Jim Duncan is pleased to announce this latest decrease, “We at SECO realize that many of our members carefully track their expenditures. Like our members, SECO carefully plans its expenses; we are mindful that controlling costs is beneficial for our members and the communities we serve.”
Duncan continued, “I believe SECO’s continued commitment to low electric rates is just one of the reasons why our members are satisfied with the service they receive from our cooperative. When our members open their electric bills, instead of being surprised by higher rates, they are continually pleased to see SECO’s cost of power falling.”
Currently, SECO is ranked by J.D. Power as highest in customer satisfaction among midsize utilities in the south. The latest rate decrease reinforces SECO’s position as one of the most affordable electric utilities in Central Florida.