SECO News November 2021
Just in time for the Christmas season, SECO Energy members are cashing in on Capital Credits. At the September Trustees’ Meeting, your Board approved another record-high Capital Credit retirement of $6.46 million to current and former members. Your Capital Credit retirement amount appears on your November billing statement.
SECO Energy was founded as Sumter Electric Cooperative, Inc. in 1938. Since then, the cooperative has regularly retired/returned a portion of the cooperative’s equity to current and former members. In our 83 years in business, we have retired almost $80 million to current and former members.
Capital Credits is a concept that is unique to not-for-profit, cooperatively structured businesses. I have often talked about the differences between being a customer of an investor-owned or a municipal utility versus a cooperative member. Capital Credits is one of those differences.
Your monthly energy purchases build patronage capital. You and your fellow 220,000+ cooperative members own a portion of SECO’s equity. Ownership is defined through the annual process of allocating each member’s share of the co-op’s margins from the prior year. Individual Capital Credit allocations represent the percentage of the yearly amount of electric service purchased by each member.
Capital Credits are the accumulation of all prior years’ revenues after the co-op’s operating costs and expenses are paid. These credits are allocated on a pro-rata basis to each SECO member’s account as Capital Credits. Annually, SECO examines the cooperative’s financial position and makes a recommendation to the Board of Trustees on the “retirement” of Capital Credits. This year’s $6.46 million retirement means SECO is returning a portion of the cooperative’s equity to current and former members.
Look for a line item labeled “Capital Credit Ret” on your November billing statement. Active commercial account members with retirements over $600 will receive a check. Former members who receive a retirement over $10 will receive a check. If you move out of SECO’s service area, keep your mailing address updated so we can mail future Capital Credit retirements to your new address.
In the latest figures from the National Rural Electric Cooperative Association (NRECA), cooperatives power 56% of the nation’s landmass, including 2.7 million miles of electric distribution lines in 48 states. We are among over 900 electric distribution and generation and transmission cooperatives working together to maintain reliable, safe, affordable power to our local communities. That’s the cooperative difference.
SECO Energy members are more than just customers – they are owners as well. Thank you for your SECO Energy membership.
Sincerely,
Jim Duncan
Chief Executive Officer
ADVICE FROM THE OLD FARMER’S ALMANAC
Watch the 2021 – 2022 winter skies for amazing views of faraway planets. The Old Farmer’s Almanac recommends watching for Venus at its most brilliant in the early evening hours during December. Look for Venus, the Moon, Saturn and Jupiter coming together as a group during the month. Mercury will make its brightest appearance during the holidays. Catch glimpses of Mars in early January next to the crescent moon in the early morning hours. In February, Mars will be a dim orange below a twinkling Venus in the predawn hours. 2022 promises a year filled with eclipses bringing excitement to the morning and nighttime skies!
While you’re out stargazing in the evenings, be on the lookout for nocturnal animals. Read more about red foxes that are active, nocturnal animals on page 4.
TOYS FOR TOTS
SECO Energy employees are playing Santa Claus again this year with our annual corporate Marine Corps Reserve Toys for Tots drive. Members are invited to join us in spreading Christmas cheer by donating a new, unwrapped toy for Toys for Tots. During November, our five Member Service Centers in Eustis, Groveland, Inverness, Ocala or Sumterville serve as public drop-off locations.
For many years, SECO employees have been incredibly generous in supporting Toys for Tots. Friendly competition has sprung up between offices and departments to collect the most bikes, trikes and toys. To bolster our corporate giving, SECO’s Pennies from Heaven program has pledged a $5,000 donation this year to complement our employees’ Toys for Tots donations.
SECO Energy’s Pennies from Heaven program rounds up members’ bills to the nearest dollar. The donated pennies help members who need bill payment assistance or donations for local charitable causes such as Toys for Tots. If you would like to join your fellow cooperative members in making a difference in our communities one penny at a time, visit SECOEnergy.com > Your Co-op > Pennies from Heaven to enroll in the program. Thank you in advance for your generosity.
Since 1947, Toys for Toys has been making a difference in the lives of families. Retired Marines and other volunteers operate Toys for Tots. Volunteers pick up donations and distribute the toys to children in need. All donated toys stay local and are distributed in the area they were donated.
Members who would like to register to receive toys donated through Toys for Tots can visit www.ToysforTots.org. Application dates vary by location.
WINNERS CIRCLE
Engage with our virtual assistant Electra on the phone for a chance to win a $25 gift card. Winners who self-served using Electra are:
Leanna Hersey from Floral City
Linda Hodgson from Leesburg
Cherilyn Glass from Lady Lake
Conrad Penchion from Ocala
Phyllis Jones from Tavares
The latest winner of a SECO Energy Level 2 EV Charger is Ann White from Inverness. To enter, text “EV” to (352) 320-4500 for a link to enter. Or click on the EV Charger Giveaway homepage banner. Visit our Electric Vehicles website section to learn more about the benefits of owning an EV.
Winners in our Go Green and Win: Paperless Billing and Bank Draft Incentive
Jer-Shang Lin from Clermont is the winner of a $200 SECO Energy bill credit.
Alexandra Betancourt from Mascotte is the winner of a NEST thermostat.
Rebecca McCorkle from Bushnell is the winner of an Amazon Echo Dot with Alexa.
Congratulations to William Heinmiller from Clermont and Mauricio Trinidad from The Villages are the two winners of our EV Virtual Video Showcase drawing! To view the video, visit SECOEnergy.com > Energy Solutions > EV Virtual Showcase. The winners’ names were drawn from the list of all members who entered.
Congratulations to our recent winners!
Our winner of the generator whose name was draw in September is Rosendo Orozco from Summerfield – drawn from the list of all members enrolled in SECO Energy’s Surge MitiGator surge protection program.
Read the full November 2021 SECO News online.
