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Members Tuned in for SECO Energy’s 85th Annual Meeting

SECO Energy members tuned in virtually for the Cooperative’s 85th Annual Meeting on March 23, 2023. SECO Energy Board of Trustees President Gerald Anderson and CEO Curtis Wynn presented their reports to members in a virtual meeting that streamed on the energy cooperative’s website, Facebook Live and YouTube. Members who missed the meeting can view the Annual Meeting video on YouTube.

 

Florida statute requires the Meeting to be held annually, and a quorum was achieved by member participation in voting on Annual Meeting business – a process that closed when President Anderson called the Meeting to order. In total, member voting participation reached 14,375 – which is record-high participation in Annual Meeting business from members across every part of the service territory. Members voted to approve both the 2022 Annual Meeting Minutes and a Bylaws revision establishing virtual online Annual Meetings as the delivery platform moving forward.

 

CEO Curtis Wynn shared updates related to operation costs, efficiency initiatives, growth projections, and SECO Energy Foundation funding and grant activities.

 

GROWTH

 

SECO’s 15.5% electric service membership growth between 2017 and 2022 is expected to continue. Wynn stated, “At today’s growth rate, SECO will hit the 250,000-member mark quickly, and may step up to be the largest electric Cooperative in Florida.” With over 230,000 members, SECO is currently the third-largest electric cooperative in Florida and the seventh largest in the country.

 

CORPORATE INITIATIVES

 

Wynn revealed a recently launched multi-year Strategy Map outlining SECO’s Mission, Vision, and updated Core Values that include Safety, Member Commitment, Honesty and Integrity, Accountability, Teamwork and an Inclusive Culture. Wynn said, “Our employees embody these traits, and we look for these characteristics when we hire new team members.”

 

EFFICIENCY INITIATIVES

 

While wholesale power costs continue to rise, SECO’s Technology Roadmap outlines current and future innovations to increase efficiency at SECO. The Advanced Metering Infrastructure (AMI) project began a test period in early March. After data is analyzed, the systemwide implementation will continue, with a goal of replacing 7,000 to 9,000 meters each month until completion in three to four years. Combined with the new AMI meters, SECO’s SmartHub online account management interface will offer unprecedented energy usage information to members.

 

Efforts to elevate online member service were highlighted during the meeting. SECO’s Home Energy Assessment and Energy Estimator are online energy-efficiency tools found on SECOEnergy.com. The Home Energy Assessment is an online home energy audit, while the Energy Estimator calculates estimated energy usage from all sources in the home.

 

Also cited was the cooperative’s commitment to in-home electric vehicle charging, in which an EV Level 2 fast charger may be either leased or purchased and installed at a member’s premises. SECO is also accepting pre-enrollments in an EV monthly incentive program for members who agree to charge their electric vehicles during Super Off-Peak hours (midnight to 6 a.m.). More information about both EV offerings can be found at SECOEnergy.com.

 

COSTS AND BUDGET

 

Costs are rising at an astronomical rate. Even as a not-for-profit utility, SECO Energy is not immune to inflation and the economic downturn that began in 2020. As a result of rising costs. SECO reported an unprecedented increase in its 2023 capital budget. In 2022, the capital budget totaled $76,520,000; for 2023, SECO necessarily increased the capital budget by 57% to equal $119,795,000 to cover rising costs.

 

In response to the cost increases, CEO Wynn announced an increase to the customer charge effective May 1 to $34.50 per billing cycle. The monthly line-item fee is meant to fund the fixed costs of providing electric service. CEO Wynn added, “It became painfully clear that SECO cannot avoid a customer charge increase.”

 

A projection of wholesale fuel cost reductions paints a brighter outlook for members. Wynn said, if realized, the outlook may provide an opportunity to “positively impact” members’ bills.

 

SECO ENERGY FOUNDATION

 

The SECO Energy Foundation approved its first three grants in the first quarter 2023. These included transitional housing support in Lake County, the purchase of fire truck equipment for Marion County and the replacement of a Trout Lake Nature Center boardwalk in the Eustis area. The SECO Energy Foundation also accepted applications for scholarships from high school seniors in the first quarter.

 

The SECO Energy Foundation is proving to be a successful source of grant funding support for the communities SECO serves. But the Cooperative understands that rounding up one’s electric bill to the next even dollar to support the Foundation is a personal choice. Mr. Wynn reviewed the many ways members can discontinue supporting the Foundation if that is their desire.

 

The Annual Meeting concluded with the announcement of the 100 prize winners. All members who voted on Annual Meeting business were eligible to win. Members can view the Annual Meeting video to learn if they were a prize winner by visiting SECOEnergy.com or its YouTube channel.

 

To learn more about the Board of Trustees, visit SECOEnergy.com>Your Co-op. “Like” SECO Energy on Facebook and follow @SECOEnergy on Twitter for prize drawings, news releases, and severe weather alerts affecting SECO Energy’s service territory. Manage your outage notification preferences at StormCenter. To see reliability and expansion projects in your area, visit our new System Improvement Map. To learn more about SECO Energy as a not-for-profit cooperative, visit SECOEnergy.com > Your Co-op > About.

 

SECO Energy Celebrates 83rd Annual Meeting Virtually

SECO Energy celebrated its “Just Business” 83rd Annual Meeting of the Membership on Thursday, March 25. Because of the continuing COVID-cautious environment and the need to limit large gatherings, the not-for-profit cooperative held the Just Business Meeting virtually.

 

Members tuned in via Facebook live, YouTube and live stream to watch the cooperative’s second virtual Annual Meeting. Board President and District 4 Trustee Richard Dennison called the Meeting to order and closed the voting platform at 4:30 p.m. SECO’s VP of Corporate Communications and Energy Services Kathryn Gloria led the invocation and asked the virtual audience to join her in the Pledge of Allegiance and the National Anthem. Ms. Gloria introduced the Trustees and welcomed District 9 Trustee-elect Morgan Hatfield, who began her duties at the Trustees’ Meeting on Monday, March 29. Ms. Gloria also introduced CEO Jim Duncan, Cooperative Attorney Scott Gerken and Executive Administrator to the CEO and Board Nora Brown, who served as Recording Secretary during the Meeting. Board Secretary/Treasurer and District 3 Trustee Gerald Anderson certified the Official Annual Meeting Notice that was mailed to all cooperative members per the terms of the Bylaws.

 

Mr. Dennison began his President’s Report by welcoming the virtual audience. He thanked the members who voted electronically, in person, by phone or by mail, and announced that SECO achieved a quorum by virtue of votes cast on Annual Meeting business. Mr. Dennison stated, “Florida cooperatives are required by statute to hold an Annual Meeting and must achieve a quorum to conduct official business. I am happy to announce that member voting participation has indeed helped us achieve a quorum this year. Thank you so much to all who cast a vote this year.”

 

Following the President’s Report, CEO Jim Duncan began his CEO Report. Mr. Duncan welcomed the virtual audience, performed the traditional military salute and first responders’ recognition. He acknowledged the Board of Trustees’ service and employees’ hard work and dedication to members.

 

Mr. Duncan also formally announced his plan to retire as CEO. Duncan stated, “Today is bittersweet for me. Earlier this year, I conveyed to the Board my plan to retire from SECO Energy in January 2022. That making the 83rd Annual Meeting my last as CEO. The decision to retire was a difficult and emotional one. My wife Connie and I have been married for 53 years, and we are looking forward to more vacations, scuba diving and family time with our sons and grandchildren.”

 

CEO Duncan’s state of the company address included an overview of his 42-year SECO career, the cooperative’s financial health, significant meter growth and reliability improvements during his tenure as CEO. Duncan stated, “Much has changed during my three decades as CEO. If you’ve been a member for decades, you may remember the days when our unflattering but true moniker ‘Sometimes Sumter’ was coined. Not only was our reliability marginal, but our rates were also some of the highest in the state. During my tenure as CEO, we dramatically improved service reliability through increased investments in our electric infrastructure and a strengthened vegetation management program.”

 

Cooperative Attorney Scott Gerken certified the 2021 Annual Meeting voting results. In total, 4,576 members voted on 2021 Annual Meeting business. As to the 2021 Bylaws Revision: 4,263 members voted “Yes,” 93 members voted “No,” and 220 members abstained. As to the 2020 Annual Meeting Minutes approval: 4,368 members voted “Yes,” 7 members voted “No,” and 201 members abstained. Mr. Gerken announced, “The membership clearly approves the 2021 Bylaws Revision and 2020 Annual Meeting Minutes.”

 

SECO Energy established a special phone number, email address and social media presence for the Virtual Annual Meeting. A panel of SECO employees interacted with members who posed questions and comments that were read and answered during the meeting by CEO Jim Duncan.

 

Mr. Duncan concluded the Virtual Annual Meeting by saying, “I appreciate you joining us and participating in the cooperative governance process.” He reminded members to stay tuned for the live prize drawing.

 

The meeting ended with the announcement of prize winners. All members who voted were entered into the random drawing for 100 prizes. Russell Rager from Tavares won the 2011 GMC Canyon 4X4 Extended Cab. A commercial member under The Stardust Collection account from Lake Panasoffkee won the golf cart that was provided at cost by The Villages Golf Cars. The four $1,000 winners are James Wilson from The Villages, Christine Hankla from The Villages, Kenneth A. Merritt from Center Hill and Leonard J. George from The Villages. Other prizes including Apple TVs, Instapots, toolsets, Amazon Fire tablets and airfryers will be shipped directly to winners. SECO will arrange for delivery of grand prizes. View the complete list of prize winners.

 

“Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates. If you missed the virtual meeting, visit SECOEnergy.com>Your Co-op>Annual Meeting to view the video.