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SECO Energy Board of Trustees Selects New CEO

SECO Energy’s Board of Trustees recently voted to hire a new CEO to step into the shoes of retiring CEO Jim Duncan, who led the cooperative as CEO for most of his long and distinguished 43-year tenure. SECO Energy currently provides electric service to 220,000 homes and businesses across seven counties in fast-growing Central Florida. SECO Energy is a J.D. Power award-winning electric utility and is a frontrunner statewide and nationally with the American Customer Satisfaction Index (ACSI).

 

The candidate selected by the Board of Trustees from both internal executives and external applicants is Mr. Curtis Wynn who has been the President and CEO of Roanoke Electric Cooperative in North Carolina since 1997, a not-for-profit electric utility that serves 14,000 members. Prior to that, Mr. Wynn was the Vice President of Member Services, Information Technology, Marketing and Economic Development from 1981 to 1997 at West Florida Electric Cooperative. Mr. Wynn steps in at SECO Energy in time to transition into Jim Duncan’s departure date of January 3, 2022.

 

Mr. Wynn is married with three children and is a graduate of Troy University with a Bachelor of Science Degree in Business Administration & Management Information Systems. With nearly 42 years of experience in the electric cooperative industry, Mr. Wynn’s resume reflects a long list of awards and accomplishments showing a history of supporting creative solutions that are turning the challenges of the energy industry evolution into major opportunities.

 

Mr. Wynn also serves or has served on a variety of boards including: immediate past board president, National Rural Electric Cooperatives Association (NRECA); past president, vice president and secretary-treasurer of North Carolina Electric Membership Cooperative; board member, North Carolina’s Association of Electric Cooperatives; board member, Meridian Cooperative (formerly Southeastern Data Cooperative – SEDC); and past nominating committee member, CoBank.

 

SECO Energy is a not-for-profit electric cooperative, operated for and owned by its members. SECO’s nine-member Board of Trustees consists of members who live in SECO’s service area. They are elected to oversee the governance of the cooperative. Each Trustee on the Board is elected by the members who reside in his/her District. Collectively, the Trustees are responsible for establishing, reviewing and revising corporate policies to ensure that SECO continues to preserve reliable, affordable service for all members.

 

SECO Energy Board of Trustees President Richard Dennison stated, “Welcome, Mr. Wynn. Our expectation is that you continue the extremely successful legacy that CEO Jim Duncan nurtured throughout his career with SECO Energy and to see our cooperative into the future supporting our strategic goal of providing affordable, reliable electric service.”

 

To view brief bios of SECO Energy’s Board of Trustees and a District boundaries map, visit SECOEnergy.com>Your Co-op>Board of Trustees. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.

 

SECO Energy Board of Trustees Elect 2021 Officers

The SECO Energy Board of Trustees elected three officers at the Board of Trustees Meeting on Monday, March 29. President and District 4 Trustee Richard Dennison was elected to continue his tenure as Board President. District 3 Trustee Gerald Anderson who had previously served as Secretary/Treasurer was elected as the Board Vice President and District 2 Trustee Joyce Anderson was elected Secretary/Treasurer.

 

Board President Richard Dennison lives in Marion County and has been a SECO member since 1999. Trustee Dennison was first elected to the Board in 2015 and was re-elected as the District 4 Trustee in February 2020. Mr. Dennison has served as Board Vice President, and Monday’s election began his second term as Board President.

 

District 3 Trustee and Board Vice President Gerald Anderson lives in The Villages. A SECO member since 2013, Trustee Anderson was elected to the Board in 2019. Mr. Anderson formerly served as Board Secretary/Treasurer.

 

Newly elected Board Secretary/Treasurer and District 2 Trustee Joyce Anderson resides in Sumterville. Trustee Anderson is the first woman to serve on SECO Energy’s Board of Trustees and as a Board officer. Mrs. Anderson was elected to the Board in February 2020 and has been a SECO member since 2017.

 

CEO Jim Duncan congratulated the 2021 officers. Duncan stated, “Congratulations, Mr. Dennison, Mr. Anderson and Mrs. Anderson on your election as Board officers. Your elevation to Board officers shows your Board peers have confidence in your ability to lead the Board for the collective benefit of the entire SECO membership. I am grateful for your service to our members and the cooperative as a whole.”

 

The Board of Trustees also welcomed newly elected District 9 Trustee Morgan Hatfield to her first Trustees’ Meeting. Ms. Hatfield who lives in Paisley was elected in February 2021 and has been a SECO member since 2019.

 

“Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates. Visit our Board of Trustees page to view a short bio of SECO’s Board members. Use the interactive District Map to determine the District and Trustee of your SECO Energy service location.

SECO Energy Returns $6.1 Million to Members

SECO Energy has positive financial news for its 210,000+ members. The not-for-profit electric cooperative is retiring a record $6.1 million in Capital Credits to current and former members. During the September Board Meeting, the SECO Board approved the record-high $6.1 million Capital Credit retirement.

 

Current members will see their portion of the retirement on their November billing statement. Look for a line item labeled “Capital Credit Ret.” Active commercial members with retirements over $600 will receive a check. Former members who receive a retirement over $10 will receive a check at their last known mailing address.

 

Capital Credits are unique to not-for-profit, cooperatively structured businesses. SECO members own a portion of the cooperative’s equity. Members’ energy purchases build patronage capital. 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.

 

CEO Jim Duncan stated, “I am especially pleased that SECO can offer members a record-high Capital Credits retirement payout this year. The COVID-19 pandemic and economic uncertainty have been stressful. Capital Credits are a tangible benefit of the not-for-profit cooperative business model. The cooperative has retired over $72.9 million to current and former members since energizing the first few hundred services in 1938.”

 

Capital Credits are the accumulation of all prior years’ revenues after SECO’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 in accordance with the cooperative’s not-for-profit 501(c)12 status. Annually, SECO examines the cooperative’s financial position and makes a recommendation to the Board of Trustees on the retirement of Capital Credits. The $6.1 million Capital Credits retirement pays out a portion of SECO’s equity to current and former members.

 

Interested in learning more about Capital Credits? Visit our Capital Credis page. Like” SECO on Facebook and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.

SECO News, November 2020

 

Duncan’s Digest – Capital Credits – Co-op Membership Pays $6.1 Million

 

Last month I announced a higher member-favorable Power Cost Adjustment (PCA) or “Hot Bucks” credit. This month, I have more good financial news. During the September Trustees’ Meeting, your Board approved a record-high Capital Credit retirement of $6.1 million to current and former members. Look for your Capital Credit retirement on your November bill.

 

May 2018 SECO News Duncan's Digest

 

The concept of Capital Credits is unique to not-for-profit, cooperatively structured businesses. You and your fellow 210,000+ cooperative members own a portion of SECO Energy’s equity. Your energy purchases build patronage capital. 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 $6.1 million retirement means SECO is returning a portion of the cooperative’s equity to current and former members.

 

Current members will see the retirement amount on the November billing statement as a line item labeled “Capital Credit Ret.” All active commercial members with retirements over $600 will receive a check. Former members who receive a retirement over $10 will receive a check as long as they’ve kept SECO advised of an updated mailing address. If you move out of SECO’s service area, keep your mailing address updated so we can send future Capital Credit retirements your way.

 

For many, the COVID-19 pandemic and economic uncertainty of 2020 have been stressful. I am pleased that our members will receive a tangible benefit of the not-for-profit cooperative business model with a $6.1 million Capital Credit retirement this year. Since we energized the first few hundred members’ services in 1938 as Sumter Electric Cooperative, Inc. to now doing business as SECO Energy, we have retired $72.9 million to current and former members.

 

It is our privilege to be your electric provider.

 

Sincerely,

 

Jim Duncan

Chief Executive Officer

 

 

SECO News November 2020 Duncan's Digest Extra Prepaid Meter Upgrade Serves As AMI Pilot Project

Duncan’s Digest Extra – Prepaid Meter Upgrade Serves as AMI Pilot Project

 

You’re hearing from me twice this month due to important news that will affect the 6,300 members currently enrolled in the SECO Energy MyWay PrePay program.

 

Currently, the prepaid program uses an electric meter with an older cellular data communications system to send automated daily meter readings back to SECO. Members enrolled in the prepaid program can log in to their online accounts/apps to view their daily energy use and to use a flexible “pay-as-you-go” approach to their energy use.

 

Unfortunately, the cellular communications infrastructure currently used in these meters is becoming outdated with the advent of LTE and 5G. The meters and backbone system must be updated to remain operational as a prepaid program before year-end 2020. At the same time, this equipment upgrade allows SECO to fulfill a secondary purpose as a pilot project for a potential future AMI (Advanced Metering Infrastructure) system. Lastly, it allows SECO to offer a future time-of-use (TOU) rate to members with electric vehicles to save money by charging in lower-cost off-peak periods.

 

We have partnered with Honeywell to replace the existing and soon-to-be outdated prepaid meters with a device that offers more advanced utility-based capabilities. Recently, Honeywell joined forces with Verizon to bring AMI meters to utilities using 4G/5G Long Term Evolution (LTE) cellular data. The new AMI meters use two-way communication protocol between the utility database and the meter using the same data communications infrastructure used in your cell phones.

 

In November and December, SECO-contracted technicians will replace old prepaid meters with new Honeywell AMI meters that use Verizon cellular communications technology. Bringing an AMI program into our service area with its mix of rural, suburban and metropolitan areas will be a technical challenge. This pilot project using Honeywell’s meter and Verizon’s latest cellular technology may well prove to be the answer to our members’ needs.

 

Immediately upon installation at our prepaid account locations, the new Honeywell AMI meters will supply daily usage readings through two-way communication protocol. In the future when the Meter Data Management system is integrated with SECO’s online account platform, Smart Hub, members with the Honeywell meters will be able to see 15-minute interval usage data – to have an even closer look into their energy use habits.

 

AMI systems save significant labor dollars for many utilities. The new Honeywell meter also offers SECO the ability to detect outages, troubleshoot and reconnect/disconnect service remotely – which means improved efficiency for SECO and faster service for members who need to transfer service in a move, disconnect service or establish brand new service with SECO.

 

We have high hopes for the success of this pilot project and will review results with SECO’s Board of Trustees. If the system is successful, the Board may decide to move forward with systemwide AMI deployment in the future after evaluating a full business case. This will pave the way for all of our members to benefit from a more advanced look at their energy usage behavior and the ability to embrace energy efficiency measures if they so choose.

 

AMI FAQ

 

WHO WILL INSTALL THE AMI METER?

 

A SECO-contracted meter technician will install the new AMI meter and remove the old one. All SECO contractors carry company ID, and their trucks are clearly marked with a SECO Energy Authorized Contractor decal.

 

WILL MY SERVICE BE INTERRUPTED WHILE THE METER IS REPLACED?

 

Yes, but just briefly. You will experience a brief interruption of a few minutes while the meter is exchanged. Technicians will courtesy knock before performing the meter exchange and will leave a door hanger as well. You do not need to be home for the meter exchange.

 

WILL THE METER’S CELLULAR TRANSMISSION AFFECT OTHER DEVICES IN MY HOME?

 

No. The cellular data of other devices in your home will not be affected or interrupted.

 

IS THE HONEYWELL METER SAFE?

 

Yes. The Honeywell meter uses an industry standard cellular communications system, just like your cell phone. The components of the meter and communication module are UL (Underwriter Laboratories) certified.

 

WHAT ARE SOME OF THE ENHANCED CAPABILITIES OF AMI METERS?

 

A fully-developed AMI system allows members to review their energy usage in almost real-time. SECO can transfer, reconnect/disconnect, and troubleshoot the service remotely. When an AMI system is deployed for all members, you can choose your billing date, set usage threshold alerts, have access to money-saving dynamic rates and much more.

 

I AM A MYWAY PREPAY MEMBER WHO WOULD LIKE TO OPT-OUT OF RECEIVING AN AMI METER. WHAT CAN I DO?

 

Without an AMI capable meter, the prepaid program cannot function properly. At this time, MyWay PrePay members can choose to unenroll from the prepaid program by requesting to change their account type to a postpaid, traditionally billed account if they would like to opt-out. Members can visit Contact Us, call or email Customer Service to opt out.

 

NOTE: Postpaid accounts are subject to a security deposit. SECO will complete an Equifax Utility Score Check upon request to change a prepaid account to a postpaid, traditionally billed account.

 

 

Making a Difference at Christmas with Toys for Tots

Toys for Tots

 

Once again, SECO Energy employees are spreading Christmas cheer by taking part in our annual corporate Marine Corps Reserve Toys for Tots drive. We’ve had friendly competition between employees and departments in years past to collect the most bicycles and other donated toys. SECO Energy’s Pennies from Heaven program has pledged $5,000 this year to complement employees’ Toys for Tots donations.

 

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. We foresee a great need for children’s toys this year as many local families were affected by the COVID-19 shutdown.

 

Members can take part, as well. Join SECO in spreading Christmas joy by donating a new unwrapped toy for our annual Toys for Tots drive. Our five Member Service Centers in Eustis, Groveland, Inverness, Ocala or Sumterville serve as public drop-off locations from November 2 to December 7.

 

SECO Energy’s Pennies from Heaven program rounds up members’ bills to the nearest dollar and uses the extra pennies to 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 Pennies from Heaven to enroll in the program. Thank you in advance for your generosity.

 

Members who would like to register to receive toys donated through Toys for Tots can Request a Toy on their website.

 

 

SECO News October 2020 EV Charger Winner!

EV Charger Winner!

 

Justin Allender from Clermont is the October winner of a SECO Energy branded JuiceBox Pro 40 EV Level 2 charger. We’re giving one charger away each month while supplies last. To enter, text “EV” to (352) 320-4500 for a link to enter. Or click on the EV Charger Giveaway homepage banner.

 

Learn more about the benefits of electric vehicle ownership on our EV website pages. You’ll find an EV savings calculator, information about CO2 reduction, an EV and PHEV model finder and a nationwide charger-finder map. Visit our Electric Vehicles page for more details.

 

Watch SECO News for next month’s charger winner.

 

 

SECO News November 2020 Toys for Tots Word Search

Toys for Tots Word Search

 

Get into the holiday spirit by completing our Toys for Tots Word Search. Donate a new, unwrapped toy for Toys for Tots at one of our Member Service Centers from November 2 to December 7.

 

November 2020 SECO News word search

 

 

Safety Corner

Safety Corner Decorating Safely

 

Do you live in a neighborhood with area light posts/poles? Please refrain from using these to display your holiday decorations. For safety reasons, SECO does not allow members or homeowners’ associations to use our poles for decorating purposes. Light poles and posts are not made for or rated for the added weight of decorations, signs or banners.

 

We also prohibit members from adding decorations, signs, advertisements, banners or sports equipment to SECO poles. Nailing, stapling or tacking items to poles degrades their structural integrity. Sharp protrusions can also injure or puncture a SECO employee or contractor or damage their protective equipment such as gloves and sleeves. The pole’s ground wire can also be damaged. More important, we don’t want our members to be injured while hanging lights or decorations from a pole not meant to support the weight of the décor or ladder leaned against it.

 

Learn more about our Keep It Clear – We Work Here safe clearance requirements around poles, meters, transformers and secondary enclosures.

 

 

SECO News November 2020 Advice From The Old Farmer's Almanac & USDA Weather Stats

Advice from The Old Farmer’s Almanac & USDA Weather Stats

 

SECO Energy’s service territory falls into the Department of Agriculture’s “Zone 9” for plant hardiness. Zones are determined by the average annual extreme temperature over the last 30 years in the area. Zone 9’s extreme minimum temps range from 20-30 degrees Fahrenheit – which is quite warm compared to the rest of the nation. Visit the USDA.gov website to learn more about plant hardiness zones.

 

Plant bulbs this fall for beautiful blooms in the spring. For a winter flower garden, The Old Farmer’s Almanac recommends planting grape hyacinth or winter aconite. Create spring blooms by planting bluebells, daffodils, fritillary, bearded or Siberian iris, ornamental onion and spring starflowers. These bulb varieties like well-drained soil and full sun – perfect for Florida!

 

 

SECO News November 2020 Energy-Efficiency Extra Schedule an HVAC Tune-Up

Energy-Efficiency Extra Scheduled an HVAC Tune-Up

 

Fall is officially here, and cooler temperatures have arrived in Central Florida. Before the winter chill sets in, schedule an HVAC tune-up with a licensed technician. HVAC units that receive regular service function more efficiently and use less energy to heat (or cool) your home.

 

Preventative maintenance will extend the life of your HVAC unit and help you avoid an unexpected, costly repair bill. Set a calendar reminder to change your unit’s air filter monthly or follow the manufacturer’s suggested filter change schedule.

 

For more energy-efficiency tools, visit our Energy Efficiency page. Our Home Energy Assessment is an online energy audit that provides energy-efficiency advice tailored to your home’s features and lifestyle. The Energy Estimator calculates the amount of energy used and associated costs for the electronics, appliances and just about anything that uses electricity in your home. Submit with an email address to receive low-cost energy-efficiency tips specific to your home.

 

Read the full November 2020 SECO News online.

SECO News, March 2020

 

Duncan’s Digest – SECO Energy’s 82nd Annual Meeting

 

Our 82nd Annual Meeting is Saturday, March 28, at 293 S. US Highway 301 in Sumterville. Registration opens at 8 a.m. and the Business Meeting begins at 10:30 a.m. The live prize drawing is held after the Business Meeting and wraps up around noon.

May 2018 SECO News Duncan's Digest

 

Even if you can’t attend, there are ways to win this year. All members are invited to vote on Annual Meeting business in advance. On the SECO Energy homepage, click on the VOTE banner and cast your vote prior to Thursday, March 26 at 5 p.m. for a chance to win a golf cart, gift cards, bill credits, tools, Nest thermostats, Apple TVs, air fryers, Instapots, Ring doorbells and other great prizes. See the complete prize list on page four.

 

If you do attend the March 28 meeting, you’ll enjoy a light breakfast and entertainment by Margo Rochelle & Rodeo Drive Band. Each registered member will receive our 2019 Annual Report, a special gift and an LED from our wholesale power provider Seminole Electric Cooperative.

 

This year, there are three ways to win. Members who attend the Annual Meeting are eligible for the door prize drawing that begins at the conclusion of the Business Meeting. If you RSVP online and attend the Meeting, you are entered into a drawing for a $300 bill credit. And again, there are great prizes for members who vote on Annual Meeting business by mail or online before March 26 at 5 p.m. Attendance is NOT required to win.

 

The grand prizes for Annual Meeting attendees are a refurbished 2010 Chevy Colorado 4X4, an electric golf cart, four cash prizes, bill credits, Kindles, Apple TVs, Ring doorbells, air fryers, Instapots and more. Turn to page four for a list of all prizes.

 

Even if you RSVP and vote in advance, you must register upon entrance to receive your ticket set for breakfast, gifts and the door prize drawing. For speedy registration, bring a copy of your bill. Photo ID is required. The prize ticket barrels are located just after Registration Tents. The map on the next page clearly marks the Stations.

 

Visit the Energy Showcase to learn more about energy efficiency, talk with energy-efficiency vendors and stop by Station 4 in the same tent for your free LED. Enjoy live music under the Pavilion and find a dance partner. Visit our electric vehicle (EV) show behind the Energy Showcase tent. EVs include brands like Tesla, Porsche, BMW, Chevy, Nissan, Honda and more.

 

You’ll find a variety of seating areas with sound and screens. We accommodate 3,600 in the covered Pavilion and another 2,000 in the grass areas. Picnic and high-top tables are first-come, first-served. You are welcome to bring your own picnic blankets or folding chairs.

 

To vote electronically and/or RSVP, click on the homepage banner. Follow the instructions to view and vote on the Board-recommended Bylaws Revision and the 2019 Annual Meeting Minutes.

 

To vote and/or RSVP by mail, follow the instructions in the Official Annual Meeting Notice included with billing statements mailed February 14 through March 13. You can drop off your ballot at a Member Service Center or enclose with your payment. To be counted for advance voting, all mail and electronic votes must be received by 5 p.m. on Thursday, March 26.

 

Don’t forget to “like” SECO Energy’s Facebook page and post a selfie during the event. All members who interact on Facebook during the meeting are entered into a drawing to win a $300 SECO bill credit. You must be present during the live door prize drawing to win.

 

On behalf of myself, the Board of Trustees and all SECO employees, we look forward to hosting our 82nd Annual Meeting on March 28 and seeing you there.

 

Sincerely,

 

Jim Duncan

Chief Executive Officer

 

Read the full 2020 March SECO News online.

SECO Energy District 4 Members Re-elect Trustee Richard Dennison

SECO Energy members residing in District 4 re-elected incumbent Trustee Richard Dennison. A large crowd of District 4 members gathered at the Marion Oaks Community Center on February 20 to elect a Trustee to represent their District on SECO’s Board of Trustees. Mr. Dennison currently holds an officer position on the Board as Vice President.

 

SECO Energy is a not-for-profit electric cooperative, operated for and owned by its members. SECO members who reside in the District elect one of their fellow members to serve on SECO’s nine-member Board of Trustees. SECO Energy CEO Jim Duncan stated, “Collectively, the Board represents the SECO membership, meeting monthly to monitor the financial status of the cooperative while providing fiduciary oversight and participating in policy decisions that serve the best interests of the members at large.”

 

Mr. Dennison declared his willingness to serve the members of District 4 by submitting his letter of intent to run for Trustee. Elected Trustees serve a three-year term. A SECO member since 1999, Trustee Dennison lives in Ocala and was first elected to the Board in 2015. Mr. Dennison ran unopposed and even though Mr. Dennison was the only candidate, the Bylaws require that SECO hold a District Meeting. Subsequently, Florida Statute requires SECO to hold in-person elections.

 

Trustee Dennison stated, “I began my campaign months ago and am grateful for the members in District 4 who came out today and voted to re-elect me as the District 4 Trustee. It is truly an honor that my fellow members have continued to place their faith in me. I want you to know it is a pleasure to work in this role at SECO because we all get along for the good of the cooperative. The Board members, the senior management and the employees of this well-run company make this work fulfilling.”

 

President Jerry Hatfield stated, “Congratulations, Mr. Dennison on your re-election as District 4 Trustee. On behalf of my fellow Board officers and peers, we look forward to continue working with you.”

 

CEO Jim Duncan stated, “I would like to thank the members of District 4 for engaging with SECO in the democratic process to elect a Trustee to represent your District. Congratulations Mr. Dennison on re-election as District 4 Trustee. I appreciate your community-minded enthusiasm and your dedication to your fellow members.”

 

Visit our Board of Trustees page to view a photo and brief bio of SECO’s Trustees along with a District Map. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.

SECO Energy District 2 Members Elect Joyce Anderson as New Trustee

SECO Energy members residing in District 2 elected Joyce Anderson as their new Trustee. District 2 members gathered at the Sumter County School Board building on February 11 to elect a Trustee to represent their District on SECO’s Board of Trustees. Ms. Anderson lives in Sumterville and is the first woman to be elected to the SECO Energy Board of Trustees.

 

SECO Energy is a not-for-profit electric cooperative, operated for and owned by its members. SECO members who reside in the District elect one of their fellow members to serve on SECO’s nine-member Board of Trustees. SECO Energy CEO Jim Duncan stated, “Collectively, the Board represents the SECO membership, meeting monthly to monitor the financial status of the cooperative while providing fiduciary oversight and participating in policy decisions that serve the best interests of the members at large.”

 

Along with Ms. Joyce C. Anderson of Sumterville; from The Villages Mr. John F. Baileys; Mr. Joe W. Elliott; Mr. Peter N. Hill; Mr. Neil R. Hoffman; Mr. Lee R. Linn; and Mr. Dale J. Williams declared their willingness to serve the members of District 2 by submitting their letter of intent to run for Trustee. Elected Trustees serve a three-year term. Trustee-elect Anderson will attend her first official Board of Trustees’ meeting on Monday, March 30.

 

Trustee-elect Anderson stated, “I am excited and honored to serve as a SECO Energy Trustee, and proud to be the first woman elected to the Board. I greatly appreciate the support of my fellow District 2 members. SECO members and continued member satisfaction will be my highest priority.”

 

President Jerry Hatfield stated, “Congratulations, Ms. Anderson on your election as District 2 Trustee. On behalf of my fellow Board officers and peers, we welcome you and look forward to working with you.”

 

CEO Jim Duncan stated, “Congratulations Ms. Anderson on your election as District 2 Trustee. Thank you to the members in District 2 who assembled to democratically elect your new Trustee to represent your District on the Board. In District 2, a total of seven candidates expressed a willingness to serve their fellow members and the membership at large.”

 

Duncan continued, “Thank you Mr. Baileys, Mr. Elliott, Mr. Hill, Mr. Hoffman, Mr. Linn and Mr. Williams for your interest. It is truly amazing to have seven candidates eager to be of service to their cooperative and our members.”

 

Visit our Board of Trustees page to view a photo and brief bio of SECO’s Trustees along with a District Map. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.

SECO Energy Returns $3.5 Million to Current and Former Members

Just in time for the holiday season, SECO Energy’s Board of Trustees approved a Capital Credits return (retirement) of $3.5 million to current and former members. Since SECO Energy was founded in 1938 as Sumter Electric Cooperative, Inc., the cooperative has retired more than $66.8 million to current and former members.

 

SECO Energy is a not-for-profit electric utility. As such, SECO’s almost 210,000 members own a portion of the cooperative’s equity and their energy purchases build patronage capital. Ownership is defined through the annual process of allocating each member’s share of the co-op’s margins from the prior year. The annual amounts for each member who purchases electric service during the year are referred to as Capital Credit allocations.

 

Capital Credits are the accumulation of all prior year’s revenue after the co-op’s operating costs and expenses are paid. These credits are allocated on a pro-rata basis to each SECO Energy member’s account as Capital Credits. Annually, SECO examines the financial position of the cooperative and makes a recommendation to the Board of Trustees on the “retirement” of Capital Credits.

 

CEO Jim Duncan stated, “This year’s Capital Credits retirement of $3.5 million means that a portion of the cooperative’s equity is being returned to current and former members. Each current member who receives a 2019 Capital Credits retirement will see the retirement amount on the November billing statement listed as a line item. Commercial members with retirements over $1,000 will receive a check.”

 

Current members will find their retirement on the November billing statement a on line item labeled “Gen. Ret. Credit.” Former members receiving a retirement will be mailed a check. Former members should update their current address with the cooperative to receive future Capital Credits returns.

 

This year’s $3.5 million Capital Credits retirement is a lower number than in years past. The cost of delivering power to new members, constructing new facilities to meet new members’ demand for power and maintaining existing infrastructure is rising faster than SECO’s revenues.

 

To learn more about Capital Credits online. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.

SECO Energy Trustee Richard Belles Resigns

SECO Energy announced today that District 3 Trustee Richard Belles has resigned from the Board of Trustees. Belles was elected initially in 2013 and has been a SECO Energy member since 2001.

 

Per the SECO Energy Bylaws, the cooperative will hold a special District 3 Meeting in the near future to elect a new Trustee. District 3 members will be invited to the special meeting and provided with instructions about Trustee candidacy and the election via a District Notice letter.

 

SECO Energy is the third largest cooperative in the state and the seventh largest in the nation. At the end of 2018, the not-for-profit cooperative was delivering power to 205,887 service locations.

 

The reliability of SECO’s $878.7 million electric system remains stellar. In 2018, the cooperative invested $3.3 million per month to extend facilities to new members and improve reliability to existing members. The cooperative’s 2018 ACSI (American Customer Satisfaction Index) score rose to 89.

Members Re-elect District 3 Trustee Richard Belles

SECO Energy District 3 members gathered at The Villages’ Savannah Center on Thursday, January 24 to elect a Trustee to represent their District on SECO’s Board. Members voted to re-elect District 3 Trustee Richard Belles. A SECO member since 2001, Mr. Belles was first elected to the Board in 2013.

 

SECO Energy is a not-for-profit electric cooperative, operated for and owned by its members. SECO members who reside in the District elect one of their fellow members to serve on SECO’s nine-member Board of Trustees. Collectively, the Board represents the SECO membership, meeting monthly to monitor the financial status of the cooperative while providing fiduciary oversight and participating in policy decisions that serve the best interests of the members at large.

 

In January, both Mr. Belles and fellow District 3 resident Bryan Lifsey declared their willingness to serve the members in District 3 by submitting letters of intent to run. On the afternoon of January 24, a large crowd assembled in the Savannah Center to elect a District 3 Trustee for a three-year term.

 

Trustee Belles stated, “Thank you District 3 members for choosing me as your Trustee. I am humbled and honored by your support and trust. It is a pleasure to work on your behalf with my fellow Trustees, and I look forward to continuing my Board service.”

 

President Jerry Hatfield stated, “Mr. Belles’ Board service has had a meaningful impact on SECO’s improved reliability, financial stability and customer service recognitions and success. I congratulate him on his re-election and I look forward to his assistance in serving our fellow SECO members.”

 

CEO Jim Duncan stated, “Congratulations to Mr. Belles on his re-election and thank you District 3 members for participating in your District Meeting. SECO’s Board of Trustees is an important piece of the cooperative process. They are a fiscally responsible group who is very supportive of SECO, its members and employees. I am grateful for our Board’s fiduciary guidance and oversight, and their collective knowledge of the utility industry.”

 

Duncan continued, “I hope members plan to attend our Annual Meeting on Saturday, March 23. We will be serving breakfast, snacks, visit the Energy Showcase for energy-efficiency displays, enjoy live entertainment and the chance to win door prizes. The grand prizes this year are a refurbished 2009 Ford SuperCab 4-wheel drive with less than 60,000 miles, a golf cart, cash and many other prizes.”

Visit our Trustees page to view a photo and read a brief bio of SECO’s Trustees along with a District map. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.