Capital Credits – SECO Energy

SECO News November 2024

DEAR MEMBERS,

SECO Energy has been faithfully serving Central Florida members since 1938. In that time, we have experienced momentous growth. From energizing the fi rst 400 rural farmsteads over 85 years ago, SECO has grown into a robust regional utility that serves over 245,000 meters. The demand for affordable energy is increasing along with our population. We plan to ensure that the highly-ranked responsiveness and reliability that you deserve continue.

In 2022, our Executive Leadership Team extensively studied the functionality and operability of our aging office buildings, warehouses, and staging areas. We have more than outgrown our buildings – some date back to the 1930s and ‘40s. Yet, our dedicated team has remained committed to serving you – working in less-than-ideal conditions every day. Their resilience and dedication are truly commendable. Offices designed for one person are occupied by two or more employees, departments are isolated by outdated office layouts, and our fi eld service workers are mired in substandard working conditions. Moving vehicles around the property is inefficient and frustrating; it’s beyond expensive and highly unsafe.

A change is needed; our employees deserve better. SECO Energy is launching an Expansion and Improvement plan that includes new buildings to optimize working conditions in an environment that promotes safety, collaboration, and efficiency. This is exciting news. We want to continue to build the SECO culture that has fueled our success for all these years.

In early 2026, look for SECO to embark on our expansion plan to support our growth well into the future. The project features adequate workspaces designed to foster collaboration and teamwork. Staging, maintenance, and storage areas will be combined – not separated – to optimize workflows and efficiencies. Crews who work in extreme weather and temperatures will have updated washrooms and locker areas. Spaces for team meals and breaks will foster togetherness and a unified One SECO company culture.

Among the many goals that our Board has charged us with is to become the employer of choice in our region to attract and retain top talent. That aspiration is a major reason why we are so excited about this plan and confident it will propel us forward while creating more jobs, fueling our local economy, and creating more opportunities for everyone – all in the service of our growing membership.

SECO Energy is confident that this important and much-needed plan is the right step for our cooperative – promising our continued world-class reliability and dedication to serving you. Thank you for being a valued SECO Energy member. Happy Thanksgiving!

Sincerely,

CURTIS WYNN

Chief Executive Officer

AT SECO ENERGY, WE BELIEVE IN PUTTING OUR MEMBERS FIRST.

As a not-for profit cooperative, our primary goal is to serve you, not to generate profits. When we do have excess funds – what we call margins – we’re excited to return those to you through Capital Credits, also known as member equity. Keep an eye out for your Capital Credit refund on your November billing statement; it’s our way of saying thank you for the opportunity to serve your electric energy needs.

As a member, you’re not just a customer; you’re a part-owner of SECO Energy. This means that any money left over after we cover our operating expenses gets shared with you based on how much electricity you’ve used over the year. We’re thrilled to share that at our recent September Board Meeting, our Trustees approved the return of $1.65 million in member equity to both current and former members.

We also take pride in reinvesting the funds that aren’t yet retired back into our infrastructure. This ensures that we continue to improve reliability and keep pace with the tremendous growth we are seeing here in Central Florida. At the end of 2023, we reached a significant milestone with over $1.2 billion invested in our electric plant and assets, all aimed at enhancing the electric service we provide you with every day.

Capital Credits are more than just numbers on a statement; they represent our deep commitment to you and the communities we serve. This unique aspect of cooperatives reflects the cooperative difference—where your voice and your needs truly matter. Thank you for being an integral part of the SECO Energy family!

Join SECO Energy employees as they suit up to play Santa again this year for our annual Marine Corps Reserve Toys for Tots donation drive. Jingle all the way to one of our five Member Service Centers and donate a new unwrapped toy.

The primary goal of Toys for Tots is to help bring the joy of Christmas and send a message of hope through the gift of a new toy to thousands of children across the United States. Since 2001, Toys for Tots has been ranked as one of the top-rated charities by “Philanthropy 400.”

Retired Marines and other volunteers operate Toys for Tots. Toys donated by SECO employees and members are gifted to children within the local community. Members who want to register to receive toys donated through Toys for Tots can visit ToysforTots.org > Request a Toy.

Santa’s elves are collecting toys at our Member Service Centers in Eustis, Groveland, Inverness, Ocala, and Sumterville, serving as public drop-off locations between November 1 and December 6. Help SECO spread Christmas cheer, goodwill to men, and Peace on Earth during this holiday season by donating to Toys for Tots.

SECO is committed to improving the communities we serve, from supporting local schools to investing in renewable energy.
These principles aren’t just words; they’re the foundation of how SECO Energy operates, ensuring that we serve you, our members, with fairness, transparency, and care.

Read the full November SECO News.

SECO Energy and Gresco Utility Supply Celebrate Capital Credits Partnership

SECO Energy, the trusted electric cooperative serving over 235,000 homes and businesses in Central Florida, recently celebrated a significant milestone in its partnership with Gresco Utility Supply, a fellow not-for-profit cooperative. This partnership has proven to be a significant benefit to SECO Energy and its members through Capital Credits delivered to SECO by another cooperative with which SECO does business.

Gresco President & CEO, Steve Gramling, presented SECO Energy CEO, Curtis Wynn, with a check totaling an impressive $2.1 million. This check represents SECO’s share of Gresco’s current Capital Credits retirement cycle, showcasing the strength of their collaboration.

Gresco Utility Supply, originally formed in 1960 by 15 electric cooperatives, has evolved into a vital supply-chain partner. The company’s portfolio includes an array of products and services in lighting, tools, telecom, solar, EV charging stations, and unmanned aircraft systems. SECO Energy’s partnership with Gresco is integral to its operations, and the electric cooperative reaps allocated margins from Gresco based on its annual supply purchases.

Furthermore, SECO Energy’s equity in Gresco has grown impressively, cementing its position as one of Gresco’s largest member-owners by equity. This long-standing partnership has not only strengthened the cooperation between the two entities but has also delivered substantial benefits to SECO Energy’s members. This most recent capital credit retirement represents 20% of SECO’s patronage with Gresco.

CEO Curtis Wynn applauds the partnership between SECO and Gresco. Wynn stated, “SECO Energy is dedicated to providing innovative energy services to its members and communities. During this time of supply chain constraints, Gresco is SECO’s trusted partner that provides the equipment needed to supply safe, reliable energy that is affordable. Gresco also answers the call during mass restoration efforts after major storm events. The supply chain delivery service Gresco provides to SECO is invaluable.”

In line with this commitment, SECO Energy also returns a portion of its margins in the form of Capital Credits to current and former members. The recent distribution of Capital Credits to current members in their November billing statements further exemplifies SECO Energy’s dedication to its members’ well-being.

This milestone in the partnership between SECO Energy and Gresco Utility Supply underscores the cooperative’s mission to provide exceptional service to its members while fostering collaboration with like-minded organizations.

About Gresco Utility Supply

Gresco Utility Supply is a not-for-profit cooperative formed in 1960 by 15 electric cooperatives. It has evolved into a diverse supply-chain partner, offering products and services in lighting, tools, telecom, solar, EV charging stations, and unmanned aircraft systems to meet the needs of electric cooperatives and their members.

“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 when SECO Energy crews/contractors are working in your area, visit our new System Improvement Map. To learn more about SECO Energy as a not-for-profit cooperative, visit About SECO Energy.

SECO Energy Announces $2.01 Million Capital Credits Retirement to Members

SECO Energy, an electric cooperative serving over 235,000 homes and businesses in seven Central Florida counties, is excited to announce the approval of a $2.01 million Capital Credits retirement to its current and former members. The decision, approved by the SECO Energy Board of Trustees, highlights the cooperative’s ongoing commitment to its members and communities.

Capital Credits are a unique feature of cooperatively formed businesses like SECO Energy. They signify the true cooperative difference, where those purchasing electricity from SECO are not just customers but partial owners of the cooperative. This ownership structure is fundamental to the cooperative business model, allowing SECO Energy to reinvest unretired capital into reliability improvements while ensuring that members receive a return of member-furnished capital.

The retirement of Capital Credits follows a diligent process. After covering all operating costs and expenses, SECO Energy designates the prior year’s excess revenues as Patronage Capital. These margins are then allocated pro-rata to each member’s account as capital credits, representing the percentage of the annual amount of electric service purchased by each member.

SECO Energy Board of Trustees CEO Curtis Wynn remarked, “SECO Energy has a strong tradition of returning Capital Credits to our members. In fact, we have retired nearly $83 million to our membership over the years, with almost $50 million retired in the last decade alone. This represents a significant commitment to our members and communities and exemplifies the cooperative principle of member benefit.”

The role of the SECO Energy Board of Trustees is pivotal in the retirement of Capital Credits. They rigorously review the cooperative’s financial position, consider management’s recommendation, and determine the approval of the Capital Credits return. This process ensures transparency and accountability in how the funds are allocated to the cooperative’s members.

The retirement of $2.01 million in Capital Credits is a testament to SECO Energy’s unwavering commitment to its members. As a cooperative, not-for-profit electric provider, SECO Energy remains dedicated to serving its communities with integrity and dedication.

Wynn emphasized, “SECO members are at the heart of everything we do, and we look forward to providing you with reliable electricity and the benefits of being part of our cooperative family. Your satisfaction and well-being are our top priorities.”

Current members will find the credit on their November billing statement, while former members will receive a check. This announcement underscores SECO Energy’s resolve to fulfill its mission of providing reliable and innovative energy services to its members and communities.

SECO News November 2022

Dear Members,

Your SECO Energy Board of Trustees unanimously approved a Capital Credits retirement of $2.9 million to current and former members. Look for your Capital Credits retirement amount on your November billing statement.

Sumter Electric brought electricity to rural residents of Central Florida through the Rural Electrification Act (REA). In 1938, the cooperative energized its first 400 meters. Now doing business as SECO Energy, we have grown into a regional utility that serves over 225,000 homes and businesses in seven Central Florida counties. We pay tribute to our cooperative founding – rooted in serving impoverished, disenfranchised and hard-to-reach residents who were not provided with electric service by investor-owned utilities.

Capital Credits are a unique financial component of cooperatively structured, not-for-profit businesses. As a member, you are a partial owner of the cooperative. Since our founding, we have regularly retired/returned a portion of the cooperative’s equity to current and former members. SECO Energy has retired over $80 million to its membership.

Your monthly energy purchases build patronage capital – you 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 annual amount of electric service purchased by each member.

After the co-op meets its operating costs and expenses, the prior year’s revenues are accumulated as Capital Credits. These credits are allocated pro-rata to each member’s account as Capital Credits. Yearly, SECO examines the cooperative’s financial position and recommends the “retirement” of Capital Credits. Your Board of Trustees reviews the recommendation and determines the approval of the Capital Credits return. This year’s $2.9 million retirement means SECO is returning a portion of the cooperative’s equity to its membership.

A line item appears on November billing statements labeled “Capital Credit Ret.” 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 retirements to your new address.

SECO Energy is one of the fastest-growing cooperatives in the nation. We are the third-largest distribution cooperative in Florida and seventh largest in the country. Though we are no longer a rural utility, we remain consistent in the not-for-profit practice of returning Capital Credits to our members.

On behalf of the Board of Trustees, thank you for your SECO Energy membership.

Sincerely,

Mike Muffett

District 6 Trustee

Safety Corner-Decorating Safely

Members who live in neighborhoods with area light posts and poles must refrain from using these to display your holiday decorations. This is a safety hazard. Light poles and posts are not made for or rated for the added weight of decorations, signs or banners.

Do not affix signs, advertisements, banners and sports equipment to SECO poles. Nailing, stapling or tacking items to poles increases wear and degrades their structural integrity. Protrusions can injure or puncture an employee or contractor’s protective equipment. The pole’s ground wire can also be damaged. Most important, we don’t want our members injured while hanging lights or decorations from a pole not meant to support the weight of the décor or ladder leaned against it.

Learn about our “Keep It Clear – We Work Here” safe clearance requirements around poles, meters, transformers and secondary enclosures at SECOEnergy.com > Safety > Keep It Clear.

Area Light Outage Reporting

If you notice an area light that is out, flickering, or on during the day, report the malfunction online using LightFinder on our StormCenter platform. LightFinder is available to report outage light issues 24 hours a day, 7 days a week – even on weekends.

To report, visit SECOEnergy.com > StormCenter and choose LightFinder. Enter the pole number or closest address in the search bar in the upper left. An icon represents each light. Working lights are shown as a green icon, while a red icon is a light that has already been reported as malfunctioning. The icon is orange if the light has been repaired in the last 24 hours. A gray icon represents inactive lights and a blue icon is a member-owned light.

Complete the short reporting form and submit your email address to receive updates about the light’s repair status. Most area light issues are repaired within 24 hours.

Vehicle Accidents And SECO Energy Facilities

The National Safety Council (NSC) estimates over 46,000 people died in motor vehicle crashes in 2021. Deaths have increased by 8 percent from 2020 (42,338) and 17 percent from 2019 (39,107). This trend is going in the wrong direction.

Vehicle accidents affect electric service as well. Between January and August this year, vehicle accidents accounted for 52 separate outages, interrupting electric service for 22,576 accounts. Car accidents involving SECO facilities occur almost twice a week on average in our service area.

In 2020, the number of car versus pole/facilities accidents began to rise. That year, 91 separate outages caused by vehicle crashes affecting our facilities interrupted service to 31,170 homes and businesses. In 2021, the number increased again to 99 separate outages affecting 37,907 homes and businesses.

The NSC finds that drivers’ behavior must change to save lives. Drivers may be distracted by passengers or their phones or under the influence of drugs or alcohol.

SECO pursues reimbursement for property damage caused by vehicle accidents through our insurance carrier. But these accidents cost the cooperative and its members. Extensive damage to facilities or a law enforcement investigation creates longer restoration times and member satisfaction suffers. Cooperation with law enforcement and emergency services at a crash scene is a priority.

If you are involved in a crash with downed power lines – stay in the vehicle, if safe to do so, and wait for rescue. Downed lines may be energized and can kill. If you must exit the car, jump away from downed lines, land with both feet on the ground then shuffle and walk away.

DON’T BECOME A STATISTIC. For more ideas on how to be safe around electricity, visit SECOEnergy.com > Safety > Electrical Safety.

Santa’s Coming!

SECO Energy employees are lending a hand to spread Christmas joy and cheer to local children. Our employees generously take part by donating new, unwrapped toys for our annual corporate Marine Corps Reserve Toys for Tots drive.

Members can donate new, unwrapped toys as well. Our five Member Service Centers in Eustis, Groveland, Inverness, Ocala and Sumterville serve as public drop-off locations between November 1 to December 2.

Retired Marines and other volunteers operate Toys for Tots and pick up donations to distribute the toys to children in need. All donated toys are distributed in the local area where they were collected. Members who want to register to receive toys donated through Toys for Tots can visit ToysforTots.org > Request a Toy.

SECO Energy’s Pennies from Heaven program has pledged $5,000 this year to complement employees’ Toys for Tots donations. Our Pennies from Heaven program is transitioning to the SECO Energy Foundation in January 2023. We are excited to expand the giving in our communities.

SECO Energy Foundation Enrollment Change – January 2023

Update your SECO Energy Foundation enrollment status before December 31, 2022. The Pennies from Heaven program is transitioning to the SECO Energy Foundation. All SECO members will be automatically enrolled in the Foundation at year-end unless they have pro-actively unenrolled.

The SECO Energy Foundation’s goal is to increase community outreach and member bill payment assistance. The Foundation will round enrolled members’ bills up to the nearest dollar. The average donation per member whose bill is rounded up is $6 annually.

To update your SECO Energy Foundation enrollment status, visit SECOEnergy.com > Contact > SECO Energy Foundation. Send an email to CustomerService@SECOEnergy.com, call (352) 793-3801 or write to SECO Energy, Attn: Corp Comm, P.O. Box 301, Sumterville, FL 33585 by December 31, 2022.

Public Utility Regulatory Policies Act (PURPA) of 1978

PURPA was enacted to encourage investments in conservation, efficient use of facilities by electric utilities and equitable electric rates. In 2009, PURPA required qualified electric utilities to consider three new 111(d) standards pursuant to the Energy Independence and Security Act of 2007 (EISA).

Recently, the 2021 Infrastructure Investment and Jobs Act (IIJA) requires non-regulated cooperatives (such as SECO Energy), municipal utilities, and state regulators (for regulated utilities) to consider adopting two new standards under Section 111(d) of PURPA.

Following direction from NRECA, SECO does not presently intend to conduct a live hearing but will, via its comment and response periods, along with the opportunity for member attendance at Board meetings where they are allowed to be heard on matters affecting the Cooperative, enable our members to be heard throughout this process. Consideration of standards need to focus on how implementation is consistent with the purpose of PURPA:

the promotion of energy conservation
optimization of the efficiency of use of facilities and resources, and
equitable rates to electric consumers

SECO Energy’s Board of Trustees approved a Resolution at the October 24 Board Meeting to enact the process to consider the two new standards and to engage in a public comment period to consider our members’ input on the topic.

SECO will seek public comments online or via USPS from members beginning April 1, 2023.

Read the full November 2022 SECO News online.

SECO News March 2022

Dear Members,

SECO Energy is experiencing accelerated growth in the residential, commercial and industrial sectors while operating with strong fiscal responsibility. Florida is amid a population uptick. We expect the expansion potential and increasing energy demand to be our norm for a time.

In 2021, we added upwards of 5,700 new active services systemwide. This level of growth in our service area and Central Florida is exciting, challenging and has a positive effect on our financial position. SECO must meet the increasing demand for energy, maintain existing infrastructure and preserve reliability. SECO is very busy keeping up with our growing region and maintaining our existing infrastructure to serve you.

As a not-for-profit cooperative, significant financial investments are made to serve new members and improve your service reliability. At yearend 2021, SECO’s investment in facilities topped over $1 billion and continues to grow. This ongoing facilities’ investment averages over $6 million per month.

We have retained our position as the third-largest Florida electric cooperative and seventh largest nationally out of about 800 distribution co-ops. Among our co-op peers, a growing infrastructure supporting more than 220,000 metered accounts is extraordinary. Our facilities include 48 substations and 13,000 miles of line to reliably serve members.

This past year, with Board of Trustees approval, SECO returned $6.46 million in Capital Credits to current and former members. Since inception, SECO has returned over $80 million in Capital Credits. Assigning and returning margins to our members makes us different from other electric utilities. This is what we like to call “the cooperative
difference.”

We control costs, maintain healthy equity, return excess margins like a true co-op should, and provide competitive rates. It is clear there is a difference when serving members in a not-for-profit environment. And that’s the cooperative difference.

We pledge to provide you with the most reliable and lowest cost electricity possible while not losing sight of the high premium you place on customer service.

Best regards,

Curtis Wynn

Chief Executive Officer

Virtual Business Only 2022 Annual Virtual Meeting

Members, tune in to watch our 84th Annual Meeting live via virtual webcast on Thursday, March 24, at 4:30 p.m. To access the meeting, click on the Virtual Business Meeting homepage banner on SECOEnergy.com. Links to the webcast will also be published on Facebook, Twitter, YouTube, and Instagram.

Though this year’s meeting is a virtual business-only Annual Business Meeting, we need your vote to approve the 2021 Annual Meeting Minutes. You can vote on Annual Meeting business by mail, electronically or by phone. All members who cast a vote are counted as present in person for determination of quorum as stated in the Bylaws Article III, Section E, #4.

We have 100 great prizes up for grabs! All members who vote on Annual Meeting Business (2021 Annual Meeting Minutes) are eligible to win a prize. The grand prizes are a 2012 Chevrolet Colorado Extended Cab truck, a 2019 EZGO TXT gas-powered golf cart and three $1,000 cash prizes. Other prizes include SECO Energy electric bill credits, Wi-Fi programmable thermostats, energy savings kits and more!

Review the list of prizes on page three. To cast your vote electronically, visit SECOEnergy.com and click on the 2022 Virtual Business Meeting Vote homepage banner or text VOTE to (352) 320-2200 and follow the link. To vote by mail, fill out the ballot in your 2022 Official Annual Meeting Notice and enclose it with your electric bill payment.

To vote by phone, call (352) 793-3801 and an agent will assist. Do you have a comment or question for us? Engage with SECO Energy during the 2022 Annual Business Meeting, and your question or comment may be addressed live. Drop us a note via email at SECO2022AM@SECOEnergy.com, give us a call at (352) 329-MEET (answered on March 24 only) or send a message on Facebook or Twitter starting at 3:30 on March 24.

Good luck, and thank you for voting! We’ll see you virtually on Thursday, March 24, at 4:30 for our 84th Annual Meeting.

2022 Annual Business Meeting Prize List

2012 CHEVROLET COLORADO EXTENDED CAB TRUCK
2019 EZGO TXT GAS-POWERED GOLF CART
$1,000 CHECKS (3)
GENERAC GENERATOR
$250 SECO ELECTRIC BILL CREDITS (5)
NEST LEARNING THERMOSTATS (10)
HONEYWELL SMART THERMOSTATS (10)
PREMIUM ENERGY SAVINGS KITS (5)
SENSI SMART THERMOSTATS (10)
$100 SECO ELECTRIC BILL CREDITS (5)
LUX SMART THERMOSTATS (10)
SURGE MITIGATOR SURGE PROTECTION 1-YEAR LEASE (5)
RADIO SMART THERMOSTATS (10)
SMART POWER STRIPS (5)
ENERGY SAVINGS KITS PLUS (5)
AMAZON ECHO DOTS (4)
12-PACK LED LIGHT BULBS (5)
STARTER ENERGY-EFFICIENCY KITS (5)

Celebrate 25 Years of our Surge Protection Program with Free Installation

SECO Energy is celebrating 25 years of its Surge Protection Program with savings for you! We’re offering free installation for all new Surge MitiGator enrollments until May 31. That’s a $25 savings for you during our 25th Surge Protection Anniversary.

SECO’s made in the USA meter-based surge arrester has proven reliable over the past 25 years by reducing or eliminating surges BEFORE they enter your home through the meter. More than 40,000 members are already enrolled in the program.

The Surge MitiGator has a beastly 15-year warranty and is designed to protect your home’s large-motor appliances. Household appliances and sensitive electronics such as televisions and computers can be damaged or destroyed by power surges. These also require point-of-use devices that can be purchased at hardware or big-box retailers for adequate coverage.

Start at the meter base with the Surge MitiGator for the best protection. You can lease the MitiGator for only $5.95 plus tax per month with free installation – a $25 savings. The purchase price ranges from $349 to $399 plus tax – and this includes free installation. Visit SECOEnergy.com > Surge MitiGator and complete the webform to learn more or enroll during this limited free installation promotion.

Read the full March 2022 SECO News online.

Gresco Partnership Pays Capital Credits to SECO Energy

SECO Energy has a long-standing partnership with fellow not-for-profit cooperative Gresco Utility Supply that benefits SECO members in the form of Capital Credits. Gresco’s Senior Vice President of Supplier Relationships Todd McLellan presented CEO Jim Duncan with a check for $336,327 that represents SECO’s share of Gresco’s current Capital Credit retirement cycle.

Gresco Utility Supply was formed by 15 electric cooperatives in 1960. SECO Energy is one of Gresco’s member-owners and earns allocated margins annually from Gresco based on that year’s supply purchases. Gresco has grown from a small cooperative serving the southeastern region into a supply-chain partner with a diverse portfolio that includes products and services in lighting, tools, telecom, solar, EV charging stations and unmanned aircraft systems.

McLellan values SECO’s partnership with Gresco and stated, “SECO Energy is a valued partner of Gresco Utility Supply. We are thankful for our continued relationship with a large and fast-growing cooperative like SECO Energy. A cooperative principle is Cooperation among Cooperatives and is a foundation of both Gresco and SECO’s business models. Cooperatives doing business with other – like -minded cooperatives – makes sense.”

SECO Energy CEO Duncan stated, “Central Florida communities are growing at an astounding pace and SECO Energy is welcoming new members every day. Having a valued supply-chain partner like Gresco enables SECO to procure the construction material we need to meet the growing demand for new services. Gresco also aids in securing material needed to expand and upgrade SECO’s existing electric infrastructure. Gresco is our valued partner and we’re honored to be a member-owner of the cooperative.”

Gresco is SECO Energy’s premier supply partner. SECO Energy’s equity in the company is now over $12,776,000 million making it one of Gresco’s largest member-owners by equity.

As a not-for-profit electric cooperative, SECO Energy also returns a portion of its margins in the form of Capital Credits to current and former members. With the Board of Trustees’ approval, current members received their Capital Credits retirement on their November billing statement.

To learn more about Capital Credits, visit SECOEnergy.com>Your Co-op>Capital Credits. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.

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.

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.

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

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.

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.

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.

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.

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.

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!

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 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.

MY ACCOUNT

AMI

MEMBER PERKS

ENERGY SOLUTIONS

SOLAR

ELECTRIC VEHICLES

SAFETY

VEGETATION MANAGEMENT

RELIABILITY

VEGETATION MANAGEMENT

MEMBER PERKS

YOUR CO-OP

MEMBER PERKS

COMMUNITY

Archive

Safety Corner-Decorating Safely

Area Light Outage Reporting

Vehicle Accidents And SECO Energy Facilities

Santa’s Coming!

SECO Energy Foundation Enrollment Change – January 2023

Public Utility Regulatory Policies Act (PURPA) of 1978

Dear Members,

Virtual Business Only 2022 Annual Virtual Meeting

2022 Annual Business Meeting Prize List

Celebrate 25 Years of our Surge Protection Program with Free Installation

ADVICE FROM THE OLD FARMER’S ALMANAC

TOYS FOR TOTS

WINNERS CIRCLE

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

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

AMI FAQ

Toys for Tots

EV Charger Winner!

Toys for Tots Word Search

Safety Corner Decorating Safely

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

Energy-Efficiency Extra Scheduled an HVAC Tune-Up

NEED HELP? CALL (352) 793 -3801

Search our website

CONNECT WITH US

NEED HELP? CALL (352) 793 -3801

Search our website

CONNECT WITH US