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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.

 

GRESCO delivers Capital Credit check to SECO Energy

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.

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 Energy Earns Capital Credits Through Gresco Partnership

SECO Energy and fellow not-for-profit cooperative Gresco Utility Supply based out of Forsyth, Georgia have a long-standing partnership that continues to pay off for SECO and its members. Gresco presented SECO a check for $265,617 that represents SECO’s share of Gresco’s current Capital Credit retirement cycle.

 

Gresco is a cooperatively-owned business that was formed in 1960 by 15 electric cooperatives that recognized the need for a dedicated supply partner. SECO Energy is one such member-owner of Gresco and thus earns allocated margins annually from Gresco based on that year’s supply purchases. The utility supply cooperative works with hundreds of utilities in the southeast to meet their need for electric and lighting products and services, tools, telecom, solar, EV charging stations and unmanned aircraft systems.

 

Todd McLellan, Gresco’s Senior Vice President of Supplier Relationships, is thankful for the continuing partnership between SECO Energy and Gresco. McLellan stated, “Gresco is proud to be the service provider SECO Energy expects. Cooperatives doing business with fellow cooperatives makes sense. Cooperation among Cooperatives is also one of the seven cooperative principles and is a foundation of Gresco and SECO’s business models.”

 

SECO Energy CFO Gene Kanikovsky stated, “SECO Energy counts on Gresco’s ability to deliver high-quality electric supplies during normal business operations and during critical times. Gresco is one of our most reliable partners. When recovering from Hurricane Irma and preparing for Hurricane Dorian, Gresco was behind us every time. We value our partnership with Gresco and are honored to be one of its member-owners.”

 

Gresco is SECO Energy’s premier supply partner. SECO Energy’s equity in the company is now over $10.5 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 Board of Trustee approval, current members will receive their Capital Credits retirement on their November billing statement. Current commercial and industrial members with retirements over $1,000 will receive a check as will former members who have a forwarding address on file with SECO.

 

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

SECO Earns Capital Credits from Gresco

SECO Energy’s customers are member-owners and SECO – like its members – is a member-owner of other cooperatively structured businesses.

 

GRESCO is one-such cooperatively owned business that is one of SECO’s premier partners. GRESCO is the cooperatives key utility supplier – the company stocks equipment and supplies to help SECO meet its ever-growing power demand.

 

On a yearly basis, SECO Energy returns/retires a portion of equity, called Capital Credits, to its members. Like SECO, GRESCO is structured as a not-for-profit cooperative and follows this practice as well. GRESCO returned a portion of SECO’s share of its margins to the cooperative in the amount of $152,929.

 

Todd McLellan, GRESCO’s General Manager Florida Division is proud of the partnership GRESCO has cultivated with SECO. McLellan stated, “Beginning in 2000, GRESCO and SECO have worked together to develop a long-term partnership. Right now, SECO is GRESCO’s largest equity owner.”

 

Jim Duncan, SECO Energy CEO stated, “GRESCO is one of our most valued and trusted partners. Because GRESCO is a cooperative like SECO, our partnership is even more special. As a not-for-profit electric cooperative, SECO Energy’s top priority is its members, and GRESCO shares that viewpoint as well.”

 

SECO Earns Capital Credits from Gresco, $52.4 Million

 

Duncan added, “Cooperation among cooperatives is a key cooperative principal. Two cooperatives working together – SECO and GRESCO – continue to strengthen the cooperative spirit.”

 

SECO Energy members receive Capital Credits from the cooperative as well. In November, SECO returned a record $5.1 million in Capital Credits to current and former members. Since inception, the company has returned more than $52.4 million to its members. Learn more about Capital Credits.

 

“Like” SECO’s Facebook page and “follow” on Twitter for news releases and cooperative updates.

SECO Extends Gratitude to Hurricane Matthew Partners

In early October, Hurricane Matthew – an extremely powerful Category 3 hurricane – traveled north along Florida’s east coast bringing strong winds and rain gusts to SECO Energy’s service area. SECO enacted its emergency restoration plan to prepare for and recover from Hurricane Matthew successfully – due in part to the assistance from additional contractors and vendors. Their speedy response and willingness to help were truly awe-inspiring.

 

 

SECO proactively organized an army of additional line crews, tree contractors and hospitality-related vendors to aid in its restoration efforts before, during and after Hurricane Matthew. It took an immense collaborative effort to restore power to over 28,000 SECO members in under 36 hours. The average outage was only 129 minutes. SECO members would have been without power for much longer without the willingness and dedication of its employees, contractors and vendors.

 

SECO Energy CEO Jim Duncan stated, “Florida’s Governor, Rick Scott, was engaged and encouraging before, during and after the event. SECO appreciates the thousands of hard working utility workers who joined forces to restore power to millions of Floridians. Without question, SECO is Storm Ready and willing to lend a hand to assist our fellow cooperatives, as well as state municipal and investor-owned utilities during times of crisis.”

 

Members can “like” SECO Energy’s Facebook page and “follow” the company on Twitter for cooperative updates and the latest news releases.