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Tag: lowered electric rates

SECO Energy Lowers Members’ Bills

SECO Energy CEO Curtis Wynn announced a significant reduction to residential members’ monthly energy bills that will appear on bills arriving in October to reflect September usage. The adjustment, known formally as the Power Cost Adjustment (PCA), will result in average bills totaling their lowest cost in the last five years. 

  

SECO Energy coined the term, “Hot Bucks,” to refer to opportunities the not-for-profit cooperative electric provider acts upon to lower members’ bills. The recent stabilization of natural gas pricing has led to lower wholesale electricity costs from SECO’s wholesale provider of electricity, Seminole Electric Cooperative.  

 

In coordination with Seminole’s projections, SECO’s Board of Trustees approved changing the PCA to lower its members’ bills. The Hot Bucks credit will reduce SECO Energy’s cost for residential service per 1,000 kilowatt hours (kWh) from $146.60 to $116.60 with bills generating as of October 1.  

  

utility cost comparison 9/2023

SECO Energy CEO, Curtis Wynn, stated, “SECO is dedicated to returning value to its members when possible. ‘Hot Bucks’ are a direct reflection of the price variation the cooperative pays for power purchased from Seminole Electric Cooperative. Natural gas is the main fuel source for power generation and a continued downward trend in price is projected as we move into the autumn months. Our Mission, as a not-for-profit cooperative is to provide reliable and innovative energy services to our members and communities. Ensuring affordable energy service is a key component to fulfilling our role as a trusted source for energy solutions.” 

  

The reduction is displayed as a line item on members’ monthly billing statement beginning October 1 to reflect prior period usage from September. 

 

Both SECO and Seminole are not-for-profit cooperatives that work closely to ensure the lowest rates possible for their members. When the wholesale cost of purchased power decreases, SECO passes those savings along to its members. This reduction places SECO Energy’s cost per kWh lower than the average Florida Investor-owned, Municipal and Cooperative utility. 

   

“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 “Hot Bucks” are Hotter than Ever

Once again, SECO Energy’s “Hot Bucks” are hotter than ever. As of March 1st, SECO is lowering the cost of electricity again. Residential members will now pay $114.60 based on 1,000 kWh used, which is average residential usage in our area.

 

In the past 27 months, SECO has lowered electric rates a record seven times; this latest reduction equates to a 10.3% decrease over that timeframe. This decrease reinforces SECO’s commitment to keeping electric rates low for members. The reduction will appear on SECO bills under the line item “Hot Bucks.” The term refers to the Power Cost Adjustment (PCA) portion of your bill.

 

SECO “Hot Bucks” are Hotter than Ever

 

Seminole Electric is SECO Energy’s wholesale power provider. SECO works closely with Seminole to ensure it offers our members the lowest rate we can; when the wholesale purchase price goes down, usually due to a reduction in fuel costs, SECO lowers the PCA and members see their bills decrease.

 

As a not-for-profit electric cooperative, when wholesale power costs are lower, SECO shares the savings with its members. Decreasing the current electric rate is a joint effort between SECO, Seminole Electric, and SECO’s employees. SECO employees and management work diligently to keep costs down and control expenses.

 

CEO Jim Duncan is pleased to announce this latest decrease, “We at SECO realize that many of our members carefully track their expenditures. Like our members, SECO carefully plans its expenses; we are mindful that controlling costs is beneficial for our members and the communities we serve.”

 

Duncan continued, “I believe SECO’s continued commitment to low electric rates is just one of the reasons why our members are satisfied with the service they receive from our cooperative. When our members open their electric bills, instead of being surprised by higher rates, they are continually pleased to see SECO’s cost of power falling.”

 

Currently, SECO is ranked by J.D. Power as highest in customer satisfaction among midsize utilities in the south. The latest rate decrease reinforces SECO’s position as one of the most affordable electric utilities in Central Florida.