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Tag: PCA Adjustment

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 News July 2022

Dear Members,

SECO Energy continues to deal with supply chain constraints due to the pandemic aftermath. Utilities across the state and the nation are experiencing shortages of raw materials, labor shortages, shipping delays and increased demand for utility products. We are challenged to procure transformers, PVC pipe, meter boxes and any equipment that relies on a microchip. This shift changes our business model to operating around the available materials. In fact, utilities across the state and the nation are feeling the strain of the supply chain issue.  Learn more from the Florida Electric Cooperatives Association in its recent statement.  

 

These constraints also result in increased cost of inventory and price escalation due to runaway inflation – which is at a 40-year high. In May, the price of natural gas hit a decade high $9 per million BTUs (British thermal units) and this significantly affects the cost of power SECO delivers to you from our wholesale provider, Seminole Electric Cooperative. Given the domestic and global events causing these market trends to continue, SECO must prepare to meet our business targets and member requests in an environment today that is extremely challenging. 

 

We anticipate the continuation of cost increases and supply chain interruptions. Ultimately, these factors will result in our members paying more for their energy needs – just as we at SECO find ourselves paying more for the materials we buy to construct new services and maintain existing infrastructure.  

 

Roughly 70 cents of every dollar SECO spends is to purchase power from Seminole. Members who read SECO News regularly and review their electric bill each month have seen a line item referred to as the PCA – or Power Cost Adjustment. This calculation allows SECO to adjust for the rise or fall of fuel costs in real time without formally adjusting the actual rate.  

 

This is a common utility practice that prevents the over or under collection of funds from our members. The PCA factor was changed in April bringing our cost per thousand kilowatt hours from $121.00 to $128.05. Unfortunately, projections from Seminole require us to make yet another adjustment to the PCA – sooner rather than later. 

 

The fuel cost adjustment was approved by the Board and takes effect on July 1 with an increase to $137.60 per thousand kilowatt hours consumed at the residential level. Know that utilities across the state and the nation for that matter are all in the same boat and are making fuel cost adjustments and raising rates. 

 

Notwithstanding all of this, SECO will strive, as we always do, to minimize such impact on our members by keeping our rates as affordable as possible and making sure our rates remain competitive locally, regionally and nationally. 

 

In a June report from the Energy Information Administration (EIA), it forecasts the U.S. residential electricity price will average 14.6 cents/kWh between June and August 2022. SECO’s residential cost per kWh remains well below that and we’re hopeful we can hold that line through the remainder of the summer when members consume the most energy. 

 

I realize that I’ve written to you largely about costs this month, but I want to close with the topic of reliability. Surveys show that the reliability of electric service is the most important driver of member satisfaction. Despite our collective current cost crunch, we continue to invest in expanding and maintaining our electric facilities throughout the entire service territory. With hurricane season upon us, I encourage you to view our System Improvement Map at SECOEnergy.com for Expansion and Reliability Projects to see where contractors and SECO Energy crews are working to enhance your experience as a SECO Energy member. 

 

Sincerely,

 

Curtis Wynn

Chief Executive Officer

 

 

Advice From The Old Farmer's Almanac

Advice From The Old Farmer’s Almanac: Summer Fishing Days

 

Cast a line, the fishing’s fine! The best fishing time is when fish are most active just after sunup and as the sun is going down and for an hour after. According to The Old Farmer’s Almanac, anglers should fish during the full moon period when tides are higher than average. Also, one hour before and one hour after the high tides in your favorite fishing spot is an ideal time. Another indication of a good fishing day is when the breeze comes from the west, and the water is still or only slightly rippled. Fishing with family or friends, or enjoying quiet time alone makes for a great day!

 

The best fishing days are between the new and full moon according to The Old Farmer’s Almanac. This summer, drop your line between July 1 – 13, July 28 – August 11 and August 27 – September 10. Read Florida Fauna & Flora this month to learn about red snapper.

 

 

SECO News July 2022 Summer Energy Efficiency Savings

Summer Energy Efficiency Savings

The long, hot days of summer are here. The EIA calculates the highest amount of electricity consumed in the U.S. is attributed to HVAC use. For Floridians, HVAC use is a longer span (typically early spring to late fall) than in other parts of the country and runs more frequently. It is likely the highest energy user in your home.

 

Energy efficiency and reducing energy costs are hot topics, especially in the summer months. SECO Energy offers several online tools to help members understand their home usage and identify energy wasters. 

 

The first stop is SmartHub, SECO’s online account platform. See past bills to compare last year’s usage with 2022’s usage – is it higher? Is it related to the weather? Visit our Sunshine State Stats in the Newsroom Blog to see how temperatures fluctuate and affect your bill. 

 

Your next stop is our online Home Energy Assessment – a home energy audit you conduct from the comfort of home. Fill out the assessment based on your home’s specifics (construction type, roof age, amount of insulation, etc.) and lifestyle. Submit your answers to receive personal energy-savings advice tailored to the data you input in the Assessment. Implement our suggestions, and you’ll be on your way to consuming less energy – and saving money.

Energy Usage Chart

 

The Energy Estimator is an online tool that explores the math associated with your energy usage. The Estimator will calculate the estimated cost for each of your home’s appliances and electronics. Submit your email address to receive no-cost and low-cost energy-savings suggestions via email.

 

You’ll find these energy-efficiency tools and more energy-saving tips at SECOEnergy.com > Energy Solutions. Use our online tools today to save energy and money tomorrow.

 

 

 

 

 

 

 

 

 

 

 

SECO News July 2022 Florida Fauna & Flora: Red Snapper

Florida Fauna & Flora: Red Snapper

 

Florida’s Fish and Wildlife Conservation Commission announced that Florida’s 2022 recreational red snapper season opened June 17 and runs consecutively through July 31. Visit myfwc.com for upcoming fall dates.

 

Red snapper in deeper waters tend to be redder than those caught in shallower waters. They have a long triangular face with the upper part sloping more strongly than the lower and earned the name snapper from their enlarged canine teeth. 

 

Age wise, red snapper can live a long time—red snapper as old as 57 years have been reported in the Gulf of Mexico and can grow to 40 inches long and 50 pounds. Females are able to reproduce as early as age 2. Males and females spawn from May to October, depending on their location.

 

Red snapper feed on fish, shrimp, crab, worms, cephalopods (octopus or squid) and some plankton. Young red snapper are food for the large carnivorous fish that share their habitat, such as jacks, groupers, sharks, barracudas, and morays.

 

These fish are generally found at 30 to 620 feet deep in the Gulf of Mexico and along the eastern coasts of North America, Central America, and northern South America. They are rare north of the Carolinas.

 

Read the full July 2022 SECO News online.

 

SECO News, May 2021

 

Duncan’s Digest – 2021 “Just Business” Annual Meeting Recap

 

We celebrated our 2021 “Just Business” 83rd Annual Meeting on Thursday, March 25. We opted to hold the event virtually to avoid the large crowd that traditionally gathers for our onsite Annual Meetings. If you couldn’t watch live, you can watch the full video on our Annual Meeting website section.

 

May 2018 SECO News Duncan's Digest

 

The Meeting was live streamed through webcast, Facebook Live and YouTube. Members tuned in to watch our Board President and District 4 Trustee Richard Dennison call the Meeting to order and close the voting platform at 4:30 p.m. Our Vice President of Corporate Communications and Energy Services Kathryn Gloria gave the invocation and led the Pledge of Allegiance and National Anthem which was prerecorded by SECO Energy’s Manager Consumer Billing & Accounting Tim Wallace.

 

During Board introductions, we welcomed new Trustee Morgan Hatfield to the Board. Ms. Hatfield was elected in early February to represent District 9 and began her duties on March 29.

 

Mr. Dennison’s President’s Report provided an overview of the quorum and Annual Meeting requirements Florida cooperatives adhere to under Florida Statute. Two years ago, a Bylaws revision was approved that allows electronic, in-person and by-mail voting on Annual Meeting business to achieve a quorum. Almost 5,000 members voted this year to approve a Bylaws Revision and the 2020 Annual Meeting Minutes. All members who voted were eligible to win 1 of 100 prizes.

 

My state of the company address reported on the excellent financial health of the cooperative. At year-end 2020, our meter count had grown to 216,477 ranking SECO as the third-largest cooperative in Florida and seventh-largest in the nation. Last year, you and your fellow members consumed 3.64 billion kilowatt hours which is an increase of about 1.7 million over 2019.

 

SECO’s investment in its electric system is approaching the $1 billion mark at a current valuation of $955.9 million to support the increased demand for affordable energy in our area. Our TIER rating is 2.87 and member equity equals 33.64%. In the customer satisfaction arena, our 2020 ACSI score is an impressive 91. These are all very healthy ratios in the cooperative utility world.

 

If you’re interested in learning more about our fiscal health, the “Just Business” 2020 Annual Report is available online. Our Independent Auditor’s Report is included with the cooperative’s 2020 and 2019 financial statements.

 

During the “Just Business” Annual Meeting, we held the traditional military branches tribute and recognized the efforts of the 400+ SECO employees, Board of Trustees and local first responders. I also announced my plan to retire as CEO in January 2022, making this my last Annual Meeting as CEO. Admittedly, I wanted my final Annual Meeting address to be live with a large audience in attendance. Unfortunately, large gatherings are currently not in the best interest of our members and employees.

 

Thank you to all who tuned in to watch the Annual Meeting live. If you could not tune in, you can view the full video online.

 

Sincerely,

 

Jim Duncan

Chief Executive Officer

 

 

SECO News May 2021 The Old Farmer's Almanac

Advice from The Old Farmer’s Almanac

 

A new friend with fur, feathers or scales may help you reduce stress and offer valuable companionship. The Old Farmer’s Almanac has advice on which pet may be the best fit for your home and family. Almost 60% of U.S. households include at least one pet. Dogs rule the home because they are loving and affectionate but require a hefty time commitment. Cats may be less affectionate and more independent than dogs, but they usually involve less work. Fish are beautiful and colorful but need a clean and well-maintained tank to live. Birds are fun to watch and may add a lively tune or funny voices to your home – but can be messy.

 

Want to spread the love for pets and wildlife? Purchase or lease the Surge MitiGator and SECO will donate $5 to a pet or animal rescue or shelter of your choice. Read on for more details.

 

 

SECO News May 2021 Surgeo Loves Pets Through June 15

Surgeo Loves Pets – Through June 15

 

In February SECO News, Surgeo asked for members’ help in supporting domestic and wildlife shelters and rescues by enrolling in SECO Energy’s Surge MitiGator™. For every new MitiGator enrollment, SECO donates $5 to a local pet shelter in Citrus, Lake, Marion or Sumter Counties.

 

February through March, 1,120 members completed a new Surge MitiGator enrollment, which equaled a $5,600 donation divided among local pet and wildlife rescues.

 

Take the bite out of damaging surges and spikes with the Surge MitiGator. Surges are caused by lightning, vehicle accidents involving SECO facilities, small animals, birds or fallen trees. Power surges can damage or destroy household appliances and sensitive electronics such as televisions, computers, stereo equipment and more.

 

SECO’s meter-based surge arrester helps prevent unnecessary financial loss by reducing surges BEFORE they enter your home through the meter. The Surge MitiGator has a beastly 15-year warranty and is designed to protect your home’s large-motor appliances.

 

You can lease the MitiGator for only $5.95 plus tax per month plus a $25 installation fee. The purchase price ranges from $349 to $399, with installation included.

 

Enroll in SECO’s Surge MitiGator™ to donate $5 to the shelter or rescue of your choice. Visit our Surge MitiGator website section and click on the enroll icon to fill out the webform and choose which pet shelter will receive a $5 donation on your behalf from SECO. The promotion ends June 15.

 

 

SECO News October 2020 EV Charger Winner!

EV Charger Winner

 

Kathy Ziegler from Ocala is the April 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 website section for more details.

 

Watch SECO News for next month’s charger winner.

 

 

SECO News May 2021 Safety Corner Generator Safety

 

Safety Corner – Generator Safety

 

Atlantic hurricane season begins June 1. If you plan on using a portable or permanent generator as a source of back-up power during a power outage, learn to operate your generator correctly and safely before a storm impacts our service area.

 

Follow the safety warnings below to operate a generator.

 

• To protect yourself, your family, your property and SECO employees and contractors, read and follow the generator owner’s manual and pay close attention to the safety instructions.

 

• A qualified electrical contractor must install a permanent generator with a disconnect and transfer switch. This is NOT a DIY job.

 

• A qualified electrician is required to connect a generator to an electrical panel. An incorrect connection could electrocute the user or endanger our employees and contractors.

 

• Follow local, state and national fire and electric codes. A permit is required to install a permanent generator.

 

• Before starting your generator–always disconnect from your metered electric utility service.

 

• Never run a generator inside a building – even in a garage – it is a hazard and violates safety codes because it generates deadly (and odorless) carbon monoxide (CO).

 

• Be sure the area where a generator is operating is adequately ventilated, has sufficient airflow and is away from open windows.

 

• Store gasoline and diesel in approved containers out of the reach of children. Never fuel the generator while it is running.

 

• Extinguish all flames and cigarettes when handling fuel.

 

• Stage a fully charged, approved fire extinguisher near the generator.

 

• Use extension cords free of exposed wires and frayed shielding.

 

• Never remove or tamper with a generator’s safety devices.

 

• Do not attempt to repair a generator. A qualified technician should perform repairs and service as needed.

 

• Generator engine parts are very hot during operation. Severe burns may result. Always keep children away.

 

Improper use or installation of an electric generator can cause property damage, severe injury or even death. Members who use a generator to operate life-saving equipment should verify the generator’s compatibility. Learn more about proper generator use and safety tips; view our generator safety video on our website.

 

 

SECO News May 2021 Generator Safety Word Search

 

Generator Safety Word Search

 

A generator may come in handy during storm season. Make a commitment to safety while running a generator to protect you, your family and SECO employees and contractors.

 

May 2021 SECO News Word Search

 

 

SECO News May 2021 PCA Adjustment

 

PCA Adjustment

 

The commodities market is changing, and natural gas prices are rising. This affects fuel costs associated with producing power at Seminole Electric Cooperative’s natural gas plants. In turn, those costs are passed along to SECO members with the Power Cost Adjustment (PCA) factor line item on the monthly electric bill. On May 1, the SECO Energy PCA changed to keep pace with the market and wholesale power costs. The result is the cost of 1,000 kilowatt hours increased from $116.90 to $121.00

 

Need help paying your bill? View our interactive map to find an agency in your area.

 

 

SECO News February 2021 Winners' Circle

 

Winners’ Circle

 

Have you engaged with our virtual assistant Electra who can answer thousands of calls without missing a beat? Ask Electra for assistance instead of waiting to speak with a representative. Each week, we’ll draw one winner who will receive a $25 gift card. Winners are drawn from all members who called and successfully took care of business with Electra.

 

Winners Are:

 

Jeffrey Moody from Umatilla

 

Dona Macomber from Webster

 

Peter Cockcroft from Bushnell

 

Francis Campbell from Clermont

 

Winners in our Go Green and Win: Paperless Billing and Bank Draft incentive.

 

Josh McIntyre from Lake Panasoffkee is the winner of a $200 SECO Energy bill credit.

 

Thomas Binkley from Clermont is the winner of a NEST thermostat.

 

Jacob Dickman from Ocala is the winner of an Amazon Echo Dot with Alexa.

 

Read Winners’ Circle next month for more winners.

 

 

SECO News October 2020 StormCenter

 

StormCenter

 

Before the Atlantic hurricane season begins on June 1, enroll in StormCenter outage notifications via email, text, voice messages or all three.

 

StormCenter identifies the service locations affected by an outage and proactively sends a notification with the estimated restoration time, crew status and more. Once service is restored, you’ll receive a message that includes the outage cause if known. You can set do not disturb times if you don’t want to be called in the middle of the night about an outage or restoration. To choose notification preferences, visit StormCenter on the website and click on the Manage Notifications tab.

 

Reporting a new outage or checking the status of an existing outage with your smartphone or tablet is easy. Click “Report Outage” and enter the account holder’s last name and house number (or the account or phone number). Find the status of an existing outage on the Check Status tab.

 

Read the full May SECO News online.