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Tag: SECO Hot Bucks

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 Energy Lowers Members’ Bills October 1

SECO Energy is once again lowering the cost of electric service. The not-for-profit electric cooperative will apply a higher member-favorable Power Cost Adjustment (PCA) to members’ bills beginning October 1, 2020. The PCA calculation appears on monthly statements as a line item titled “Hot Bucks.”

 

Since January 1, 2020, SECO’s rate for the first 1,000 kilowatt hours (kWh) consumed has been $116.90. The reduction on October 1 will lower the amount by $4.50 per 1,000 kWh to $112.40 or approximately 4%. Between January 1, 2014, and October 1, 2020, the price for $1,000 kWh of electricity has decreased by $15.35 or 12%.

 

CEO Jim Duncan stated, “Providing affordable electric service is a high priority for a not-for-profit electric cooperative like SECO Energy. Going back to January 2014, the rate for 1,000 kWh was $127.75. We applied several member-favorable PCA adjustments since early 2014 to correspond with fuel cost decreases.”

 

SECO’s PCA factor fluctuates based on the amount the cooperative pays for power purchased from its wholesale power provider Seminole Electric Cooperative, Inc. SECO works closely with Seminole to ensure the lowest rates possible for members. When the wholesale cost of purchased power decreases, SECO passes those savings along to members.

 

Duncan added, “Since 2014, there were times when fuel costs rose and SECO adjusted the PCA to reflect the increase. For the most part, the PCA adjustments SECO has made have consistently lowered members’ bills.”

 

SECO also encourages members to use electricity efficiently and reduce their energy consumption. Visit our Energy Efficiency page to complete the Home Energy Assessment for an online energy audit. Try the Energy Estimator to calculate the energy use and costs associated for everyday electronics, appliances, lighting and more.

 

“Like” SECO on Facebook and “follow” @SECOEnergy on Twitter for news releases, cooperative updates and for weather information and updates affecting SECO’s service area.