April 3, 2023 – SECO Energy members tuned in virtually for the Cooperative’s 85th Annual Meeting on March 23,
2023. SECO Energy Board of Trustees President Gerald Anderson and CEO Curtis Wynn presented their reports to
members in a virtual meeting that streamed on the energy cooperative’s website, Facebook Live and YouTube.
Members who missed the meeting can view the Annual Meeting video on YouTube.
Florida statute requires the Meeting to be held annually, and a quorum was achieved by member participation in
voting on Annual Meeting business – a process that closed when President Anderson called the Meeting to order.
In total, member voting participation reached 14,375 – which is record-high participation in Annual Meeting
business from members across every part of the service territory. Members voted to approve both the 2022
Annual Meeting Minutes and a Bylaws revision establishing virtual online Annual Meetings as the delivery
platform moving forward.
CEO Curtis Wynn shared updates related to operation costs, efficiency initiatives, growth projections, and SECO
Energy Foundation funding and grant activities.
GROWTH
SECO’s 15.5% electric service membership growth between 2017 and 2022 is expected to continue. Wynn stated,
“At today’s growth rate, SECO will hit the 250,000-member mark quickly, and may step up to be the largest electric
Cooperative in Florida.” With over 230,000 members, SECO is currently the third-largest electric cooperative in
Florida and the seventh largest in the country.
CORPORATE INITIATIVES
Wynn revealed a recently launched multi-year Strategy Map outlining SECO’s Mission, Vision, and updated Core
Values that include Safety, Member Commitment, Honesty and Integrity, Accountability, Teamwork and an
Inclusive Culture. Wynn said, “Our employees embody these traits, and we look for these characteristics when we
hire new team members.”
EFFICIENCY INITIATIVES
While wholesale power costs continue to rise, SECO’s Technology Roadmap outlines current and future
innovations to increase efficiency at SECO. The Advanced Metering Infrastructure (AMI) project began a test
period in early March. After data is analyzed, the systemwide implementation will continue, with a goal of
replacing 7,000 to 9,000 meters each month until completion in three to four years. Combined with the new AMI
meters, SECO’s SmartHub online account management interface will offer unprecedented energy usage
information to members.
Efforts to elevate online member service were highlighted during the meeting. SECO’s Home Energy Assessment
and Energy Estimator are online energy-efficiency tools found on SECOEnergy.com. The Home Energy Assessment
is an online home energy audit, while the Energy Estimator calculates estimated energy usage from all sources in
the home.
Also cited was the cooperative’s commitment to in-home electric vehicle charging, including an EV Level 2 fast
charger which may be either leased or purchased and installed at a member’s premises. SECO is also accepting
pre-enrollments in an EV monthly incentive program for members who agree to charge their electric vehicles
during Super Off-Peak hours (midnight to 6 a.m.). More information about both EV offerings can be found at
SECOEnergy.com.
COSTS AND BUDGET
Costs are rising at an astronomical rate. Even as a not-for-profit utility, SECO Energy is not immune to inflation
and the economic downturn that began in 2020. As a result of rising costs. SECO reported an unprecedented
increase in its 2023 capital budget. In 2022, the capital budget totaled $76,520,000; for 2023, SECO necessarily
increased the capital budget by 57% to equal $119,795,000 to cover rising costs.
In response to the cost increases, CEO Wynn announced an increase to the customer charge effective May 1 to
$34.50 per billing cycle. The monthly line-item fee is meant to fund the fixed costs of providing electric service.
CEO Wynn added, “It became painfully clear that SECO cannot avoid a customer charge increase.”
A projection of wholesale fuel cost reductions paints a brighter outlook for members. Wynn said, if realized, the
outlook may provide an opportunity to “positively impact” members’ bills.
SECO ENERGY FOUNDATION
The SECO Energy Foundation approved its first three grants in the first quarter 2023. These included transitional
housing support in Lake County, the purchase of fire truck equipment for Marion County and the replacement of
a Trout Lake Nature Center boardwalk in the Eustis area. The SECO Energy Foundation also accepted applications
for scholarships from high school seniors in the first quarter.
The SECO Energy Foundation is proving to be a successful source of grant funding support for the communities
SECO serves. But the Cooperative understands that rounding up one’s electric bill to the next even dollar to
support the Foundation is a personal choice. Mr. Wynn reviewed the many ways members can discontinue
supporting the Foundation if that is their desire.
The Annual Meeting concluded with the announcement of the 100 prize winners. All members who voted on
Annual Meeting business were eligible to win. Members can view the Annual Meeting video to learn if they were
a prize winner by visiting SECOEnergy.com or its YouTube channel.
To learn more about the Board of Trustees, visit SECOEnergy.com>Your Co-op. “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 reliability and
expansion projects in your area, visit our new System Improvement Map. To learn more about SECO Energy as a
not-for-profit cooperative, visit SECOEnergy.com > Your Co-op > About.