March 31, 2022 – SECO Energy held its 84th Annual Meeting of the Membership on March 24, at 4:30
p.m. for a virtual crowd of members and guests. This is the third virtual meeting since 2020 when COVID
restrictions cautioned against holding large gatherings. The cooperative’s exceptional member growth
has resulted in what could potentially become an unmanageable situation if a small percentage of the
500,000 SECO members and their guests accepted our invitation to come and enjoy the traditional
festivities hosted on our campus, which only has an 8,000-to-10,000-person meeting capacity.

Hundreds of members tuned in via live webcast, Facebook live and YouTube to watch the cooperative’s
Virtual Business Only Annual Meeting. Since the meeting content remains available on SECOEnergy.com,
even more are viewing the meeting after-the-fact at their leisure.

Board of Trustees President and District 4 Trustee Richard Dennison called the Meeting to order and
closed the voting platform at 4:30 p.m. Board of Trustees Vice President and District 3 Trustee Gerald
Anderson led the virtual audience in the Pledge of Allegiance and the National Anthem. SECO’s VP of
Corporate Communications and Energy Services Kathryn Gloria led the invocation, introduced the
Trustees, and welcomed District 5 Trustee-elect Shannon Wright, who will begin her duties at the
Trustees’ Meeting on Monday, March 28. Ms. Gloria also introduced CEO Curtis Wynn and Cooperative
Attorney Scott Gerken. Board of Trustees Secretary/Treasurer and District 2 Trustee Joyce Anderson
certified the Official Annual Meeting Notice that was delivered timely to all cooperative members per
the terms of the Bylaws.

Mr. Dennison’s President’s Report opened with a welcome to the virtual audience. He thanked the
members who voted electronically, in person, by phone or by mail, and announced that SECO achieved
a quorum by virtue of votes cast on Annual Meeting business. Mr. Dennison stated, “Florida cooperatives
are required by statute to hold an Annual Meeting and must achieve a quorum to conduct official
business. I am happy to announce that member voting participation has indeed helped us achieve a
quorum this year. Thank you so much to all who cast a vote this year.”

Mr. Dennison also introduced SECO Energy’s new CEO Curtis Wynn. President Dennison stated, “Mr.
Wynn was hired by the board last year and joined us in December. His energy industry career is rooted
in Florida. From 1981 to 1997, he worked at West Florida Electric Cooperative. Mr. Wynn also served for
24 years as President and CEO of Roanoke Electric Cooperative in North Carolina. Mr. Wynn’s resume
reflects a long list of awards and accomplishments showing a history of supporting creative solutions
that are turning the challenges of the energy industry evolution into major opportunities.”

Following the President’s Report, CEO Curtis Wynn began his report. Wynn provided the membership an
impressive list of recently completed and upcoming projects under consideration at SECO Energy.

Mr. Wynn also expressed SECO’s commitment to maintaining and upgrading its existing electric facilities
to serve current members while constructing new electric infrastructure to fulfill new growth and
development needs.

Mr. Wynn stated, “With growth rates averaging nearly 40% in our three largest counties (Sumter, Lake
and Marion), we must have the following five elements in place to viably keep pace with the growth in
SECO Energy’s service territory: 1) the financial capability, 2) SECO staffing, 3) stable contract labor, 4)
material & equipment supply chain consistency and 5) competitive wholesale power costs.”

Wynn continued, “SECO’s financial position is strong but the growth we are experiencing and the major
investments that come with this growth challenge our commitment to preserve reliable and affordable
service. At yearend 2021, SECO Energy added 5,770 new meters, which brings our total active meter or
service count to 222,188. To support the growth in our area and increasing demand for energy, our
investment in facilities topped over $1 billion. This ongoing facilities investment averages over $6 million
per month.”

The CEO Report also mentioned being challenged by supply-chain shortages and talked about the
wholesale power provider’s (Seminole Electric Cooperative’s) shift to a larger portion of its portfolio
generating from natural gas and renewables. He continued by emphasizing that the natural gas market
is affected like the oil market. The Energy Information Administration estimates that the wholesale spot
price of natural gas in 2022, will reach an eight-year high. That market volatility will affect the cost of
Seminole’s production of power and ultimately will reflect on members’ bills through the Power Cost
Adjustment (PCA) factor as of April 1.

Wynn announced the SECO Energy Board of Trustees has approved taking steps to implement an
Advanced Metering Infrastructure (AMI) project. Wynn stated, “SECO is one of a very few large, fastgrowing
utilities in the state or in the nation for that matter that has not deployed AMI throughout our
system. We are in the midst of two pilot projects to test the viability of deploying AMI in our service
territory. As we move to the completion of these, we are now preparing to decide on a vendor with
whom we will work to deploy the AMI technology that will help us improve our operations in a variety
of ways.” Wynn concluded his remarks by acknowledging the Board of Trustees’ service, his staff’s
unwavering support and the 400+ SECO Energy employees’ commitment to serving the members and
surrounding communities in a safe and professional manner.

Cooperative Attorney Scott Gerken certified the 2022 Annual Meeting voting results. In total, 8,952
members voted on 2022 Annual Meeting business which was approval of the 2021 Annual Meeting
Minutes, which entailed 8,635 members voting “Yes,” 39 members voting “No,” and 278 members
abstaining. Mr. Gerken announced, “The membership clearly approves the 2021 Annual Meeting
Minutes.”

SECO Energy established a special phone number, email address and social media presence for the
Virtual Annual Meeting. A panel of SECO employees interacted with members who posed questions and
comments that were read and answered during the meeting by CEO Curtis Wynn and members of the
senior staff.

The meeting ended with the announcement of prize winners. All members who voted on Annual Meeting
Business were entered into the random drawing for one of 100 prizes. Shawn Matthew from The Villages
won the 2012 Chevy Colorado Extended Cab. Geoffrey White from The Villages won the 2019 EZGO golf
cart. The three $1,000 winners are Susan Roberts from Deland, Beverly Dearden from Inverness, and
Morton Finkelstein from Ocala. Elizabeth Estavanko from The Villages won the Generac generator. Other
prizes including SECO bill credits, Nest learning thermostats, energy-efficiency kits, HoneyWell smart
thermostats and more will be shipped directly to winners. SECO will arrange for delivery of grand prizes.
View the complete list of prize winners.

A complete video of the program is available at SECOEnergy.com, Facebook and YouTube.

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