Curtis Wynn Message From CEO
DEAR SECO ENERGY MEMBERS,
As we commemorate the 85th anniversary of SECO Energy, we celebrate not only a significant milestone but also a year filled with progress toward our Mission of providing reliable and innovative energy services to our members and communities. Our journey has been remarkable, from our beginnings in 1938, electrifying 400 rural farms near Webster, to becoming the third-largest cooperative in Florida and the seventh largest in the nation.
In January 2023, we introduced a new Strategy Map to set a clear, focused, and deliberate path forward amidst rapid growth. A fundamental component within this plan is the transition to Advanced Metering Infrastructure (AMI) meters. By the end of 2023, we had installed over 70,000 AMI meters, keeping us on track to meet our three-year completion goal.
AMI technology is transforming how members interact with their energy usage. It provides detailed data every 15 minutes, analyzing consumption patterns to offer insights for more energy-efficient use and cost reduction.
The adoption of AMI paves the way for expanded demand response programs, which aim to lower wholesale power costs and your bills. These programs are designed to minimize energy consumption while giving you greater control over your energy use. We are exploring several bring-your-own-device programs for smart thermostats, smart water heaters, electric vehicles and chargers, and whole-home generators.
This year, we also saw the construction and activation of two new substations, “Sawgrass” and “Landstone,” to support the growing demand in Clermont and The Villages and began transitioning older high-pressure sodium (HPS) lighting to
Light Emitting Diode (LED) technology, focusing on efficiency, reliability, and durability.
Our focus remains on our core business and meeting the increasing demand for reliable, affordable, and safe energy in our area. These proposed innovative energy services will enable SECO to maintain competitive rates and member satisfaction.
Regarding satisfaction, I would like to thank our loyal members, who scored SECO so highly in the most recent American Customer Satisfaction Index (ACSI) survey. SECO Energy scored an 89 in customer satisfaction for 2023.
As we reflect on 2023, we are optimistic and ready to face the opportunities and whatever challenges the coming year delivers. Rest assured, your not-for-profit electric cooperative is continually evolving and adapting, striving to be the futureready cooperative you deserve.
Thank you for your trust, support, and membership. Together, we are prepared to meet today’s needs and future demands, building a brighter future for all we serve.
CURTIS WYNN CHIEF EXECUTIVE OFFICER
240,288
3.891
District 1
District 2 J Anderson
District 3 G
District 4 Dennison
District 5
District 6
District 7 Kusiak
District 8
District 9
Trustees Board of
SECO Energy’s Board of Trustees are members who live in SECO’s service territory. They are elected to oversee the governance of the cooperative. Each Trustee on the Board is elected by the members who reside in his/her District. Collectively, the Trustees are responsible for establishing, reviewing and revising corporate policies to ensure that SECO continues to preserve reliable, affordable service for all members.
HERNANDO
PASCO
Scott Boyatt
Bill James SECRETARY/TREASURER - DISTRICT
Morgan Hatfield
DISTRICT 6
Mike Muffett
Leadership Executive
CURTIS WYNN
CHIEF
JOHN LASELVA
GREGG MORRELL
CHIEF CORPORATE
DAWSON
TRACY DELEMOS
GERI HELMS
BEN
Mission
As a not-for-profit cooperative, SECO Energy provides reliable and innovative energy services to our members and communities.
Values
Safety | Member Commitment | Honesty & Integrity | Strong Work Ethic | Inclusive Culture | Accountability | Teamwork
Vision
SECO Energy will lead the industry in member satisfaction and engagement and be the preferred employer in our region.
Revenues 2023 2022
Operating Revenues
Cost of Power Operating Depreciation
Interest on Debt
Taxes & Other
Patronage Capital, Beginning of Year
Reallocation of Unclaimed Patronage Capital (Retirement of Capital Credits)
Patronage Capital, End of Year $ 480,031,640 301,718,422 110,730,116 32,692,466 22,327,184 828,003 $ 535,723,188 362,879,347 109,694,117 30,716,920 17,430,729 410,723 $521,131,836 Total Expenses $468,296,191 Operating Margins Other Margins Non-Operating Margins $14,591,352 10,034,948 418,294 $11,735,449 13,555,722 634,321 $25,044,594 Net Margins $25,925,492 314,375,193 597,828 (5,045,538) $334,972,077 334,972,077 874,245 (4,189,629) $357,582,185 Expenses
