DEAR MEMBERS,
At SECO Energy we are striving to become your cooperative of the future. As we reflect on a year of growth, innovation, and resilience, we are proud to share how the strides we made in 2024 are paving the way for a stronger, smarter, and more responsive energy future – one that balances innovation with reliability and value. Our mission is not only to keep the lights on and your rates as competitive as possible, but also to provide multiple innovative opportunities for savings.
SECO and other utilities across the state continue to face rising costs and growing demand. Notwithstanding these challenges, SECO Energy’s residential bills remain lower than most other Florida utilities. That’s a testament to our team’s dedication to efficiency, our investments in modern infrastructure, and our strategy to bring savings and smarter energy solutions directly to you, our members.
Through the implementation of systemwide Advanced Metering Infrastructure (AMI) technology, our online account manager SmartHub, and the launch of the Smart Connect Program, we are laying a strong foundation for the future of energy services.
The need for smarter more efficient energy management has never been more important. SECO is taking this challenge head-on with cutting-edge tools designed to empower you to monitor your energy usage and save on your monthly bill in a way that supports SECO’s goal to reduce its wholesale power cost – our largest expense.
Our systemwide AMI now supports over 210,000 upgraded accounts. This cutting-edge technology has the ability to track usage in 15-minutes intervals, AMI meters provide a level of useful and precise information that far surpasses traditional monthly meter readings. This technology, paired with SmartHub, allows you to set budget alerts, subscribe to high-energy usage notifications and energy savings messages, giving you the power to make informed decisions about your consumption.
Your engagement is key to our success. We encourage every member to take advantage of SmartHub’s Home Energy Profile feature. By logging your appliances and devices, SmartHub helps you pinpoint where your energy dollars are going and discover new ways to save. Innovation, for us, isn’t just about technology; it’s about providing real, practical tools that empower you to reduce your energy expenses.
This year, we also launched Smart Connect, a new demand response program designed for the next generation of energy
Leadership
consumers. By enrolling eligible smart thermostats, EV chargers, or battery backup systems, residential members can earn reward credits for reducing energy use during peak times. It’s a win-win – members receive bill credits, and the cooperative reduces its system demand cost, especially during Florida’s hottest days.
It is no secret; Central Florida is growing – fast. New homeowners and businesses are arriving at a rapid pace. To ensure growth and demand do not outpace our ability to supply quality power, we are making investments in infrastructure, digital tools, and member-driven programs that enable smarter energy management for you, our members, and for SECO.
At the same time, we’re navigating rising costs for poles, wires, transformers, and other essential equipment to add the thousands of new services and to maintain the more than 250,000 existing services including those impacted by hurricanes. This year alone, our service area was impacted by three major hurricanes – Debby, Helene, and Milton –causing significant damage and driving up operating and maintenance costs. Even amid these challenges, SECO takes pride in maintaining reliability measurements that are best in class in the electric utility industry.
As we look to a future that embraces innovation, member engagement and savings opportunities, SECO Energy remains grounded in our Mission – keeping the lights on and your electric bills as low as possible.
Thank you for being part of this exciting journey – we can’t reach our future destination without YOU.
Sincerely,
CURTIS WYNN CHIEF EXECUTIVE OFFICER
GERALD ANDERSON PRESIDENT, BOARD OF TRUSTEES
HERNANDO
PASCO
DISTRICT 8
Scott Boyatt
Marty Proctor SECRETARY/TREASURER - DISTRICT 9
Morgan Hatfield
DISTRICT 6
Mike Muffett
MATERIAL INFLATION 2020 TO 2025
Condensed Balance Sheets
Total Utility Plant
Investments in Associated Organizations and Other Special Funds
Cash and Cash Equivalents
Accounts Receivable
Inventories
Other Current and Accrued Assets
Deferred Debits
Assets 2024 2023 Equities $ 403,608,022 366,937,585
December 31, 2024 & 2023 1,100,152,511 151,179,890 2,170,952 75,203,426 68,163,570 14,434,377 453,434 971,974,142 133,097,604 2,062,037 23,516,984 74,949,474 15,577,035 581,284 Liabilities
Long-Term Debt
Deferred Compensation Liability
Current and Accrued Liabilities
Accounts Payable
Consumer Deposits
Deferred Credits 805,239,247 4,024,474 51,097,436 79,427,596 24,925,870 43,435,515 1,008,150,138 606,854,039 3,546,244 147,983,042 42,334,689 22,756,711 31,346,250 $ 854,820,975 Total Assets (net of $243 million and $256 million in accumulated depreciation, respectively) $ 1,221,758,560 Total Equities and Liabilities Total Liabilities $ $ $ $ 1,411,758,160 $ 1,221,758,560 $ 1,411,758,160 $ $ $
PERCENT
Condensed Statements of Revenues & Patronage Capital For the years ended December 31, 2024 & 2023
Revenues
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 $ 518,723,412 310,529,639 126,676,035 36,081,739 25,382,521 795,468 $ 480,031,640 301,718,422 110,730,116 32,692,466 22,327,184 828,003 $ 468,296,191 Total Expenses $ 499,465,402 Operating Margins Other Margins Non-Operating Margins $ 11,735,449 13,555,722 634,321 19,258,010 18,690,599 619,380 $ 25,925,492 Net Margins 38,567,989 334,972,077 874,245 (4,189,629) $ 357,582,185 357,582,185 1,016,483 (3,919,886) 393,246,771 Expenses
Expenses
