Up and Running at Koloa Substation - Kauai Island Utility Cooperative
Up and Running at Koloa Substation - Kauai Island Utility Cooperative Up and Running at Koloa Substation - Kauai Island Utility Cooperative
Statement of Operations For the period 01/01/2011 – 10/31/2011 54 KIUC CURRENTS By Karissa Jonas, CFO We are pleased to report that the KIUC results of operations through October 31, 2011, are strong. However, the weak economy only shows slight signs of recovery. Electricity usage on the island is 1 percent higher than in the prior year. Regardless of the slightly improved sales volume, KIUC is still doing everything it can, while maintaining safety and reliability, to reduce costs, operate efficiently and effectively, and continue to maintain a strong financial position. Revenues, expenses and net margins totaled $153.0 million, $144.1 million and $8.9 million, respectively, for the 10month period ending October 31, 2011. As is the case for all electric utilities, the cost of power generation is the largest expense, totaling $94.5 million, or 61.8 percent of revenues. Fuel costs are the largest component of power generation, totaling $82.0 million, or 53.6 percent of revenues, and representing 86.7 percent of the cost of power generation. The remaining $12.5 million, or 8.2 percent of revenues and 13.3 percent of the cost of power generation, represents the cost of operating and maintaining the generating units. Percentage of Total Revenue Taxes 8.4% Depreciaon & Amorzaon 7.3% Administrave & General Net of Non-Operang Margins 6.9% Markeng & Communicaons 0.7% Interest 4.7% Member Services 1.7% Net Margins 5.8% Transmission & Distribuon Operaon & Maintenance 2.7% Producon Operaon & Maintenance 7.9% Fuel & Purchased Power Costs 53.6% The cost of operating and maintaining the electric lines totaled $4.2 million, or 2.7 percent of total revenues. The cost of servicing our members totaled $2.7 million, or 1.7 percent of revenues. The cost of keeping our members informed totaled $1.0 million, or 0.7 percent of revenues. Administrative and general costs— which include legislative and regulatory expenses, engineering, executive, human resources, safety and facilities, information services, financial and corporate services, and board of director expenses—totaled $10.9 million, or 7.2 percent of revenues. Being very capital intensive, depreciation and amortization of the utility plant costs $11.1 million, or 7.3 percent of revenues. Although not subject to federal income taxes, state and local taxes amounted to $12.9 million, or 8.4 percent of revenues. Interest on longterm debt, at a favorable sub5percent interest rate, totals $7.2 million, or 4.7 percent of revenues. Nonoperating net margins added $0.5 million to overall net margins. Revenues less total expenses equal margins of $8.9 million, or 5.8 percent of revenues. Margins are allocated to consumer members and paid when appropriate.
Simple Pleasures Joe Fontanilla recently gave his 100th pint of blood at the Blood Bank of Hawai‘i’s blood drive. Parting Shot KIUC President and CEO David Bissell speaks during the Contractors Association of Kaua‘i’s 54th Annual Meeting and Installation Dinner on December 1 . We are always looking for interesting items to feature in SImple Pleasures and Parting Shot. If you have an item to share with readers, please email currents@kiuc.coop or send it to: KIUC Currents, 4463 Pahe‘e Street, Suite 1, Līhu‘e, HI 967662000. DECEMBER 2011 55
- Page 3 and 4: Table of Contents Light Up A Life .
- Page 5 and 6: By Paul Daniels A Picture’s Worth
- Page 7 and 8: At the end of September, the Hawai
- Page 9 and 10: Get Smart About The Smart Grid Lear
- Page 11 and 12: Photos by Shelley Paik KIUC’s ele
- Page 13 and 14: California No-Crust Quiche and Then
- Page 15 and 16: KIUC’s program to generate at lea
- Page 17 and 18: Bissell completed his report with a
- Page 19 and 20: “As a member, you have a voice in
- Page 21 and 22: KIUC Honored for Community Service
- Page 23 and 24: In late October, groups of children
- Page 25 and 26: The KIUC Board of Directors appoint
- Page 27 and 28: New Member Guide
- Page 29 and 30: What is an Electric Cooperative? Se
- Page 31 and 32: • Diverse Energy Solutions. It is
- Page 33 and 34: National Rural Electric Cooperative
- Page 35 and 36: Kaua‘i Smart Grid Initiative The
- Page 37 and 38: Radio Frequency Comparison of Commo
- Page 39 and 40: How will the co-op read the meters?
- Page 41 and 42: Service Activations and Disconnects
- Page 43 and 44: Storm Sense Hurricane season runs f
- Page 45 and 46: Low-Income Home Energy Assistance P
- Page 47 and 48: Social Media Reaching More Members
- Page 49 and 50: 2012 Calendar of Student Art Judges
- Page 51 and 52: Electric cooperatives are different
- Page 53: Call it Cost-effective Economical P
Simple<br />
Pleasures<br />
Joe Fontanilla recently gave his<br />
100th pint of blood <strong>at</strong> the Blood Bank<br />
of Hawai‘i’s blood drive.<br />
Parting Shot<br />
KIUC President <strong>and</strong> CEO David Bissell speaks during the Contractors<br />
Associ<strong>at</strong>ion of Kaua‘i’s 54th Annual Meeting <strong>and</strong> Install<strong>at</strong>ion Dinner<br />
on December 1 .<br />
We are always looking for interesting items to fe<strong>at</strong>ure in SImple Pleasures <strong>and</strong> Parting Shot. If you have an item to share with<br />
readers, please email currents@kiuc.coop or send it to: KIUC Currents, 4463 Pahe‘e Street, Suite 1, Līhu‘e, HI 967662000.<br />
DECEMBER 2011 55
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