KIUC Linemen All Geared Up - Kauai Island Utility Cooperative
KIUC Linemen All Geared Up - Kauai Island Utility Cooperative KIUC Linemen All Geared Up - Kauai Island Utility Cooperative
Statement of Operations For the period 01/01/2011 – 07/31/2011 70 KIUC CURRENTS By Karissa Jonas, CFO We are pleased to report that the KIUC results of operations through July 31, 2011, are strong as the weak economy continues to show measurable signs of recovery. Electricity usage on the island is 2 percent higher than in the prior year. Regardless of the improved sales volume, KIUC is still doing everything it can, while maintaining safety and reliability, to reduce costs in various areas to operate efficiently and effectively, and continue to maintain a strong financial position. Revenues, expenses, and net margins totaled $105.9 million, $98.6 million, and $7.3 million, respectively, for the sevenmonth period ending July 31, 2011. As is the case for all electric utilities, the cost of power generation is the largest expense, totaling $64.5 million or 60.9 percent of revenues. Fuel costs are the largest component of power generation, totals $56.2 million or 53.0 percent of revenues, and represents 87.1 percent of the cost of power generation. The remaining $8.3 million or 7.9 percent of revenues and 12.9 percent of the cost of power generation, represents the cost of operating and maintaining the generating units. Percentage of Total Revenue Taxes 8.4% Depreciation & Amortization 7.3% Administrative & General Net of Non-Operating Margins 6.6% Marketing & Communications 0.5% Interest 4.8% Member Services 1.8% Net Margins 6.9% Transmission & Distribution Operation & Maintenance 2.8% Production Operation & Maintenance 7.9% Fuel & Purchased Power Costs 53% The cost of operating and maintaining the electric lines totaled $3.0 million or 2.8 percent of total revenues. The cost of servicing our members totaled $1.8 million or 1.8 percent of revenues. The cost of keeping our members informed totaled $0.6 million or 0.5 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 $7.2 million or 6.8 percent of revenues. Being very capital intensive, depreciation and amortization of the utility plant costs $7.8 million or 7.3 percent of revenues. Although not subject to federal income taxes, state and local taxes amounted to $8.9 million or 8.4 percent of revenues. Interest on longterm debt, at a very favorable sub5percent interest rate, totals $5.1 million or 4.8 percent of revenues. Nonoperating net margins added $0.3 million to overall net margins. Revenues less total expenses equal margins of $7.3 million or 6.9 percent of revenues. Margins are allocated to consumer members and paid when appropriate.
Simple Pleasures “Everybody chases sunsets… sometimes it’s just easier to turn around and look at the moonrise” Juan Lorenzo Parting Shot Congresswoman Mazie Hirono visits the Kapa‘a Solar site with KIUC President and CEO David Bissell, Board Chair Phil Tacbian and Senior Energy Solutions Engineer Steve Rymsha. 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. OCTOBER 2011 71
- Page 19 and 20: Facebook: A network of personal and
- Page 21 and 22: Walk on sidewalks, not in the stree
- Page 23 and 24: By Anne Barnes KIUC IN THE COMMUNIT
- Page 25 and 26: The Qualifying Member Appliance Rep
- Page 27 and 28: By Shelley Paik What the Well-Dress
- Page 29 and 30: Photo by Maile Moriguchi We all wan
- Page 31 and 32: Photos courtesy of NRECA and Cooper
- Page 33 and 34: To perform their mission, electric
- Page 35 and 36: Marie Morin embraced her new job as
- Page 37 and 38: State law requires KIUC to maintain
- Page 39 and 40: Short Ribs 3 pounds short ribs Salt
- Page 41 and 42: Recovery Act (ARRA) for smart grid
- Page 43 and 44: Directors are the connection betwee
- Page 45 and 46: Board Actions for July and August 2
- Page 47 and 48: Call it Cost-effective Economical P
- Page 49 and 50: showing “ON” and “OFF” posi
- Page 51 and 52: On July 29, 2011, David Bissell, pr
- Page 53 and 54: Where Your Electric Dollar Goes Mos
- Page 55 and 56: Request for Patronage Capital Refun
- Page 57 and 58: MILLIKEN, STEPHEN P MINDORO, BEBINC
- Page 59 and 60: MONIZ, JOHN MONTEMAYOR, J G MOORE,
- Page 61 and 62: LEWIS, SAMANTHA LIN, GUANG LOMONGO,
- Page 63 and 64: FULTON JR, RONALD FUNG, DEBRA A GAB
- Page 65 and 66: WALCZUK, ANTHONY J WALKER, GEORGE W
- Page 67 and 68: KINOSHITA, MICHIE KISHI, TATSU KITC
- Page 69: CALHOUN, SAMUEL CALLAHAN, SABRINA C
Simple<br />
Pleasures<br />
“Everybody chases sunsets…<br />
sometimes it’s just easier<br />
to turn around and look<br />
at the moonrise” Juan Lorenzo<br />
Parting Shot<br />
Congresswoman Mazie Hirono visits the Kapa‘a Solar site with <strong>KIUC</strong> President<br />
and CEO David Bissell, Board Chair Phil Tacbian and Senior Energy Solutions<br />
Engineer Steve Rymsha.<br />
We are always looking for interesting items to feature in SImple Pleasures and Parting Shot. If you have an item to share with<br />
readers, please email currents@kiuc.coop or send it to: <strong>KIUC</strong> Currents, 4463 Pahe‘e Street, Suite 1, Līhu‘e, HI 967662000.<br />
OCTOBER 2011 71
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