Safer is Smarter - Kauai Island Utility Cooperative

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Statement of Operations For the period 01/01/2010 – 07/31/2010 54 KIUC CURRENTS By Karissa Jonas, Controller We report that KIUC’s results of operations through July 31, 2010, are improving as the weak economy begins to show signs of recovery. Electricity use on the island has increased slightly compared with the prior year. However, it is still at a significantly decreased level, primarily due to the reduction in visitors to the island. KIUC is doing everything it can, while maintaining safety and reliability, to reduce costs in various areas to continue to meet its loan covenants. Revenues, expenses and net margins totaled $88.6 million, $83.7 million and $4.9 million, respectively, for the sevenmonth period ending July 31, 2010. As is the case for all electric utilities, the cost of power generation is the largest expense, totaling $50.1 million or 56.5% of revenues. Fuel costs are the largest component of power generation, totaling $42.0 million or 47.4% of revenues, and representing 83.8% of the cost of power generation. The remaining $8.1 million or 9.1% of revenues and 16.2% 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 10.2% Administrative & General Net of Non-Operating Margins 6.9% Marketing & Communications 0.5% Interest 6.0% Member Services 2.4% Net Margins 5.5% Fuel & Purchased Power Costs 47.4% Production Operation & Maintenance 9.1% Transmission & Distribution Operation & Maintenance 3.5% The cost of operating and maintaining the electric lines totaled $3.1 million or 3.5% of total revenues. The cost of servicing our members totaled $2.2 million or 2.4% of revenues. The cost of keeping our members informed totaled $0.5 million or 0.5% 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 $6.4 million or 7.3% of revenues. Being very capital intensive, depreciation and amortization of the utility plant costs $9.0 million or 10.2% of revenues. Although not subject to federal income taxes, state and local taxes amounted to $7.4 million or 8.4% of revenues. Interest on longterm debt, at a very favorable sub5% interest rate, totals $5.3 million or 6.0% of revenues. Nonoperating net margins added $0.3 million to overall net margins. Revenues less total expenses equal margins of $4.9 million or 5.5% of revenues. Margins are allocated to consumer members and paid when appropriate.
Simple Pleasures Kekaha Sunset Photo courtesy of: Leialoha San Agustin U.S. Navy photo by Petty Officer Jay C. Pugh Parting Shot Captain Nicholas Mongillo of the Pacific Missile Range Facility accepts a patronage capital rebate check from KIUC Key Accounts Executive Ed Nakaya, KIUC Production Manager Brad Rockwell—also a Commander Select in the U.S. Navy Reserve—and KIUC Board Member Stu Burley. 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 2010 55
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October 2010 Safer is Smarter
Page 3 and 4: October 2010 Volume 7, Number 5 Tab
Page 5 and 6: Installation is scheduled with the
Page 7 and 8: I have heard it said that “first
Page 9 and 10: All holiday lights, whether LED or
Page 11 and 12: Although a KIUC vehicle may be a co
Page 13 and 14: Photos by Shelley Paik KIUC’s ele
Page 15 and 16: Old GT2 control cab enclosure. A ma
Page 17 and 18: Director Ben Sullivan gives his rep
Page 19 and 20: Members enjoy chili and rice plates
Page 21 and 22: ONE OUT OF EVERY FOUR AMERICANS BEL
Page 23 and 24: Pharmacy Discount Frequently Asked
Page 25 and 26: TrickorTreating Tips A parent o
Page 27 and 28: 3. Papaya Seed Dressing Ahi 1 bottl
Page 29 and 30: KIUC submitted a revised Short Term
Page 31 and 32: County of Kaua‘i Charter Review C
Page 33 and 34: Avoid tree and utility conflicts to
Page 35 and 36: Trees can be a power line’s worst
Page 37 and 38: TARIFF RULE NO. 16 INTERRUPTION OF
Page 39 and 40: Photo by Shelley Paik Between KIUC
Page 41 and 42: We listened to our members during t
Page 43 and 44: LAST PAYMENT AMOUNT: 75.00 RECEIVED
Page 45 and 46: Request for Patronage Capital Refun
Page 47 and 48: PETERS, LEONARD PHILLIPS, EDWIN PIA
Page 49 and 50: STOCKSDALE, KAMANAWA L STUART, FORR
Page 51 and 52: TAY, PENG HWEE TAYAMEN, PATRICIO TA
Page 53: MURAYAMA, DENJI MUROFF, MITCHELL MU
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