KIUC's Energy Wise Guys - Kauai Island Utility Cooperative

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By Karissa Jonas, Controller Statement of Operations For the period 01/01/2010 – 02/28/2010 38 KIUC CURRENTS KIUC results of operations through February 28, 2010, are still being impacted negatively by the weak economy. Electricity usage on the island 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 in order to continue to meet its loan covenants. Revenues, expenses and net margins totaled $24.6 million, $22.7 million and $1.9 million, respectively, for the twomonth period ending February 28, 2010. As is the case for all electric utilities, the cost of power generation is the largest expense, totaling $13.5 million or 55.0 percent of revenues. Fuel costs are the largest component of power generation, totaling $11.1 million or 45.1 percent of revenues, and representing 82.0 percent of the cost of power generation. The remaining $2.4 million or 9.9 percent of revenues and 18.0 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 11.0% Administrative & General Net of Non-Operating Margins 5.3% Marketing & Communications 0.5% Interest 6.0% Member Services 2.4% Net Margins 7.8% Fuel & Purchased Power Costs 45.1% Production Operation & Maintenance 9.9% Transmission & Distribution Operation & Maintenance 3.6% The cost of operating and maintaining the electric lines totaled $0.9 million or 3.6 percent of total revenues. The cost of servicing our members totaled $0.6 million or 2.4 percent of revenues. The cost of keeping our members informed totaled $0.1 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 $1.4 million or 5.6 percent of revenues. Being very capital intensive, depreciation and amortization of the utility plant costs $2.7 million or 11.0 percent of revenues. Although not subject to federal income taxes, state and local taxes amounted to $2.1 million or 8.4 percent of revenues. Interest on longterm debt, at a very favorable sub5 percent interest rate, totals $1.5 million or 6.0 percent of revenues. Nonoperating net margins added $0.1 million to overall net margins. Revenues less total expenses equal margins of $1.9 million or 7.8 percent of revenues. Margins are allocated to consumer members and paid when appropriate.
Simple Pleasures Production Manager Brad Rockwell takes the Kaumakani seniors on a tour of the Port Allen Power Plant. Parting Shot Leadership Kaua‘i’s 2010 Pi‘ina Hoku Youth Leadership group’s Community Project, Kaua’i <strong>Energy</strong> Education Project (KEEP), is now online at www.keeproject.org. The website offers information on energy efficiency and features an energy consumption calculator. Please visit the website and read about more about Pi‘ina Hoku’s KEEP project in the next issue of KIUC Currents. We’re always looking for interesting items to feature in 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. APRIL 2010 39
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