Select an option below to continue reading this premium story.
Already a Honolulu Star-Advertiser subscriber? Log in now to continue reading.
Kauai Island Utility Cooperative will begin issuing $1.1 million in 2020 patronage capital retirement bill credits to cooperative members this month.
The KIUC board accelerated the timing of its retirement process at its Thursday meeting due to the COVID-19 situation and the financial challenges some of the cooperative’s members are facing.
Patronage capital is money that the cooperative has left over after paying all of its expenses and meeting its lenders’ expectations for financial stability. At the end of the year, money is credited to each member’s patronage capital account according to the amount the member paid for electricity. This is the member’s equity in KIUC.
Since becoming a cooperative in 2002, KIUC has built $126 million in equity and has returned over $42 million to members, including nearly $35 million in patronage capital retirements.
The amount of each member’s retirement is based on energy use. Most members will see their retirement amount as a credit on their monthly bill. Members with inactive accounts with a refund of $1 or more will get a check. If the amount is less than $1, it will remain in the member’s patronage account until the cumulative amount reaches $1 or more, after which a check will be sent.
