LIHU‘E —Kaua‘i Island Utility Cooperative will begin issuing $1.24 million in 2019 patronage-capital-retirement bill credits to cooperative members this month, due to action taken by the board of directors at its April 30 meeting.
“We had strong financial results in 2019, which allows us to exercise one of the fundamental benefits of being a not-for-profit cooperative that is owned by the members it serves,” stated Allan Smith, board chairman.
In addition, KIUC President and CEO David Bissell announced that service disconnections will continue to be suspended through June 30.
“We know many of our members are experiencing financial challenges due to COVID-19,” said Bissell. “The board accelerated its patronage-capital-retirement process this year, and we hope that temporarily suspending service disconnects will ease some of the anxiety our members might be experiencing.”
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.
As additional member equity funds come in year after year, KIUC is able to return some of its accrued capital credits by issuing patronage-capital retirements to members. KIUC’s elected board and the bylaws determine how and when capital credits are returned to members.
Since becoming a cooperative in 2002, KIUC has built $120 million in equity and has returned over $40 million to its members, including nearly $33 million in patronage-capital retirements.
The amount of each individual member’s retirement is based on energy usage. Most members will see their retirement amount as a credit on their monthly bill. Members with inactive accounts with a refund amount of $1 or more will receive 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.
Temporary suspension of service disconnections
The suspension of service disconnections will apply to both residential and commercial customers through June 30. KIUC members are reminded that bill payments have not been waived, and past-due amounts will grow over time if no payments are made.
Members with concerns about the status of their account are encouraged to call the Member Services department at 246-4300 during regular business hours: Monday through Friday, 8 a.m. to 4 p.m., or by email at info@kiuc.coop. There are energy-assistance programs available for qualified members. More information on these programs can be found on KIUC’s website: kiuc.coop/member-services.
KIUC also encourages members to utilize the SmartHub service to track daily energy use. Energy conservation and efficiency advice is also shared regularly via KIUC’s Facebook page: facebook.com/KauaiCoop/. Contact the Energy Services division at 246-4300 to learn how to better manage energy use.
KIUC remains closed to walk-in service. However, there are numerous ways to pay bills. Options include either paying by debit or credit card, or signing up for SmartHub to pay via a savings or checking account. A self-service kiosk is located outside KIUC’s Lihu‘e office that is always open and accepts payment via cash or checking account. A drop box is also available outside the Lihu‘e office for check payments.
Source: The Garden Island
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