Strategic plan drives action
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- Barnard Potter
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4 2014 highlights Average residential customer paid $214 less for electricity than in 2013 $2.1 million in patronage capital returned this year, 12 th year in a row $32.6 million returned in patronage capital and bill credits since MW of renewable energy online, up from 22.7 in 2013
5 Strategic plan drives action Decrease average residential bill 10% Generate at least 50% of electricity by using renewable resources by 2023 Reduce carbon emission levels below 1990 levels by 2023 Hold controllable cost increases below level of inflation while maintaining reliability Be a leader in energy storage technology
6 Our 3 big advantages 1. Co-op model Democratic, nonprofit, low-cost capital 2. Size and scale Nimble, versatile, non-bureaucratic 3. People Smart, creative, community-minded
7 President s report 12 MW Koloa solar project online Construction began on 12 MW Anahola solar project Green Energy biomass plant under construction 6 MW Gay & Robinson hydro project announced State gives preliminary approval to pumped hydro storage project on Westside
8 What we ve accomplished Fuel mix 2009 Fuel mix 2015 Hydro 9% Biomass 12% Hydro 9% Oil 91% Oil 62% Solar 17%
9 Co-op success story: Stable rates Rate percentage change from MECO-Molokai 15.3 MECO-Lanai 10.1 MECO-Maui 4.4 HELCO-Hawaii 7.8 HECO-Oahu 28.3 KIUC 0.1 Source: Hawaii Public Utilities Commission annual reports, utility rate data sheets
10 Koloa: Kauai-style community solar Benefits all members by providing cheaper, cleaner electricity Online in August 2014
11 More community solar: Anahola Largest solar array in Hawaii Reduces carbon dioxide emissions Online in August
12 Rooftop solar up 600% in 5 years 3,500 Interconnections 3, , , , , /30/2015 Total Connected in Year Cummulative
13 Greenhouse gas emissions down 9% Tons of C02 released in thousands
14 2.6M fewer gallons of oil used Millions of gallons burned annually
15 Household use lowest since Average monthly residential kwh Projected
16 Controlling operations budget a priority $35.00 $37.90 $37.80 $37.70 $ is fifth year in a row budget is at or below inflation rate Employee count down 4% from 2013 Refinancing loans saves $835,146 in Millions
17 Balancing service with costs KIUC members have high expectations of personal service More people pay bills in person than on any other island More online options coming for paying, tracking use
18 Seabird protection expense growing Budget for habitat conservation, research now $2.5M a year Up 125% over the past 3 years KIUC is now the largest funding agency for bird research on Kauai
19 What we re working on Westside pumped hydro storage project LNG economic analysis Rate design ensuring costs are fairly distributed among all Time-of-use pilot Potential battery storage projects
20 Our employees are members, too
21 We re committed to serving our members and community
22 Annual Meeting Financial Report Fiscal Year Ended December 2014 July 23, 2015
23 23 KIUC stand-alone Times Interest Earned Ratio - YTD December 2014 TIER = (Net Margin + LTD Interest Expense) = (9,448, ,362,128) = 2.28 LTD Interest Expense 7,362,128
24 24 KIUC stand-alone Equity as a Percentage of Assets - December 2014 Equity as a % of Assets 26.6% Liabilities as a % of Assets 73.4%
25 25 KIUC Consolidated Balance Sheet Summary - December /31/14 Net Utility Plant $ 332,296,485 84% Other Investments 1,865,108 0% Current Assets 55,042,945 14% Post-Retirement Benefit Asset 1,113,400 0% Deferred Debits 7,530,747 2% TOTAL ASSETS $ 397,848, % Controlling Equity Interest 93,019,262 23% Non-Controlling Equity Interest 23,928,991 6% TOTAL EQUITY $ 116,948,253 29% Long-term Debt, (less Current Maturities of 12,556,893) 191,515,093 48% Asset Retirement Obligation 1,139,750 0% Current Liabilities 77,727,807 20% Deferred Credits 10,517,782 3% TOTAL LIABILITIES $ 280,900,432 71% TOTAL EQUITIES AND LIABILITIES $ 397,848, %
26 184,714, ,375, ,469,753 95,390,434 74,802,252 73,092, ,772 (1,443,536) 9,154,055 9,448, KIUC Consolidated Key Results Comparison YTD December 2014 $200,000,000 $175,000,000 $150,000,000 $125,000,000 $100,000,000 $75,000,000 $50,000,000 $25,000,000 $0 ($25,000,000) Operating Revenue Commodities Expense [Fuel & Purch. Power] Expense [excluding Commodities] Non Operating Margins Net Margin 2013 Actual 2014 Actual
27 27 KIUC Consolidated Percentage of Total Revenue YTD December 2014 Interest 4.3% Net Margins 5.3% Taxes 8.4% Depreciation & Amortization 8.2% Commodities - Fossil Fuel 47.3% Administrative & General Net of Non-Operating Margins 8.3% Member Services 1.6% Transmission & Distribution Operation & Maintenance 2.9% Production Operation & Maintenance 7.8% Commodities - Hydro 2.8% Commodities - Solar 3.1%
28 78,657,650 76,375,758 53,068,453 52,423,289 76,412,084 73,177,836 1,442,867 1,527, ,581, ,503, kwh Sold YTD June ,000, ,000, ,000, ,000, ,000, ,000,000 75,000,000 50,000,000 25,000,000 - (2.9%) (1.2%) (4.2%) 5.8% (2.9%) (25,000,000) Residential Commercial Industrial Other Total 2014 YTD Actual 2015 YTD Actual % Growth
29 83,244,535 82,714,737 77,663,114 74,795,403 72,447,874 74,240, ,923 (817,982) 1,337,188 9,154,055 9,448,881 4,759, KIUC stand-alone Forecasted Results Comparison $90,000,000 $80,000,000 $70,000,000 $60,000,000 $50,000,000 Net margin forecast to be nearly half amount $40,000,000 $30,000,000 $20,000,000 $10,000,000 $0 ($10,000,000) Gross Margin Total Expenses Non-Operating Margins Net Margin 2013 Actual 2014 Actual 2015 Forecast
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