LIHU‘E — The Kaua‘i Island Utility Cooperative announced Friday it will begin delivering 2008 patronage capital refund checks and updated patronage capital account information to its members as early as next week. This year’s refunds amount to $2.4 million, or
LIHU‘E — The Kaua‘i Island Utility Cooperative announced Friday it will begin delivering 2008 patronage capital refund checks and updated patronage capital account information to its members as early as next week.
This year’s refunds amount to $2.4 million, or 25 percent, of KIUC’s 2008 net margins of $9.6 million, according to a press release. The refunds were approved by the KIUC Board of Directors and the Rural Utilities Service.
Checks will be issued for refunds totaling $10 or more. If the amount is less than $10 and the member has an active account, the amount will be credited to the member’s account. If the refund amount is less than $10 and the account is inactive, the amount will remain in the member’s patronage account until the cumulative refund amount is $10 or more.
For an average residential account that consumed about 430 kilowatt hours per month, the average refund check will be approximately $27. With this year’s refunds, a total of $23.1 million, which includes annual patronage capital and special refunds, will have been returned to KIUC’s members since acquiring the electric utility in 2002.
