LIHUE — Kaua‘i Island Utility Cooperative will begin issuing $1.1 million in 2020 patronage-capital-retirement bill credits to cooperative members this month, the result of action taken by the Board of Directors at its April 29 meeting.
LIHUE — Kaua‘i Island Utility Cooperative will begin issuing $1.1 million in 2020 patronage-capital-retirement bill credits to cooperative members this month, the result of action taken by the Board of Directors at its April 29 meeting.
The board has accelerated the timing of its retirement process this year in light of the COVID-19 situation and the financial challenges some members are facing, according to a press release.
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 bylaws determine how and when capital credits are returned to members.
Since becoming a cooperative in 2002, KIUC has built $126 million in equity, and has returned over $42 million to its members, including nearly $35 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 checks.
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.
That’s a whopping $7 check usually. Woohoo. They should match back to their customers what they spend on the birds. Built all these solar farms promising lower monthly bills, and we fell for it.
I agree and what would really be nice is for them to credit us tor when we sat in the dark with candles waiting for our electric to be turned on for shortages around the island. I never once saw a credit for the time we lost electricity. We pay our electric bill faithfully. Wish they would ste up and take responsibility and reimburse us for power loss. That’s all. Spectrum/Time Warner same thing. Never a credit but so eager to tag us when we are late, electric and cable alike!
Why would they credit us? You aren’t paying for a general month, you are paying for the wattage you use… you obviously didn’t pay for any electric during the outage. LOL.
It’s probably time for inactive accounts to band together and sue KIUC in a class action to force them to do more to retire the debt to those who are no longer on Kauai. They are playing games to keep rates low for present customers while leaving those who have gone trapped in a roach motel investment.
Yeah, let’s sue them so they raise our bills to pay for their legal fees. SMH.
cOMMON:
It’s awesome we’re converting to solar. And, I didn’t “fall” for anything. My bill decreased in recent years.
Lala:
The power outages seldom last long. Workers sometimes go out in horrible conditions to restore it for us = be grateful.
Long Gone:
“sue KIUC in a class action to force them to do more to retire the debt to those who are no longer on Kauai.”
What unrealistic planet did you move to? You used electric, you pay for it. Did you inform whomever you have credit cards with that you’ve relocated so don’t owe them anything either? LOL.