September 2016

YOUTH TOUR 2016: GETTING UP CLOSE WITH OUR GOVERNMENT

Inside:SolarCity Groundbreaking

Shearwaters Season is Open

Aloha Island Team Karen L. Agudong, REALTOR, BIC

Plantation Hale Ground level condominium located in the A Building at Plantation Hale in Kapaa. 1 bedroom, 1 bathroom with full kitchen. Close to parking and the front desk. Lush greenery and great air flow. $169,900(fs). Call: Karen Agudong, REALTOR(B) 652-0677 or email: karen@alohaisland.com.

Your property here!.....Looking to sell your home? Inventory is low and buyers are looking to purchase property before the interest rates go up. Please contact Karen for a FREE comparative market analysis of your property.

2210 Makaa Street, Lihue – Gorgeous custom home in the Pikake subdivision lo-cated next to a lush greenbelt on the side of the home and the Womens’ Tee #7 of the Puakea Golf Course in the back of the home. Beautiful upgrades and features throughout! Corian and Granite Countertops; Traver-tine, Bamboo and Distressed Teak Flooring; Top of the line appliances; Ipe Decking; AC Mitsubishi Slim units in the master bedroom and office and lots more! This gorgeous home is a must see in the desirable Pikake Golf Course Subdivision! $849,000(fs). Call: Karen L. Agudong, REALTOR(B) 652-0677.

Maikai Street, KalaheoNew Listing! Mauka side of Kalaheo. 9,000 sf. Fenced on the sides. Flat and level, ready to build. Water meter in place. $250,000(fs). Call Karen L. Agudong, REALTOR(B) 652-0677 or email: Karen@alohaisland.com.

5376 Menehune Road, WaimeaFertile Working Farm in Waimea! This 1.27 acre working, productive farm is located along the Menehune River towards the end. This is land-only, however, a septic system is already installed (awaiting the home construction for finals) and a County water meter is also there. It even includes a John Deere mower, and a pick-up truck to get you to market! Over an acre, irrigation water, and trees and plants including: Papaya, Mango, Banana, Avocados, Limes, Grapefruit, Pomegranate, Tangelos, Tangerines, Samoan Coconut, and Guava. $312,000(fs). Call: Karen Agudong, REALTOR(B) 652-0677.

Halelani Village B103Ground Floor corner location with a really nice size fenced in yard and outdoor covered lanai area. 2 bedrooms, 1.5 bathrooms. Small outside storage area in front of unit. Convenient street parking as well as parking stalls. Halelani Village is conveniently located near shopping, schools and community college. $249,000(fs). Call: Karen Agudong, REALTOR(B) (808) 652-0677.

KW Kauai, Keller Williams • 2970 Haleko Road, Suite #205, Lihue, HI 96766808-652-0677 • www.alohaisland.com • email: karen@alohaisland.com

Aloha Island Team - Karen L. Agudong, REALTOR BROKER, License# RB-17447

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December 2014 3

Cover Story Page 20

Page 6 Page 22

Editor Shelley Paik

Contributors Pam Blair, Jennifer Brown, Amy Doubet-Devitt, Karissa Jonas, Shelley Paik

On the Cover Youth Tour delgates visit the U.S. Captiol.

Only active KIUC members will be mailed KIUC Currents. KIUC Currents can be found online at www.kiuc.coop under News and Currents.

KIUC is an equal opportunity provider and employer.

Table of ContentsChairman’s Letter . . . . . . . . . . . . . . . . . . . . . . . 4

KIUC Board Appoints Dee Crowell to Fill Board Vacancy . . . . . . . . . . . . . . . . . . . . . . . . 4

Annual Meeting Recap . . . . . . . . . . . . . . . . . . . 5

Board Actions. . . . . . . . . . . . . . . . . . . . . . . . . . . 5

KIUC Continues to Lead the Way . . . . . . . . . . 6

2015 KIUC Annual Report . . . . . . . . . . . . . . . . 7

Statement of Operations . . . . . . . . . . . . . . . .19

Youth Tour Delegates Join Kansas in a Once-in-a-Lifetime Experience . . . . . . . . .20

My Youth Tour Experience . . . . . . . . . . . . . .21

Snacks and Stuff . . . . . . . . . . . . . . . . . . . . . . .22

Save Our Shearwaters . . . . . . . . . . . . . . . . . . .23

We’re Looking For You! . . . . . . . . . . . . . . . . .24

HELP KEEP OUR WORKERS SAFEPlease, No Signs on Poles

It is KIUC’s responsibility to ensure our workers are safe. Please help us by not attaching anything to utility poles.

And, when you see KIUC crews removing foreign attachments from poles, please understand it is their job to do so, and it is for their own safety.

To report emergencies or other safety matters, call KIUC at 808.246.4300.

4 KIUc cUrrents

One of the big questions for our cooperative utility is when we will reach our strategic plan’s 2023 goal of 50 percent renewable power.

We’re pretty sure we will hit that target plenty early. We will be close next year when the SolarCity dispatchable photovoltaics project is complete, but it is more likely we will reach 50 percent in 2018.

As I write this in late summer 2016, we are right at 40 percent renewable.

Some of that is from hydroelectric plants built by the plantations early in the last century. Some is from the new Green Energy biomass plant, which is burning wood chips from locally grown trees. And a lot of it is from solar.

On some sunny days, the combined production from water, wood and solar gets our renewable power generation into the 90 percent range. One day earlier this year, we hit 97 percent.

That’s great news, but it also means we can’t do a lot more solar, unless we can convince people to use more of their power in the daytime or we can store the sun’s energy for use at night.

We’re working on both of those things. • Shifting load: A time-of-use rate pilot

project gives 300 of our customers a big discount on their power bills during the day, so we can find out if financial incentives will shift their electricity use. If it seems to work, we can expand the program to our larger membership. If not, we need to consider alternative ways to shift load.

• Shifting generation. Our newest solar project, with SolarCity and Tesla,

should be built this year. It is different from all of our previous solar plants because it won’t deliver power to the grid when the sun shines. Virtually all the solar energy collected during the day will be stored in a massive battery bank for delivery to the grid at night, at a price cheaper than the historic cost of oil-fired power.

The SolarCity/Tesla plant should kick up our renewables to near 45 percent at the end of this year.

We are in negotiations for additional solar/storage facilities that have the potential to get us beyond 50 percent renewable. These projects could be online in late 2018. However, price negotiations, regulatory approvals, permitting, financing and other requirements need to be completed before construction can start.

Longer term, we continue to work on a hydroelectric/energy storage project on West Kaua`i. We also are rewriting our strategic plan to map our way to 100 percent renewables.

With aloha, Jan TenBruggencate

From the Chairman

Inside KIUC

KIUC Board Appoints Dee Crowell to Fill Board Vacancy

The Board of Directors of Kaua‘i Island Utility Cooperative appointed two-time former board member Dee Crowell to fill an opening for an unexpired term that runs through March 2017.

Crowell is an architect and former director of planning for Kaua‘i County. He has served on the board twice before, most recently in 2009.

The opening on the board was due to Carol Bain’s death May 16.“We are grateful to Dee for agreeing to step back onto the board on such short

notice,” said Jan TenBruggencate, board chairman. “His wealth of knowledge about KIUC and its operations means there will be no learning curve at such a critical moment for a new member who has not served previously.”

TenBruggencate noted that KIUC board members are required to undergo extensive training in the technical, financial and governance aspects of managing an electric utility. It takes several months for a new member who has not served previously to complete these training requirements. Crowell is a Credentialed Cooperative Director.

The board made adjustments in term lengths to ensure the seat Crowell is filling will be open for members to fill in the 2017 board election.

september 2016 5

Board ActionsBelow is a summary of some of the actions taken by the KIUC Board of Directors in March and April 2016.

May 31Unanimously approved Rural Utilities Service prepayment agreement to pay off remaining notes with RUS and save members an estimated $1 million per year in interest expense throughout the life of the loan.

Unanimously approved Board Policy 21, Financial Fraud Detection and Deterrence.

June 28Unanimously approved nomination of directors Peter Yukimura as National Rural Electric Cooperative voting delegate and Phil Tacbian as alternate.

Unanimously approved nomination of directors Dennis Esaki as NRECA resolutions committee delegate and Pat Gegen as alternate.

Unanimously approved nomination of CEO David Bissell as NRECA nominating committee delegate and CFO Karissa Jonas as alternate.

July 26Unanimously approved to appoint director Phil Tacbian as 2016-2017 ACRE board representative.

Unanimously approved to move Peter Yukimura into the remaining term of Carol Bail until March 2019.

Unanimously approved to appoint Dee Crowell to fill remainder of vacant term expiring March 2017.

Unanimously approved Board Policy 23, Electioneering.

Unanimously approved 2016 account receivable write-off of $72,691.

Unanimously approved Upper Waiahi Turbine Replacement budget amendment of $350,000.

Annual Meeting RecapIn addition to updating members on progress toward its renewable energy goal at the 14th annual meeting in July,

several actions related to Kaua‘i Island Utility Cooperative’s finances were highlighted:

• President and CEO David Bissell thanked Kaua‘i’s legislative delegation—particularly Senate President Ron Kouchi—for passing legislation that saves KIUC members $4 million a year. It exempts fuel burned at KIUC’s Kapaia Power Station from state highway use taxes.

• The co-op continues to invest in seabird mitigation, spending more than $2.5 million a year.

• KIUC refinanced $130 million of original acquisition debt with the National Rural Utilities Cooperative Finance Corp., saving $1.2 million a year and more than

$10 million during the life of the loan in interest expense.

• A new customer information system, SmartHub, allows members to view their energy use online and gives those who register the option to pay their bills online.

• KIUC is exploring rate design options to ensure equitable treatment among members.

Members were served chili and rice, received energy-saving information about solar water heating and an air

conditioning and fan replacement rebate, and left with LED bulbs, a reusable shopping bag and a bag of rice.

6 KIUc cUrrents

Inside KIUC

By Pam Blair

Kaua‘i Island Utility Cooperative continues to lead the way in its use of renewables to generate the island’s electricity, earning KIUC statewide acclaim for helping Hawai‘i work toward a clean energy future.

KIUC President and CEO David Bissell accepted an energy technology award from Gov. David Ige at the 8th Annual Hawai‘i Clean Energy Day Conference on August 16 in Honolulu and served on two panels at the event organized by the Hawai‘i Energy Policy Forum.

KIUC was recognized for powering the county with 97 percent renewables on the grid. Using a combination of solar, biomass and hydroelectricity, KIUC hit 90 percent renewable generation for brief periods in 2016.

“We are honored to be recognized,” said Bissell. “We have gone from being a place that’s almost entirely dependent on imported oil for power generation to an industry leader in adoption of renewable energy.”

KIUC has reached more than 40 percent renewable generation during

2016 and is expected to burn almost 10 million gallons fewer oil than it did in 2006, Bissell told members at the cooperative’s 14th annual meeting at Kaua‘i Community College in July.

Chairman Jan TenBruggencate reported that KIUC remains on track to meet its strategic goal to produce 50 percent of its power by renewable sources by 2023.

That plan is being updated in light of the state’s 100 percent renewable energy goal by 2045, Strategic Planning Committee Chairman Dennis Esaki said.

During the annual meeting, members were told KIUC has lowered its greenhouse gas emissions to below 1990 levels during 2016 due to the renewable projects recently brought online, including the Anahola and Koloa solar arrays and Green Energy biomass project.

“KIUC members paid $36 million less for electricity in 2015 compared to 2014 as a result of a shift to more renewable energy and lower global oil prices,” Chief Financial Officer Karissa Jonas told members.

Those efforts continue.

In partnership with the cooperative, SolarCity broke ground July 25 on a new solar array and battery storage system believed to be the first project of its kind in the United States.

The array and Telsa Powerpack system—which are being built under a 20-year contract between SolarCity and KIUC—will store solar energy created during the day and feed it to the grid during the evening, when members use the most power. That will reduce the amount of conventional power generation needed to meet the demand.

This represents the first time a utility has contracted for a system that stores and releases solar energy after sunset.

“KIUC is on the leading edge of the movement to use renewables to generate electricity,” said Bissell. “Even though oil is relatively cheap now, we are determined to continue to seek out renewable energy options for the future, and the Tesla storage system is a great step in that direction.”

The Tesla Powerpack lithium-ion battery storage system will provide up to 13 megawatts of electricity to the grid between 5 and 10 p.m., contributing about 5 percent of the electricity generated by renewables on Kaua‘i.

“This system represents a very tangible future for energy production in the U.S.,” said Jon Yoshimura, SolarCity’s director of government affairs in Hawai’i. “With the state’s overall goal of weaning itself completely off fossil fuels for energy production by 2045, the SolarCity array and Tesla battery storage system can play a huge role in demonstrating the viability of that vision.”

KIUC has a time-of-use pilot program aimed at shifting load from the evening to midday hours, when solar power is prevalent.

The cooperative also is developing two new dispatchable solar projects. Combined, they could provide another 15 percent of the island’s energy.

From left, Hawai‘i Energy Policy Forum’s Michael Hamnett, KIUC Power Supply Manager Brad Rockwell, Hawai‘i Energy Policy Forum’s Dr. Sharon Moriwaki, KIUC President and CEO David Bissell, Gov. David Ige, Mayor Bernard Carvalho and County Transportation Planner Lee Steinmetz. Photo by Bev Brody.

KIUC Continues to Lead the Way

A Year of

ACCOMPLISHMENT2015 ANNUAL REPORT

Our cooperative made a huge leap forward in 2015, moving much closer to our goal of using renewable resources to supply at least 50 percent of our power generation by 2023.

That is one of the reasons the theme of this report is “A Year of Accomplishment.”

In the past five years, we have reduced our fossil fuel consumption by nearly 30 percent. Greenhouse gas emissions are now below our 1990 level.

The plunge in oil prices was an unexpected, but welcome, break. The average residential bill fell 20 percent in 2015. But we did not let up in our pursuit of cleaner alternatives. Now we are in a much stronger position to help insulate Kaua‘i from oil price increases.

With the dedication of our Anahola solar project and completion of the Green Energy Team biomass project, renewable energy accounted for 38 percent of our power generation at the end of the year. That is up from 13 percent in 2014.

While our highest profile work was in renewable energy, we did not forget about our everyday interactions with members. KIUC invested in a new customer service system that enables members to track their energy use and account information online, and easily pay bills on the phone or with a mobile device.

There was much discussion about utility ownership models in 2015. People across Hawai‘i are becoming educated about the benefits of the cooperative.

A key advantage is our exclusive focus on our members and our community. We do not have to weigh the cost of serving customers against the expectations of shareholders.

Our success is a tribute to the work of our elected board and our 152 employees. We are all member-owners, committed to providing exceptional value and service to our island community.

David J. Bissell President and Chief Executive Officer

Our community electric cooperative continues to lead the state and the nation in our commitment to renewable energy and our action on that commitment.

Our 2015 opening of the Anahola solar array followed the opening a year earlier of the

Kōloa solar array. Each, at commissioning, was the largest solar farm in the state. As the year ended, we were near opening the Green Energy biomass project, which would bring our utility to 40 percent renewable.

Looking forward, we are planning the biggest utility-scale solar and storage facility in the nation in cooperation with Solar City and Tesla. We also are in the planning phases of two more major solar and storage projects, plus a West Kaua‘i pumped storage facility that will help our community add even more renewable resources to our grid.

All of this should bring us—with years to spare—to our 2023 strategic goal of 50 percent renewable power. It also will push us closer to the state’s goal of 100 percent renewable power.

There is so much movement on renewables, and it is happening so much faster than we planned for, that our progress is now far ahead of our strategic plan.

In the coming year, we will update the plan and then work on how to beat it, too.

Jan TenBruggencate Chairman of the Board

From the CEO and Chairman of the Board2

In Memorium: Carol BainCarol Bain, one of the longest-serving members of the KIUC Board of Directors, passed away May 16, 2016.

An advocate for transparency and open communication with members, Carol was first elected to the board in 2007. In March 2016, she was elected to her fourth three-year term. She served as secretary from 2013 to 2014 and most recently was chairwoman of the Policy Committee.

“We honor Carol’s memory and her work when we consider how we can be even more open and helpful to members,” said Board Chairman Jan TenBruggencate. “It would be difficult to imagine a more dedicated board member than Carol.”

2015 KIUCBoard of DirectorsChairman: Jan TenBruggencate

Vice Chairman: Calvin K. Murashige

Treasurer: Peter Yukimura

Secretary: Karen Baldwin

Board: Carol Bain, Dennis Esaki, Pat Gegen, David Iha and Teofilo “Phil” Tacbian

The role of the board of directors is to set the policies by which the cooperative operates and to develop long-range goals for the delivery of reliable power that is also safe, economical and environmentally responsible.

The board advocates for the members and makes decisions with the best interests of the membership in mind. Directors are accountable to the membership through annual elections.

The president and CEO is the board’s only employee. The board is responsible for evaluating his or her performance. The CEO is accountable for the day-to-day operations of the utility and ensuring the cooperative is professionally managed and responsive to its members.

KIUC 2015 ANNUAL REPORT 3

The cooperative started 2015 with renewable resources generating 13 percent of its electricity. By the end of the year, with the completion of the Anahola solar array and the Green Energy Team biomass plant, KIUC had boosted that number to 38 percent. KIUC is on track to reach its goal of using renewable resources to generate at least 50 percent of Kaua‘i’s power by 2023.

Some highlights of 2015:

n February: Green Energy Team biomass plant begins testing. This 7-megawatt plant provides 12 percent of Kaua‘i’s power. The only project of its kind in this country, the $90 million plant burns wood chips from invasive species and locally grown trees.

n April: For the eighth year, KIUC is ranked among the nation’s top 10 utilities for the integration of solar by the Solar Electric Power Association.

n May: $2.1 million in patronage capital is refunded to the members.

n May: An update on the plans for a pumped hydro storage system on the westside is presented at a community meeting in Waimea.

n July: The co-op holds its 13th annual membership meeting; 282 people attend.

n July: The co-op distributes 6,000 LED bulbs in Princeville, Līhu‘e and Waimea.

n September: KIUC signs a power purchase agreement with SolarCity for electricity from the first utility-scale solar array and battery storage system designed to supply power to the grid in the evening. The SolarCity project, which will use Tesla Powerpack battery technology, is believed to be the first utility-scale system in the U.S. to provide dispatchable solar energy, meaning the utility can count on electricity being available when it is needed, even hours after sunset.

n September: KIUC sponsors the island’s second annual Drive Electric event promoting electric vehicles.

n September: Using smart meter technology, KIUC begins work on a time-of-use pilot program that offers a lower rate on electricity consumed during the day, when solar energy is abundant.

n October: KIUC upgrades its customer information and billing system, giving members more ways to obtain account information and make payments online.

n November: The 59,000-panel Anahola solar array is dedicated. The largest solar project in Hawai‘i, this 12-megawatt, $54 million solar array reduces KIUC’s carbon dioxide emissions by 18,000 tons a year.

n December: Green Energy biomass plant comes online.

n December: Cumulative rooftop solar installations by members total 3,390—about 12 percent of all residential customers.

n December: Average residential bill in 2015 is $163.04—nearly $40 less than in 2014.

With Anahola solar and the Green Energy plant online, KIUC finishes 2015 with 38 percent of its electricity generated by renewable resources.

Highlights From 20154

KIUC 2015 ANNUAL REPORT 5

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6

By theNumbers

KIUC results of operations for the year ended December 31, 2015, remained strong despite a significant decrease in revenues from 2014. Revenues decreased 20 percent due to lower fuel and purchased power costs. In 2015, KIUC’s members spent $31.4 million less in fuel and purchased power costs than in 2014. Overall, electricity use on the island was slightly higher than last year. In 2015, KIUC shifted about 23,700 megawatt-hours of generation from fossil fuel to renewable energy. The cooperative is working hard to reduce costs, operate efficiently and effectively, and preserve a strong financial position, while maintaining safety and reliability. Revenues, expenses and net margins totaled $143.5 million, $137.5 million and $6.0 million, respectively, for the 12-month period ending December 31, 2015.

As is the case for all electric utilities, the cost of power generation is the largest expense, totaling $75.9 million or 52.9 percent of revenues. Commodities—fuel and purchased power costs—are the largest component of power generation, totaling $61.8 million or 43.1 percent of revenues. Currently, fossil fuel is the largest component of commodities, totaling $51.0 million or 35.5 percent of revenues. Other commodities include hydropower, $4.7 million or 3.3 percent of revenues; solar power, $5.4 million or 3.8 percent of revenues; and biomass, $0.7 million or 0.5 percent of revenues. The remaining $14.1 million or 9.8 percent of revenues represents the cost of operating and maintaining the generating units.

Operating and maintaining electric lines totaled $5.3 million or 3.7 percent of total revenues.

Servicing our members totaled $2.9 million or 2.0 percent of revenues. Administrative and general costs—which include legislative and regulatory expenses, engineering, executive, human resources, communications, safety and facilities, information services, financial and corporate services, and board of director expenses—totaled $16.7 million or 11.7 percent of revenues.

Being capital intensive, depreciation and amortization of the utility plant costs $17.0 million or 11.9 percent of revenues. Although not subject to federal income taxes, state and local taxes amounted to $12.1 million or 8.4 percent of revenues. Interest on long-term debt, at a favorable sub-5 percent interest rate, totals $7.5 million or 5.2 percent of revenues. Nonoperating net margins deducted $0.1 million from overall net margins. Revenues less total expenses equal margins of $6.0 million or 4.1 percent of total revenue. Margins are allocated to consumer-members and paid when appropriate.

The direct and indirect financial benefit to KIUC members is significant. Since 2002, KIUC has returned $32.6 million to members in the form of patronage capital retirements and billing credits. Also, KIUC contributed $115,741 to local nonprofits and community organizations in 2015.

In addition, the indirect financial benefits (that is, ownership) include patronage capital that is held by KIUC on behalf of its members to potentially be distributed at future dates, as determined by the KIUC Board of Directors. As of December 31, 2015, this amounts to $96.4 million.

Summary of OperationsFor the period 01/01/2015 through 12/31/2015

KIUC 2015 ANNUAL REPORT 7

8

Assets December 31, 2015 2014 UTILITY PLANT AT COST Electric Plant in Service $ 546,374,192 $ 479,173,682 Electric Plant Acquisition Cost 54,852,453 54,852,453 Accumulated Depreciation and Amortization (265,316,187) (253,579,118) Net Electric Plant in Service 335,910,458 280,447,017 Construction Work in Progress 8,311,847 51,849,468 Net Utility Plant 344,222,305 332,296,485 OTHER INVESTMENTS Investments in Associated Organizations 889,780 791,795 Rural Economic Development Loans 873,750 1,073,313 Total Other Invesments 1,763,530 1,865,108 CURRENT ASSETS Cash & Cash Equivalents 19,447,410 20,028,196 Restricted Cash & Cash Equivalents 2,126,117 1,908,115 Accounts and Notes Receivable (Less allowance for doubtful accounts of $688,103 in 2015 and $592,145 in 2014) 9,423,591 11,128,564 Accrued Unbilled Revenue 6,599,036 7,091,702 Inventories 14,538,474 14,396,537 Other Current and Accrued Assets 1,431,463 1,218,420 Total Current Assets 53,566,091 55,771,534

POST-RETIREMENT BENEFIT ASSET 1,252,400 1,113,400

DEFERRED CHARGES 10,509,802 7,530,747

Total Assets $ 411,314,128 $ 398,577,274

Equities and LiabilitiesEQUITIES AND LIABILITIES Memberships $ 483 $ 467 Patronage Capital 96,389,604 92,527,762 Other Equity 397,441 396,333 Post-retirement Benefit Obligation Gain (Loss) (259,000) 94,700 Controlling Equity Interest 96,528,528 93,019,262 Capital Account - A&B KRS II LLC 22,702,967 23,928,991 Non-Controlling Equity Interest 22,702,967 23,928,991 Total Equities and Margins 119,231,495 116,948,253

LONG-TERM DEBT, Less Current Maturities 187,819,625 191,515,093

ASSET RETIREMENT OBLIGATIONS 2,278,249 1,139,750

CURRENT LIABILITIES

Current Maturities of Long-Term Debt 13,952,739 12,556,893 Line of Credit 59,500,000 39,000,000 Accounts Payable 5,617,070 10,277,372 Energy Rate Adjustment Clause 1,259,609 1,109,770 Consumer Deposits 1,593,707 1,514,639 Accrued Employee Compensation 2,047,106 2,655,600 Accrued Taxes 6,218,963 9,413,017 Other Current and Accrued Liabilities 729,181 835,608 Total Current Liabilities 90,918,375 77,362,899 DEFERRED CREDITS 11,066,384 11,611,279

Total Liabilities and Equities $ 411,314,128 $ 398,577,274

Balance SheetDecember 31, 2015 and 2014

KIUC 2015 ANNUAL REPORT 9

Year Ended December 31,

2015 2014

OPERATING REVENUES Residential $ 55,512,573 $ 68,457,684 Irrigation 59,629 38,762 Commercial and Industrial 86,013,501 108,660,247 Public Street and Highway Lighting 1,362,924 1,594,732 Other Operating Revenues 508,142 624,043

Total Operating Revenues 143,456,769 179,375,468 OPERATING EXPENSES Power Cost 75,873,417 109,348,105 Transmission - Operation 408,792 335,826 Transmission - Maintenance 576,009 479,856 Distribution - Operation 1,264,327 1,346,803 Distribution - Maintenance 3,058,602 3,046,602 Customer Accounts 2,278,950 2,357,285 Customer Service and Information 597,264 527,877 Administrative and General 16,717,504 13,382,811 Depreciation and Amortization 17,018,391 14,789,636 Taxes 12,100,554 15,101,376 Accretion Expense 41,053 - Other Interest Expense 1,371,908 550,062

Total Operating Expenses 131,306,771 161,266,239 OPERATING MARGINS - Before Interest 12,149,998 18,109,229 INTEREST ON LONG-TERM DEBT 7,529,211 7,766,874 OPERATING MARGINS 4,620,787 10,342,355 NONOPERATING MARGINS Interest Income 613,607 590,051 Allowance for Funds Used During Construction 1,098,704 832,685 Capital Credits 97,309 53,676 Other Nonoperating Income (Expense) (534,698) 206,578

Total Nonoperating Margins 1,274,922 1,682,990 EXTRAORDINARY ITEMS - (1,509,273) NET MARGINS 5,895,709 10,516,072 Net Loss (Margins) Attributable to Non-controlling Interest 55,172 (1,067,191) NET MARGINS - COOPERATIVE $ 5,950,881 $ 9,448,881 PATRONAGE CAPITAL - BEGINNING OF YEAR $ 92,527,762 $ 84,689,122 Allocation of Net Margins 5,950,881 9,448,881 Patronage Capital Retired (2,089,039) (1,610,241) PATRONAGE CAPITAL - END OF YEAR $ 96,389,604 $ 92,527,762

Statement of Income

and Patronage

CapitalFor the years ended

December 31, 2015 and 2014

December 31,

2015 2014

OPERATING ACTIVITIES Net Margins $ 5,950,881 $ 9,448,881 Adjustments to Reconcile Net Margins to Net Cash from Operating Activities Depreciation and Amortization 17,510,336 15,184,103 Accretion of Asset Retirement Obligation 41,053 - Interest Earned on Cushion of Credit (634,155) (603,258) Capital Credit Allocations (97,309) (53,676) Net Margins Attributable to Non-controlling Equity Interest (55,172) 1,067,191 Change in Assets and Liabiliaties: Accounts Receivable and Unbilled Revenue 2,197,639 3,768,767 Energy Rate Adjustment Clause 149,839 1,268,158 Inventories and Other Current Assets (354,980) 1,025,641 Deferred Debits (2,979,055) (125,516) Post-Retirement Benefit Obligation (492,700) (2,923,100) Payables and Accrued Expenses (3,457,170) (2,884,753) Deferred Credits (544,895) (968,004)

Net Cash from Operating Activities 17,234,312 24,204,434

INVESTING ACTIVITIES Additions to Utility Plant, Net (33,371,749) (70,020,691) Rural Economic Development Loans 199,563 86,622 Other Investments (676) 3,140

Net Cash Used for Investing Activities (33,172,862) (69,930,929) FINANCING ACTIVITIES Borrowings from Long-Term Debt 10,961,000 45,729,000 Principal Payments on Long-Term Debt (12,626,467) (35,314,075) Net Activity on Line of Credit 20,500,000 27,689,000 Contributions from Non-controlling Equity Interest - 23,848,609 Distribution to Non-controlling Equity Interest (1,170,852) (986,809) Memberships 16 16 Other Equities 1,108 98,229 Retirement of Patronage Capital (2,089,039) (1,610,241)

Net Cash from Financing Activities 15,575,766 59,453,729 CHANGE IN CASH AND CASH EQUIVALENTS (362,784) 13,727,234 CASH AND CASH EQUIVALENTS — BEGINNING OF YEAR 21,936,311 8,209,077 CASH AND CASH EQUIVALENTS — END OF YEAR $ 21,573,527 $ 21,936,311 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash Paid During the Year for: Interest 8,902,286 8,316,936

Income Taxes 31,508 30,836 Noncash Investing Activities:

Liabilities Incurred for Asset Retirement Obligations 1,097,446 1,139,750

Liabilities Incurred for Utility Plant Additions - 5,033,039

10

Statement of Cash FlowsFor the years ended December 31, 2015 and 2014

KIUC 2015 ANNUAL REPORT 11

Net Margins4.1%

Interest5.2%

Taxes8.4%

Depreciation and Amortization

11.9%

Administrative and General Net of Nonoperating

Margins11.8%

Member Services2.0%

Transmission and Distribution Operation and Maintenance

3.7%Production Operation and

Maintenance9.8%

Commodities - Solar3.8%Commodities -

Biomass0.5%

Commodities - Hydro3.3%

Commodities - Fossil Fuel

35.5%

Commodities - Fossil Fuel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,941,514

Commodities - Hydro. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,682,985

Commodities - Solar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,432,347

Commodities - Biomass . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 702,576

Production Operation & Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,113,996

Transmission & Distribution Operation & Maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5,307,730

Member Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,876,214

Administrative & General Net of Nonoperating Margins. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,800,371

Depreciation & Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,018,391

Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,100,554

Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7,529,211

Net Margins. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5,950,881

Printed on Kaua‘i using recycled paper.4463 Pahe‘e Street, Suite 1, Līhu‘e, HI 96766-2000

808.246.4300 • www.kiuc.coop

Pioneer Solar

KAA Hydro

Gay & Robinson Hydro

McBryde Solar, Port AllenMcBryde Hydro, Kalāheo

MP2 Solar

McBryde Hydro, Wainiha

KIUC Kōloa Solar

Green Energy Team

SolarCity Energy Storage

KIUC Waiahi Hydro

Kapa‘a Solar

KIUC Anahola Solar

Type MW % of Sales

Active In UseKIUC, Kōloa Solar 12.0 5.0KIUC, Anahola Solar 12.0 5.0Green Energy Team Biomass 7.4 11.4McBryde, Port Allen Solar 6.0 2.7McBryde, Wainiha Hydro 4.0 3.6KIUC, Waiahi Hydro 1.3 1.4McBryde, Kalāheo Hydro 1.0 0.9Gay & Robinson, Olokele Hydro 1.3 0.9KAA, Waimea/Kekaha Hydro 1.5 0.9Pioneer, Waimea Solar 0.3 0.1Kapa‘a Solar Solar 1.0 0.4MP2, ‘Ōma‘o Solar 0.3 0.1Customer Solar Solar 21.0 4.0

Under Construction/PermittingGay & Robinson, Olokele Hydro 6.0 4.2SolarCity Energy Storage Solar 13.0 5.0Customer Solar Solar 6.6 1.0

Under ConsiderationWestside Pumped Hydro Storage Hydro 12.0 7.0Solar plus Storage Storage Solar 32.0 13.0

Total Renewable Energy in Service 2016

68.7 MW/36.4%

Potential Renewable Energy in Service 2025

138.3 MW/66.6%

Kaua‘i Renewable Energy Projects

september 2016 19

Inside KIUC

By Karissa JonasWe are pleased to

report the KIUC results of operations through July 31, 2016, are favorable. The Green Energy Team biomass plant is fully constructed and in full operation providing renewable energy to KIUC.

Year-to-date electricity use on the island is 1 percent higher than in 2015. Even with the increase in sales volume, KIUC is still doing everything we can, while maintaining safety and reliability, to reduce costs in various areas to operate efficiently and effectively, and continue to maintain a strong financial position.

Revenues, expenses and net margins totaled $80.3 million, $77.0 million and $3.3 million, respectively, for the seven-month period ending July 31, 2016.

As is the case for all electric utilities, the cost of power generation is the largest expense, totaling $43.4 million or 54.0 percent of revenues.

Commodities—fuel and purchased power costs—are the largest component of power generation, totaling $35.2 million or 43.7 percent of revenues. Fossil fuel is the largest component of commodities, totaling $18.9 million or 23.5 percent of revenues. Other commodities include hydropower, totaling $2.6 million or 3.2 percent of revenues; solar power, totaling $6.4 million or 7.9 percent of revenues; and biomass, totaling $7.3 million or 9.1 percent of revenues.

The remaining $8.2 million or 10.3 percent of revenues represents the cost of operating and maintaining the generating units.

The cost of operating and maintaining the electric lines totaled $3.6 million or 4.4 percent of total revenues. The cost of servicing our members totaled $1.8 million or 2.3 percent of revenues. The cost of keeping our members informed totaled $0.4 million or 0.5 percent of revenues. Administrative and general costs—which include legislative and regulatory expenses, engineering, executive, human resources, safety and facilities, information services, financial and corporate services, and board of director expenses—totaled $7.5 million or 9.3 percent of revenues.

Being capital intensive, depreciation and amortization of the utility plant

cost $8.7 million or 10.8 percent of revenues. Although not subject to federal income taxes, state and local taxes amounted to $6.8 million or 8.4 percent of revenues. Interest on long-term debt, at a favorable sub-5 percent interest rate, totals $4.4 million or 5.5 percent of revenues. Nonoperating net margins deducted $0.5 million from overall net margins. Revenues less total expenses equal margins of $3.3 million or 4.1 percent of revenues. Margins are allocated to consumer members and paid when appropriate.

Statement of OperationsFor the period January 1, 2016, to July 31, 2016

PERCENTAGE OF TOTAL REVENUE

Commodities —Fossil Fuel

23.5%

Transmission and Distribution Operation

and Maintenance4.4%

Member Services2.3%

Communications0.5%

Administrative and General Net of

Nonoperating Margins10.0%

Depreciation andAmortization

10.8%

Taxes 8.4%

Interest 5.5%

Net Margins 4.1%

Commodities —Solar7.9%

Commodities —Biomass

9.1%

Commodities —Hydro3.2%

Production Operation and Maintenance

10.3%

20 KIUc cUrrents

Youth Tour Delegates Join Kansas in a Once-in-a-Lifetime Experience

By Shelley PaikKamaile Bukoski of Kamehemeha

Schools, BreeAnn Cayaban of Waimea High, and Jayson Hawthorne and Grace Yatsko of Kapa‘a High were selected to represent KIUC and our island at the National Rural Electric Cooperative Association Youth Tour.

KIUC has partnered with Kansas Electric Cooperatives since 2004. The Kaua‘i students joined the Kansas delegation before heading to Washington, D.C., to learn about our

history and visit historical landmarks and monuments.

The Kansas and Hawai‘i students met each other for the first time at a welcome dinner where the Hawai‘i students presented the Kansas delegates with orchid lei. The delegation had a night tour of the Kansas State Capitol, and the following day learned about electrical safety and took turns going up in a bucket truck before heading to the airport for the flight to Washington, D.C.

In D.C., the group toured from morning to night. Among the stops were Mount Vernon, George Washington’s home; the Air Force and Pentagon memorials; Lafayette Park; the White House; Ford’s Theater; Arlington National Cemetery; and the Iwo Jima, Korean, World War II and Vietnam memorials.

The Hawai‘i delegates were honored to meet with Sen. Mazie Hirono at her Tuesday Talk Story session. Our delegates were humbled that she took the time to ask them about their interests and impressions of Washington, D.C. Former Youth Tour delegate Casey Nakamura (Youth Tour 2013) is an intern in Sen. Hirono’s office.

Following our time with Sen. Hirono, the students were led on a Capitol tour by Sen. Brian Schatz’s staffers, and got to see the 14th Dalai Lama as he walked through the Capitol rotunda. The group also had the opportunity to meet with Sen. Schatz and sit in the Senate gallery while it was in session.

We invest in our youth to invest in our community. It is our hope that our delegates will gain a deeper understanding of America and how they each can make a difference. Judging by the caliber of our delegates, our future looks bright!

Members and Community

Visiting Sen. Brian Schatz at the Capitol. From left; Kamaile Bukoski, Grace Yatsko, Sen. Schatz, Jayson Hawthorne and BreeAnn Cayaban.

Visiting during Sen. Mazie Hirono’s Tuesday Talk Story. From left; Kamaile Bukoski, Sen. Hirono, Grace Yatsko, BreeAnn Cayaban and Jayson Hawthorne.

september 2016 21

My Youth Tour ExperienceEach state’s delegation chooses a student representative for NRECA’s Youth Leadership Council. BreeAnn Cayaban was selected by her peers. This is the speech she delivered during the YLC workshop in July.

By BreeAnn Cayaban

History is defined by a single passing moment. Every moment leads to the next, and before we know it these moments are part of the past. The moment Hawai‘i got annexed into the United States was considered history. Even waking up this morning is part of the past. But it’s the unforgettable moments that become a memory. A memory is the remembrance of a past event. Youth Tour was definitely a memory. For me, it was a lifetime experience where the past remembered, present celebrated, and future promised.

Hello and Aloha everyone, my name is BreeAnn Cayaban, and I want to reflect on the Youth Tour moments filled with happiness and inspiration. It felt like walking through pages of an American history book. As leaders, we took a piece of each inspiring past leadership.

The first historical sites were Ford’s Theatre and the Peterson House. This site pertains to the assassination and passing of President Abraham Lincoln. His legacy was so profound that a 34-foot pillar of unique book titles about him was constructed in the Peterson House.

Leaving a legacy is the ultimate the goal for any leader. Leaders have the courage to go beyond what’s expected. Overall, they put others first before themselves, which is one of the characteristics of Abraham Lincoln. The day he signed the Emancipation Proclamation, he put the slaves first. He put the people first.

The next historical site was the Martin Luther King Jr. memorial. Memorials are unique structures because each detail represents the importance of the historical person or event. For instance, Martin Luther King Jr. is carved onto a Stone of Hope, which emerges from two large boulders, known as the Mountain of Despair. Overall, these structures symbolize Dr. King’s “I have a Dream” speech. His speech displays one of the messages he conveyed to every person, “The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.” Dr. King encouraged people to believe in their true strengths during hardship. These people were inspired to withstand the taunts, withstand shuns, and especially withstand the injustice. As today’s student leaders, I believe we have the ability to inspire anyone from the young to the elderly. Despite our gender, race or homeland, we all can make a difference. Martin Luther King Jr. proved that by spreading freedom to all Americans, and justice prevailed.

Another historical site was the Franklin D. Roosevelt memorial. One symbolic structure was the inspiring messages said by Roosevelt. One message that caught my eye was, “The only thing we have to fear is fear itself.” This is a captivating message because it inspires people that fear prevents us from accomplishing our goals. This connects to leaders because as a student or athlete, we encounter fears in everyday situations. Fears that pertain to learning a new move or even the fear of not passing a final exam. However, it’s the matter of setting aside

these fears and believing that anything is possible if we put our heart and mind into it. Franklin D. Roosevelt’s words gave people hope during the Great Depression, a time where a person would be lucky to even earn a dollar. Being a leader means empowering positivity in others. It’s leaders like Roosevelt who inspire us to believe in situations that seem to be impossible.

Walking through the American History Smithsonian created the next memorable moments during Youth Tour. The exhibit that intrigued me the most was the “Americans at War,” which highlighted the bloodshed and tears sacrificed in America’s wars. One section created a visual of the environment where prisoners of wars lived in. They were held hostage in concrete walls and left there to suffer in agony. It’s these people who can attest how their freedom was snatched away during service. Being held captive is neither asked nor desired, but our military men and women took a risk. As leaders, we need to have the courage just like our soldiers. If it weren’t for them, we wouldn’t have our freedom today.

As Youth Tour came to an end, we visited the United States Capitol. This building also had a message engraved along its walls. However, this message was hidden in the Rotunda. It’s located under the statue of freedom. This message was “E pluribus Unum.” The meaning is “Out of many, one.” These three words summarize the life, liberty and pursuit of happiness granted to every single person in all 50 states.

This Youth Tour experience made a multitude of moments for me and a thousand other students. We remembered how the past impacts our lives. We celebrated living in the “land of the free.” Last but not least, we left a legacy as today’s promising student leaders. Youth Tour was a trip where nothing ever becomes real until it’s experienced.

I would like to thank NRECA and the Kaua‘i Island Utility Cooperative for giving this little Hawaiian girl the opportunity to unite with students across the country. We experienced the realism that from North to South, East to West, we are all united by the concept of our American leadership, like the saying “E pluribus Unum,” “Out of many, one.”

Thank you and Mahalo.

22 KIUc cUrrents

Imitation Crab Dip1 block cream cheese1 can cream of mushroom soup1 package imitation crab, chopped½ teaspoon garlic powderPlace all ingredients into a pot and heat on medium heat

until cream cheese and soup are combined. Place in a bowl and cool. Serve with vegetable sticks, crackers or bread.

Shoyu Pickled Garlic Garlic cloves, peeled and washed⅓ cup sugar⅓ cup rice wine vinegar1 cup shoyuPlace garlic in a glass jar. Place shoyu, vinegar and sugar in

a pot. Bring to a boil, lower heat and simmer for 10 minutes. When sauce has cooled, pour over garlic in jar. Make sure garlic cloves are completely covered. Marinate for about a week and store in refrigerator.

Prune Mui 3 cups dried prunes2 cups dried apricots2 cups dried mango1 cup dried cranberries 1 package li hing mui1 package lemon peel, cut into little pieces 6 lemons, zested in long thin strips and juiced2 cups lemon juice 1 pound raw sugar3 tablespoons Hawaiian salt3 tablespoons whiskey 1 teaspoon Chinese five spice powder12 clovesCombine lemon juice, lemon zest, sugar, salt, whiskey, Chinese five spice powder

and cloves in a saucepan, and bring to a boil. Lower to medium heat and simmer for 20 minutes. Remove from heat and cool. Place the dried fruits, li hing mui and lemon peel in a gallon-sized glass jar, and cover with sauce. Mix well and let stand for a week, occasionally shaking the jar to distribute the sauce over the fruit.

Snacks and Stuff

Recipes

Poi Andagi 1 pound poi2 eggs, beaten1 cup sugar3 cups flour2 teaspoon baking powder¼ teaspoon salt¼ cup waterCombine all ingredients. Heat oil to

350 F. Gently drop into oil and fry until golden brown.

september 2016 23

The official Save Our Shearwaters season begins September 15

and runs through December 15. SOS staff collects the birds and rehabilitates them until they are

ready to be released into the wild.

You can help by:• Keeping a ventilated box and towel in your vehicle.

• If you find a downed bird, gently pick it up with the towel covering the head, and completely around its back and wings. Place in the container.

• Keep the bird covered and quiet in a shaded area. Do NOT feed it or give it water.

• Take the bird to the nearest aid station listed below as soon as possible. Please do NOT attempt to release the bird yourself.

• Please record the information requested at the aid station.

For more information, contact the Kaua‘i Humane Society at 632.0610 extension 109.

If you have found a bird or have a question regarding seabirds, please call the

SOS hotline at 635.5117.

KAUA‘IVETERINARY

CLINIC

SOS Aid Station LocationsWestHanapēpē Fire StationKalāheo Fire StationKōloa Fire Station

SouthWaimea Fire Station

Central-East Kapa‘a Fire StationKaua‘i Humane Society Līhu‘e Fire Station

NorthHanalei Fire Station Hanalei Liquor StoreKaiākea Fire StationKīlauea Medical Group

HI-130

September 2016Volume 13, Number 3

David BissellPresident and CEO

KIUC Board of DirectorsChairman: Jan TenBruggencateVice Chairman: Calvin K. MurashigeTreasurer: Peter YukimuraSecretary: Teofilo “Phil” TacbianBoard: Dee Crowell, Dennis Esaki, Pat Gegen,

David Iha, Allan Smith

ExecutiveChairman: Jan TenBruggencateMembers: Calvin K. Murashige, Teofilo “Phil”

Tacbian, Peter Yukimura

Finance & AuditChairman: Peter YukimuraMembers: Dennis Esaki, Pat Gegen, Allan Smith

Government Relations/Legislative AffairsChairman: Teofilo “Phil” TacbianMembers: Dennis Esaki, David Iha,

Peter Yukimura

InternationalChairman: David IhaMembers: Dennis Esaki, Teofilo “Phil” Tacbian,

Peter Yukimura

Member RelationsChairman: Pat GegenMembers: Allan Smith, Calvin K. Murashige

PolicyChairman: Allan SmithMembers: Pat Gegen, Calvin K. Murashige,

Allan Smith

Strategic PlanningChairman: Dennis EsakiMembers: David Iha, Calvin K. Murashige

4463 Pahe‘e Street, Suite 1Līhu‘e, Hawai‘i 96766-2000

808.246.4300 n www.kiuc.coopcurrents@kiuc.coop

We’re Looking For You!We are looking for the following inactive members with uncashed refund checks.

A review of our accounts indicate the following INACTIVE members did not cash refund checks that were issued during the period of July 1, 2015, to June 30, 2016. To request that a new check be issued, please complete the form below and submit it to us with a copy of your picture ID.

AKUTAGAWA, NOAH ARNADO, DAI BREECE, BONNIE M CANEDA, SHAOLYNN LEE CARVEIRO, JOSEPH CASTELLA, SHEENA L CUMMINGS, KAYE O DAVILA, FANNY DELUCA, DARIN ENNE, DAVID ESTACIO, CHERYL MOANA M FULLER, DANIEL JOSEPH HAFERKAMP, DENNIS HAVEA, ANA

HEAK, SREANG HOWARD, VINCENT KAILIKINI JR, ABRAHAM KAIWI, PAUL H KAPU, DAWN M KAUPPILA, ANNE C LAAWAY, SHEILA LABYA, YAWSHU A MACHADO, MATT MATTFELD, FREDERICK MONTEMAYOR, KELLIE J NAEA, LAWRENCE NAKAAHIKI, EDWARD B K NELSON, LINDSAY R

OKUHARA, STANLEY OLIVER, LINDSAY MEGAN ONG, ASHLEY PITTMAN, JASON E RACKLEY, MICHAEL D RIKER, DENNIS C SCHROEDER, CHELSEA L SEIBERT, SANDRA E SHUMATE, KENNETH WILLIAM SMITH, IAN D TRUBIA, MATTHEW C WILLIAMSON, HELEN WINBURY, TAMMIE SARA

Please Print:Name: _______________________________________________________________

Mailing Address: _______________________________________________________

City: ______________________ State: _____________ Zip: __________________

Telephone Number: ____________________________________________________

Email: _______________________________________________________________

KIUC Account Number: _________________________________________________

Signature of Member Date