The Kilowatt
COURIER May 2022
MEMBERS ELECT DIRECTORS AT 2022 HEA ANNUAL MEETING Homer Electric Associa on members elected three directors at the Coopera ve’s 72nd Annual Mee ng of the Members in Kenai on May 4, 2022. In District 1 (Kenai – Nikiski – parts of Soldotna area), the candidates were Daniel Hyman of Soldotna, Summer Lazenby of Soldotna, and Wayne H. Ogle of Nikiski. Voters elected Wayne H. Ogle to represent District 1. In District 2 (Soldotna – Sterling – Kasilof), Daniel Furlong from Soldotna ran unopposed and was elected to a three-year term. In District 3 (Kasilof south to Kachemak Bay area), incumbent director Erin McKi rick of Seldovia ran against Troy Jones of Homer, Lonnie Lambert of Ninilchik, and Dr. Douglas A. Stark of Homer. Voters elected Erin McKi rick to represent District 3. The Annual Mee ng drew a crowd of over 150 people and a live stream of the mee ng was offered for members unable to par cipate in person. The mee ng featured informa onal booths with an emphasis on HEA services and programs. The Annual Mee ng also featured the winners of Homer Electric’s Safety Poster Contest, Youth Rally selec ons, HEA Scholarship Program recipients 74900 and several energy credit door prizes. Thank you to all our members who par cipated in your electric co-op elec on and Annual Mee ng. As always, our focus is on you.
HEA SCHOLARSHIPS, YOUTH RALLY & SAFETY POSTER CONTEST AWARDS Commitment to Community is one of HEA's coopera ve principles. Each year, HEA distributes scholarships, hosts an electrical safety poster contest and sponsors a youth rally program to Idaho. The electric coopera ve is proud to announce the 2022 winners of the HEA Scholarship Program recipients, Electric’s Safety Poster Contest and Youth Rally program.
SCHOLARSHIP PROGRAM HEA’s Scholarship Program is an outreach opportunity available to high school seniors and adults in pursuit of higher educa on. The award value and scholarship quan ty is determined annually by the Board of Directors and funded by the interest earned on unclaimed capital credits. HIGH SCHOOL SCHOLARSHIP RECIPIENTS Melita E a Kenai Central High School Kaitlynn Gist Kenai Central High School Selena Payment River City Academy Nathanael Johnson Soldotna High School Gabrielle Lane Soldotna High School Jordan Strausbaugh Soldotna High School Carson Dement Soldotna High School Olivia Glasman Homer High School Delilah Harris Homer High School CONTINUING EDUCATION SCHOLARSHIP RECIPIENT Robert Walsh District 3
conƟnued on back page... KilowaƩ Courier is a monthly online publica on by Homer Electric Associa on, Inc.
SAFETY POSTER CONTEST BEST SAFETY MESSAGE
Ava Cobbs K-Beach Elementary 4th Grade
MOST CREATIVE
MOST HUMEROUS
Hannah Hardesty Kaleidoscope School of Arts and Science 4th Grade
HIDDEN ACCOUNT NUMBERS Three randomly chosen italicized account numbers are hidden in the Kilowa Courier. If you find YOUR account number, call 235-3338 and you'll receive a $50 credit which will be reflected on your next bill. Thanks for reading!
Jacob Collinson Soldotna Elementary School 4th Grade
YOUTH RALLY The Youth Rally is a week long summer camp specifically tailored for high school students in grades 10 and 11, designed to develop leadership skills, foster teamwork, strengthen communica on techniques, highlight the unique quali es of electric coopera ves, and increase awareness regarding important issues faced by the u lity industry. The Youth Rally is held in Idaho and is a joint effort between statewide co-ops and the Na onal Rural Electric Coopera ve. The 2022 Youth Rally recipients are: JaLeen Ga enby - IDEA Homeschool - 11th Grade
CURRENT RESIDENTIAL RATES As of April 1, 2022 All Residen al Customers Energy charge = 16.077 cents/kWh Customer charge = $20.00 System delivery charge = $24.12* (*If usage is less than 150 kWh)
Cost of Power Adjustment (COPA) 7.80 cents per kWh* (*Subject to change on a quarterly basis and upon RCA approval.)
See www.homerelectric.com for the latest residential and commercial rates.
Parker Rose - Soldotna High School - 10th Grade
HEA RETURNS CAPITAL CREDITS TO MEMBERS DISTRIBUTIONS One of the benefits of being a member in a member-owned, not-for-profit electric coopera ve, is the return of capital credits to members. HEA is distribu ng $3,580,000 in capital credits to approximately 8,800 members in May 2022. Members with an ac ve 59793 HEA account will receive a credit on their May energy bill statement. Those members who do not have an ac ve account will be mailed a check to their address on file with HEA. The Members of HEA between 1984 and 1987 will recieve the capital credit distribu on. The amount is determined by the quan ty of electrictricity purchased during each of those years; the more electricity purchased, the larger the capital credit amount will be. ALLOCATIONS Capital credits represent HEA members’ share of equity in the u lity and are based on margins, which are the difference between total expenses and total revenues of the coopera ve. Each year, HEA allocates margins to its members in propor on to the amount they paid for electric service. While the alloca on is done annually, the return of margins occurs at the discre on of the Board of Directors, based on 97087 the financial health of the coopera ve. Prior to refunding capital credits, the coopera ve uses its margins to maintain equity and fund long-term capital projects to improve and upgrade the electrical system. From 1960 through 2021, HEA has returned over $37 million in capital credits to members of the coopera ve. FRIENDLY REMINDER As a reminder, it is cri cal for HEA to have a good address on file for all members to ensure delivery of future capital credits. MONTHLY FINANCIAL UPDATE Homer Electric finished the month of March 2022 with a total asset base of $26.3 million. Opera ng revenue to date was $27.0 million and total costs were $25.1 million, bringing net opera ng margins to $1.9 million through March 31, 2022. This chart is a breakdown of key financial indicators comparing March 2021to March 2022.
Year to Date
March 31, 2022
March 31, 2021
Opera ng Revenue
$27.0 million
$27.6 million
Cost of Purchased Power
$16.3 million
$16.3 million
Cost of Electric Service
$8.8 million
$8.0 million
Opera ng Margins
$1.9 million
$3.3 million
Total Kilowa Hours Sold
117.7 million kWh
124.0 million kWh
Total Number of Meters
36,085 meters
35,708 meters
Total Miles of Energized Line
2,404
2,392
BOARD of DIRECTORS & MANAGER Dan Furlong, President (907) 398-8174 Erin McKi rick, Vice President (907) 299-6994 Jim Duffield, Sec./Treasurer (907) 283-2203 C.O. Rudstrom, Deputy Secretary (907) 420-7124 Mike Chenault, Director (907) 398-1010 Louie Flora, Director (907) 717-9602 Wayne Ogle, Director (907) 690-1308 Robert Wall, Director (907) 398-9191 Jim Levine, Director (907) 299-0323 Brad Janorschke, General Manager (907) 283-2312
MAY 2022 KILOWATT COURIER Homer Electric Associa on, Inc. 3977 Lake Street Homer, AK 99603 (907) 235-8551 (800) 478-8551 280 Airport Way Kenai, AK 99611 (907) 283-5831 www.homerelectric.com Homer Electric Associa on, Inc. is an equal opportunity provider and employer.