Kodiak Daily Mirror - Kodiak Electric prepares to refinance debt
Kodiak Electric prepares to refinance debt
by James Brooks / editor@kodiakdailymirror.com
Jan 27, 2012 | 65 views | 0 0 comments | 2 2 recommendations | email to a friend | print
KODIAK — The Kodiak Electric Association likely will take advantage of low interest rates by refinancing at least $10 million of its debt this month.

“With these interest rates the way they are, we may be looking at a significant refinance,” KEA president and CEO Darron Scott told the organization’s board of directors Thursday afternoon at their January meeting. “There could be some significant dollars saved over time.”

Scott said the board could be called into a special meeting to approve the refinance before its next regular meeting.

Scott also presented a report on KEA’s 2011 operations. The electric cooperative sold 141.9 million kilowatt-hours last year, more than 6.5 million over expectations. That electricity earned the cooperative $25.4 million, up $2.2 million from 2010. The Pillar Mountain Wind Project produced 12.5 million kwh, saving an estimated 882,330 gallons of fuel worth $3.1 million.

Scott said the cooperative is occasionally running at peak loads, producing 22 to 23 megawatts of electricity because of demand from the city’s fish processing plants.

In other business, the KEA board voted to increase the amount of money going to pay off capital credits to compensate the estate of a deceased member owed a substantial amount of money. The board also voted to remove the invocation and national anthem from the KEA general membership meeting in an effort to speed the progress of the meeting. The KEA general membership meeting is 6:30 p.m. April 30 in the Gerald C. Wilson Auditorium.

Contact Mirror editor James Brooks at editor@kodiakdailymirror.com.
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