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{{short description|American utility company}}
{{short description|American utility company}}
{{Use mdy dates|date=August 2023}}
{{Infobox company
{{Infobox company
| name = Hawaiian Electric Industries
| name = Hawaiian Electric Industries, Inc.
| logo = Hawaiian Electric Industries 2018.png
| logo = Hawaiian Electric Industries logo.png
| image =
| image =
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| traded_as = {{NYSE|HE}}<br>[[S&P 400|S&P 400 Component]]
| traded_as = {{ubl|{{NYSE|HE}}|[[Russell 2000]] component}}
| founded = {{Start date and age|1891|10|13}}
| company_slogan =
| hq_location = [[Honolulu, Hawaii]], U.S.
| foundation =
| key_people =
| location = [[Honolulu]], [[Hawaii]]
| key_people =
| industry =
| industry =
| products =
| revenue = {{increase}} {{US$|3.742 billion|link=yes}}<ref name="annual_2022">[https://d18rn0p25nwr6d.cloudfront.net/CIK-0000354707/ea5f72e1-1512-4e90-999a-53c87e47462a.pdf. Transition Report] United States Securities and Exchange Commission; {{Webarchive|url=https://web.archive.org/web/20230816162834/https://d18rn0p25nwr6d.cloudfront.net/CIK-0000354707/ea5f72e1-1512-4e90-999a-53c87e47462a.pdf|date=2023-08-16}}</ref>
| products =
| revenue_year = 2022
| num_employees =
| operating_income = {{increase}} US$381 million<ref name="annual_2022"/>
| homepage = {{URL|hei.com}}
| income_year = 2022
| net_income = {{decrease}} US$241 million<ref name="annual_2022"/>
| net_income_year = 2022
| assets = {{increase}} US$9.546 billion<ref name="annual_2022"/>
| assets_year = 2022
| equity = US$468.885 million<ref name="annual_2022"/>
| equity_year = 2022
| num_employees = 2,511 full-time<ref name="annual_2022"/>
| num_employees_year = 2022
| subsid = Hawaiian Electric Company, Inc.<br/>Hawai'i Electric Light Company, Inc.<br/>Maui Electric Company, Limited<br/>Pacific Current LLC<br/>[[American Savings Bank]]
| website = {{URL|hei.com}}<br>{{URL|www.hawaiianelectric.com}}
}}
}}


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HECO power plant at Kahe Point in West [[Oahu]]]]
HECO power plant at Kahe Point in West [[Oahu]]]]


'''Hawaiian Electric Industries, Inc.''' ('''HEI'''; {{nyse|HE}}) is the largest supplier of electricity in the [[U.S. state|state]] of [[Hawaii]], supplying power to 95% of Hawaii's population through its electric utilities: Hawaiian Electric Company, Inc., Hawai'i Electric Light Company, Inc. and Maui Electric Company, Limited. In addition, HEI owns a financial institution serving Hawaii, [[American Savings Bank]].<ref name="heco.com">[http://www.hei.com/CustomPage/Index?keyGenPage=1073751872 HEI > Company Profile]</ref>
'''Hawaiian Electric Industries, Inc.''' ('''HEI''') is the largest supplier of electricity in the [[U.S. state]] of [[Hawaii]], supplying power to 95% of Hawaii's population through its electric utilities: Hawaiian Electric Company serving Oahu, Hawai'i Electric Light Company serving The Big Island, and Maui Electric Company serving Maui, Lanai and Molakai. In addition, HEI owns a financial institution serving Hawaii, [[American Savings Bank]], and a clean energy and sustainability company, Pacific Current LLC.<ref name="heco.com">{{Cite web|title=Company Profile|archive-url=https://web.archive.org/web/20161005220910/https://www.hei.com/CustomPage/Index/?keyGenPage=1073751872|archive-date=October 5, 2016|url=http://www.hei.com/CustomPage/Index?keyGenPage=1073751872|access-date=2020-09-02|website=HEI}}</ref>


HECO, HELCO, and MECO employ more than 2,000 people. Approximately 20,000 Hawaii residents are shareholders of HECO’s parent company, Hawaiian Electric Industries.<ref name="power facts">{{Cite web |url=http://www.heco.com/vcmcontent/StaticFiles/pdf/PowerFacts_6-2010.pdf |title=HECO Power Facts |access-date=2010-12-31 |archive-url=https://web.archive.org/web/20101229234517/http://www.heco.com/vcmcontent/StaticFiles/pdf/PowerFacts_6-2010.pdf |archive-date=2010-12-29 |url-status=dead }}</ref> The company is headquartered in [[Honolulu County, Hawaii|Honolulu]]. The net income of the company reached 164 million dollars by the end of 2012 with a yearly revenue of 3.4 billion dollars.<ref>[https://www.google.com/finance?q=NYSE%3AHE&fstype=ii&ei=J-8xU8CCFIi5sQeyTQ Finance]</ref>
Hawaiian Electric Company (abbreviated HECO and pronounced HEE-coh), Hilo Electric Light Company (later renamed Hawai'i Electric Light Company, abbreviated HELCO and pronounced HEL-coh), and Maui Electric Company (abbreviated MECO and pronounced MEE-coh) employ more than 2,000 people. Approximately 20,000 Hawaii residents are shareholders of HECO’s parent company, Hawaiian Electric Industries.<ref name="power facts">{{Cite web |url=http://www.heco.com/vcmcontent/StaticFiles/pdf/PowerFacts_6-2010.pdf |title=HECO Power Facts |access-date=2010-12-31 |archive-url=https://web.archive.org/web/20101229234517/http://www.heco.com/vcmcontent/StaticFiles/pdf/PowerFacts_6-2010.pdf |archive-date=2010-12-29 |url-status=dead }}</ref> The company is headquartered in [[Honolulu County, Hawaii|Honolulu]].


The island of [[Kauai]] is the only island in the state not supplied by HEI. Instead, the consumer-owned [[Kauai Island Utility Cooperative]] manages that island's electricity.
The island of [[Kauai]] is the only Hawaiian island not supplied by HEI. Instead, the consumer-owned [[Kauai Island Utility Cooperative]] manages that island's electricity.


==History==
==History==
Hawaiian Electric Company (often abbreviated HECO, pronounced HEE-coh) incorporated on October 13, 1891.<ref>{{Cite web |url=http://www.heco.com/portal/site/heco/menuitem.508576f78baa14340b4c0610c510b1ca/?vgnextoid=08685e658e0fc010VgnVCM1000008119fea9RCRD&vgnextchannel=575df2b154da9010VgnVCM10000053011bacRCRD&vgnextfmt=defau&vgnextrefresh=1&level=0&ct=article |title=Birth Of HECO |access-date=2011-01-01 |archive-url=https://web.archive.org/web/20110711161800/http://www.heco.com/portal/site/heco/menuitem.508576f78baa14340b4c0610c510b1ca/?vgnextoid=08685e658e0fc010VgnVCM1000008119fea9RCRD&vgnextchannel=575df2b154da9010VgnVCM10000053011bacRCRD&vgnextfmt=defau&vgnextrefresh=1&level=0&ct=article |archive-date=2011-07-11 |url-status=dead }}</ref> Within about 16 years the utility had 2,500 customers on the island of [[Oahu]]. By 1914 HECO had started rural service to the windward side of the island and was marketing electric products like refrigerators and flat irons. By 1937 HECO broke ground on its second power plant, and transmission lines soon crisscrossed Oahu.<ref>{{Cite web |url=http://www.heco.com/portal/site/heco/menuitem.508576f78baa14340b4c0610c510b1ca/?vgnextoid=ba685e658e0fc010VgnVCM1000008119fea9RCRD&vgnextchannel=575df2b154da9010VgnVCM10000053011bacRCRD&vgnextfmt=defau&vgnextrefresh=1&level=0&ct=article |title=Electrifying Oahu |access-date=2011-01-01 |archive-url=https://web.archive.org/web/20110711161809/http://www.heco.com/portal/site/heco/menuitem.508576f78baa14340b4c0610c510b1ca/?vgnextoid=ba685e658e0fc010VgnVCM1000008119fea9RCRD&vgnextchannel=575df2b154da9010VgnVCM10000053011bacRCRD&vgnextfmt=defau&vgnextrefresh=1&level=0&ct=article |archive-date=2011-07-11 |url-status=dead }}</ref>
Hawaiian Electric Company incorporated on October 13, 1891.<ref>{{Cite web |url=http://www.heco.com/portal/site/heco/menuitem.508576f78baa14340b4c0610c510b1ca/?vgnextoid=08685e658e0fc010VgnVCM1000008119fea9RCRD&vgnextchannel=575df2b154da9010VgnVCM10000053011bacRCRD&vgnextfmt=defau&vgnextrefresh=1&level=0&ct=article |title=Birth Of HECO |access-date=2011-01-01 |archive-url=https://web.archive.org/web/20110711161800/http://www.heco.com/portal/site/heco/menuitem.508576f78baa14340b4c0610c510b1ca/?vgnextoid=08685e658e0fc010VgnVCM1000008119fea9RCRD&vgnextchannel=575df2b154da9010VgnVCM10000053011bacRCRD&vgnextfmt=defau&vgnextrefresh=1&level=0&ct=article |archive-date=2011-07-11 |url-status=dead }}</ref> Within about 16 years the utility had 2,500 customers on [[Oahu]]. By 1914 HECO had started rural service to the windward side of the island and was marketing electric products like refrigerators and flat irons. In 1937 HECO broke ground on its second power plant, and [[transmission lines]] soon crisscrossed Oahu.<ref>{{Cite web |url=http://www.heco.com/portal/site/heco/menuitem.508576f78baa14340b4c0610c510b1ca/?vgnextoid=ba685e658e0fc010VgnVCM1000008119fea9RCRD&vgnextchannel=575df2b154da9010VgnVCM10000053011bacRCRD&vgnextfmt=defau&vgnextrefresh=1&level=0&ct=article |title=Electrifying Oahu |access-date=2011-01-01 |archive-url=https://web.archive.org/web/20110711161809/http://www.heco.com/portal/site/heco/menuitem.508576f78baa14340b4c0610c510b1ca/?vgnextoid=ba685e658e0fc010VgnVCM1000008119fea9RCRD&vgnextchannel=575df2b154da9010VgnVCM10000053011bacRCRD&vgnextfmt=defau&vgnextrefresh=1&level=0&ct=article |archive-date=2011-07-11 |url-status=dead }}</ref>


===War and statehood===
===War and statehood===
During [[World War II]] HECO power plants, now linked to busy military bases, generated more than one million kilowatt hours of electricity each day. (= > 42 MW average power)
During [[World War II]] HECO power plants linked to military bases, generating more than one million kilowatt hours of electricity each day. (= > 42 MW average power).


Hawaii became a state in 1959, and by then the entire island of Oahu was electrified. Massive power plants, some still in operation today, came online. HECO flipped the switch on a 116 MW plant in downtown Honolulu in 1954. The state's first reheat steam turbine generator went on line at Kahe on the west coast of Oahu. Today, Kahe is the state's largest plant with a total generating capacity of 650 MW.
Hawaii became a state in 1959, and by then Oahu was entirely electrified. HECO opened a 116 MW plant in downtown [[Honolulu]] in 1954. The state's first reheat [[steam turbine]] generator went on line at Kahe on the west coast of Oahu. Today, Kahe is the state's largest plant with a total generating capacity of 650 MW.


===Island expansion===
===Island expansion===
HECO purchased Maui Electric Company (abbreviated MECO and pronounced MEE-coh) in 1968. In 1970, HECO also acquired the Big Island's Hilo Electric Light Company (later to be renamed Hawai'i Electric Light Company, abbreviated HELCO and pronounced HEL-coh). MECO had expansion plans of its own. In 1988, it acquired the Lanai City power plant on the island of Lana'i, and in 1989, Molokai Electric Company on the island of Moloka'i. Hawaiian Electric Industries, Inc. (HEI) was created as a holding company for these various utilities in 1983.<ref name="heco.com"/>
HECO purchased Maui Electric Company in 1968. In 1970, HECO acquired the [[Hawaii Island]]'s Hilo Electric Light Company. In 1988 MECO acquired the [[Lanai City, Hawaii|Lāna‘i City]] power plant on the island of [[Lanai|Lānaʻi]], and in 1989, Molokai Electric Company on the island of [[Molokai|Molokaʻi]]. Hawaiian Electric Industries, Inc. (HEI) was created as a holding company for these various utilities in 1983.<ref name="heco.com"/> In 2013, HECO began working with [[Siemens]] to develop a self-healing grid in eastern [[Oahu|Oʻahu ]] and [[Waikiki|Waikīkī]] to ensure a reliable electrical supply.<ref>{{Cite web|url=https://w3.siemens.com/topics/global/en/references/sgp_oahu/pages/main.aspx|title=Smart Grid Project Improves Grid Reliability for Oahu, Hawaii - References - Siemens|website=w3.siemens.com|language=en|access-date=2018-08-06}}</ref>
In 2013, HECO began working with [[Siemens]] to develop a self-healing grid in eastern Oahu and Waikiki that will ensure a reliable electrical supply.<ref>{{Cite web|url=https://w3.siemens.com/topics/global/en/references/sgp_oahu/pages/main.aspx|title=Smart Grid Project Improves Grid Reliability for Oahu, Hawaii - References - Siemens|website=w3.siemens.com|language=en|access-date=2018-08-06}}</ref>


On December 4, 2014, [[NextEra Energy]] tendered an offer to purchase HEI for $4.3 billion. The sale required approval by the Hawaii Public Utilities Commission.<ref name=hei>{{cite news |last1=Chediak |first1=Mark |last2=Goossens |first2=Ehren |title=NextEra Buys Hawaii's Biggest Utility in Green Energy Test |url=https://www.bloomberg.com/news/2014-12-04/nextera-buys-hawaii-s-biggest-utility-in-green-energy-test-case.html |agency=[[Bloomberg News]] |date=4 December 2014 |accessdate=23 December 2014}}</ref> On July 18, 2016, it was announced that the merger was cancelled after the State PUC disapproved the deal.<ref>https://www.wsj.com/articles/nextera-hawaiian-electric-terminate-merger-bid-1468838067</ref> The merger included plans to convert HEI's [[fuel oil|oil]]-fired generating plants to run on [[natural gas]], which were to use [[liquified natural gas]] imported from a [[British Columbia]] plant of [[FortisBC]]. The upgrades were cancelled as they were dependent upon approval of the merger.<ref>{{cite news|title=Aging Hawaii Plant Upgrades Halted After Failed Merger|work=Engineering New Record|issue=Volume 277/Number 4|publisher=BNP Media|date=July 15, 2016|pages=14}}</ref>
On December 4, 2014, [[NextEra Energy]] tendered an offer to purchase HEI for $4.3&nbsp;billion (equivalent to ${{formatprice|{{inflation|US-GDP|4,300,000,000|2014}}}} in {{inflation/year|US-GDP}}).{{inflation/fn|US-GDP}} The sale required approval by the Hawaii Public Utilities Commission.<ref name=hei>{{cite news |last1=Chediak |first1=Mark |last2=Goossens |first2=Ehren |title=NextEra Buys Hawaii's Biggest Utility in Green Energy Test |url=https://www.bloomberg.com/news/2014-12-04/nextera-buys-hawaii-s-biggest-utility-in-green-energy-test-case.html |agency=[[Bloomberg News]] |date=4 December 2014 |access-date=23 December 2014}}</ref> On July 18, 2016, it was announced that the merger was cancelled after the Public Utilities Commission disapproved the deal.<ref>{{Cite news|url=https://www.wsj.com/articles/nextera-hawaiian-electric-terminate-merger-bid-1468838067|title=NextEra, Hawaiian Electric Terminate Merger Bid|first=Anne|last=Steele|newspaper=Wall Street Journal|date=July 18, 2016|via=www.wsj.com}}</ref> The merger included plans to convert HEI's [[fuel oil|oil]]-fired generating plants to run on [[natural gas]], which were to use [[liquified natural gas]] imported from a [[British Columbia]] plant of [[FortisBC]]. The upgrades were cancelled as they were dependent upon approval of the merger.<ref>{{cite news|title=Aging Hawaii Plant Upgrades Halted After Failed Merger|work=Engineering New Record|volume=277 |issue=4|publisher=BNP Media|date=July 15, 2016|pages=14}}</ref>

On December 24, 2019, HECO announced that it would begin operating under a single name with its subsidiaries MECO and HELCO—Hawaiian Electric.<ref>{{Cite web|url=https://www.staradvertiser.com/2019/12/24/hawaii-news/hawaiian-electric-companies-to-operate-under-single-name/|title=Hawaiian Electric companies to operate under single name|first1=Mark|last=Ladao|date=December 24, 2019|website=Honolulu Star-Advertiser}}</ref>

===Maui wildfires===
{{Main|2023 Hawaii wildfires}}

On August 8, 2023, brush fires ignited on various parts of Maui. Fires in Lahaina and Upcountry caused widespread damage to populated areas, and the Lahaina fire was responsible for at least 102 deaths and an estimated $5.5 billion in damage. Power lines owned by Hawaiian Electric were blown down and over 12,000 people on Maui were left without power. Investigations are currently underway to officially determine what caused the fire, and they are currently are looking into whether downed power lines and decisions by Hawaiian Electric were the cause of the deadly wildfires. Hawaii was experiencing high winds and was under a red flag warning when the wildfires broke out, which [[Hurricane Dora (2023)|Hurricane Dora]] passing to the south may have contributed to.<ref>{{Cite web|last=Czachor |first=Emily Mae |url= https://www.cbsnews.com/news/how-did-maui-fire-start-cause-lahaina-hawaii-wildfire/ |title=How did Maui fire start, cause Lahaina, Hawaii wildfire|date=August 17, 2023|access-date=August 17, 2023|website=CBS News|language=en}}</ref>

After the catastrophic and deadly wildfires, Hawaiian Electric's stock severely plummeted approximately 40%, its lowest since 2010, after it was facing a class action lawsuit that alleged that Maui’s devastating wildfires were caused by the utility’s energized power lines that were knocked down by strong winds, and that it chose not to shut off its power lines ahead of the Maui wildfires, despite knowing the safety risks of sparking a fire in those kind of conditions. It also stated that Hawaiian Electric still refused to shut down power lines despite it knowing that some of its power lines were knocked out by the heavy, high speed winds.<ref>{{Cite web|author= Rothenberg, Eva|date=August 14, 2023|url= https://edition.cnn.com/2023/08/14/investing/hawaiian-electric-maui-fires-lawsuit/index.html |title=Hawaiian Electric Maui fires lawsuit|access-date=August 17, 2023|website=CNN|language=en}}</ref> On August 23, it was reported that Hawaiian Electric had no procedure in place for turning off the grid — a common practice in other fire-prone states.<ref>{{Cite web |last= |date=2023-08-23 |title=In deadly Maui fires, many had no warning and no way out. Those who dodged barricades survived |url=https://apnews.com/article/hawaii-fires-timeline-maui-lahaina-road-block-c8522222f6de587bd14b2da0020c40e9 |access-date=2023-08-23 |website=AP News |language=en}}</ref>

In July 2024, a tentative agreement was reached and Hawaiian Electric Industries, along with the State of Hawaii, Maui County, Kamehameha Schools and others would agree to pay thousands of plaintiffs and victims over $4 billion to settle the lawsuits.<ref>{{cite web |last1=Feeley |first1=Jeff |last2=Chediak |first2=Mark |title=Hawaiian Electric Among Firms in $4 Billion Maui Fire Deal |url=https://news.bloomberglaw.com/insurance/hawaiian-electric-among-firms-eyeing-4-billion-maui-fire-deal |website=Bloomberg Law |date=19 July 2024}}</ref>


==Generation==
==Generation==
{{seealso|List of power stations in Hawaii}}
In 2016 HECO produced 8.8 TWh, of which 2.3 TWh were renewable.<ref>{{cite web|url= https://www.hawaiianelectric.com/clean-energy-hawaii/clean-energy-facts |title=Clean Energy Facts|publisher=HECO |accessdate=26 April 2017}}</ref> Most of the power came from oil, using 8.5 million barrels in 2016, down from 10.7 million barrels in 2008.<ref name=gtm2017-04>{{cite web|url= https://www.greentechmedia.com/articles/read/hawaiis-clean-energy-and-oil-consumption-report-card |title=Hawaii’s Clean Energy and Oil Consumption Report Card|publisher=| date=24 April 2017 |accessdate=26 April 2017}}</ref>
In 2023, power handled by HEI was 33% renewable.{{fact|date=July 2024}} Hawai‘i Island set a record for HEI, generating a peak of 92.3% renewable power on April 25, 2023.{{fact|date=July 2024}} In 2016 HECO produced 8.8 TWh, of which 2.3 TWh were renewable.<ref>{{cite web|url= https://www.hawaiianelectric.com/clean-energy-hawaii/clean-energy-facts |title=Clean Energy Facts|publisher=HECO |access-date=26 April 2017}}</ref> Most of the power came from oil, using 8.5 million barrels in 2016, down from 10.7 million barrels in 2008.<ref name=gtm2017-04>{{cite web|url= https://www.greentechmedia.com/articles/read/hawaiis-clean-energy-and-oil-consumption-report-card |title=Hawaii's Clean Energy and Oil Consumption Report Card| date=24 April 2017 |access-date=26 April 2017}}</ref>

Hawaiian Electric supports the adoption of electric vehicles. The company's goal is to have the majority of vehicles in Hawaii be electric vehicles by 2045. As of November 2018, EVs were 1% of all vehicles. Hawaiian Electric filed a road map with the state.<ref>{{Cite web|url=http://www.govtech.com/fs/Hawaii-Plan-Plots-Course-to-an-All-Electric-Car-Future.html|title=Hawaii Plan Plots Course to an All-Electric Car Future|website=www.govtech.com|date=10 April 2018|language=en|access-date=2018-11-28}}</ref>


List shows HEI-owned power plants. Totals include power purchased from independent plant owners of various types and [[distributed solar]].
Konijnen (latin: Hawaiian Electric) supports the adoption of electric vehicles. The company's goal is to have the majority of vehicles in Hawaii be electric vehicles by 2045. As of November 2018, it currently stands at 1% of all vehicles on the road. Hawaiian Electric filed a road map with the state.<ref>{{Cite web|url=http://www.govtech.com/fs/Hawaii-Plan-Plots-Course-to-an-All-Electric-Car-Future.html|title=Hawaii Plan Plots Course to an All-Electric Car Future|website=www.govtech.com|language=en|access-date=2018-11-28}}</ref>


===2010===
=== Oahu ===
[[File:Oil-fired generators at Hawaiian Electric Kahe Power Plant in Kapolei on the Waianae Coast.jpg|thumb|Oil-fired generators at Hawaiian Electric Kahe Power Plant in Kapolei on the Waianae Coast]]
'''Oahu''': total firm generating capability in 2016 was 1,726.5 mega[[Watt (unit)|watts]] for 304,261 customers, with 19.4% coming from renewable resources.<ref>https://www.hawaiianelectric.com/about-us/power-facts</ref>
HEI's total firm generating capability in 2023 is 1,614.5 mega[[Watt (unit)|watts]] serving 306,978 customers. Non-firm capacity was 987.6 megawatts. In 2022, 28% of power came from renewable resources, compared to 25% in 2020.<ref name=":0">{{Cite web|url=http://www.hawaiianelectric.com/about-us/power-facts|title=Power Facts|website=www.hawaiianelectric.com}}</ref>
{| class="wikitable"
{| class="wikitable"
|-
|-
! HECO Owned Plants (oil) !! Megawatts (MW)
! Oil !! Megawatts (MW)
|-
|-
| Waiau || align="right" | 499
| Honolulu || 113 – Decommissioned in January 2014
|-
|-
| Kahe || align="right" | 651
| Waiau || 499
|-
|-
| Kahe || 651
| CIP || align="right" | 130
|-
|-
| CIP || 120
! Solar !! MW

|-
! Independent power producers !! Megawatts
|-
| H-POWER ([[waste-to-energy]]) || {{0}}46
|-
|-
| West Loch Solar || align="right" | 20
| Kalaeloa Partners, L.P. (oil) || 208
|-
|-
| AES-Hawaii (coal) || 180
|}
|}


=== Maui/Lanai/Molokai ===
'''Maui''': total firm generating capability is 274.1 megawatts for 70,872 customers, with 36.9% coming from renewable resources.
Total firm generating capability in 2022 was 273.1 megawatts serving 73,933 customers. Non-firm capacity was 212.2 MW. 35.6% came from renewable resources, compared to 40.8% in 2020.<ref name=":0" />
{| class="wikitable"
{| class="wikitable"
|-
|-
! Oil !! MW
! MECO Owned Plants (oil) !! Megawatts
|-
|-
| Maalaea || 212.1
| Maalaea || align="right" | 212.1
|-
|-
| Kahului || {{0}}37.6
| Kahului ||align="right" | 37.6
|-
|-
| Lanai || {{0}}10.4
| Lanai ||align="right" | 9.4
|-
|-
| Molokai || {{0}}12.01
| Molokai ||align="right" | 12.0
|-
|-
| Hana (Dispersed generation) || {{0}}{{0}}2.0
| Hana (Dispersed generation) ||align="right" | 2.0
|-
|-
! Independent power producers !! Megawatts
|-
| HC&S (hydro, [[bagasse]], coal, recycled oil, oil) || {{0}}16
|-
! Maui Non-firm Generation (as-available) !! Megawatts
|-
| [[Kaheawa Wind Power]] (Phase I) || {{0}}30
|-
| [[Auwahi Wind]] || {{0}}21<ref>http://www.semprausgp.com/project/auwahi-wind/</ref>
|-
| Makila Hydro|| {{0}}{{0}}0.5
|-
| Lanai Sustainability Research (PV) || {{0}}{{0}}1.2
|}
|}


=== Hawaii ===
'''Big Island''': total firm generating capability 281.4 megawatts for 85,029 customers, with 54.2% coming from renewable resources.
Total firm generating capability in 2022 was 280.5 megawatts serving 88,757 customers. Non-firm capacity was 168.6 MW. 47.9% came from renewable resources, compared to 34.7% in 2020.
{| class="wikitable"
{| class="wikitable"
|-
|-
! HELCO power plants (oil) !! Megawatts
! HELCO power plants (oil) !! MW
|-
|-
| Hilo || 35.5
| Hill || align="right" | 34.7
|-
|-
| Puna || 36.5
| Puna || align="right" | 36.7
|-
|-
| Keahole || 80.6
| Keahole || align="right" | 77.6
|-
|-
| Kanoelehua || 21.8
| Kanoelehua || align="right" | 21.0
|-
|-
| Shipman || 15.2
| Shipman || 15.2 – Decommissioned in December 2015
|-
|-
| Waimea || {{0}}8.3
| Waimea || align="right" | 7.5
|-
|-
| Dispersed generation || {{0}}4.0
| Dispersed generation || align="right" | 5.0
|-
|-
! Hydropower !! MW
! Independent power producers !! Megawatts
|-
|-
| Pu‘u‘eo Hydro || align="right" | 3.4
| [[Puna Geothermal Venture]] || 30 – partially closed since 4 May 2018, fully 22 May 2018<ref>[http://orf.at/stories/2439555/2439557/ Kraftwerk wegen Lava stillgelegt : Spalt nur 200 Meter entfernt] orf.at, 22 May 2018, retrieved 22 May 2018. (German)</ref>
|-
|-
| Waiau Hydro || align="right" | 1.1
| Hamakua Energy Partners ([[naphtha]]) || 60
|-
|-
! Non-firm generation (as-available) !! Megawatts
|-
| HELCO’s Lalamilo wind farm || {{0}}2.3 – Decommissioned in December 2010
|-
| HELCO’s Puueo & Waiau units (hydro) || {{0}}4.35
|-
| Apollo Energy Corp.(wind) || 20.5
|-
| Wailuku River Hydroelectric || 12.1
|-
| [[Hawi Wind Farm|Hawi Renewable Development]] (wind) || 10.56
|-
| Keahole Solar Power ([[concentrated solar power]]) || {{0}}0.5
|-
| Other small producers (wind, hydro, oil) || <1
|}
|}


==Electric vehicles==
==Electric vehicles==
Through a cooperative effort with HECO, [[High Technology Development Corporation]] (HTDC), an agency of the State of Hawai’i, initiated the Hawai’i Electric Vehicle Demonstration Project (HEVDP) consortium to develop an [[electric vehicle]] industry in Hawai’i.<ref>[http://www.htdc.org/aboutus/index.html High Technology Development Corporation > About Us]</ref> The islands have about 5,000 rechargeable vehicles.<ref name=gtm2017-04/>
Through a cooperative effort with HECO, [[Hawaii Technology Development Corporation|High Technology Development Corporation]] (HTDC), an agency of the State of Hawai’i, initiated the Hawai’i Electric Vehicle Demonstration Project (HEVDP) consortium to develop an [[electric vehicle]] industry in Hawai’i.<ref>{{Cite web |url=http://www.htdc.org/aboutus/index.html |title=High Technology Development Corporation > About Us |access-date=2010-07-11 |archive-url=https://web.archive.org/web/20100716090310/http://htdc.org/aboutus/index.html |archive-date=2010-07-16 |url-status=dead }}</ref> The islands had about 5,000 rechargeable vehicles as of 2017.<ref name=gtm2017-04/>


==Future plans==
==Plans==
In 2015, the Hawaii State Legislature amended the State's [[Renewable Portfolio Standard]]s to establish the nation's first goal of 100% renewable energy: <ref>[http://www.capitol.hawaii.gov/session2015/bills/GM1197_.PDF Act 097, HB623 HD2 SD2 CD1], 2015 <!--from http://governor.hawaii.gov/acts/act-097-hb623-hd2-sd2-cd1-06082015/ --></ref>
In 2015, the Hawaii State Legislature amended the State's [[Renewable Portfolio Standard]]s to establish the nation's first goal of [[100% renewable energy]]:<ref>{{cite web|url=http://www.capitol.hawaii.gov/session2015/bills/GM1197_.PDF|archive-url=https://web.archive.org/web/20150920175756/http://www.capitol.hawaii.gov/session2015/bills/GM1197_.PDF|url-status=dead|title=Act 097, HB623 HD2 SD2 CD1|date=2015|archive-date=September 20, 2015}} <!--from http://governor.hawaii.gov/acts/act-097-hb623-hd2-sd2-cd1-06082015/ --></ref>
{| class="wikitable"
{| class="wikitable"
|-
|-
! Year !! RPS %
! Year !! RPS %
|-
|-
| 2020 || 30%<ref>{{cite web |title=Hawaii Electric blows past 2020 target on road to 100% renewable energy |url=https://reneweconomy.com.au/hawaii-electric-blows-past-2020-target-on-road-to-100-renewable-energy/ |website=RenewEconomy |language=en-AU |date=23 February 2021}}</ref>
| 2020 || 30%
|-
|-
| 2030 || 40%
| 2030 || 40%
Line 159: Line 153:
|}
|}


Hawaiian Electric has indicated in its Power Supply Improvement Plan that it will achieve these goals ahead of schedule.<ref>{{Cite web |date=2016 |title=2016 Power Supply Improvement Plan (PSIP) Update |url=https://www.hawaiianelectric.com/Documents/about_us/our_vision/psip_executive_summary_20161223.pdf |url-status=live |archive-url=https://web.archive.org/web/20170317055923/https://www.hawaiianelectric.com/Documents/about_us/our_vision/psip_executive_summary_20161223.pdf |archive-date=March 17, 2017 |access-date=September 5, 2022}}</ref> From 2021, HEI transitioned away from cost of service to Performance Based Regulation.<ref>{{cite web |title=Performance Based Regulation (PBR) |url=https://puc.hawaii.gov/energy/PBR/ |website=puc.hawaii.gov |archive-url= https://web.archive.org/web/20210121140512/https://puc.hawaii.gov/energy/PBR/ |archive-date=21 January 2021 |language=en |url-status=live}}</ref><ref>{{cite web |last1=Trabish |first1=Herman K. |title=Hawaii finalizes utility regulation considered potential template for US power system transformation |url=https://www.utilitydive.com/news/hawaii-finalizes-utility-regulation-considered-potential-template-for-us-po/593113/ |website=[[Utility Dive]] |archive-url= https://web.archive.org/web/20210119190114/https://www.utilitydive.com/news/hawaii-finalizes-utility-regulation-considered-potential-template-for-us-po/593113/ |archive-date=19 January 2021 |date=19 January 2021 |url-status=live}}</ref>
Hawaiian Electric has indicated in its Power Supply Improvement Plan that it will achieve these goals early,<ref>https://www.hawaiianelectric.com/Documents/about_us/our_vision/psip_executive_summary_20161223.pdf</ref> including achieving 100% renewable electricity for the island of Moloka'i by the year 2020.<ref>https://themolokaidispatch.com/100-renewable-energy-for-molokai-by-2020/</ref>


==See also==
==See also==
{{Portal|Hawaii}}
* [[Energy in Hawaii]]
* [[Energy in Hawaii]]
* [[Wind power in Hawaii]]
* [[Wind power in Hawaii]]
Line 170: Line 165:


==External links==
==External links==
* [http://www.hei.com/ Official Page of HEI]
* {{Official|https://www.hei.com}}
{{Finance links
| name = Hawaiian Electric Industries, Inc.
| symbol = HE
| reuters = HE.N
| bloomberg = HE:US
| sec_cik = 354707
| yahoo = HE
| google = HE:NYSE
}}
* [http://www.hoovers.com/hawaiian-electric-industries/--ID__10713--/free-co-factsheet.xhtml Profile from Hoover's]
* [http://www.hoovers.com/hawaiian-electric-industries/--ID__10713--/free-co-factsheet.xhtml Profile from Hoover's]
* [http://www.platts.com/top250/hawaiian.xml Profile from Platts]
* [http://www.platts.com/top250/hawaiian.xml Profile from Platts]

{{Authority control}}


[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies listed on the New York Stock Exchange]]

Latest revision as of 13:01, 28 October 2024

Hawaiian Electric Industries, Inc.
Company typePublic
FoundedOctober 13, 1891; 133 years ago (1891-10-13)
HeadquartersHonolulu, Hawaii, U.S.
RevenueIncrease US$3.742 billion[1] (2022)
Increase US$381 million[1] (2022)
Decrease US$241 million[1] (2022)
Total assetsIncrease US$9.546 billion[1] (2022)
Total equityUS$468.885 million[1] (2022)
Number of employees
2,511 full-time[1] (2022)
SubsidiariesHawaiian Electric Company, Inc.
Hawai'i Electric Light Company, Inc.
Maui Electric Company, Limited
Pacific Current LLC
American Savings Bank
Websitehei.com
www.hawaiianelectric.com
HECO power plant at Kahe Point in West Oahu

Hawaiian Electric Industries, Inc. (HEI) is the largest supplier of electricity in the U.S. state of Hawaii, supplying power to 95% of Hawaii's population through its electric utilities: Hawaiian Electric Company serving Oahu, Hawai'i Electric Light Company serving The Big Island, and Maui Electric Company serving Maui, Lanai and Molakai. In addition, HEI owns a financial institution serving Hawaii, American Savings Bank, and a clean energy and sustainability company, Pacific Current LLC.[2]

Hawaiian Electric Company (abbreviated HECO and pronounced HEE-coh), Hilo Electric Light Company (later renamed Hawai'i Electric Light Company, abbreviated HELCO and pronounced HEL-coh), and Maui Electric Company (abbreviated MECO and pronounced MEE-coh) employ more than 2,000 people. Approximately 20,000 Hawaii residents are shareholders of HECO’s parent company, Hawaiian Electric Industries.[3] The company is headquartered in Honolulu.

The island of Kauai is the only Hawaiian island not supplied by HEI. Instead, the consumer-owned Kauai Island Utility Cooperative manages that island's electricity.

History

[edit]

Hawaiian Electric Company incorporated on October 13, 1891.[4] Within about 16 years the utility had 2,500 customers on Oahu. By 1914 HECO had started rural service to the windward side of the island and was marketing electric products like refrigerators and flat irons. In 1937 HECO broke ground on its second power plant, and transmission lines soon crisscrossed Oahu.[5]

War and statehood

[edit]

During World War II HECO power plants linked to military bases, generating more than one million kilowatt hours of electricity each day. (= > 42 MW average power).

Hawaii became a state in 1959, and by then Oahu was entirely electrified. HECO opened a 116 MW plant in downtown Honolulu in 1954. The state's first reheat steam turbine generator went on line at Kahe on the west coast of Oahu. Today, Kahe is the state's largest plant with a total generating capacity of 650 MW.

Island expansion

[edit]

HECO purchased Maui Electric Company in 1968. In 1970, HECO acquired the Hawaii Island's Hilo Electric Light Company. In 1988 MECO acquired the Lāna‘i City power plant on the island of Lānaʻi, and in 1989, Molokai Electric Company on the island of Molokaʻi. Hawaiian Electric Industries, Inc. (HEI) was created as a holding company for these various utilities in 1983.[2] In 2013, HECO began working with Siemens to develop a self-healing grid in eastern Oʻahu and Waikīkī to ensure a reliable electrical supply.[6]

On December 4, 2014, NextEra Energy tendered an offer to purchase HEI for $4.3 billion (equivalent to $5.45 billion in 2023).[7] The sale required approval by the Hawaii Public Utilities Commission.[8] On July 18, 2016, it was announced that the merger was cancelled after the Public Utilities Commission disapproved the deal.[9] The merger included plans to convert HEI's oil-fired generating plants to run on natural gas, which were to use liquified natural gas imported from a British Columbia plant of FortisBC. The upgrades were cancelled as they were dependent upon approval of the merger.[10]

On December 24, 2019, HECO announced that it would begin operating under a single name with its subsidiaries MECO and HELCO—Hawaiian Electric.[11]

Maui wildfires

[edit]
Main article: 2023 Hawaii wildfires

On August 8, 2023, brush fires ignited on various parts of Maui. Fires in Lahaina and Upcountry caused widespread damage to populated areas, and the Lahaina fire was responsible for at least 102 deaths and an estimated $5.5 billion in damage. Power lines owned by Hawaiian Electric were blown down and over 12,000 people on Maui were left without power. Investigations are currently underway to officially determine what caused the fire, and they are currently are looking into whether downed power lines and decisions by Hawaiian Electric were the cause of the deadly wildfires. Hawaii was experiencing high winds and was under a red flag warning when the wildfires broke out, which Hurricane Dora passing to the south may have contributed to.[12]

After the catastrophic and deadly wildfires, Hawaiian Electric's stock severely plummeted approximately 40%, its lowest since 2010, after it was facing a class action lawsuit that alleged that Maui’s devastating wildfires were caused by the utility’s energized power lines that were knocked down by strong winds, and that it chose not to shut off its power lines ahead of the Maui wildfires, despite knowing the safety risks of sparking a fire in those kind of conditions. It also stated that Hawaiian Electric still refused to shut down power lines despite it knowing that some of its power lines were knocked out by the heavy, high speed winds.[13] On August 23, it was reported that Hawaiian Electric had no procedure in place for turning off the grid — a common practice in other fire-prone states.[14]

In July 2024, a tentative agreement was reached and Hawaiian Electric Industries, along with the State of Hawaii, Maui County, Kamehameha Schools and others would agree to pay thousands of plaintiffs and victims over $4 billion to settle the lawsuits.[15]

Generation

[edit]
See also: List of power stations in Hawaii

In 2023, power handled by HEI was 33% renewable.[citation needed] Hawai‘i Island set a record for HEI, generating a peak of 92.3% renewable power on April 25, 2023.[citation needed] In 2016 HECO produced 8.8 TWh, of which 2.3 TWh were renewable.[16] Most of the power came from oil, using 8.5 million barrels in 2016, down from 10.7 million barrels in 2008.[17]

Hawaiian Electric supports the adoption of electric vehicles. The company's goal is to have the majority of vehicles in Hawaii be electric vehicles by 2045. As of November 2018, EVs were 1% of all vehicles. Hawaiian Electric filed a road map with the state.[18]

List shows HEI-owned power plants. Totals include power purchased from independent plant owners of various types and distributed solar.

Oahu

[edit]
Oil-fired generators at Hawaiian Electric Kahe Power Plant in Kapolei on the Waianae Coast

HEI's total firm generating capability in 2023 is 1,614.5 megawatts serving 306,978 customers. Non-firm capacity was 987.6 megawatts. In 2022, 28% of power came from renewable resources, compared to 25% in 2020.[19]

Oil Megawatts (MW)
Waiau 499
Kahe 651
CIP 130
Solar MW
West Loch Solar 20

Maui/Lanai/Molokai

[edit]

Total firm generating capability in 2022 was 273.1 megawatts serving 73,933 customers. Non-firm capacity was 212.2 MW. 35.6% came from renewable resources, compared to 40.8% in 2020.[19]

Oil MW
Maalaea 212.1
Kahului 37.6
Lanai 9.4
Molokai 12.0
Hana (Dispersed generation) 2.0

Hawaii

[edit]

Total firm generating capability in 2022 was 280.5 megawatts serving 88,757 customers. Non-firm capacity was 168.6 MW. 47.9% came from renewable resources, compared to 34.7% in 2020.

HELCO power plants (oil) MW
Hill 34.7
Puna 36.7
Keahole 77.6
Kanoelehua 21.0
Shipman 15.2 – Decommissioned in December 2015
Waimea 7.5
Dispersed generation 5.0
Hydropower MW
Pu‘u‘eo Hydro 3.4
Waiau Hydro 1.1

Electric vehicles

[edit]

Through a cooperative effort with HECO, High Technology Development Corporation (HTDC), an agency of the State of Hawai’i, initiated the Hawai’i Electric Vehicle Demonstration Project (HEVDP) consortium to develop an electric vehicle industry in Hawai’i.[20] The islands had about 5,000 rechargeable vehicles as of 2017.[17]

Plans

[edit]

In 2015, the Hawaii State Legislature amended the State's Renewable Portfolio Standards to establish the nation's first goal of 100% renewable energy:[21]

Year RPS %
2020 30%[22]
2030 40%
2040 70%
2045 100%

Hawaiian Electric has indicated in its Power Supply Improvement Plan that it will achieve these goals ahead of schedule.[23] From 2021, HEI transitioned away from cost of service to Performance Based Regulation.[24][25]

See also

[edit]

References

[edit]
  1. ^ a b c d e f Transition Report United States Securities and Exchange Commission; Archived 2023-08-16 at the Wayback Machine
  2. ^ a b "Company Profile". HEI. Archived from the original on October 5, 2016. Retrieved September 2, 2020.
  3. ^ "HECO Power Facts" (PDF). Archived from the original (PDF) on December 29, 2010. Retrieved December 31, 2010.
  4. ^ "Birth Of HECO". Archived from the original on July 11, 2011. Retrieved January 1, 2011.
  5. ^ "Electrifying Oahu". Archived from the original on July 11, 2011. Retrieved January 1, 2011.
  6. ^ "Smart Grid Project Improves Grid Reliability for Oahu, Hawaii - References - Siemens". w3.siemens.com. Retrieved August 6, 2018.
  7. ^ Johnston, Louis; Williamson, Samuel H. (2023). "What Was the U.S. GDP Then?". MeasuringWorth. Retrieved November 30, 2023. United States Gross Domestic Product deflator figures follow the MeasuringWorth series.
  8. ^ Chediak, Mark; Goossens, Ehren (December 4, 2014). "NextEra Buys Hawaii's Biggest Utility in Green Energy Test". Bloomberg News. Retrieved December 23, 2014.
  9. ^ Steele, Anne (July 18, 2016). "NextEra, Hawaiian Electric Terminate Merger Bid". Wall Street Journal – via www.wsj.com.
  10. ^ "Aging Hawaii Plant Upgrades Halted After Failed Merger". Engineering New Record. Vol. 277, no. 4. BNP Media. July 15, 2016. p. 14.
  11. ^ Ladao, Mark (December 24, 2019). "Hawaiian Electric companies to operate under single name". Honolulu Star-Advertiser.
  12. ^ Czachor, Emily Mae (August 17, 2023). "How did Maui fire start, cause Lahaina, Hawaii wildfire". CBS News. Retrieved August 17, 2023.
  13. ^ Rothenberg, Eva (August 14, 2023). "Hawaiian Electric Maui fires lawsuit". CNN. Retrieved August 17, 2023.
  14. ^ "In deadly Maui fires, many had no warning and no way out. Those who dodged barricades survived". AP News. August 23, 2023. Retrieved August 23, 2023.
  15. ^ Feeley, Jeff; Chediak, Mark (July 19, 2024). "Hawaiian Electric Among Firms in $4 Billion Maui Fire Deal". Bloomberg Law.
  16. ^ "Clean Energy Facts". HECO. Retrieved April 26, 2017.
  17. ^ a b "Hawaii's Clean Energy and Oil Consumption Report Card". April 24, 2017. Retrieved April 26, 2017.
  18. ^ "Hawaii Plan Plots Course to an All-Electric Car Future". www.govtech.com. April 10, 2018. Retrieved November 28, 2018.
  19. ^ a b "Power Facts". www.hawaiianelectric.com.
  20. ^ "High Technology Development Corporation > About Us". Archived from the original on July 16, 2010. Retrieved July 11, 2010.
  21. ^ "Act 097, HB623 HD2 SD2 CD1" (PDF). 2015. Archived from the original (PDF) on September 20, 2015.
  22. ^ "Hawaii Electric blows past 2020 target on road to 100% renewable energy". RenewEconomy. February 23, 2021.
  23. ^ "2016 Power Supply Improvement Plan (PSIP) Update" (PDF). 2016. Archived (PDF) from the original on March 17, 2017. Retrieved September 5, 2022.
  24. ^ "Performance Based Regulation (PBR)". puc.hawaii.gov. Archived from the original on January 21, 2021.
  25. ^ Trabish, Herman K. (January 19, 2021). "Hawaii finalizes utility regulation considered potential template for US power system transformation". Utility Dive. Archived from the original on January 19, 2021.
[edit]
  • Official website
  • Business data for Hawaiian Electric Industries, Inc.:
  • Profile from Hoover's
  • Profile from Platts
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