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Hawaiian Electric Industries

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Hawaiian Electric Industries
Company typePublic
NYSE: HE
S&P 400 Component
HeadquartersHonolulu, Hawaii
Websitehei.com
HECO power plant at Kahe Point in West Oahu

Hawaiian Electric Industries, Inc. (HEI; NYSE: HE) is the largest supplier of electricity in the 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, and a clean energy and sustainability company, Pacific Current LLC.[1]

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.[2] The company is headquartered in Honolulu. Net income was $219 million on sales of $2.874B for 2019.[3]

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

Hawaiian Electric Company (often abbreviated HECO, pronounced HEE-coh) 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

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

HECO purchased Maui Electric Company (abbreviated MECO and pronounced MEE-coh) in 1968. In 1970, HECO acquired the Hawaii Island's Hilo Electric Light Company (later renamed Hawai'i Electric Light Company, abbreviated HELCO and pronounced HEL-coh). In 1988 MECO 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.[1] In 2013, HECO began working with Siemens to develop a self-healing grid in eastern Oahu and Waikiki to ensure a reliable electrical supply.[6]

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.[7] On July 18, 2016, it was announced that the merger was cancelled after the Public Utilities Commission disapproved the deal.[8] 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.[9]

On December 24, 2019, HECO announced that it would begin operating under a single name with its subsidiaries MECO and HELCO—Hawaiian Electric.[10]

Generation

In 2016 HECO produced 8.8 TWh, of which 2.3 TWh were renewable.[11] Most of the power came from oil, using 8.5 million barrels in 2016, down from 10.7 million barrels in 2008.[12]

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.[13]

Oahu

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

HEI's total firm generating capability in 2020 was 1,794.5 megawatts serving 304,261 customers. Non-firm capacity was 777.8 megawatts. 25.2% comes from renewable resources.[14]

HECO Owned Plants (oil) Megawatts (MW)
Waiau 499
Kahe 651
CIP 130
Independent power producers MW
H-POWER (waste-to-energy) 68.50
Kalaeloa Partners, L.P. (oil) 208
AES-Hawaii (coal) 180
Airport Emergency Power 8

Maui/Lanai/Molokai

Total firm generating capability in 2020 was 274.1 megawatts serving 72,522 customers. Non-firm capacity was 192.1 mw. 40.8% came from renewable resources.[14]

MECO Owned Plants (oil) MW
Maalaea 212.1
Kahului 037.6
Lanai 010.4
Molokai 012.01
Hana (Dispersed generation) 002.0
Maui non-firm generation MW
Kaheawa Wind Power I 030
Kaheawa Wind Power II 21
Auwahi Wind 021[15]
Makila Hydro 000.5
Lanai Sustainability Research (PV) 001.2
Kuia Solar 2.9
South Maui Renewable Resources 2.9

Hawaii

Total firm generating capability 213.4 megawatts serving 86,576 customers. Non-firm capacity was 147.6 mw. 34.7% came from renewable resources.

HELCO power plants (oil) MW
Hill 5.5
Puna 36.7
Keahole 77.6
Kanoelehua 21
Shipman 15.2
Waimea 7.50
Dispersed generation 05.0
Independent power producers MW
Puna Geothermal Venture 30
Hamakua Energy Partners (naphtha) 60
Non-firm generation (as-available) MW
HELCO’s Lalamilo wind farm 02.3 – Decommissioned in December 2010
HELCO’s Puueo & Waiau units (hydro) 04.5
Pakini Nui (wind) 20.5
Wailuku River Hydroelectric 12.1
Hawi Renewable Development (wind) 10.56

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.[16] The islands had about 5,000 rechargeable vehicles as of 2017.[12]

Plans

In 2015, the Hawaii State Legislature amended the State's Renewable Portfolio Standards to establish the nation's first goal of 100% renewable energy:[17]

Year RPS %
2020 30%[18]
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.[19] From 2021, HEI transitioned away from cost of service to Performance Based Regulation.[20][21]

See also

References

  1. ^ a b "Corporate page". www.hei.com. Retrieved 2020-09-02.
  2. ^ "HECO Power Facts" (PDF). Archived from the original (PDF) on 2010-12-29. Retrieved 2010-12-31.
  3. ^ "Financial Statements". www.hei.com. Retrieved 2020-09-02.
  4. ^ "Birth Of HECO". Archived from the original on 2011-07-11. Retrieved 2011-01-01.
  5. ^ "Electrifying Oahu". Archived from the original on 2011-07-11. Retrieved 2011-01-01.
  6. ^ "Smart Grid Project Improves Grid Reliability for Oahu, Hawaii - References - Siemens". w3.siemens.com. Retrieved 2018-08-06.
  7. ^ Chediak, Mark; Goossens, Ehren (4 December 2014). "NextEra Buys Hawaii's Biggest Utility in Green Energy Test". Bloomberg News. Retrieved 23 December 2014.
  8. ^ Steele, Anne (July 18, 2016). "NextEra, Hawaiian Electric Terminate Merger Bid". Wall Street Journal – via www.wsj.com.
  9. ^ "Aging Hawaii Plant Upgrades Halted After Failed Merger". Engineering New Record. No. Volume 277/Number 4. BNP Media. July 15, 2016. p. 14. {{cite news}}: |issue= has extra text (help)
  10. ^ Ladao, Mark (December 24, 2019). "Hawaiian Electric companies to operate under single name". Honolulu Star-Advertiser.
  11. ^ "Clean Energy Facts". HECO. Retrieved 26 April 2017.
  12. ^ a b "Hawaii's Clean Energy and Oil Consumption Report Card". 24 April 2017. Retrieved 26 April 2017.
  13. ^ "Hawaii Plan Plots Course to an All-Electric Car Future". www.govtech.com. 10 April 2018. Retrieved 2018-11-28.
  14. ^ a b "Power Facts". www.hawaiianelectric.com.
  15. ^ http://www.semprausgp.com/project/auwahi-wind/
  16. ^ "High Technology Development Corporation > About Us". Archived from the original on 2010-07-16. Retrieved 2010-07-11.
  17. ^ Act 097, HB623 HD2 SD2 CD1, 2015
  18. ^ "Hawaii Electric blows past 2020 target on road to 100% renewable energy". RenewEconomy. 23 February 2021.
  19. ^ https://www.hawaiianelectric.com/Documents/about_us/our_vision/psip_executive_summary_20161223.pdf [bare URL PDF]
  20. ^ "Performance Based Regulation (PBR)". puc.hawaii.gov. Archived from the original on 21 January 2021.
  21. ^ Trabish, Herman K. (19 January 2021). "Hawaii finalizes utility regulation considered potential template for US power system transformation". Utility Dive. Archived from the original on 19 January 2021.
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