{{short description|American utility company}} {{Use mdy dates|date=August 2023}} {{Infobox company | name = Hawaiian Electric Industries, Inc. | logo = Hawaiian Electric Industries logo.png | image = | type = Public | traded_as = {{ubl|class=nowrap|{{NYSE|HE}}|Russell 2000 component|S&P 600 component}} | founded = {{Start date and age|1891|10|13}} | hq_location = Honolulu, Hawaii, U.S. | key_people = | 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> | revenue_year = 2022 | operating_income = {{increase}} US$381 million<ref name="annual_2022"/> | 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/> | website = {{ubl|{{URL|https://hei.com}}|{{URL|https://hawaiianelectric.com}}}} }}

[[Image:HECO West Oahu.jpg|thumb|260px|

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.

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.

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 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> Thus, Hawaiian Electric Company began while the independent country of the Kingdom of Hawaii existed. 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=== During World War II, HECO power plants linked to US military bases, generating more than one million kilowatt hours of electricity each day. (= > 42 MW average power).

Hawaii became a US 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 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.<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> In 2013, HECO began working with Siemens to develop a self-healing grid in eastern Oʻahu and 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>

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 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 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== {{seealso|List of power stations in Hawaii}} In 2023, power handled by HEI was 33.3% renewable.<ref>{{Cite web | title=Public Utilities Commission {{!}} Renewable Portfolio Standards (RPS) Annual Reports (Electric, Docket 2007-0008) | url=https://puc.hawaii.gov/reports/energy-reports/renewable-portfolio-standards-rps-annual-reports/ | access-date=2026-01-29 | website=puc.hawaii.gov}}</ref> 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 2023 HECO generated 10.2 TWh, of which 3.4 TWh was renewable.<ref>{{Cite web | title=Public Utilities Commission {{!}} Renewable Portfolio Standards (RPS) Annual Reports (Electric, Docket 2007-0008) | url=https://puc.hawaii.gov/reports/energy-reports/renewable-portfolio-standards-rps-annual-reports/ | access-date=2026-01-29 | website=puc.hawaii.gov}}</ref> The remaining generation, 6.8 TWh, came from oil.

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.

=== Oahu === thumb|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.<ref name=":0">{{Cite web|url=http://www.hawaiianelectric.com/about-us/power-facts|title=Power Facts|website=www.hawaiianelectric.com}}</ref> {| class="wikitable" |- ! Oil !! Megawatts (MW) |- | Waiau || align="right" | 499 |- | Kahe || align="right" | 651 |- | CIP || align="right" | 130 |- ! Solar !! MW |- | West Loch Solar || align="right" | 20 |- |}

=== Maui/Lanai/Molokai === 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" |- ! Oil !! MW |- | Maalaea || align="right" | 212.1 |- | Kahului ||align="right" | 37.6 |- | Lanai ||align="right" | 9.4 |- | Molokai ||align="right" | 12.0 |- | Hana (Dispersed generation) ||align="right" | 2.0 |- |}

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

==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>{{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>{{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>

==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:<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" |- ! 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> |- | 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.<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>

==See also== {{Portal|Hawaii}} * Energy in Hawaii * Wind power in Hawaii * Solar power in Hawaii

==References== {{reflist}}

==External links== * {{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.platts.com/top250/hawaiian.xml Profile from Platts]

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Category:Companies listed on the New York Stock Exchange Category:Electric power companies of the United States Category:Companies based in Honolulu Category:1891 establishments in Hawaii Category:Energy companies established in 1891 Category:Business in Hawaii Category:Publicly traded electric power companies of the United States