Profile: Hawaiian Electric Industries Inc (HE.N)
28 Jul 2014
Hawaiian Electric Industries, Inc. (HEI), incorporated in 1981, is a holding company with its principal subsidiaries engaged in electric utility and banking businesses operating primarily in the State of Hawaii. The principal communities served include Honolulu (on Oahu), Hilo and Kona (on Hawaii) and Wailuku and Kahului (on Maui). The service areas also include numerous suburban communities, resorts, the United States Armed Forces installations and agricultural operations. The Company's electric subsidiary Hawaiian Electric Company, Inc. (HECO), and its operating utility subsidiaries, Hawaii Electric Light Company, Inc. (HELCO) and Maui Electric Company, Limited (MECO), are regulated electric public utilities. HECO also owns all the common securities of HECO Capital Trust III. As of December 31, 2011, HEI owned directly or indirectly subsidiaries, which include American Savings Holdings, Inc. (ASHI) and its subsidiary, American Savings Bank, F.S.B. (ASB); HEI Properties, Inc. (HEIPI); Hawaiian Electric Industries Capital Trusts II and III, and The Old Oahu Tug Service, Inc. (TOOTS).
HECO, HELCO and MECO are regulated operating electric public utilities engaged in the production, purchase, transmission, distribution and sale of electricity on the islands of Oahu; Hawaii; and Maui, Lanai and Molokai, respectively. During the year ended December 31, 2011, the electric utilities’ revenues and net income amounted to approximately 92% and 72%, respectively, of HEI’s consolidated revenues and net income. As of December 31, 2011, HECO had three power purchase agreements (PPAs) that provide a total of 434 megawatt of firm capacity, representing 25% of HECO’s total net generating and firm purchased capacity on Oahu, as of December 31, 2011. As of December 31, 2011, HELCO has PPAs for 98 megawatt (of which 90 megawatt is available) and MECO has a PPA for 16 megawatt (including four megawatt of system protection) of firm capacity.
HECO owns and operates four generating plants on the island of Oahu at Honolulu, Waiau, Kahe and Campbell Industrial Park (CIP). These plants have an aggregate net generating capability of 1,321.6 megawatt, as of December 31, 2011. HELCO owns and operates five generating plants on the island of Hawaii, two at Hilo and one at each of Waimea, Keahole and Puna, along with distributed generators at substation sites. These plants have an aggregate net generating capability of 197.1 megawatt, as of December 31, 2011 (excluding several small run-of-river hydro units). MECO owns and operates two generating plants on the island of Maui, at Kahului and Maalaea, with an aggregate net generating capability of 246.3 megawatt, as of December 31, 2011. MECO also owns and operates smaller distribution systems, generation systems (with an aggregate net capability of 21.9 megawatt, as of December 31, 2011) and fuel storage facilities on the islands of Lanai and Molokai, primarily on land owned by MECO.
Hawaiian Electric Industries Inc
SUITE 2900, 1001 BISHOP STREET,
HONOLULU HI 96813