Profile: Hawaiian Electric Industries Inc (HE.N)
26 Oct 2016
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 Company's segments include Electric utility, Bank and Other. The Company operates its electric utility business through Hawaiian Electric Company, Inc. (Hawaiian Electric) and its subsidiaries, Hawaii Electric Light Company, Inc. (Hawaii Electric Light) and Maui Electric Company, Limited (Maui Electric). The Company operates its Bank segment through its banking subsidiaries, ASB Hawaii, Inc. (ASB Hawaii) and American Savings Bank, F.S.B. (ASB).
The Company's Electric utility segment is involved in the business of generating, purchasing, transmitting, distributing and selling electric energy on all principal islands in Hawaii other than Kauai, and operates on over five separate grids. The Utilities are involved in the business of supplying electric energy in the same geographical location. The Utilities have same production processes that include electric generators (conventional oil-fired steam units and combustion turbines); serve residential, commercial and industrial customers, and use electric grids to distribute the energy to their customers. Hawaiian Electric also owns nonregulated subsidiaries, including Renewable Hawaii, Inc. (RHI), which invests in renewable energy projects; HECO Capital Trust III, which is a financing entity, and Uluwehiokama Biofuels Corp. (UBC). Hawaiian Electric owns and operates over four generating plants on the island of Oahu at Honolulu, Waiau, Kahe and Campbell Industrial Park (CIP). Hawaiian Electric's Barbers Point Tank Farm (BPTF) has approximately three storage tanks with an aggregate of approximately one million barrels of storage for low sulfur fuel oil (LSFO). Hawaiian Electric also has fuel storage facilities at each of its plant sites with an aggregate capacity of approximately 770,000 barrels for LSFO storage, over 44,000 barrels for diesel storage and approximately 88,000 barrels for biodiesel storage. Hawaiian Electric also owns a fuel storage facility at Iwilei.
Hawaii Electric Light owns and operates approximately four generating plants on the island of Hawaii in Hilo, Waimea, Keahole and Puna, along with distributed generators at substation sites. These plants have an aggregate net generating capability of approximately 179 megawatt (MW). Hawaii Electric Light also owns fuel storage facilities at these sites with a usable storage capacity of approximately 48,000 barrels of bunker oil and over 81,800 barrels of diesel. Maui Electric owns and operates approximately two generating plants on the island of Maui, at Kahului and Maalaea. Maui Electric also owns fuel oil storage facilities at these sites with a total maximum usable capacity of approximately 81,272 barrels of bunker oil, and over 94,590 barrels of diesel. The Utilities own overhead transmission and distribution lines, underground cables, poles (some jointly) and metal high voltage towers.
ASB is a federally chartered savings bank providing a range of banking services to individual and business customers through its branch system in Hawaii. ASB has various sources of noninterest income, including fee income from credit and debit cards, fee income from deposit liabilities, mortgage banking income, and other financial products and services. ASB Hawaii owns approximately 120 automated teller machines (ATM). ASB offers residential and commercial real estate loans; fixed rate and adjustable rate loans for single family residential property; fixed- and adjustable-rate loans for the construction of one-to-four unit residential and commercial properties; permanent financing and construction and development financing; secured and unsecured consumer loans, and secured and unsecured commercial loans to business entities.
ASB's investment portfolio consists of mortgage-related securities, stock of the Federal Home Loan Banks (FHLB) of Seattle and the United States Treasury and federal agency obligations. It owns mortgage-related securities issued by the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Government National Mortgage Association (GNMA) and federal agency obligations. ASB's sources of funds are deposits and funds from the receipt of interest and principal on outstanding loans receivable and mortgage-related securities, borrowings from the FHLB of Seattle, securities sold under agreements to repurchase and other sources.
Hawaiian Electric Industries Inc
1001 Bishop St Ste 2900
HONOLULU HI 96813-3480
Company Web Links
- BRIEF-Hawaiian Electric reports Q2 EPS $0.41
- BRIEF-Hawaiian Electric says is not currently in discussions with any other party for business combination
- BRIEF-Hawaiian Electric Industries to move forward as an independent company
- BRIEF-NextEra Energy, Hawaiian Electric terminates merger agreement
- BRIEF-Fortis enters into liquefied natural gas supply agreement with Hawaiian Electric