Hawaiian Electric Industries

Summary

Hawaiian Electric Industries, Inc., together with its subsidiaries, engages in the electric utility, banking, and renewable/sustainable infrastructure investment businesses in the state of Hawaii. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai. Its renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other biofuels. This segment serves suburban communities, resorts, the United States armed forces installations, and agricultural operations. The Bank segment operates a community bank that offers banking and other financial services to consumers and businesses, including savings and checking accounts; and loans comprising residential and commercial real estate, residential mortgage, construction and development, multifamily residential and commercial real estate, consumer, and commercial loans. This segment operates 42 branches, including 29 branches in Oahu, 6 branches in Maui, 4 branches in Hawaii, 2 branches in Kauai, and 1 branch in Molokai. The Other segment invests in non-regulated renewable energy and sustainable infrastructure in the State of Hawaii. Hawaiian Electric Industries Inc. was incorporated in 1891 and is headquartered in Honolulu, Hawaii.

History

Hawaiian Electric Company incorporated on October 13, 1891. 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.

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.

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 in 1968. In 1970, HECO acquired the Hawaii Island's Hilo Electric Light Company . 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. was created as a holding company for these various utilities in 1983. In 2013, HECO began working with Siemens to develop a self-healing grid in eastern Oahu and Waikiki to ensure a reliable electrical supply.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. On July 18, 2016, it was announced that the merger was cancelled after the Public Utilities Commission disapproved the deal. 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.On December 24, 2019, HECO announced that it would begin operating under a single name with its subsidiaries MECO and HELCO—Hawaiian Electric.

Mission

As we transform to the utility of the future, learn about how our logo speaks to our heritage, our commitment, and the privilege and responsibility we have to our community today and to future generations.

Vision

to be the leader in transforming Hawaii for a sustainable energy future.

References

https://en.wikipedia.org/wiki/Hawaiian_Electric_Industries

https://in.investing.com/equities/hawaiian-electric-industries-inc

https://finance.yahoo.com/quote/HE/profile?p=HE

https://www.comparably.com/companies/hawaiian-electric-industries/mission

https://www.crunchbase.com/organization/hawaiian-electric-industries

https://sec.report/CIK/0000354707

https://companiesmarketcap.com/

https://www.hei.com

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