Hawaiian Electric seeks about $170 million in annual revenue; company proposes phased increases

Hawaiian Electric’s rebasing application requests a consolidated annual revenue increase of approximately $170,000,000, which the PUC chair said equates to about a 5.3% change over current operating revenues. Chair John Itamura and company representatives explained the increase is allocated roughly as $112.2 million for Hawaiian Electric Company Inc., $28.4 million for Hawaii Electric Light Company Inc., and $29.3 million for Maui Electric Company Limited.

Company testimony summarized at the hearing said the requested increase results primarily from differences between forecasted and actual inflation during the current PBR period, previously approved depreciation rates for certain steam units and higher insurance costs; Hawaiian Electric proposed implementing the increase in two phases, about $125 million effective Jan. 1, 2027 and an additional $45 million effective Jan. 1, 2028. The company estimated a typical residential customer bill would rise by about $11 on Oahu, $15 on Hawaii Island, $14 on Maui and about $11 on Molokai and Lanai after both phases are implemented.