Hawaiian Electric Industries Inc Dossier
Qualitative Analysis
Business overview
Hawaiian Electric Industries, Inc. (HEI) is a Honolulu-based holding company that operates as a pure-play electric utility following the strategic divestment of American Savings Bank (ASB) in late 2024 and the wind-down of Pacific Current's primary assets in 2025. Its sole operating subsidiary, Hawaiian Electric Company, Inc., supplies electricity to approximately 95% of Hawaii's population across the islands of Oahu, Maui, Hawaii, Lanai, and Molokai. HEI is actively modernizing its grid, hardening infrastructure, and transitioning to clean energy, having achieved a 37% renewable portfolio standard in 2025.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Comprehensive wildfire safety strategy focusing on grid hardening, operational practices, and situational awareness.
Expected impact: 76% of expenditures will focus on grid hardening, 13% on grid modernization, 8% on operational practices, and 2% on situational awareness (including deployment of weather stations and AI-assisted HD video cameras).
Repowering of the Waiau Generating Station with the purchase of six gas turbines to secure production slots and eliminate non-tariff price exposure.
Expected impact: Modernizes generation infrastructure and enhances system reliability.
Strategic streamlining of the HEI enterprise to focus solely on its core regulated utility business, Hawaiian Electric Company, Inc..
Expected impact: Simplifies the corporate structure, enhances operational efficiency, and aligns management focus entirely on utility operations and public safety.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Jointly submitted an alternative rate rebasing proposal to the Public Utilities Commission to address higher operational costs [3.1.3].
Terms: Proposes a 5.3% consolidated base-rate increase phased across 2027–2028 with performance-based regulation incentives up to 200 basis points.