Welcome!

News Feed Item

Hawaiian Electric Companies submit plans for Hawaii's Energy Future

Highlights of the plan, to be achieved by 2030:

HONOLULU, Aug. 26, 2014 /PRNewswire/ -- Hawaiian Electric Company, Inc. (Hawaiian Electric), a wholly-owned subsidiary of Hawaiian Electric Industries, Inc. (HEI) (NYSE:HE), and its subsidiaries, Hawaii Electric Light Company, Inc. (Hawaii Electric Light) and Maui Electric Company, Limited (Maui Electric), today proposed plans for Hawaii's energy future that will lower electric bills, give customers more service options and nearly triple the amount of distributed solar while achieving the highest level of renewable energy in the nation by 2030. The companies' planned state-of the-art electric systems for Oahu, Maui County, and Hawaii Island will form the foundation for this new energy future.  The plans are meant to address the comprehensive orders issued by the Public Utilities Commission in April.

"Our energy environment is changing rapidly, and we must change with it to meet our customers' evolving needs," said Shelee Kimura, Hawaiian Electric Vice President of Corporate Planning and Business Development. "These plans are about delivering services that our customers value. That means lower costs, better protection of our environment and more options to lower their energy costs, including rooftop solar."

Hawaiian Electric, Maui Electric, and Hawaii Electric Light will:

Support sustainable growth of rooftop solar. Working closely with the solar industry, the companies are, by 2030, planning to almost triple the amount of distributed solar using fair and equitable plans. A clear, open planning process will let customers and solar contractors know how much more solar can be added each year. Grid enhancements will make possible increased integration of solar power, and optimized control settings for solar equipment will improve safety and reduce the risk of power outages.

As part of the PUC's recently opened distributed generation docket, the companies will support policies that ensure fairness to all customers. This includes fair pricing both for customers who generate power but who also rely on the company for additional electricity and/or backup, as well as those who remain full service utility customers.

Expand use of energy storage systems. Energy storage systems, including batteries, will increase the ability to add renewables by addressing potential disruptions on electric grids caused by variable solar and wind power. Hawaiian Electric is evaluating proposals for energy storage projects on Oahu to be in service by early 2017. Energy storage projects are also in the works for Maui, Molokai, Lanai and Hawaii Island.

Empower customers by developing smart grids. Fully developed smart grids, already being test deployed on Oahu, will help customers monitor and control their energy use, enable more customer service options, make service more reliable, and improve integration of renewable energy. The companies are proposing to complete installation of smart grids in Maui County and on Hawaii Island by the end of 2017 and on Oahu by the end of 2018.

Offer new products and services to customers. Community solar and microgrids will give customers new options for taking advantage of lower-cost renewable energy. Voluntary "demand response" programs will provide customers financial incentives for helping manage the flow of energy on the grid.

Switch from high-priced oil to lower cost liquefied natural gas. Energy needs not met by renewables will largely be met with cleaner and less expensive liquefied natural gas (LNG). Most existing oil-fired generating units will be converted to run on LNG. Older generating units will be deactivated by 2030 as new, more-efficient, quick-starting LNG fueled generators come online.

Achieving this transformation requires significant upfront investment by the utilities and unaffiliated companies to build the flexible, smart, and renewable energy infrastructure necessary to continue to provide reliable service to customers.  Customer bills are expected to decline, with some fluctuations, by an estimated 20 percent by 2030.

Hawaii's energy environment is changing more rapidly than anywhere else in the country. Currently, in Hawaii, more than 18 percent of the electricity used by customers comes from renewable resources, ahead of the state goal of 15 percent by 2015. Hawaii has one of the most diverse renewable energy portfolios in the country, including solar, wind, geothermal, biomass, biofuel, and hydroelectric sources of power. Ocean power is also a promising option for the future.

The companies look forward to working closely with key stakeholders throughout the community to refine these plans further.

"This plan sets us on a path to a future with more affordable, clean, renewable energy," said Dick Rosenblum, Hawaiian Electric president and CEO. "It's the start of a conversation that all of us – utilities, regulators and other policymakers, the solar industry, customers and other stakeholders – need to be a part of, as we work together to achieve the energy future we all want for Hawaii."

HEI supplies power to approximately 450,000 customers or 95% of Hawaii's population through its electric utilities, Hawaiian Electric, Hawaii Electric Light and Maui Electric and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, F.S.B. (American), one of Hawaii's largest financial institutions.

HEI and Hawaiian Electric intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI's website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI's website, in addition to following HEI's, Hawaiian Electric's and American's press releases, HEI's and Hawaiian Electric's Securities and Exchange Commission (SEC) filings and HEI's public conference calls and webcasts. Also, at the Investor Relations section of HEI's website, investors may sign up to receive e-mail alerts (based on each investor's selected preferences). The information on HEI's website is not incorporated by reference in this document or in HEI's and Hawaiian Electric's SEC filings unless, and except to the extent, specifically incorporated by reference.  Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI's and Hawaiian Electric Company's SEC filings.

FORWARD-LOOKING STATEMENTS

This release may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions.  In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Forward-looking statements in this release should be read in conjunction with the "Forward-Looking Statements" and "Risk Factors" discussions (which are incorporated by reference herein) set forth in HEI's Annual Report on Form 10-K for the year ended December 31, 2013, HEI's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and HEI's future periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, American and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Clifford H. Chen



Manager, Investor Relations &

Telephone: (808) 543-7384


Strategic Planning

E-mail: [email protected]

Photo - http://photos.prnewswire.com/prnh/20110411/LA80136LOGO

SOURCE Hawaiian Electric Industries, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
SYS-CON Events announced today that TMC has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo and Big Data at Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Global buyers rely on TMC’s content-driven marketplaces to make purchase decisions and navigate markets. Learn how we can help you reach your marketing goals.
Managing mission-critical SAP systems and landscapes has never been easy. Add public cloud with its myriad of powerful cloud native services and this may not change any time soon. Public cloud offers exciting new possibilities for enterprise workloads. But to make use of these possibilities and capabilities, IT teams need to re-think everything they have done before. Otherwise, they will just end up using public cloud as a hosting platform for their workloads, aka known as “lift and shift.”
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
SYS-CON Events announced today that TechTarget has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets.
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.