|By PR Newswire||
|August 27, 2014 02:24 AM EDT||
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.
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.
Clifford H. Chen
Manager, Investor Relations &
Telephone: (808) 543-7384
E-mail: [email protected]
SOURCE Hawaiian Electric Industries, Inc.
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Dec. 8, 2016 01:00 PM EST Reads: 437
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
Dec. 8, 2016 01:00 PM EST Reads: 1,175
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Dec. 8, 2016 12:45 PM EST Reads: 1,732
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
Dec. 8, 2016 12:45 PM EST Reads: 1,215
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 12:15 PM EST Reads: 1,103
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Dec. 8, 2016 12:00 PM EST Reads: 489
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 8, 2016 12:00 PM EST Reads: 2,179
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 8, 2016 11:30 AM EST Reads: 2,328
"This is specifically designed to accommodate some of the needs for high availability and failover in a network managed system for the major Korean corporations," stated Thomas Masters, Managing Director at InfranicsUSA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 11:21 AM EST Reads: 207
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 11:00 AM EST Reads: 895
"Coalfire is a cyber-risk, security and compliance assessment and advisory services firm. We do a lot of work with the cloud service provider community," explained Ryan McGowan, Vice President, Sales (West) at Coalfire Systems, Inc., in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 11:00 AM EST Reads: 986
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for ...
Dec. 8, 2016 10:30 AM EST Reads: 530
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Dec. 8, 2016 10:30 AM EST Reads: 7,304
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Dec. 8, 2016 10:05 AM EST Reads: 203
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Dec. 8, 2016 10:00 AM EST Reads: 608