Hawaiian Electric (HE) Unit Files For First Rate Hike In 6 Years
Zacks Investment Research | Sep 19, 2016 10:33PM ET
Hawaiian Electric Industries Inc. (NYSE:HE) announced that its regulated electric utility, Hawaiian Electric Light Co. (HELCO) is filing for a rate increase with the Hawaii Public Utilities Commission (PUC). Typically, in every three years, the company files for a rate hike to recover investments in strengthening its operations and infrastructure.
Why Rate Hikes are Essential for Utilities
Regulated utilities need to file for a rate hike whenever costs for providing services rise and revenues can no longer cover the cost of building, operating and maintaining the entire system. The proposed rate hike will provide necessary funds to Hawaii Electric Light to continue infrastructure upgrades, strengthening and expanding the existing systems, vegetation management focusing on the albizia tree removal and providing reliable services to customers.
By 2016 end, Hawaii Electric Light will have made capital investments of more than $290 million over a period of six years, including replacing and upgrading transmission lines in West Hawaii, modernizing generation equipment to increase efficiency, and adding or replacing lines and transformers as well as more than 4,500 poles for new and expanded service.
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