Hawaiian Electric Industries, Inc. (HEI; NYSE: HE) is the largest supplier of electricity in the state of Hawaii, supplying power to 95% of Hawaii's population through its electric utilities: Hawaiian Electric Company, Inc., Hawai'i Electric Light Company, Inc. and Maui Electric Company, Limited. In addition, HEI owns a financial institution serving Hawaii, American Savings Bank.
HECO, HELCO, and MECO employ more than 2,000 people. Approximately 20,000 Hawaii residents are shareholders of HECO’s parent company, Hawaiian Electric Industries. The company is headquartered in Honolulu. The net income of the company reached 164 million dollars by the end of 2012 with a yearly revenue of 3.4 billion dollars.
|Hawaiian Electric Industries|
|Traded as||NYSE: HE|
S&P 400 Component
Hawaiian Electric Company (often abbreviated HECO, pronounced HEE-coh) incorporated on October 13, 1891. Within about 16 years the utility had 2,500 customers on the island of Oahu. By 1914 HECO had started rural service to the windward side of the island and was marketing electric products like refrigerators and flat irons. By 1937 HECO broke ground on its second power plant, and transmission lines soon crisscrossed Oahu.
During World War II HECO power plants, now linked to busy military bases, generated more than one million kilowatt hours of electricity each day. (= > 42 MW average power)
Hawaii became a state in 1959, and by then the entire island of Oahu was electrified. Massive power plants, some still in operation today, came online. HECO flipped the switch on a 116 MW plant in downtown Honolulu in 1954. The state's first reheat steam turbine generator went on line at Kahe on the west coast of Oahu. Today, Kahe is the state's largest plant with a total generating capacity of 650 MW.
HECO purchased Maui Electric Company (abbreviated MECO and pronounced MEE-coh) in 1968. In 1970, HECO also acquired the Big Island's Hilo Electric Light Company (later to be renamed Hawai'i Electric Light Company, abbreviated HELCO and pronounced HEL-coh). MECO had expansion plans of its own. In 1988, it acquired the Lanai City power plant on the island of Lana'i, and in 1989, Molokai Electric Company on the island of Moloka'i. Hawaiian Electric Industries, Inc. (HEI) was created as a holding company for these various utilities in 1983. In 2013, HECO began working with Siemens to develop a self-healing grid in eastern Oahu and Waikiki that will ensure a reliable electrical supply.
On December 4, 2014, NextEra Energy tendered an offer to purchase HEI for $4.3 billion. The sale required approval by the Hawaii Public Utilities Commission. On July 18, 2016, it was announced that the merger was cancelled after the State PUC disapproved the deal. The merger included plans to convert HEI's oil-fired generating plants to run on natural gas, which were to use liquified natural gas imported from a British Columbia plant of FortisBC. The upgrades were cancelled as they were dependent upon approval of the merger.
Hawaiian Electric supports the adoption of electric vehicles. The company's goal is to have the majority of vehicles in Hawaii be electric vehicles by 2045. As of November 2018, it currently stands at 1% of all vehicles on the road. Hawaiian Electric filed a road map with the state.
|HECO Owned Plants (oil)||Megawatts (MW)|
|Honolulu||113 – Decommissioned in January 2014|
|Independent power producers||Megawatts|
|Kalaeloa Partners, L.P. (oil)||208|
Maui: total firm generating capability is 274.1 megawatts for 70,872 customers, with 36.9% coming from renewable resources.
|MECO Owned Plants (oil)||Megawatts|
|Hana (Dispersed generation)||2.0|
|Independent power producers||Megawatts|
|HC&S (hydro, bagasse, coal, recycled oil, oil)||16|
|Maui Non-firm Generation (as-available)||Megawatts|
|Kaheawa Wind Power (Phase I)||30|
|Lanai Sustainability Research (PV)||1.2|
Big Island: total firm generating capability 281.4 megawatts for 85,029 customers, with 54.2% coming from renewable resources.
|HELCO power plants (oil)||Megawatts|
|Independent power producers||Megawatts|
|Puna Geothermal Venture||30 – partially closed since 4 May 2018, fully 22 May 2018|
|Hamakua Energy Partners (naphtha)||60|
|Non-firm generation (as-available)||Megawatts|
|HELCO’s Lalamilo wind farm||2.3 – Decommissioned in December 2010|
|HELCO’s Puueo & Waiau units (hydro)||4.35|
|Apollo Energy Corp.(wind)||20.5|
|Wailuku River Hydroelectric||12.1|
|Hawi Renewable Development (wind)||10.56|
|Keahole Solar Power (concentrated solar power)||0.5|
|Other small producers (wind, hydro, oil)||<1|
Through a cooperative effort with HECO, High Technology Development Corporation (HTDC), an agency of the State of Hawai’i, initiated the Hawai’i Electric Vehicle Demonstration Project (HEVDP) consortium to develop an electric vehicle industry in Hawai’i. The islands have about 5,000 rechargeable vehicles.
Hawaiian Electric has indicated in its Power Supply Improvement Plan that it will achieve these goals early, including achieving 100% renewable electricity for the island of Moloka'i by the year 2020.
American Savings Bank is Hawaii's third-largest financial institution, with assets of $6.7 billion. A subsidiary of Hawaiian Electric Industries (NYSE: HE), it is headed by Chairman Constance Lau.American Savings Bank dates back to September 7, 1922, when four men filed articles of incorporation in the state of Utah for Mutual Savings and Loan. The following year, on April 24, another association filed articles of incorporation under the name of American Building and Loan Company. Permission to establish its first branch in Honolulu, HI, was granted on January 8, 1925.
On February 4, 1932, Mutual Savings and Loan merged with American Building and Loan to become American Mutual Savings and Loan. Ten years later, the corporate name was changed to American Savings and Loan Association.
By 1958, American Savings and Loan had five offices. In the 1960s it added four branches on Oahu. The 1971 acquisition of Kauai Savings and Loan added four branches. Three years later, in 1974, American Savings and Loan merged with Maui Savings & Loan. American Savings and Loan now had branches on five islands. When American Savings and Loan acquired Pacific Savings and Loan Association of Hawaii in 1977, it added another six locations on Oahu. In 1978, American Savings and Loan marked a milestone when it achieved $1 billion in assets.
On January 23, 1987, American Savings and Loan Association announced the formation of a separate subsidiary to conduct its operations. The subsidiary, called American Savings Bank, was a federally chartered savings bank with its home office in Honolulu, Hawaii.
On May 26, 1988, Hawaiian Electric Industries (HEI), parent company of Hawaiian Electric Company, acquired American Savings Bank from Salt Lake City-based American Savings and Loan Association. In 1990, American Savings Bank acquired First Nationwide Bank’s operations. On December 6, 1997, American Savings Bank acquired the assets of Bank of America Hawaii Division, increasing their branch total at that time to 68 and their assets to $5.5 billion.American Savings Bank operates 55 branches on five islands in the state of Hawaii.Bagasse
Bagasse ( bə-GAS-se') is the dry pulpy fibrous residue that remains after sugarcane or sorghum stalks are crushed to extract their juice. It is used as a biofuel for the production of heat, energy, and electricity, and in the manufacture of pulp and building materials.
Agave bagasse is a similar material that consists of the tissue of the blue agave after extraction of the sap.Chris Lee (Hawaii politician)
Christopher Kalani Cushman Lee (born January 28, 1981) is an American politician and a Democratic member of the Hawaii House of Representatives. He was the youngest member and only millennial serving in the Hawaii State Legislature when elected in November, 2008. He currently serves as Majority Whip and Chairman of the House Judiciary Committee. He also serves on the boards of several non-profit organizations and commissions.
Lee is a supporter of addressing climate change and has authored laws making Hawaii the first state to mandate 100 percent renewable energy by 2045, the first state to commit to economy-wide carbon neutrality by 2045, and the first state requiring all public schools and universities to upgrade and become net-zero facilities by 2035. He is an advocate for equal rights, serving as spokesperson for the campaign to pass the Hawaii Marriage Equality Act in 2013, and authoring two laws protecting transgender individuals.Lee also successfully helped lead the campaign to expand the Papahanaumokuakea Marine National Monument into the world's largest marine protected area, and successfully led the opposition to defeat a $4.3 billion takeover of Hawaii's electric utilities by Florida-based Nextera Energy.Energy in Hawaii
Energy in Hawaii is complicated by the state's isolated location and lack of fossil fuel resources. The state relies heavily on imports of petroleum and coal for power although renewable energy is increasing. Hawaii is the state with the highest share of petroleum use in the United States, with about 62% of electricity coming from oil in 2017. As of 2016, 26.6% of electricity was from renewable sources, including solar, wind, hydro and geothermal.Hawaii has the highest electricity prices in the United States. As of 2016 the average cost of electricity was $0.24 per kilowatt-hour, followed by Alaska at $0.19. The U.S. average was $0.10.Honolulu
Honolulu (; Hawaiian: [honoˈlulu]) is the capital and largest city of the U.S. state of Hawaii. It is an unincorporated part of and the county seat of the City and County of Honolulu along the southeast coast of the island of Oʻahu. The city is the main gateway to Hawaiʻi and a major portal into the United States. The city is also a major hub for international business and military defense, as well as being host to a diverse variety of east-west and Pacific cultures, cuisine, and traditions.
Honolulu is the remotest city of its size in the world, and is the westernmost and southernmost major U.S. city. For statistical purposes, the United States Census Bureau recognizes the approximate area commonly referred to as "City of Honolulu" (not to be confused with the "City and County") as a census county division (CCD). Honolulu is a major financial center of the islands and of the Pacific Ocean. The population of the Honolulu census designated place (CDP) was 359,870 as of the 2017 population estimate, while the Honolulu CCD was 390,738 and the population of the consolidated city and county was 953,207.
Honolulu means "sheltered harbor" or "calm port". The old name is Kou, a district roughly encompassing the area from Nuʻuanu Avenue to Alakea Street and from Hotel Street to Queen Street which is the heart of the present downtown district. The city has been the capital of the Hawaiian Islands since 1845 and gained historical recognition following the attack on Pearl Harbor by Japan near the city on December 7, 1941.
As of 2015, Honolulu was ranked high on world livability rankings, and was also ranked as the 2nd safest city in the U.S. It is also the most populated Oceanian city outside Australasia and ranks second to Auckland as the most-populous city in Polynesia.Investor-owned utility
Investor-owned utilities (IOUs) are private enterprises acting as public utilities. Examples may range from a family that owns a well on their property to international energy conglomerates.Kauaʻi Island Utility Cooperative
Kauaʻi Island Utility Cooperative (KIUC) is an electric cooperative located on the island of Kauaʻi in Hawaiʻi. With 24,000 member-owners represented by a nine-member Board of Directors, it is the only electric cooperative in the state of Hawaii, serving the only island in Hawaii not served by an electric utility controlled by Hawaiian Electric Industries.List of Hawaii companies
The following list of Hawaii companies includes notable companies that are, or once were, headquartered in Hawaii.List of United States electric companies
The following page lists electric utilities in the United States.NASA wind turbines
Starting in 1975, NASA managed a program for the United States Department of Energy and the United States Department of Interior to develop utility-scale wind turbines for electric power, in response to the increase in oil prices.
A number of the world's largest wind turbines were developed and tested under this pioneering program. The program was an attempt to leap well beyond the then-current state of the art of wind turbine generators, and developed a number of technologies later adopted by the wind turbine industry. The development of the commercial industry however was delayed by a significant decrease in competing energy prices during the 1980s.National Infrastructure Advisory Council
The National Infrastructure Advisory Council (NIAC) is a United States government advisory council, which advises the President of the United States on the security of information systems in banking, finance, transportation, energy, manufacturing, and emergency government services. The George W. Bush Administration's executive order 13231 of October 16, 2001 created the NIAC, and its functioning was last extended until September 30, 2017 by executive order 13708 of the Barack Obama Administration.A month before funding ceased, 8 of the 32 members resigned. They believed that President Donald Trump has given "insufficient attention to the growing threats to the cybersecurity"NextEra Energy
NextEra Energy, Inc. is a Fortune 200 energy company with about 45,900 megawatts of generating capacity, revenues of over $17 billion in 2017, and about 14,000 employees throughout the United States and Canada. It is the largest electric utility holding company by market capitalization. Its subsidiaries include Florida Power & Light, NextEra Energy Resources, NextEra Energy Partners, Gulf Power Company, and NextEra Energy Services. FPL, the largest of the subsidiaries, delivers rate-regulated electricity to approximately 5 million customer accounts, or an estimated 10 million people, across nearly half of Florida and is the third largest electric utility company in the United States. NEER, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. In addition to wind and solar, NextEra Energy Resources owns and operates generating plants powered by natural gas, nuclear energy, and oil.
The company ranked 167th on the 2018 Fortune 500 of the largest United States corporations by revenue. Nextera Energy is incorporated in Florida.Puna Geothermal Venture
The Puna Geothermal Venture (PGV) is a currently nonoperational geothermal energy power plant on the island of Hawaii, the largest island in the state of Hawaii. The plant was shut down shortly after the start of the May 2018 lower Puna eruption. The eruption caused lava to flow over a power substation, a warehouse and at least three geothermal wells that had been preventatively quenched and capped when lava fountains erupted nearby, eventually also cutting off-road access.PGV was the first and only commercially-productive geothermal electrical plant in Hawaii. Constructed on a site adjacent to failed experimental wells drilled and operated by the Hawaii Geothermal Project in the 1970s and 80s, construction on the generating facility began in 1989 and was completed in 1993.
Prior to the shutdown and lava damage, the plant had an installed generating capacity of 38 MW from six production wells and five injection wells along Kīlauea’s East rift zone, which had provided approximately 25% of the island’s power. Power generated was sold to the Hawaiian Electric Industries (also known as HELCO) to supply the island’s electric power customers.Russell 1000 Index
The Russell 1000 Index is a stock market index that tracks the highest-ranking 1,000 stocks in the Russell 3000 Index, which represent about 90% of the total market capitalization of that index. As of 10 May 2019, the stocks of the Russell 1000 Index had a weighted average market capitalization of $198.3 billion and a median market capitalization of $10.5 billion. Components ranged in market capitalization from $2.4 billion to $974.2 billion. The index, which was launched on January 1, 1984, is maintained by FTSE Russell, a subsidiary of the London Stock Exchange Group.
The ticker symbol is ^RUI. There are several exchange-traded funds and mutual funds that track the index.Solar power in Hawaii
The energy sector in Hawaii has rapidly adopted solar power due to the high costs of electricity, and good solar resources, and has one of the highest per capita rates of solar power in the United States. Hawaii's imported energy costs, mostly for imported petroleum and coal, are three to four times higher than the mainland, so Hawaii has motivation to become one of the highest users of solar energy. Hawaii was the first state in the United States to reach grid parity for photovoltaics. Its tropical location provides abundant ambient energy.
Much of Hawaii's solar capacity is distributed solar panels on individual homes and businesses. Hawaii's grid has had to deal with this unique situation by developing new technology for balancing the energy flows in areas with large amounts of solar power. In 2017 distributed solar produced 913GWh which was 36% of all renewable energy produced in the state and about 9% of electricity sales. Utility-scale solar produced 212GWh, just over 1% of sales. In December 2016, Hawaii had 674MW of installed distributed solar capacity. The largest utility-scale solar farm in Hawaii is the 49 MW Kawailoa Solar project which opened in September 2019.Sopogy
Sopogy was a solar thermal technology supplier founded in 2002 at the Honolulu, Hawaii-based clean technology incubator known as Energy Laboratories. The company began its research on concentrating solar thermal energy to produce solar steam and thermal heat for absorption chillers or industrial process heat. The company has also developed applications that incorporate its solar collectors to generate electricity and desalination. Sopogy's name origin comes from industry key words "SO" from Solar "PO" from "Power" and "GY" from "Energy and Technology" The company has its OEM and IPP sales teams along with Research and Development located in Honolulu, HI, and in 2006 expanded its Manufacturing, C&I and Oil and Gas sales teams in its Silicon Valley facility. The Pacific Business News and Green Tech Media reported that the VC-funded micro-concentrator solar power firm was shutting down operations based on statements from its President David Fernandez, however Hitachi Power Systems acquired Sopogy in a private transaction in 2014.