HENYSE

HAWAIIAN ELECTRIC INDUSTRIES INC

Electric Services · HI · CIK 354707

HEI is a holding company principally engaged in electric utility and renewable infrastructure businesses in Hawaii

red 8-K · 90d

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$2.31B

Market cap

$13.57

Last close

0.0%

+5.4%

1.7M

Volume

Price · last 39 sessions-9.9%

May 4L $12.88 · H $15.42Jun 29

535

Total filings

Jun 15, 2026

Last filing

12/31

Fiscal year end

All 8-K · 285 DEFA14A · 80 425 · 46 10-Q · 45 11-K · 28 DEF 14A · 15 10-K · 15 SC 13G · 5

What Changed

Risk factors · Feb 24, 2025 → Feb 27, 2026

81 added · 82 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed

The Maui Department of Fire and Public Safety and Bureau of Alcohol, Tobacco, Firearms and Explosives reports classified the cause of the fire as “accidental.” Effective November 1, 2024, HEI and Hawaiian Electric entered into the Settlement Agreements (as defined herein) to settle the tort-related legal claims in the litigation arising out of the Maui windstorm and wildfires.
(ASB Hawaii) (a holding company), which previously owned ASB, and 40% interest in GLST1, an entity created for the specific purpose of holding HEI’s and Hawaiian Electric’s first liability installment payment pursuant to the settlement agreements to settle the tort-related claims in the litigation arising out of the Maui windstorm and wildfires.
Under the Settlement Agreements, HEI and Hawaiian Electric are obligated to contribute a total of $1.99 billion (out of a total defendant contribution of approximately $4.04 billion), which includes the $75 million previously contributed for the One ‘Ohana Initiative (a humanitarian aid fund to provide payments outside of litigation to the beneficiaries of those who died, as well as compensation for personal injury damages).
On June 26, 2025, the PUC issued an order granting the Utilities’ request to make EV-U a regular tariff from a pilot, and modified the allowable accounts from 25 to 50.
There is no assurance that HEI and Hawaiian Electric will be successful in the defense of the litigation or that insurance proceeds will be available to fund any potential settlements, judgments, or costs associated with the litigation.
As part of HEI’s comprehensive review of strategic options for Pacific Current, all investments of Pacific Current that were made through its subsidiaries were sold in 2025, except for Mahipapa, its remaining operating subsidiary which is in the process of being sold.
As part of HEI’s comprehensive review of strategic options for certain assets of Pacific Current, on March 10, 2025, Pacific Current closed on the sale of Hamakua Holdings, LLC (Hamakua Holdings), a then wholly owned subsidiary of Pacific Current, to an unaffiliated third party for cash consideration (Hamakua Sale).
Hawaiian Electric Hawaii Electric Light Maui Electric Island of Oahu Island of Hawaii Island of Maui Island of Lanai Island of Molokai Total Net generating and firm purchased capability (MW) as of December 31, 2025 1 Conventional oil-fired steam units 906.9 50.1 35.9 — — 992.9 Diesel internal combustion engine — 28.3 86.5 9.4 9.8 134.0 Simple-cycle combustion turbines 230.8 21.0 — — 2.2 254.0 Dual train combined-cycle unit — 56.3 113.6 — — 169.9 Biodiesel internal combustion engine 57.4 — — — — 57.4 Firm contract power 2 276.5 92.2 — — — 368.7 1,471.6 247.9 236.0 9.4 12.0 1,976.9 Net peak demand (MW) 3 1,058.0 183.9 193.4 6.0 5.8 1,447.1 Reserve margin 39.0 % 34.8 % 22.1 % 56.7 % 107.1 % 36.6 % Annual load factor 72.4 % 69.5 % 63.8 % 68.0 % 62.2 % 70.8 % MWh net generated and purchased (thousands) 6,712.9 1,118.8 1,080.2 35.7 31.7 8,979.3 1 Hawaiian Electric units at normal ratings;
HEI and Hawaiian Electric must pay such remaining amounts in four equal annual installments of approximately $479 million, with the first installment expected to be made once the conditions to funding are satisfied, which will occur no sooner than early 2026.
Hawaii’s RPS law requires electric utilities to meet an RPS of 15%, 30%, 40%, 70% and 100% by December 31, 2015, 2020, 2030, 2040 and 2045, respectively, counting only electrical generation using renewable energy as a source.
If the conditions of the Settlement Agreements are not satisfied or the agreements are otherwise terminated, HEI and Hawaiian Electric intend to vigorously defend against the litigation.
The ATRs also require independent compliance audits be conducted every three years, the first of which was completed in 2022 and found no findings of noncompliance for the period of December 2018 to December 2021.

No longer disclosed

For example: • The Utilities face competition from IPPs; customer self-generation, with or without cogeneration; customer energy storage; and the potential formation of community-based, cooperative ownership or municipality structures for electrical service on all islands it serves.
Cybersecurity Risk—The Company is subject to information technology and operational system failures, network disruptions, cyber attacks and breaches in data security that could materially and adversely affect its businesses and reputation .
As part of HEI’s comprehensive review of strategic options for certain assets of Pacific Current, on February 7, 2025, Pacific Current entered into a Securities Purchase Agreement to sell all the membership interests in Hamakua Holdings, LLC, a wholly owned subsidiary of Pacific Current, to an unaffiliated third party for cash consideration to be determined under the provisions of the agreement.
The Utilities target compensation at market rates, and due to the significant increase in competitive market pay for linemen over the past few years, provided an 11.4% market rate adjustment and a 4% annual incentive for linemen effective February 1, 2024.
On February 7, 2025, the parent company of Hamakua Holdings, LLC, an indirect subsidiary of HEI and parent company of Hamakua Energy, entered into a Securities Purchase Agreement to sell all of the membership interests in Hamakua Holdings, LLC to an unaffiliated third party.
The amended RPS calculation results in a lower calculated percentage than the amount calculated under the previous methodology. 2 Puna Geothermal Venture (PGV) with 34.6 MW of firm capacity went offline due to lava flow on Hawaii Island in May 2018, but returned to service in the first quarter of 2021 and is currently providing 32.2 MW.
Hawaiian Electric Hawaii Electric Light Maui Electric Island of Oahu Island of Hawaii Island of Maui Island of Lanai Island of Molokai Total Net generating and firm purchased capability (MW) as of December 31, 2024 1 Conventional oil-fired steam units 906.9 50.1 35.9 — — 992.9 Diesel internal combustion engine — 29.5 98.6 9.4 9.8 147.3 Simple-cycle combustion turbines 230.8 46.3 — — 2.2 279.3 Dual train combined-cycle unit — 56.2 113.6 — — 169.8 Biodiesel internal combustion engine 57.4 — — — — 57.4 Firm contract power 2 276.5 90.0 — — — 366.5 1,471.6 272.1 248.1 9.4 12.0 2,013.2 Net peak demand (MW) 3 1,050.0 183.6 178.5 5.9 5.8 1,423.8 Reserve margin 40.0 % 48.2 % 39.0 % 59.3 % 106.9 % 41.4 % Annual load factor 71.8 % 68.9 % 65.1 % 67.9 % 62.3 % 70.6 % MWh net generated and purchased (thousands) 6,607.5 1,108.4 1,018.1 35.1 31.6 8,800.7 1 Hawaiian Electric units at normal ratings;
On January 15, 2025, the Utilities filed an update to the PUC responding to their December 10, 2024 letter with a status update on changes to the priority, timing, and ability to commit funds to the application once they hear back from the Department of Energy Loan Program Office.
In December 2018, the PUC established a set of requirements governing transactions and sharing of information between the Utilities and its affiliates (Affiliate Transaction Requirements, ATRs), which was subsequently modified and clarified in January 2019 following the Utilities’ motion for reconsideration.
As of December 31, 2024, HEI and the Utilities have approximately $13 million, nil and $122 million of insurance coverage remaining under the excess liability, professional liability, and directors and officers liability policies, respectively, after deducting applicable retention amounts, amounts that have been recovered under insurance policies (including the One ‘Ohana Initiative contribution), and amounts expected to be recovered for incurred costs and recognized as a receivable as of year-end.
In July 2022, former Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to renewable energy as a percentage of total generation.
The parties executed an Amended and Restated Power Purchase Agreement (ARPPA) on October 29, 2021, which among other provisions extends the term for ten contract years after the effective date.

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