September 22, 2017 4:42 AM ET

Electric Utilities

Company Overview of Hawaiian Electric Company Inc.

Company Overview

Hawaiian Electric Company, Inc., together with its subsidiaries, operates as a regulated electric public utility. The company engages in the production, purchase, transmission, distribution, and sale of electricity on the islands of Oahu, Hawaii, Maui, Lanai, and Molokai. It serves various suburban communities, resorts, U.S. Armed Forces installations, and agricultural operations. As of December 31, 2016, it owned and operated three generating plants on the islands of Oahu with generating capability of 1,214 megawatts; four generating plants on the island of Hawaii with a generating capability of 179 megawatts; and two generating plants on the island of Maui with a generating capability of 2...

900 Richards Street

Honolulu, HI 96813

United States

Founded in 1891

2,662 Employees

Phone:

808-543-7771

Key Executives for Hawaiian Electric Company Inc.

Chief Executive Officer, President and Director
Age: 70
Chief Financial Officer and Senior Vice President
Age: 54
Senior Vice President of Operations
Age: 60
Chairman of the Board
Age: 65
Advisor to the President & CEO and President of Hawaii Electric Light Company, Inc
Age: 57
Compensation as of Fiscal Year 2017.

Hawaiian Electric Company Inc. Key Developments

Hawaiian Electric Company, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017

Hawaiian Electric Company Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported total revenues of $556,875,000 compared to $495,395,000 a year ago. Operating income was $55,047,000 compared to $70,686,000 a year ago. Income before income taxes was $41,003,000 compared to $58,340,000 a year ago. Net income attributable to Hawaiian Electric was $25,914,000 or compared to $36,127,000 a year ago. Non-GAAP (core) net income was $25.6 million against $36.6 million a year ago. For the six months period, the company reported total revenues of $1,075,486,000 compared to $977,447,000 a year ago. Operating income was $103,985,000 compared to $126,012,000 a year ago. Income before income taxes was $75,725,000 compared to $98,759,000 a year ago. Net income attributable to Hawaiian Electric was $47,649,000 compared to $61,764,000 a year ago. Non-GAAP (core) net income was $47.1 million against $63.4 million a year ago.

Hu Honua Bioenergy LLC Reaches Settlement in Federal Antitrust Lawsuit with Hawaii Electric Light Co., Hawaiian Electric Co. and Hawaiian Electric Industries

Hu Honua Bioenergy LLC announced that it reached a settlement in its federal antitrust lawsuit with Hawaii Electric Light Co. to move forward with its $225 million biomass plant. Hu Honua field a lawsuit against HELCO and its parent companies, Hawaiian Electric Co. and Hawaiian Electric Industries in December over a terminated power purchase agreement. The suit also included NextEra Energy and Hamakua Energy Partners LP as defendants, which are not part of the settlement. The settlement comes on the heels of a new PPA agreement between Hu Honua and HELCO earlier this month. In the new PPA, Hu Honua is seeking PUC approval for preferential price rates based on HRS Section 269-27.3. The statute was enacted to increase energy self-sufficiency and enhance agricultural sustainability and allows the PUC to approve preferential rates for renewable energy produced in conjunction with agricultural activities, the release said. In Hu Honua's case this would relate to the use of agricultural crops to generate renewable biomass electricity. If the amended PPA is approved, Hu Honua's biomass plant will have the capacity to provide up to 30-megawatts of firm renewable energy to HELCO's power grid, the Big Island company said in a statement.

Hawaiian Electric Company Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017

Hawaiian Electric Company Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported revenues of $518.611 million compared to $482.052 million a year ago. Operating income was $48.938 million compared to $55.326 million a year ago. Income before income taxes was $34.722 million compared to $40.419 million a year ago. Net income attributable to the company was $21.735 million compared to $26.383 million a year ago. Net income for common stock was $21.465 million compared to $25.367 million a year ago. Core earnings were $21.5 million and $26.7 million in the first quarters of 2017 and 2016, respectively.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
December 19, 2016
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Private Placement
December 15, 2016
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