Hawaiian Electric Industries, Inc., through its subsidiaries, engages in the electric utility and banking businesses operating primarily in the state of Hawaii. Besides Hawaiian Electric Company, Inc. (Hawaiian Electric) and its subsidiaries, the company also owns directly or indirectly various subsidiaries, such as ASB Hawaii, Inc. and its subsidiary, American Savings Bank, F.S.B. (ASB); and The Old Oahu Tug Service, Inc. (TOOTS). Electric Utility Hawaiian Electric and Subsidiaries and Service Areas Hawaiian Electric; Hawaii Electric Light Company, Inc. (Hawaii Electric Light); and Maui Electric Company, Limited (Maui Electric) (Utilities) are regulated operating electric public utilities engaged in the production, purchase, transmission, distribution, and sale of electricity on the islands of Oahu; Hawaii; and Maui, Lanai and Molokai, respectively. The principal communities served include Honolulu (on Oahu), Hilo and Kona (on Hawaii), and Wailuku and Kahului (on Maui). The service areas also include various suburban communities, resorts, the U.S. Armed Forces installations and agricultural operations. The state has granted Utilities’ nonexclusive franchises, which authorize the Utilities to construct, operate, and maintain facilities over and under public streets and sidewalks. Customers: The Utilities derived approximately 11% of their operating revenues from the sale of electricity to various federal government agencies in 2015. Nonutility Generation The company’s renewable energy sources and potential sources range from wind, solar, photovoltaic, geothermal, wave and hydroelectric power to energy produced by the burning of bagasse (sugarcane waste), municipal waste and other biofuels. Hawaiian Electric Firm Capacity PPAs (Power Purchase Agreements): Hawaiian Electric had three major PPAs that provide a total of 456.5 megawatt (MW) of firm capacity, representing 27% of Hawaiian Electric’s total net generating and firm purchased capacity on Oahu as of December 31, 2015. Hawaii Electric Light and Maui Electric Firm Capacity PPAs: As of December 31, 2015, Hawaii Electric Light had PPAs for 119.5 MW (of which 94.6 MW are available, 3.4 MW are pending, and 21.5 MW are expected to be added in 2016) and Maui Electric has a PPA for up to 4 MW of scheduled energy and up to 16 MW of emergency power. Power Purchase Agreements: As of December 31, 2015, the Utilities had five firm capacity PPAs for a total of 551 MW of firm capacity. Regulation: The Public Utilities Commission of the State of Hawaii regulates the rates, issuance of securities, accounting and certain other aspects of the operations of Hawaiian Electric and its electric utility subsidiaries. The Utilities are not subject to regulation by the Federal Energy Regulatory Commission (FERC) under the Federal Power Act, except under Sections 210 through 212 (added by Title II of Public Utility Regulatory Policies Act of 1978 and amended by the Energy Policy Act of 1992), which permit the FERC to order electric utilities to interconnect with qualifying cogenerators and small power producers, and to wheel power to other electric utilities. The Utilities are also required to file various operational reports with the FERC. Environmental Regulation: The operations of the electric utility and former freight transportation subsidiaries of the company are subject to Environmental Protection Agency - federal regulations that implement provisions of the Resource Conservation and Recovery Act; the Comprehensive Environmental Response, Compensation, and Liability Act (also known as Superfund); the Superfund Amendments and Reauthorization Act (SARA); and the Toxic Substances Control Act. The Emergency Planning and Community Right-to-Know Act under SARA Title III requires the Utilities to report potentially hazardous chemicals present in their facilities to provide the public with information so that emergency procedures could be established to protect the public in the event of hazardous chemical releases. All of the Utilities' facilities are in compliance with applicable annual reporting requirements to the State Emergency Planning Commission, th
hawaiian electric inds (HE:New York)
1001 Bishop Street
Honolulu, HI 96813
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