Hawaiian Electric Industries
S&P 400 Component
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. Net income was 219 million dollars on sales of 2.874B for 2019.
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 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. In 1937 HECO broke ground on its second power plant, and transmission lines soon crisscrossed Oahu.
War and statehood
During World War II HECO power plants linked to military bases, generating more than one million kilowatt hours of electricity each day. (= > 42 MW average power)
Hawaii became a state in 1959, and by then Oahu was entirely electrified. HECO opened 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 acquired the Hawaii Island's Hilo Electric Light Company (later renamed Hawai'i Electric Light Company, abbreviated HELCO and pronounced HEL-coh). In 1988 MECO 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 to 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 Public Utilities Commission 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.
On December 24, 2019, HECO announced that it would begin operating under a single name with its subsidiaries MECO and HELCO -- Hawaiian Electric.
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, EVs were 1% of all vehicles. Hawaiian Electric filed a road map with the state.
|HECO Owned Plants (oil)||Megawatts (MW)|
|Independent power producers||Megawatts|
|Kalaeloa Partners, L.P. (oil)||208|
|Airport Emergency Power||8|
Total firm generating capability n 2020 was 274.1 megawatts serving 72,522 customers. Non-firm capacity was 192.1 mw. 40.8% came from renewable resources.
|MECO Owned Plants (oil)||Megawatts|
|Hana (Dispersed generation)||2.0|
|Maui non-firm generation|
|Kaheawa Wind Power I||30|
|Kaheawa Wind Power II||21|
|Lanai Sustainability Research (PV)||1.2|
|South Maui Renewable Resources||2.9|
Total firm generating capability 213.4 megawatts serving 86,576 customers. Non-firm capacity was 147.6 mw. 34.7% came from renewable resources.
|HELCO power plants (oil)||Megawatts|
|Independent power producers||Megawatts|
|Puna Geothermal Venture||30 – closed since 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)||4.5|
|Pakini Nui (wind)||20.5|
|Wailuku River Hydroelectric||12.1|
|Hawi Renewable Development (wind)||10.56|
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 had about 5,000 rechargeable vehicles as of 2017.
Hawaiian Electric has indicated in its Power Supply Improvement Plan that it will achieve these goals ahead of schedule, including achieving 100% renewable electricity for the island of Moloka'i by 2020.
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- "HECO Power Facts" (PDF). Archived from the original (PDF) on 2010-12-29. Retrieved 2010-12-31.
- "Financial Statements". www.hei.com. Retrieved 2020-09-02.
- "Birth Of HECO". Archived from the original on 2011-07-11. Retrieved 2011-01-01.
- "Electrifying Oahu". Archived from the original on 2011-07-11. Retrieved 2011-01-01.
- "Smart Grid Project Improves Grid Reliability for Oahu, Hawaii - References - Siemens". w3.siemens.com. Retrieved 2018-08-06.
- Chediak, Mark; Goossens, Ehren (4 December 2014). "NextEra Buys Hawaii's Biggest Utility in Green Energy Test". Bloomberg News. Retrieved 23 December 2014.
- Steele, Anne (July 18, 2016). "NextEra, Hawaiian Electric Terminate Merger Bid" – via www.wsj.com.
- "Aging Hawaii Plant Upgrades Halted After Failed Merger". Engineering New Record (Volume 277/Number 4). BNP Media. July 15, 2016. p. 14.
- firstname.lastname@example.org, By Mark Ladao; Dec. 24, 2019 (December 24, 2019). "Hawaiian Electric companies to operate under single name". Honolulu Star-Advertiser.CS1 maint: numeric names: authors list (link)
- "Clean Energy Facts". HECO. Retrieved 26 April 2017.
- "Hawaii's Clean Energy and Oil Consumption Report Card". 24 April 2017. Retrieved 26 April 2017.
- "Hawaii Plan Plots Course to an All-Electric Car Future". www.govtech.com. Retrieved 2018-11-28.
- "Power Facts". www.hawaiianelectric.com.
- Kraftwerk wegen Lava stillgelegt : Spalt nur 200 Meter entfernt orf.at, 22 May 2018, retrieved 22 May 2018. (German)
- "High Technology Development Corporation > About Us". Archived from the original on 2010-07-16. Retrieved 2010-07-11.
- Act 097, HB623 HD2 SD2 CD1, 2015
- "100% Renewable Energy for Molokai by 2020 | The Molokai Dispatch". themolokaidispatch.com. April 7, 2017.