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Hawaiian Electric says it will not seek additional rate hike

By Star-Advertiser staff

LAST UPDATED: 04:21 p.m. HST, Jun 30, 2014

Hawaiian Electric Industries Inc. said on Monday it will not seek a rate increase in the current three-year rate cycle.

The company said in a filing with the Securities and Exchange Commission that "it is foregoing a rate increase request in recognition that its customers are already in a challenging high electricity bill environment."

Lynne Unemori, Hawaiian Electric vice president for corporate relations, said in a statement: "We know how tough high electric bills have been on our customers. So even though we could have asked for an added rate hike at this time as part of our regulatory schedule, we're not. What we are doing is focusing our efforts on lowering customers' bills by going after the main driver of high bills -- expensive imported oil. That's why we're pursuing more renewable energy, lower-cost liquefied natural gas as an alternative to expensive oil, and modern smart grids."

The company said it plans to file its next rate case in 2017 unless circumstances change.

Separate from the normal three-year rate case cycles, Hawaiian Electric has been getting rate adjustments each year since 2011.

Earlier this month, the state Public Utilities Commission approved the latest rate adjustment for  Hawaiian Electric Co., the Hawaii Electric Light Co. on Hawaii island, and Maui Electric Co. as part of the annual adjustment designed to compensate the utility for increased capital expenditures and declines in sales over the past year, a practice known as "decoupling."

The decoupling increase meant a typical Oahu household using 600 kilowatt-hours a month would have seen its bill rise by $4.89. The decoupling increase will help pay for more than $200 million in capital projects placed in service on Oahu in 2013 and 2014, HECO said.

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islandsun wrote:
They should be sued for what we pay them now.....
on June 30,2014 | 02:34PM
paulokada wrote:
We should all go off the grid.
on June 30,2014 | 02:48PM
DAGR81 wrote:
Seems like we are being overcharged.
on June 30,2014 | 02:56PM
Skyler wrote:
Agreed. The CEO should be ashamed.
on June 30,2014 | 03:59PM
loquaciousone wrote:
HECO already has a built in rate hike -- it's called adjustments.
on June 30,2014 | 03:27PM
Uncleart66 wrote:
How about a rate cut? The power you get from PV you sell back at twice the rate.....
on June 30,2014 | 03:48PM
rayhawaii wrote:
Not right now but when they do it probably be twice as much to make up for not raising rates now.
on June 30,2014 | 04:05PM
KWAY wrote:
How sweet of them. Better yet, fire all the fat cats there, and rebate all customers
on June 30,2014 | 04:39PM
FLIPTOP2 wrote:
Amen KWAY!!!
on June 30,2014 | 05:06PM
Kealii wrote:
What?!? No rate hike? They're still bending us over but this time the annual shƖong increases with the Ɩube shortages have stopped at least for the time being. So umm thank you? ¯\_(ツ)_/¯
on June 30,2014 | 05:14PM
tigerwarrior wrote:
That pretty much sums up the shlong and the schlort of it--no pun intended LOL!
on June 30,2014 | 06:03PM
safari wrote:
LNG is the solution to pollution. Deregulate power generation and power distribution from the same company. This with the financial disclosure law being introduced should help the local people. Let's wait and see it unravel.....
on June 30,2014 | 07:21PM
localguy wrote:
Put PV panels and solar water on every home, backup batteries, LED lights at home and island wide, and energy star appliances. Watch our electric needs drop.
on June 30,2014 | 08:05PM
SueH wrote:
Oh sure, no rate increase, but they didn't say anything about not passing on a "fuel surcharge" to customers. They'll get their money somehow.
on June 30,2014 | 08:41PM
mikaele1 wrote:
The for profit monopoly utility is an outdated model and will change in the next 10 years. Kudos to the PUC members and chair in holding the utility's feet to the HOT imu stones.
on June 30,2014 | 09:23PM
hikine wrote:
With all the solar panels installed there's enough power contribution to the grid. Didn't HECO said they couldn't handle all these extra power coming from the solar panels?
on July 1,2014 | 12:21AM
false wrote:
What a joke! Why did HECO, attempt to increase the rate in the first place? Now, it's damage control, they got an ear full by the public. It shows greed, on their part.
on July 1,2014 | 05:00AM
Mike174 wrote:
They are selling electricity to Hawaii Government from burning waste @ 8-12 cents per KWH and we are paying 38 cents per KWH. So who exactly is the thief?
on July 1,2014 | 08:09AM
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