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Hawaii Gas, the state’s only gas utility, sold 2 percent more gas in 2015 than the year before due to increased use by commercial customers, including resort hotels, parent company New York-based Macquarie Infrastructure Corp. said Monday.
Hawaii Gas’ fourth-quarter profit was $3.57 million in 2015, slightly below the $3.59 million it earned in the year-earlier period. Net income for the year was $24 million, up from $21.3 million in 2014.
“The core business of Hawaii Gas — providing safe, reliable and cost-effective energy solutions to residents and businesses of Hawaii — performed well,” said James Hooke, chief executive officer of MIC. “We continue to make progress, albeit slowly, on our initiatives to broaden the suite of services of Hawaii Gas to include supporting important initiatives such as the development of renewable sources of energy in Hawaii.”
FOURTH-QUARTER NET $3.57 million
YEAR-EARLIER NET $3.59 million
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Hawaii Gas said in January it has an agreement with a supplier of liquefied natural gas to build the facilities needed to import bulk LNG into the state for $200 million.
The “binding bid” with the LNG supplier includes supplying LNG for 15 years, said Alicia Moy, president and CEO of Hawaii Gas. The state Public Utilities Commission must approve the plan for it to happen. Gov. David Ige has said he is opposed to the use of LNG for electrical generation.