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The Hawaii Island Energy Cooperative is moving forward with its attempt to split off Hawaii island from the Hawaiian Electric Industries umbrella to become a cooperative similar to the one on Kauai.
HIEC said Monday that it has been granted nonprofit status by the Internal Revenue Service.
“Receiving this official approval is fantastic news,” said Marco Mangelsdorf, HIEC director and spokesman, in a statement. “This sets the stage for HIEC to be an operating nonprofit utility serving the Big Island.”
HIEC was founded during the state’s review of NextEra Energy Inc.’s purchase of Hawaiian Electric Industries. Even though the sale was denied, HIEC is still seeking to create a cooperative for Hawaii island.
Mangelsdorf said the new status for the cooperative is important as both Hawaii Electric Light Co. on Hawaii island and HECO on Oahu have submitted requests to increase electrical rates. HECO requested Friday to boost revenue with the state Public Utilities Commission.
In September HELCO asked the PUC for a base-rate increase of $19.3 million, or 6.5 percent. If approved by the PUC, a typical residential customer on Hawaii island using 500 kilowatt-hours per month will see a $9.31 monthly bill increase.
Pension system snuffs tobacco stocks
SACRAMENTO, Calif. >> The nation’s largest public pension system is giving up tobacco.
The California Public Employees’ Retirement System decided Monday to sell its last $550 million worth of tobacco-related investments nearly two decades after trading away the bulk of them.
ON THE MOVE
Hawaii State Federal Credit Union has promoted David Kimura to vice president of Hawaii State Investment Services. He joined the company in 2013 and was its first investment program manager. Kimura has extensive financial adviser and investment consultant experience, and he served as vice president of investments for 10 years at Central Pacific Bank.
Outrigger Enterprises Group has appointed Trina Tory as human resources division director. Tory was previously Outrigger’s human resources division manager and has served in various positions in human resources.
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