PUC advances effort to cut electricity costs

The Public Utilities Commission issued a decision and order Thursday to prioritize new regulations designed to lower electricity costs, improve customer service, expand customer choices and cost-effectively meet the state’s clean- energy goals.

In 2015 Hawaii adopted a first-in-the-nation 100% renewable-energy target by 2045.

The PUC’s decision establishes performance-based regulations to update traditional cost-of-service regulation with a new framework that will deliver immediate savings to customers, while rewarding the Hawaiian Electric Cos. for exemplary performance in achieving specific outcomes, including increased renewable-energy integration and improved customer service.

While the traditional regulatory structure encourages utilities to make large investments in new power plants and the electrical grid to earn a profit, the performance-based framework established by the PUC will allow the utilities to earn profits for exemplary business performance and reduce what are now the highest electricity rates in the United States.

The utility will have the opportunity to earn additional revenue if it achieves performance targets, including set goals to strengthen its relationship with customers and accelerate the installation of new clean-energy technologies, such as the faster connection of rooftop solar and battery storage systems. The performance rewards will steer the utility toward achieving the state’s goals, at a reasonable cost to customers, the PUC said.

ON THE MOVE

Bank of Hawaii has announced the following new vice presidents:

>> Keith Nouchi was promoted to vice president from assistant vice president in the Operations Group and will continue serving as a compliance officer. Nouchi has more than 20 years’ experience in the Information Technology management area of Bank of Hawaii, including having been a help desk analyst when he first joined the bank in 1995, then was promoted to IT access manager in 2001.

>> Edwin Paz was promoted to vice president from assistant vice president and will continue to serve as a mortgage banking platform manager for Bank of Hawaii’s Project & Process Support Department. He has 17 years of experience as a systems team leader for First Hawaiian Bank’s Mortgage Lending Division. Paz joined Bank of Hawaii in 2016.