This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

PUC Issues Interim Decision In Hawaiian Electric Rate Case

HONOLULU, July 23, 2011 /PRNewswire/ -- Hawaiian Electric Company (HECO), subsidiary of Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE) announced today that the Hawaii Public Utilities Commission (PUC) issued an interim decision in Hawaiian Electric's 2011 rate case.  It will result in a $3.31 a month increase for a typical Oahu residential customer using 600 kilowatt-hours a month effective July 26, 2011.  The 2.2% increase ( $38 million in annual revenues) will help pay for approximately $80 million in capital improvements such as grid modernization and other projects that support Hawaii's transition to clean energy and make electric service more reliable.

Today's interim decision is consistent with a settlement reached earlier this month between Hawaiian Electric, the Hawaii Division of Consumer Advocacy and the U.S. Department of Defense, who are parties in this proceeding. That settlement pared back Hawaiian Electric's original request to 2.2%, or $38 million, after netting out $15 million already being recovered through a surcharge on bills. Hawaiian Electric's original request, filed in July 2010, was for a 6.6% increase ( $113.5 million in revenues).

"We know these are still difficult economic times, but these investments are modernizing our electric system to improve service and integrate more clean energy. Currently, more than half of a customer's electric bill goes to pay for fuel oil.  As we strengthen our grid and add more renewable energy, our customers will see lower and more stable electric bills than if we continue to rely so heavily on fossil fuels," said Robbie Alm, Hawaiian Electric executive vice president.

The decision is one step in the ratemaking process. The PUC will continue to review details of the request and will later issue a final decision. The timing and amount of that final decision is at the discretion of the PUC.  If a lower final amount is approved, the difference will be refunded to customers with interest.

Stock quotes in this article: HE 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs