HONOLULU, July 3, 2012 /PRNewswire/ -- Hawaiian Electric Company (HECO), subsidiary of Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE) announced today that electric customers on Oahu will receive a small refund as the result of the Hawaii Public Utilities Commission's (PUC) final decision in Hawaiian Electric Company's 2011 rate case.
The total estimated refund is approximately $800,000 including interest, although Hawaiian Electric must still finalize and submit to the PUC for review the detailed calculations. The company estimates a typical residential customer using 600 kilowatt-hours a month will receive a refund of 85 cents, which includes interest since July 2011 when the original interim increase was approved.
The refund will be issued in the form of a credit on customer electric bills. The timing will depend on the customer's normal billing cycle. The refund credit is expected to start showing up in bills sent out in August.
Aside from the refund, the PUC's ruling will not have any further impact on the amount Oahu customers currently pay for electricity. This is because the decision finalizes the remaining interim rates which are already reflected on customers' bills.The majority of the final 3.4% increase was approved by the PUC and included in rates almost a year ago in July 2011, with the remainder effective in April 2012. For more informationContact: Darren Pai(808) 543-7753 firstname.lastname@example.org
For institutional investor inquiries:Contact: Carol Imai(808) 543-7920 email@example.com (Logo: http://photos.prnewswire.com/prnh/20110411/LA80136LOGO)
SOURCE Hawaiian Electric Industries, Inc.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV