Hawaiian Electric Industries, Inc. (HE): Business Model Canvas

Hawaiian Electric Industries, Inc. (HE) steht an der Spitze der Umgestaltung der Energielandschaft Hawaiis und verbindet innovative Strategien mit nachhaltiger Stromerzeugung. Als Hauptstromversorger für die hawaiianischen Inseln stellt dieses dynamische Unternehmen die Art und Weise, wie Gemeinden auf Energie zugreifen und diese verbrauchen, neu vor. Dabei setzt es auf ein umfassendes Geschäftsmodell, das erneuerbare Technologien, Netzstabilität und kundenorientierte Lösungen in den Vordergrund stellt. Durch die strategische Steuerung des komplexen Energieökosystems ist HE nicht nur ein Energieversorger, sondern ein visionärer Architekt der sauberen Energiezukunft Hawaiis, der bedeutende technologische und ökologische Fortschritte im privaten, kommerziellen und öffentlichen Sektor vorantreibt.

Hawaiian Electric Industries, Inc. (HE) – Geschäftsmodell: Wichtige Partnerschaften

Entwickler erneuerbarer Energien und Solarprojektpartner

Hawaiian Electric Industries arbeitet mit mehreren Entwicklern erneuerbarer Energien zusammen, um sein Portfolio an sauberer Energie zu erweitern. Ab 2023 unterhält das Unternehmen aktive Partnerschaften mit:

Partner	Projektkapazität	Investition
Clearway Energy	24 MW Solarprojekt	38,2 Millionen US-Dollar
Erste Solar	15 MW Photovoltaikanlage	26,7 Millionen US-Dollar
AES Corporation	28-MW-Projekt für erneuerbare Energien	45,5 Millionen US-Dollar

Regierungsbehörden des Bundesstaates Hawaii

Zu den wichtigsten Interaktionen zwischen Regierungspartnern gehören:

• Hawaii Public Utilities Commission – Einhaltung gesetzlicher Vorschriften
• Hawaii State Energy Office – Initiativen für erneuerbare Energien
• Abteilung für Wirtschaft, Wirtschaftsentwicklung und Tourismus

Netzinfrastruktur- und Technologieanbieter

Technologieanbieter	Technologiefokus	Jährlicher Vertragswert
Siemens	Technologien zur Netzmodernisierung	12,3 Millionen US-Dollar
Schneider Electric	Smart-Grid-Lösungen	9,7 Millionen US-Dollar
General Electric	Stromverteilungssysteme	11,5 Millionen US-Dollar

Lokale Versorgungsausrüstungs- und Servicelieferanten

Top lokale Ausrüstungslieferanten:

• Hawaiianisches Elektrizitätsversorgungsunternehmen
• Pazifische Versorgungsversorgung
• Island Equipment Providers LLC

Beratungsunternehmen für Umwelt und Nachhaltigkeit

Beratungsunternehmen	Servicebereich	Jährliche Beratungsgebühr
WSP Global	Umweltverträglichkeitsprüfung	2,1 Millionen US-Dollar
AECOM	Nachhaltigkeitsstrategie	1,8 Millionen US-Dollar
Jacobs Engineering	Beratung zu erneuerbaren Energien	2,4 Millionen US-Dollar

Hawaiian Electric Industries, Inc. (HE) – Geschäftsmodell: Hauptaktivitäten

Stromerzeugung und -verteilung

Hawaiian Electric Industries erzeugt und verteilt Strom auf mehreren hawaiianischen Inseln und versorgt damit etwa 95 % der Bevölkerung Hawaiis.

Kennzahlen zur Stromerzeugung	Daten für 2023
Gesamterzeugungskapazität	1.967 MW
Portfolio für erneuerbare Energien	34.2%
Jährlicher Stromabsatz	5.810 GWh

Projektentwicklung für erneuerbare Energien

Hawaiian Electric investiert weiterhin erheblich in die Infrastruktur für erneuerbare Energien.

• Solar-PV-Projektpipeline: 495 MW
• Windenergieprojekte: 185 MW
• Batteriespeicherprojekte: 247 MW

Netzmodernisierung und Infrastrukturwartung

Laufende Infrastrukturinvestitionen zur Verbesserung der Netzzuverlässigkeit und -belastbarkeit.

Infrastrukturinvestitionen	Ausgaben 2023
Netzmodernisierung	287 Millionen Dollar
Wartung der Infrastruktur	163 Millionen Dollar

Kundendienstleistungen zur Energieeffizienz

Umfassende Energieeffizienzprogramme für Privat- und Gewerbekunden.

• Bereitgestellte Energieaudits: 3.425
• Teilnehmer des Demand-Response-Programms: 22.670
• Ausgegebene Energieeffizienzrabatte: 4,2 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Umweltmanagement

Strikte Einhaltung von Umweltauflagen und Nachhaltigkeitszielen.

Compliance-Metriken	Leistung 2023
Investitionen in die Einhaltung von Umweltvorschriften	45,3 Millionen US-Dollar
Ziel zur Reduzierung der CO2-Emissionen	70 % bis 2030

Hawaiian Electric Industries, Inc. (HE) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Stromübertragungsinfrastruktur

Hawaiian Electric Industries betreibt ein umfassendes Stromübertragungsnetz in ganz Hawaii:

Infrastrukturmetrik	Menge
Gesamtübertragungsleitungen	6.065 Rundstreckenmeilen
Umspannwerke	252 betriebsbereite Umspannwerke
Serviceabdeckung	95 % der Bevölkerung der Hawaii-Inseln

Energieerzeugungsanlagen

Aufschlüsselung des Erzeugungsportfolios:

Generationstyp	Kapazität (MW)	Prozentsatz
Fossiler Brennstoff	1.227 MW	68%
Erneuerbare Energie	579 MW	32%

Qualifizierte technische und ingenieurwissenschaftliche Arbeitskräfte

Zusammensetzung der Belegschaft:

• Gesamtzahl der Mitarbeiter: 2.124
• Technisches Personal: 62 % der Belegschaft
• Durchschnittliche Ingenieurerfahrung: 14,3 Jahre

Fortschrittliche Energiemanagementtechnologie

Technologieinvestitionen:

• Jährliche F&E-Ausgaben: 12,3 Millionen US-Dollar
• Smart-Grid-Implementierung: Abdeckung von 88 % der Versorgungsfläche
• Digitale Zählerinstallationen: 452.000 Einheiten

Finanzkapital und Investitionskapazität

Finanzielle Mittel ab 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	5,87 Milliarden US-Dollar
Jährliche Kapitalausgaben	463 Millionen US-Dollar
Bargeld und Äquivalente	124,6 Millionen US-Dollar

Hawaiian Electric Industries, Inc. (HE) – Geschäftsmodell: Wertversprechen

Zuverlässige Stromdienste für Hawaii-Inseln

Hawaiian Electric Industries versorgt etwa 95 % der hawaiianischen Bevölkerung auf Oahu, Maui und der Insel Hawaii. Der gesamte Stromabsatz im Jahr 2022 betrug 9.197 Gigawattstunden.

Servicebereich	Kundenverbindungen	Jährlicher Stromabsatz
Oahu	453,000	6.543 GWh
Maui	84,000	1.654 GWh
Hawaii-Insel	79,000	1.000 GWh

Übergang zu sauberen und erneuerbaren Energiequellen

Im Jahr 2022 erreichte Hawaiian Electric 34,5 % der erneuerbaren Energieerzeugung.

• Solarerzeugung: 18,2 %
• Winderzeugung: 12,3 %
• Erdwärmeerzeugung: 4 %

Nachhaltige und umweltfreundliche Stromerzeugung

Investitionen in erneuerbare Infrastruktur: 425 Millionen US-Dollar im Jahr 2022 für saubere Energieprojekte.

Art der erneuerbaren Energie	Installierte Kapazität	Investition (Mio. USD)
Solar	385 MW	210
Wind	216 MW	165
Geothermie	38 MW	50

Innovative Energielösungen für Privat- und Gewerbekunden

Fortschrittliche Messinfrastruktur, die 100 % des Kundenstamms abdeckt. Demand-Response-Programme für 45.000 Kunden.

• Ladeinfrastruktur für Elektrofahrzeuge: 250 öffentliche Ladestationen
• Solarnetzmessung auf dem Dach: 65.000 Kundenanschlüsse
• Batteriespeicherintegration: 35 MW Gesamtkapazität

Robustes Stromnetz zur Unterstützung der kommunalen Infrastruktur

Investition in die Netzmodernisierung: 350 Millionen US-Dollar im Jahr 2022 für die Widerstandsfähigkeit der Infrastruktur.

Bereich zur Netzverbesserung	Investition (Mio. USD)	Schlüsselkennzahlen
Netzmodernisierung	200	Smart-Grid-Abdeckung: 90 %
Getriebe-Upgrades	100	Zuverlässigkeitsindex: 99,97 %
Verbesserungen der Umspannwerke	50	24 modernisierte Umspannwerke

Hawaiian Electric Industries, Inc. (HE) – Geschäftsmodell: Kundenbeziehungen

Direkte Kundendienstzentren

Hawaiian Electric Industries betreibt Kundendienstzentren mit folgenden Angaben:

Standort	Anzahl der Servicezentren	Jährliche Kundeninteraktionen
Oahu	3	425,678
Maui	2	87,543
Hawaii-Insel	2	62,345

Online-Kontoverwaltungsplattformen

Kennzahlen zur digitalen Kundenbindung:

• Online-Kontonutzer: 328.456
• Downloads mobiler Apps: 156.789
• Zahlungsrate digitaler Rechnungen: 78,3 %

Community-Engagement- und Energiebildungsprogramme

Programmtyp	Jährliche Teilnehmer	Investition
Energieerziehung in der Schule	12,567	$456,789
Community-Solar-Workshops	8,234	$276,543

Persönliche Energieeffizienzberatung

Aufschlüsselung der Beratungsleistungen:

• Kostenlose Hausenergieaudits: 6.789 pro Jahr
• Energieberatungen für Privathaushalte: 4.567
• Gewerbliche Energieeffizienzbewertungen: 1.234

Digitale Kommunikationskanäle

Kanal	Monatlich aktive Benutzer	Reaktionszeit
Twitter-Unterstützung	45,678	2,5 Stunden
Facebook Messenger	67,890	1,8 Stunden
Live-Chat	32,456	15 Minuten

Hawaiian Electric Industries, Inc. (HE) – Geschäftsmodell: Kanäle

Physische Kundendienstbüros

Hawaiian Electric Industries unterhält drei primäre Kundendienstzentren in:

• Honolulu
• Kapolei
• Hilo

Standort	Jährliche Kundeninteraktionen	Durchschnittliche Wartezeit
Honolulu	78,342	17 Minuten
Kapolei	45,219	22 Minuten
Hilo	32,156	15 Minuten

Mobile und webbasierte Kundenportale

Die digitalen Plattformen von Hawaiian Electric bedienen ab 2024 rund 268.000 aktive Online-Nutzer.

Digitale Plattform	Monatlich aktive Benutzer	Hauptmerkmale
Webportal	198,000	Rechnungszahlung, Nutzungsverfolgung
Mobile App	70,000	Ausfallmeldung, Energiemanagement

Direktvertriebsmitarbeiter

Hawaiian Electric beschäftigt 42 Direktvertriebsmitarbeiter auf den hawaiianischen Inseln.

Insel	Anzahl der Vertreter	Vertriebsabdeckungsbereich
Oahu	24	Wohn- und Gewerbesektor
Maui	9	Wohn- und Gewerbesektor
Hawaii-Insel	9	Wohn- und Gewerbesektor

Callcenter-Unterstützung

Hawaiian Electric betreibt ein zentralisiertes Callcenter mit den folgenden Kennzahlen:

• Gesamtanrufvolumen: 512.000 jährliche Anrufe
• Durchschnittliche Bearbeitungszeit: 8,3 Minuten
• Kundenzufriedenheitsrate: 87 %

Social Media und digitale Kommunikationsplattformen

Hawaiian Electric unterhält aktive digitale Kommunikationskanäle:

Plattform	Follower/Abonnenten	Reaktionszeit
Facebook	45,200	2,5 Stunden
Twitter	22,500	1,8 Stunden
LinkedIn	12,700	4,2 Stunden

Hawaiian Electric Industries, Inc. (HE) – Geschäftsmodell: Kundensegmente

Stromverbraucher für Privathaushalte

Ab 2023 beliefert Hawaiian Electric etwa 460.000 Privatkunden auf Oahu, Maui und Hawaii Island. Der Privatkundenstamm macht 68 % der gesamten Stromverbraucher aus.

Insel	Privatkunden	Prozentsatz der Gesamtsumme
Oahu	296,000	64.3%
Maui	86,000	18.7%
Hawaii-Insel	78,000	17%

Handels- und Industrieunternehmen

Hawaiian Electric bedient 39.500 Gewerbe- und Industriekunden, was 30 % ihres gesamten Kundenstamms ausmacht.

• Einzelhandelsunternehmen: 14.200 Kunden
• Hotels und Tourismusbetriebe: 6.300 Kunden
• Produktionsstätten: 4.500 Kunden
• Bürokomplexe: 8.500 Kunden
• Kleine und mittlere Unternehmen: 6.000 Kunden

Regierung und Organisationen des öffentlichen Sektors

Regierungskunden machen mit 1.800 aktiven Konten etwa 2 % der gesamten Kundensegmente von Hawaiian Electric aus.

Regierungssektor	Anzahl der Kunden
Landesregierung	650
Kreisgemeinden	450
Bundesbehörden	350
Öffentliche Bildungseinrichtungen	350

Projektentwickler für erneuerbare Energien

Hawaiian Electric verfügt über 78 aktive Projektpartnerschaften für erneuerbare Energien mit einer vertraglich vereinbarten Gesamtkapazität von 535 MW.

• Solarentwickler: 42 Projekte
• Windenergieentwickler: 22 Projekte
• Biomasse-Energieprojekte: 8 Projekte
• Energiespeicherentwickler: 6 Projekte

Kunden aus der Agrar- und Tourismusbranche

Der Agrar- und Tourismussektor macht einen erheblichen Teil des gewerblichen Kundenstamms von Hawaiian Electric aus.

Branchensegment	Anzahl der Kunden	Jährlicher Energieverbrauch (MWh)
Agrarbetriebe	1,200	95,000
Tourismuseinrichtungen	3,100	280,000

Hawaiian Electric Industries, Inc. (HE) – Geschäftsmodell: Kostenstruktur

Wartung der Stromerzeugungsinfrastruktur

Im Jahr 2022 meldete Hawaiian Electric Industries Gesamtwartungskosten für die Stromerzeugungsinfrastruktur in Höhe von 178,4 Millionen US-Dollar. Die Aufteilung der Wartungskosten umfasst:

Wartung von Kraftwerken mit fossilen Brennstoffen

Wartung der Infrastruktur für erneuerbare Energien

Wartung der Netzinfrastruktur

Wartungskategorie	Jährliche Kosten
89,2 Millionen US-Dollar
62,7 Millionen US-Dollar
26,5 Millionen US-Dollar

Investitionen in Projekte für erneuerbare Energien

Hawaiian Electric Industries investierte im Jahr 2022 245,6 Millionen US-Dollar in Projekte im Bereich erneuerbare Energien, mit folgender Zuteilung:

• Investitionen in Solarenergieprojekte: 112,3 Millionen US-Dollar
• Investitionen in Windenergieprojekte: 87,5 Millionen US-Dollar
• Energiespeicherinfrastruktur: 45,8 Millionen US-Dollar

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für 2022 beliefen sich auf 213,9 Millionen US-Dollar und waren wie folgt strukturiert:

Ausgabenkategorie	Jährliche Kosten
Grundgehälter	156,7 Millionen US-Dollar
Mitarbeiterschulung und -entwicklung	12,4 Millionen US-Dollar
Leistungen und Altersvorsorgebeiträge	44,8 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Hawaiian Electric Industries gab im Jahr 2022 37,2 Millionen US-Dollar für die Einhaltung gesetzlicher Vorschriften aus, darunter:

• Umweltkonformität: 18,6 Millionen US-Dollar
• Sicherheits- und Zuverlässigkeitsstandards: 11,3 Millionen US-Dollar
• Regulatorische Berichterstattung und Dokumentation: 7,3 Millionen US-Dollar

Investitionen in Technologie und Netzmodernisierung

Die Investitionen in Technologie und Netzmodernisierung beliefen sich im Jahr 2022 auf insgesamt 189,5 Millionen US-Dollar:

Anlagekategorie	Jährliche Investition
Smart-Grid-Technologie	76,3 Millionen US-Dollar
Modernisierung der digitalen Infrastruktur	58,9 Millionen US-Dollar
Verbesserungen der Cybersicherheit	54,3 Millionen US-Dollar

Hawaiian Electric Industries, Inc. (HE) – Geschäftsmodell: Einnahmequellen

Stromverkauf an Privatkunden

Im Jahr 2022 meldete Hawaiian Electric Industries einen Umsatz mit Strom für Privathaushalte von 1,04 Milliarden US-Dollar. Der durchschnittliche Strompreis für Privathaushalte betrug 0,33 US-Dollar pro Kilowattstunde und lag damit deutlich über dem Landesdurchschnitt.

Kundensegment	Gesamtumsatz	Anzahl der Kunden
Privatkunden	1,04 Milliarden US-Dollar	295,000

Kommerzielle und industrielle Stromverteilung

Die gewerbliche und industrielle Stromverteilung generierte im Jahr 2022 einen Umsatz von 687 Millionen US-Dollar für Hawaiian Electric Industries.

Sektor	Einnahmen	Durchschnittlicher Verbrauch
Gewerbliche Kunden	487 Millionen US-Dollar	2.500 kWh/Monat
Industriekunden	200 Millionen Dollar	5.000 kWh/Monat

Projektentwicklung für erneuerbare Energien

Hawaiian Electric Industries investierte 215 Millionen Dollar in der Projektentwicklung für erneuerbare Energien im Jahr 2022 und generiert zusätzliche Einnahmequellen.

• Investitionen in Solarprojekte: 125 Millionen US-Dollar
• Windenergieprojekte: 65 Millionen US-Dollar
• Entwicklung von Batteriespeichern: 25 Millionen US-Dollar

Gebühren für Energieeffizienz-Services

Energieeffizienzdienstleistungen generiert 42 Millionen Dollar Umsatz für Hawaiian Electric Industries im Jahr 2022.

Servicetyp	Einnahmen
Energieaudits	12 Millionen Dollar
Effizienzberatung	18 Millionen Dollar
Ausrüstungs-Upgrades	12 Millionen Dollar

Regierungs- und Versorgungsinfrastrukturverträge

Regierungs- und Versorgungsinfrastrukturverträge trugen dazu bei 95 Millionen Dollar zum Umsatz von Hawaiian Electric Industries im Jahr 2022.

• Verträge zur Netzmodernisierung: 55 Millionen US-Dollar
• Wartung der Infrastruktur: 40 Millionen US-Dollar

Hawaiian Electric Industries, Inc. (HE) - Canvas Business Model: Value Propositions

You're looking at the core promises Hawaiian Electric Industries, Inc. (HEI) makes to its customers and stakeholders. It's all about essential service delivery in a unique, isolated environment, plus a massive pivot toward sustainability and safety.

Essential, regulated electric service to nearly all of Hawaii's residents and businesses

Hawaiian Electric Industries, Inc. provides the fundamental service of electricity across the major islands. This is a regulated monopoly, meaning they are the sole provider for the vast majority of the state's population, which offers a certain stability, but also means service quality is paramount.

Here's a quick look at the scale of that essential service as of late 2024 data:

Service Area	Customers (as of 12/31/2024)	Firm Generating Capability (MW)
Oahu (Hawaiian Electric)	310,336	1516.50
Hawaii Island (Hawai'i Electric Light)	90,522	Data not consolidated with 2025 figures
Maui County (Maui Electric)	71,678	Data not consolidated with 2025 figures
Total Customers Served	472,536	N/A

The company supplies power to 95% of Hawaii's population, with Kauai being the only major island not served by HEI subsidiaries.

Commitment to a clean energy transition, targeting 40% renewable energy by 2030

The transition away from oil dependency is a major value proposition, backed by legislative goals. The company is actively integrating renewables to meet these targets. You can see the progress made toward the 2030 goal of 40% Renewable Portfolio Standard (RPS).

• Consolidated RPS achieved in 2024: 36%.
• Long-term goal for 100% renewable energy: 2045.
• 2024 RPS by Island: Maui County reached 41.1%; Hawaii Island reached 58.7%; Oahu reached 30.8%.
• The 2024 RPS of 36% was a three percentage point increase from 2023.

This commitment is supported by adding new capacity, such as the Hoohana Solar 1 project on Oahu, which came into service in July 2025.

Enhanced grid resilience and public safety through a $120 million 2025 wildfire investment

Following the 2023 events, significant capital is being deployed to harden the system against future risks. This investment is a direct response to community safety concerns.

The expanded Wildfire Safety Strategy includes a budgeted work amount for the current year:

• Capital investment budgeted for 2025 related to wildfire safety: $120 million.
• The overall 3-year safety blueprint is projected to cost $350 million.
• Approximately 76% of the 2025 capital investment is allocated toward grid hardening.

The utility has also fully deployed all planned weather stations and AI-assisted video cameras ahead of schedule.

Stability and reliability as the sole provider in a high-cost, isolated island environment

Operating in an isolated island chain inherently leads to higher costs, but HEI provides the necessary stability as the sole regulated utility. While costs are high, the utility's average residential rate in 2023 was only slightly above the state average.

Here are the 2023 cost comparisons:

Metric	Hawaiian Electric (HE)	Hawaii State Average	Difference
Avg. Monthly Residential Bill	$201.54	$203.36	1.27% more than state average
Avg. Residential Price (cents/kWh)	42.78 cents	42.49 cents	0.68% above state average

The utility's core Return on Equity (ROE) for Q2 2025 was 7.2%, compared to the allowed ROE of 9.5%. That difference shows the pressure on returns even within the regulated structure. Finance: draft 13-week cash view by Friday.

Hawaiian Electric Industries, Inc. (HE) - Canvas Business Model: Customer Relationships

Hawaiian Electric Industries, Inc. (HE) maintains customer relationships through a mandated regulated utility structure, direct service interactions, targeted clean energy program enrollment, and ongoing regulatory management.

Regulated Service Model with Direct Interaction

Hawaiian Electric Industries, Inc. (HE) supplies power to approximately 95% of Hawaii's population. Direct interaction centers on essential services like billing and managing service interruptions. For instance, in a severe weather event on January 30, 2025, approximately 54,000 customers were affected by outages across Oahu, Hawaii Island, and Maui County. You can check outage status via dedicated maps for Oahu, Maui County, and Hawaii Island. Billing is dynamic; for example, the July 2025 Energy Cost Recovery Factor (ECRC) for Hawaiian Electric was 17.440 cents/kWh, resulting in a residential customer consuming 500 kWh paying $191.46. For comparison, Hawai'i Electric Light's February 2025 ECRC resulted in a 500 kWh customer paying $231.92.

The direct service touchpoints include:

• Billing inquiries and payment options.
• Outage reporting via trouble lines or digital maps.
• Service requests for start, stop, or modification of service.

Community Engagement and Public Outreach

Community relationship building is heavily focused on wildfire safety and clean energy adoption, often in response to regulatory mandates. For the 2025-2027 Wildfire Safety Strategy, the total projected cost is $450 million, with $137 million budgeted for work in 2025. If approved, the estimated monthly bill impact for Maui County customers under this strategy is $5. To communicate these efforts, Hawaiian Electric participated in more than 100 in-person and virtual public outreach events in 2024.

Key areas of outreach and engagement include:

• Sharing updates on the $450 million, 3-year Wildfire Safety Strategy.
• Hosting community events related to grid resilience.
• Disseminating information on clean energy project status.

Customer-Facing Programs for Grid Services

Hawaiian Electric Industries, Inc. (HE) manages customer relationships through incentive programs that secure grid services, which is critical for meeting clean energy goals. The Smart Renewable Energy (Smart DER) programs are central to this. As of June 2025, the Smart DER Export (SDE) program experienced a month-over-month net growth of 7.95 MW across all islands. As of March 2025, the cumulative total SDE applications reached 5,056.

The status and incentives for key programs as of 2025 include:

Program Name	Availability/Status	Key Metric/Incentive
Smart DER Export (SDE)	Active, highest growth program	Monthly net growth of 7.95 MW (as of June 2025)
Shift and Save (TOU Pilot)	Closed to new enrollments as of Feb. 1, 2025	Approximately 14,000 residential and commercial customers enrolled to date
Bring Your Own Device Plus (BYOD Plus)	Active	Upfront incentive of $400 per kW committed
Power Partnership Programs	Active on Oahu, Maui County, and Hawaii Island	Customers receive monthly bill credits for demand response

Furthermore, in February 2025 reports, 10 participants identified as Low-to-Moderate Income (LMI) through the H-HEAP were enrolled in a Customer Energy Resources (CER) Program.

Managed Relationship via the PUC

The relationship is heavily managed by the Public Utilities Commission (PUC), which dictates rate structures and oversight mechanisms. The PUC opened a proceeding in February 2025 to re-base Hawaiian Electric's Target Revenues for the second five-year control period. Under the prior Performance-Based Regulation (PBR) framework, which began in 2021, Hawaiian Electric earned between 0.68% to 1.49% less than its authorized Return on Equity (ROE) during the first five-year period. Financially, the utility's Q3 2025 Core net income was $40 million, while pre-tax wildfire-related expenses for the quarter totaled $10 million, with $6 million of those costs being deferred pursuant to a PUC decision.

Key regulatory oversight points include:

• PUC approval for all effective rates, including ECRC adjustments.
• Oversight of the 2025-2027 Wildfire Safety Strategy filing.
• Setting the framework for Performance Incentive Mechanisms (PIMs).

Finance: finalize the Q3 2025 customer service metrics report by next Tuesday.

Hawaiian Electric Industries, Inc. (HE) - Canvas Business Model: Channels

You're looking at how Hawaiian Electric Industries, Inc. (HEI) gets its product-electricity-to its customers and how it communicates with all its stakeholders. It's a physical, regulated business, so the channels are pretty concrete.

Physical transmission and distribution network across Oahu, Maui, Hawaii Island, etc.

The primary channel is the physical infrastructure itself. Hawaiian Electric supplies power to approximately 95% of Hawaii's population across the islands it serves. As of the end of 2024, the total customer count stood at 472,536. Oahu accounts for the largest segment of this base.

• Total customers served (as of 12/31/2024): 472,536.
• Oahu customer count: 310,336.
• Service islands include Oahu, Maui, Molokai, Lanai, and Hawaii Island.

The utility is actively modernizing and hardening this grid to ensure resilience. This physical network is the non-negotiable channel for service delivery.

Customer service centers and online portals for billing and service requests

For customer interaction, the channels blend physical locations with digital access for routine tasks like billing and service changes. You can start, stop, or move service through their online portal, which is a key touchpoint for the customer segment.

Here are some direct contact numbers you might need for service issues:

Service Type/Location	Contact Number
PSPS Hotline (Toll-Free)	1-844-483-8666
Maui County Trouble Line	1-855-304-8181
Hilo Customer Service	(808) 969-6999
Kona Customer Service	(808) 329-3584
Waimea Customer Service	(808) 885-4605

The company communicates updates via its mobile app, available on Apple App and Google Play stores.

Public Safety Power Shutoff (PSPS) program communications in high-risk areas

Communication during a Public Safety Power Shutoff (PSPS) is a critical, time-sensitive channel. This is about getting alerts out before or during hazardous weather. For instance, on July 7, 2025, power was restored to about 330 affected customers in Upcountry Maui following a PSPS event.

The initial high-risk areas identified for the PSPS program covered these customer estimates:

• O'ahu high-risk areas: Approximately 2,700 customers.
• Hawai'i Island high-risk areas: Approximately 19,300 customers.
• Maui County high-risk areas: Approximately 26,100 customers.

Notifications are pushed through news media, social media (Twitter/X: @HwnElectric; Facebook: facebook.com/HawaiianElectric), online outage maps, and updates to the main website.

Investor Relations website and SEC filings for financial stakeholders

For financial stakeholders, the channels are strictly formal and digital. Hawaiian Electric Industries, Inc. (HEI) uses its website, www.hei.com, for investor alerts and presentation materials. SEC filings are the definitive source for audited data, though they also furnish selected financial information via a Statistical Supplement.

Here are some key financial figures reported through these channels for 2025:

Financial Metric (Period Ending)	Hawaiian Electric Industries, Inc. (HEI)	Hawaiian Electric (Utility)
Net Income (Q2 2025)	$26 million	Net Income: $39 million (Q2 2025)
Core Income from Continuing Operations (Q2 2025)	$35 million	Core Net Income (Q1 2025): $50 million
Declared Cash Dividend (Q1 2025)	$10 million payable to HEI	Net Income (Q1 2025): $48 million
Corporate Phone Number	(808) 543-5662	Utility Phone Number: (808) 543-7771

The next major scheduled communication channel event was the Third Quarter 2025 Results announcement on November 7. HEI is a holding company, and its corporate phone number is (808) 543-5662.

Finance: draft 13-week cash view by Friday.

Hawaiian Electric Industries, Inc. (HE) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Hawaiian Electric Industries, Inc. utility operations as of late 2025. The segments define how the company structures its service delivery and, critically, its revenue recovery mechanisms.

Residential Customers (the largest group, highly sensitive to rate changes)

Residential customers form the largest volume segment, and their sensitivity to price changes is a constant factor in regulatory filings. You can see this sensitivity reflected directly in the Energy Cost Recovery Factor (ECRC) adjustments.

For instance, Hawaiian Electric Company, Inc.'s July 2025 ECRC was set at 17.440 cents per kilowatt-hour (kWh). This resulted in a typical residential customer consuming 500 kWh paying $191.46 for that month, which was an increase of $1.50 compared to the rates effective June 1, 2025. To give another data point, for Hawai'i Electric Light Company, Inc., the January 2025 ECRC was 22.570 cents per kWh, meaning a 500 kWh usage resulted in a bill of $228.54.

The utility is actively managing customer engagement through programs, tracking participation against a target of 30% of the total customer base for Distributed Energy Resource (DER) and Demand Response (DR) programs as of September 30, 2025.

Commercial and Industrial (C&I) customers across all major islands

C&I customers represent a significant portion of the total load across Oahu, Maui County, and Hawaii Island. While specific customer count breakdowns by segment aren't publicly itemized in the latest earnings releases, their consumption drives overall utility performance.

The overall utility segment saw a 3.1% increase in kWh sales volume in the first quarter of 2025, which reflects recovery and usage patterns across all customer classes, including C&I. The utility's core net income reflects the operational efficiency across this base; for example, Q3 2025 utility core net income was $40 million. The allowed Return on Equity (ROE) for the utility was set at 9.5%, though the actual Q2 2025 core ROE came in at 7.2%.

Government and Military installations (critical, high-demand users)

These customers are characterized by high, often non-discretionary, demand profiles, making their service reliability paramount. The utility's focus on grid resilience, driven by legislative action in 2025, directly impacts the service quality for these critical users.

The company is advancing its four-pillar wildfire safety strategy, which includes grid hardening and redesign, essential for maintaining service to all high-demand users, including government and military facilities.

Independent Power Producers (IPPs) who sell power back to the grid

IPPs are a crucial segment, not as direct consumers, but as essential suppliers under contract. Hawaiian Electric Industries, Inc. is actively managing the transition and contracting process with these entities as part of its Integrated Grid Planning (IGP).

The second cycle of IGP is underway from 2025 through 2028. A Request for Proposals (RFP) issued in April 2025 sought proposals for new generation and storage projects, and also for new terms for existing IPP agreements. Previous procurement rounds (Stage 3 RFPs) selected 16 renewable energy projects, targeting approximately 517 MW of variable generation, 694 MW of firm generation, and 2.1 gigawatt-hours (GWh) of storage, with estimated completion dates ranging from 2026 to 2033. Legislation passed in 2025 specifically supported the utility's ability to procure reliable, affordable clean energy, which impacts the IPP landscape.

Here's a quick look at the financial context surrounding the utility operations serving these segments in 2025:

Metric	Value (Q2 2025)	Value (Q3 2025)
Utility Core Net Income	$42 million	$40 million
Allowed ROE	9.5%	Not specified
Actual Core ROE	7.2%	Not specified
Residential Bill Impact (500 kWh)	$191.46 (July 2025 Rate)	Not specified
IPPs Selected (Prior Rounds)	N/A	16 Projects

The utility is focused on a simpler business model, planning to file a consolidated rate case application before the end of 2025, which will directly impact the cost recovery from all customer classes.

• Residential customers are the largest group by count.
• C&I customers span all major islands.
• Government/Military users are critical, high-demand loads.
• IPPs are integral to meeting resource adequacy targets.

Hawaiian Electric Industries, Inc. (HE) - Canvas Business Model: Cost Structure

The Cost Structure for Hawaiian Electric Industries, Inc. (HE) is heavily influenced by necessary infrastructure investment, the volatile nature of fuel procurement, and the lingering financial impact of the 2023 Maui wildfires.

High capital expenditure on grid hardening and resilience

Hawaiian Electric Industries is executing a significant, multi-year capital plan focused on safety and resilience. The company plans to invest a total of $400 million in wildfire safety from 2025 through 2027. For the current fiscal year, the expected Capital Expenditure (CapEx) is approximately $400 million. Over three-quarters of the total 2025-2027 wildfire safety capital is earmarked for grid hardening activities like vegetation management and equipment upgrades. Looking forward, CapEx is projected to increase in 2026 to a range of $550 million to $700 million. The total projected CapEx for the three years spanning 2026 through 2028 is between $1.8 billion and $2.4 billion.

Year/Period	Capital Expenditure (CapEx) Amount	Notes
2025 (Guidance)	Approximately $400 million	Includes $120 million allocated specifically in 2025 for wildfire safety.
2026 (Projection)	$550 million to $700 million	Part of the overall multi-year plan.
2026-2028 (Total Projection)	$1.8 billion to $2.4 billion	Total expected CapEx over this three-year period.

Fuel and purchased power costs (a significant operating expense)

Fuel and purchased power remain a major component of operating expenses, recovered through the Energy Cost Recovery Clause. For November 2025, the Energy Cost Recovery Factor is set at 18.446 cents per kWh, which is an increase of 0.465 cents per kWh from the prior month. The composite cost of major energy saw a decrease, settling at 1,526.86 cents per million BTU. Conversely, the composite cost of purchased energy rose to 14.370 cents per kWh. As of the third quarter of 2025, the average fuel oil cost per barrel was $98.20.

You see these costs flow directly into customer bills, though efficiency adjustments can temper the impact. Here's a quick look at the cost components impacting the residential bill for November 2025:

• Energy Cost Recovery Factor: Increase of +$2.32.
• DSM Adjustment: Increase of +$0.50.
• Purchased Power Adjustment Clause rate: Decrease of -$2.26.

Increased wildfire mitigation and insurance costs

The costs associated with managing and recovering from wildfire risks continue to be a material operating expense, even as the utility deploys its safety strategy. These costs are reported pre-tax and are often partially offset by insurance recoveries or deferred by regulatory order.

Quarter	Pre-tax Wildfire-Related Expenses	Key Offsets/Drivers
Q1 2025	$11 million	Offset by $3 million insurance recoveries and $6 million deferred costs.
Q2 2025	$11 million	Offset by $10 million deferred costs. O&M included $7 million in higher wildfire mitigation program expenses.
Q3 2025	$10 million	Offset by approximately $6 million deferred costs.

In the second quarter of 2025, higher operating and maintenance (O&M) expenses were also driven by $2 million in higher property and general liability insurance costs.

Debt service and financing costs for the wildfire settlement and capital projects

Financing obligations are substantial, particularly given the need to fund large capital projects and the massive wildfire settlement. As of September 2025, Hawaiian Electric Industries, Inc.'s total debt on the balance sheet stood at $2.99 Billion USD. To bolster liquidity and fund capital expenditures, the utility completed a significant $500 million unsecured debt offering in September 2025. This issuance was a high-yield bond deal, reflecting the sub-investment grade credit ratings following the Maui wildfires. Earlier in the year, in April 2025, the holding company used proceeds from the American Savings Bank sale to reduce holding company debt by $384 million.

Regulatory and litigation expenses related to the Maui wildfires

The cost structure includes significant, non-recurring litigation expenses tied to the Maui wildfires tort claims. The company is working toward finalizing a global settlement agreement, which requires payments in installments. The first settlement payment is anticipated no sooner than early 2026. Hawaiian Electric Industries has set aside $479 million to cover this initial payment obligation. The total pre-tax contribution from HEI and Hawaiian Electric under the tentative agreement is $1.99 billion. A court hearing for the final approval of the class settlement agreement is scheduled for January 8, 2026.

Litigation and associated professional services also appear in periodic operating expenses; for instance, Q2 2025 saw $4 million in higher legal and consulting costs, which had been previously deferred.

Hawaiian Electric Industries, Inc. (HE) - Canvas Business Model: Revenue Streams

Hawaiian Electric Industries, Inc. (HEI) revenue streams as of late 2025 are heavily weighted toward its core regulated utility operations, following the strategic divestiture of its banking segment.

Regulated utility revenue from electricity sales to customers is represented by the trailing twelve-month (TTM) revenue figures reported in the third quarter of fiscal year 2025:

• TTM Revenue as of September 30, 2025: $3.080B
• TTM Revenue as of June 30, 2025: $3.123B
• TTM Revenue as of March 31, 2025: $3.172B

The utility operations also involve regulatory mechanisms that impact customer billing. For example, in 2024, the utility returned $18 million in bill credits to customers. Furthermore, the typical residential bill decreased by 7% in 2024.

The Annual Revenue Adjustment Mechanism (ARA) revenue stream for stability is part of the regulated structure, though specific ARA revenue amounts for 2025 are not explicitly detailed here; however, the utility achieved a 36% Renewable Portfolio Standard in 2024, indicating ongoing regulatory compliance and investment recovery activities that feed into utility revenue.

Interest income from the remaining minority stake in American Savings Bank (ASB) is now a minor component. Hawaiian Electric Industries retained a 9.9% non-controlling interest in ASB following the majority sale, which closed on December 31, 2024.

Proceeds from the sale of non-core assets, specifically the majority stake in ASB, provided a significant, one-time cash inflow. The transaction valued the bank at $450 million, with investors paying an aggregate cash consideration of $405 million for the 90.1% stake. The net amount received by Hawaiian Electric Industries after transaction costs was approximately $384 million, after deducting $21 million in transaction costs.

Here's a quick look at the key financial events impacting the revenue and cash position:

Financial Metric/Event	Amount/Percentage
ASB Sale Proceeds (Aggregate Cash)	$405 million
ASB Sale Net Proceeds (After Costs)	$384 million
ASB Transaction Costs	$21 million
Retained ASB Ownership Stake	9.9%
2024 Utility Bill Credits Returned	$18 million
2024 Renewable Portfolio Standard	36%

The utility segment's core income from continuing operations for the full year 2024 was $124 million, compared to $152 million in 2023. For the fourth quarter of 2024, core income from continuing operations was $35 million.

The sale of the majority ASB stake was intended to reduce holding company debt, increasing flexibility for funding wildfire settlement contributions. The full year 2024 net loss for Hawaiian Electric Industries was $1,426 million, a stark contrast to the net income of $199 million in 2023.