Hawaiian Electric Industries, Inc. (HE): Business Model Canvas [Jan-2025 Mis à jour]

Hawaiian Electric Industries, Inc. (il) est à l'avant-garde de la transformation du paysage énergétique d'Hawaï, mélangeant des stratégies innovantes avec la production d'énergie durable. En tant que principal fournisseur d'électricité pour les îles hawaïennes, cette entreprise dynamique réinvente la façon dont les communautés accèdent et consomment de l'énergie grâce à un modèle commercial complet qui priorise les technologies renouvelables, la résilience du réseau et les solutions centrées sur le client. En naviguant stratégiquement dans l'écosystème énergétique complexe, il n'est pas seulement un fournisseur de services publics, mais un architecte visionnaire de l'avenir de l'énergie propre d'Hawaï, stimulant des progrès technologiques et environnementaux importants dans les secteurs résidentiel, commercial et public.

Hawaiian Electric Industries, Inc. (HE) - Modèle commercial: partenariats clés

Développeurs d'énergie renouvelable et partenaires du projet solaire

Hawaiian Electric Industries s'associe à plusieurs développeurs d'énergies renouvelables pour étendre son portefeuille d'énergie propre. En 2023, la société a des partenariats actifs avec:

Partenaire	Capacité du projet	Investissement
Énergie du clein	Projet solaire 24 MW	38,2 millions de dollars
Premier solaire	15 MW Installation photovoltaïque	26,7 millions de dollars
AES Corporation	Projet d'énergie renouvelable de 28 MW	45,5 millions de dollars

Agences gouvernementales d'État d'Hawaï

Les interactions clés du partenariat gouvernemental comprennent:

• Hawaii Public Utilities Commission - Conformité réglementaire
• Hawaii State Energy Office - Initiatives d'énergie renouvelable
• Département des affaires, du développement économique et du tourisme

Infrastructures de grille et fournisseurs de technologies

Fournisseur de technologie	Focus technologique	Valeur du contrat annuel
Siemens	Technologies de modernisation de la grille	12,3 millions de dollars
Schneider Electric	Solutions de grille intelligente	9,7 millions de dollars
Électrique générale	Systèmes de distribution d'énergie	11,5 millions de dollars

Équipements utilitaires locaux et fournisseurs de services

Top fournisseurs d'équipements locaux:

• Hawaiian Electrical Supply Company
• Approvisionnement des services publics du Pacifique
• Island Equipment Providers LLC

Cabinets de conseil en environnement et en durabilité

Cabinet de conseil	Aire de service	Frais de consultation annuels
WSP Global	Évaluation de l'impact environnemental	2,1 millions de dollars
Aecom	Stratégie de durabilité	1,8 million de dollars
Jacobs Engineering	Conseil des énergies renouvelables	2,4 millions de dollars

Hawaiian Electric Industries, Inc. (HE) - Modèle d'entreprise: activités clés

Génération et distribution d'énergie électrique

Les industries électriques hawaïennes génèrent et distribue l'électricité sur plusieurs îles hawaïennes, desservant environ 95% de la population d'Hawaï.

Métriques de production d'électricité	2023 données
Capacité de production totale	1 967 MW
Portefeuille d'énergie renouvelable	34.2%
Ventes d'électricité annuelles	5 810 GWh

Développement du projet d'énergie renouvelable

Hawaiian Electric poursuit des investissements importants dans les infrastructures d'énergie renouvelable.

• Pipeline de projet solaire PV: 495 MW
• Projets d'énergie éolienne: 185 MW
• Projets de stockage de batteries: 247 MW

Modernisation de la grille et maintenance des infrastructures

Investissements en cours d'infrastructure pour améliorer la fiabilité et la résilience du réseau.

Investissement en infrastructure	2023 dépenses
Modernisation de la grille	287 millions de dollars
Maintenance des infrastructures	163 millions de dollars

Services d'efficacité énergétique des clients

Programmes complets d'efficacité énergétique ciblant les clients résidentiels et commerciaux.

• Audits énergétiques fournis: 3 425
• Programme de réponse à la demande Participants: 22 670
• Rebutes d'efficacité énergétique émises: 4,2 millions de dollars

Conformité réglementaire et gestion environnementale

Adhésion stricte aux réglementations environnementales et aux objectifs de durabilité.

Métriques de conformité	Performance de 2023
Investissements de la conformité environnementale	45,3 millions de dollars
Cible de réduction des émissions de carbone	70% d'ici 2030

Hawaiian Electric Industries, Inc. (HE) - Modèle d'entreprise: Ressources clés

Infrastructure étendue de transmission d'électricité

Hawaiian Electric Industries exploite un réseau complet de transmission d'électricité à Hawaï:

Métrique d'infrastructure	Quantité
Lignes de transmission totales	6 065 miles de circuit
Sous-stations	252 sous-stations opérationnelles
Couverture de service	95% de la population des îles hawaïennes

Installations de production d'électricité

Répartition du portefeuille de génération:

Type de génération	Capacité (MW)	Pourcentage
Combustible fossile	1 227 MW	68%
Énergie renouvelable	579 MW	32%

Travail technique et ingénierie qualifié

Composition de la main-d'œuvre:

• Total des employés: 2 124
• Personnel technique: 62% de la main-d'œuvre
• Expérience d'ingénierie moyenne: 14,3 ans

Technologie avancée de gestion de l'énergie

Investissements technologiques:

• Dépenses annuelles de R&D: 12,3 millions de dollars
• Implémentation de la grille intelligente: couvrant 88% de la zone de service
• Installations de compteurs numériques: 452 000 unités

Capital financier et capacité d'investissement

Ressources financières à partir de 2023:

Métrique financière	Montant
Actif total	5,87 milliards de dollars
Dépenses en capital annuelles	463 millions de dollars
Espèce et équivalents	124,6 millions de dollars

Hawaiian Electric Industries, Inc. (HE) - Modèle d'entreprise: propositions de valeur

Services d'électricité fiables pour les îles hawaïennes

Les industries électriques hawaïennes desservent environ 95% de la population d'Hawaï à Oahu, Maui et à l'île d'Hawaï. Les ventes totales d'électricité en 2022 étaient de 9 197 gigawattheures.

Aire de service	Connexions des clients	Ventes d'électricité annuelles
Oahu	453,000	6 543 GWh
Maudi	84,000	1 654 GWh
Île d'Hawaï	79,000	1 000 GWh

Transition vers des sources d'énergie propre et renouvelable

En 2022, Hawaiian Electric a atteint 34,5% de production d'énergie renouvelable.

• Génération solaire: 18,2%
• Génération de vent: 12,3%
• Génération géothermique: 4%

Génération d'électricité durable et respectueuse de l'environnement

Investissement dans les infrastructures renouvelables: 425 millions de dollars en 2022 pour les projets d'énergie propre.

Type d'énergie renouvelable	Capacité installée	Investissement ($ m)
Solaire	385 MW	210
Vent	216 MW	165
Géothermique	38 MW	50

Solutions énergétiques innovantes pour les clients résidentiels et commerciaux

Infrastructure de mesure avancée couvrant 100% de la clientèle. Programmes de réponse à la demande desservant 45 000 clients.

• Infrastructure de recharge de véhicules électriques: 250 bornes de recharge publiques
• Sélection du net solaire sur le toit: 65 000 connexions client
• Intégration de stockage de batteries: 35 MW Capacité totale

Réseau électrique résilient soutenant l'infrastructure communautaire

Investissement de modernisation du réseau: 350 millions de dollars en 2022 pour la résilience des infrastructures.

Zone d'amélioration de la grille	Investissement ($ m)	Mesures clés
Modernisation de la grille	200	Couverture de la grille intelligente: 90%
Mises à niveau de la transmission	100	Indice de fiabilité: 99,97%
Améliorations de la sous-station	50	24 sous-stations améliorées

Hawaiian Electric Industries, Inc. (HE) - Modèle d'entreprise: relations avec les clients

Centres d'assistance à service client direct

Hawaiian Electric Industries exploite des centres de service à la clientèle avec les détails suivants:

Emplacement	Nombre de centres de service	Interactions annuelles du client
Oahu	3	425,678
Maudi	2	87,543
Île d'Hawaï	2	62,345

Plateformes de gestion de compte en ligne

Métriques d'engagement des clients numériques:

• Utilisateurs de compte en ligne: 328 456
• Téléchargements d'applications mobiles: 156 789
• Taux de paiement des factures numériques: 78,3%

Programmes d'engagement communautaire et d'éducation énergétique

Type de programme	Participants annuels	Investissement
Éducation à l'énergie scolaire	12,567	$456,789
Ateliers solaires communautaires	8,234	$276,543

Consultation personnalisée en matière d'efficacité énergétique

Répartition des services de consultation:

• Audits d'énergie à domicile gratuits: 6 789 par an
• Consultations en énergie résidentielle: 4 567
• Évaluations commerciales de l'efficacité énergétique: 1 234

Canaux de communication numériques

Canal	Utilisateurs actifs mensuels	Temps de réponse
Assistance Twitter	45,678	2,5 heures
Messager Facebook	67,890	1,8 heures
Chat en direct	32,456	15 minutes

Hawaiian Electric Industries, Inc. (HE) - Modèle d'entreprise: canaux

Bureaux de service client physique

Hawaiian Electric Industries maintient 3 centres de service à la clientèle primaires situés dans:

• Honolulu
• Kapolei
• Hilo

Emplacement	Interactions annuelles du client	Temps d'attente moyen
Honolulu	78,342	17 minutes
Kapolei	45,219	22 minutes
Hilo	32,156	15 minutes

Portails de clients mobiles et Web

Les plates-formes numériques d'Hawaiian Electric desservent environ 268 000 utilisateurs en ligne actifs en 2024.

Plate-forme numérique	Utilisateurs actifs mensuels	Caractéristiques clés
Portail Web	198,000	Paiement de facture, suivi de l'utilisation
Application mobile	70,000	Reportage des panneaux, gestion de l'énergie

Représentants des ventes directes

Hawaiian Electric emploie 42 représentants des ventes directes dans les îles hawaïennes.

Île	Nombre de représentants	Zone de couverture des ventes
Oahu	24	Secteurs résidentiels et commerciaux
Maudi	9	Secteurs résidentiels et commerciaux
Île d'Hawaï	9	Secteurs résidentiels et commerciaux

Assistance du centre d'appels

Hawaiian Electric exploite un centre d'appels centralisé avec les mesures suivantes:

• Volume total des appels: 512 000 appels annuels
• Temps de manutention moyen: 8,3 minutes
• Taux de satisfaction client: 87%

Plate-formes de communication des médias sociaux et numériques

Hawaiian Electric maintient les canaux de communication numériques actifs:

Plate-forme	Adeptes / abonnés	Temps de réponse
Facebook	45,200	2,5 heures
Gazouillement	22,500	1,8 heures
Liendin	12,700	4,2 heures

Hawaiian Electric Industries, Inc. (HE) - Modèle d'entreprise: segments de clientèle

Consommateurs d'électricité résidentielle

En 2023, Hawaiian Electric dessert environ 460 000 clients résidentiels à travers Oahu, Maui et Hawaii Island. La clientèle résidentielle représente 68% du total des consommateurs d'électricité.

Île	Clients résidentiels	Pourcentage du total
Oahu	296,000	64.3%
Maudi	86,000	18.7%
Île d'Hawaï	78,000	17%

Entreprises commerciales et industrielles

Hawaiian Electric dessert 39 500 clients commerciaux et industriels, représentant 30% de leur clientèle totale.

• Commerces de détail: 14 200 clients
• Hôtels et entreprises liées au tourisme: 6 300 clients
• Installations de fabrication: 4 500 clients
• Complexes de bureaux: 8 500 clients
• Petites et moyennes entreprises: 6 000 clients

Organisations du gouvernement et du secteur public

Les clients du gouvernement représentent environ 2% du total des segments de clients d'Hawaiian Electric, avec 1 800 comptes actifs.

Secteur du gouvernement	Nombre de clients
Gouvernement de l'État	650
Municipalités du comté	450
Agences fédérales	350
Établissements d'enseignement public	350

Développeurs de projets d'énergie renouvelable

Hawaiian Electric possède 78 partenariats actifs de projet d'énergie renouvelable, avec une capacité totale contractée de 535 MW.

• Développeurs solaires: 42 projets
• Développeurs d'énergie éolienne: 22 projets
• Projets énergétiques de la biomasse: 8 projets
• Développeurs de stockage d'énergie: 6 projets

Clients de l'industrie agricole et touristique

Les secteurs agricoles et touristiques représentent une partie importante de la clientèle commerciale d'Hawaiian Electric.

Segment de l'industrie	Nombre de clients	Consommation d'énergie annuelle (MWH)
Entreprises agricoles	1,200	95,000
Installations touristiques	3,100	280,000

Hawaiian Electric Industries, Inc. (HE) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure de production d'électricité

En 2022, Hawaiian Electric Industries a déclaré des frais de maintenance totaux de 178,4 millions de dollars pour les infrastructures de production d'électricité. La rupture des coûts de maintenance comprend:

Entretien de la centrale à combustible fossile

Entretien d'infrastructures d'énergie renouvelable

Maintenance des infrastructures de grille

Catégorie de maintenance	Coût annuel
89,2 millions de dollars
62,7 millions de dollars
26,5 millions de dollars

Investissements du projet d'énergie renouvelable

Hawaiian Electric Industries a investi 245,6 millions de dollars dans des projets d'énergie renouvelable en 2022, avec l'allocation suivante:

• Investissements du projet d'énergie solaire: 112,3 millions de dollars
• Investissements du projet d'énergie éolienne: 87,5 millions de dollars
• Infrastructure de stockage d'énergie: 45,8 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2022 étaient de 213,9 millions de dollars, structurées comme suit:

Catégorie de dépenses	Coût annuel
Salaires de base	156,7 millions de dollars
Formation et développement des employés	12,4 millions de dollars
Avantages et contributions à la retraite	44,8 millions de dollars

Frais de conformité réglementaire

Hawaiian Electric Industries a dépensé 37,2 millions de dollars en conformité réglementaire en 2022, notamment:

• Conformité environnementale: 18,6 millions de dollars
• Normes de sécurité et de fiabilité: 11,3 millions de dollars
• Rapports réglementaires et documentation: 7,3 millions de dollars

Investissements de modernisation de la technologie et de la grille

Les investissements sur la technologie et la modernisation du réseau ont totalisé 189,5 millions de dollars en 2022:

Catégorie d'investissement	Investissement annuel
Technologie de grille intelligente	76,3 millions de dollars
Mises à niveau des infrastructures numériques	58,9 millions de dollars
Améliorations de la cybersécurité	54,3 millions de dollars

Hawaiian Electric Industries, Inc. (HE) - Modèle d'entreprise: Strots de revenus

Ventes d'électricité aux clients résidentiels

En 2022, Hawaiian Electric Industries a déclaré un chiffre d'affaires résidentiel de 1,04 milliard de dollars. Le taux d'électricité résidentiel moyen était de 0,33 $ par kilowatt-heure, nettement plus élevé que la moyenne nationale.

Segment de clientèle	Revenus totaux	Nombre de clients
Clients résidentiels	1,04 milliard de dollars	295,000

Distribution d'énergie commerciale et industrielle

La distribution d'énergie commerciale et industrielle a généré 687 millions de dollars de revenus pour les industries électriques hawaïennes en 2022.

Secteur	Revenu	Consommation moyenne
Clients commerciaux	487 millions de dollars	2 500 kWh / mois
Clients industriels	200 millions de dollars	5 000 kWh / mois

Développement du projet d'énergie renouvelable

Les industries électriques hawaïennes ont investi 215 millions de dollars Dans le développement du projet d'énergie renouvelable en 2022, générant des sources de revenus supplémentaires.

• Investissements du projet solaire: 125 millions de dollars
• Projets d'énergie éolienne: 65 millions de dollars
• Développement du stockage de batteries: 25 millions de dollars

Frais de service d'efficacité énergétique

Services d'efficacité énergétique générés 42 millions de dollars en revenus pour les industries électriques hawaïennes en 2022.

Type de service	Revenu
Audits énergétiques	12 millions de dollars
Conseil en efficacité	18 millions de dollars
Amélioration de l'équipement	12 millions de dollars

Contrats d'infrastructure du gouvernement et des services publics

Les contrats d'infrastructure du gouvernement et des services publics ont contribué 95 millions de dollars aux revenus des industries électriques hawaïennes en 2022.

• Contrats de modernisation de la grille: 55 millions de dollars
• Maintenance des infrastructures: 40 millions de dollars

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.