A Hawaiian Electric Industries, Inc. (He): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Hawaiian Electric Industries, Inc. (He) fica na vanguarda da transformação da paisagem energética do Havaí, misturando estratégias inovadoras com a geração sustentável de energia. Como o principal provedor de eletricidade das ilhas havaianas, esta empresa dinâmica está reimaginando como as comunidades acessa e consomem energia por meio de um modelo de negócios abrangente que prioriza tecnologias renováveis, resiliência à rede e soluções centradas no cliente. Ao navegar estrategicamente no complexo ecossistema de energia, ele não é apenas um fornecedor de serviços públicos, mas um arquiteto visionário do Futuro da Energia Limpa do Havaí, impulsionando um progresso tecnológico e ambiental significativo em setores residenciais, comerciais e públicos.

Hawaiian Electric Industries, Inc. (He) - Modelo de Negócios: Parcerias -chave

Desenvolvedores de energia renovável e parceiros do projeto solar

A Hawaiian Electric Industries faz parceria com vários desenvolvedores de energia renovável para expandir seu portfólio de energia limpa. A partir de 2023, a empresa possui parcerias ativas com:

Parceiro	Capacidade do projeto	Investimento
Energia Clearway	Projeto solar de 24 MW	US $ 38,2 milhões
Primeiro solar	15 MW Instalação fotovoltaica	US $ 26,7 milhões
AES Corporation	Projeto de energia renovável de 28 MW	US $ 45,5 milhões

Agências governamentais do estado do Havaí

As principais interações de parceria governamental incluem:

• Comissão de Serviços Públicos do Havaí - Conformidade regulatória
• Escritório de Energia do Estado do Havaí - Iniciativas de energia renovável
• Departamento de Negócios, Desenvolvimento Econômico e Turismo

Fornecedores de infraestrutura e tecnologia de grade

Provedor de tecnologia	Foco em tecnologia	Valor anual do contrato
Siemens	Tecnologias de modernização da grade	US $ 12,3 milhões
Schneider Electric	Soluções de grade inteligente	US $ 9,7 milhões
General Electric	Sistemas de distribuição de energia	US $ 11,5 milhões

Fornecedores de equipamentos e serviços locais

Os principais fornecedores de equipamentos locais:

• Empresa de suprimentos elétricos havaianos
• Fornecimento de utilidade do Pacífico
• Provedores de equipamentos da ilha LLC

Empresas de consultoria ambiental e de sustentabilidade

Empresa de consultoria	Área de serviço	Taxa de consultoria anual
WSP Global	Avaliação de impacto ambiental	US $ 2,1 milhões
Aecom	Estratégia de Sustentabilidade	US $ 1,8 milhão
Jacobs Engineering	Consultoria de energia renovável	US $ 2,4 milhões

Hawaiian Electric Industries, Inc. (He) - Modelo de Negócios: Atividades -chave

Geração e distribuição de energia elétrica

As indústrias elétricas havaianas geram e distribuem eletricidade em várias ilhas havaianas, atendendo a aproximadamente 95% da população do Havaí.

Métricas de geração de energia	2023 dados
Capacidade total de geração	1.967 MW
Portfólio de energia renovável	34.2%
Vendas anuais de eletricidade	5.810 GWh

Desenvolvimento de projetos de energia renovável

A Hawaiian Electric continua investimentos significativos em infraestrutura de energia renovável.

• Oleoduto do projeto PV solar: 495 MW
• Projetos de energia eólica: 185 MW
• Projetos de armazenamento de bateria: 247 MW

Modernização da grade e manutenção de infraestrutura

Investimentos contínuos de infraestrutura para melhorar a confiabilidade e a resiliência da rede.

Investimento de infraestrutura	2023 Despesas
Modernização da grade	US $ 287 milhões
Manutenção de infraestrutura	US $ 163 milhões

Serviços de eficiência energética do cliente

Programas abrangentes de eficiência energética direcionando clientes residenciais e comerciais.

• Auditorias de energia fornecidas: 3.425
• Programa de resposta à demanda participantes: 22.670
• Descontos de eficiência energética emitidos: US $ 4,2 milhões

Conformidade regulatória e gestão ambiental

A adesão estrita aos regulamentos ambientais e objetivos de sustentabilidade.

Métricas de conformidade	2023 desempenho
Investimentos de conformidade ambiental	US $ 45,3 milhões
Alvo de redução de emissão de carbono	70% até 2030

Hawaiian Electric Industries, Inc. (He) - Modelo de negócios: Recursos -chave

Extensa infraestrutura de transmissão de eletricidade

A Hawaiian Electric Industries opera uma rede abrangente de transmissão de eletricidade em todo o Havaí:

Métrica de infraestrutura	Quantidade
Linhas de transmissão totais	6.065 milhas de circuito
Subestações	252 subestações operacionais
Cobertura de serviço	95% da população das Ilhas Havaianas

Instalações de geração de energia

Breakdown de portfólio de gerações:

Tipo de geração	Capacidade (MW)	Percentagem
Combustível fóssil	1.227 MW	68%
Energia renovável	579 MW	32%

Força de trabalho técnica e de engenharia qualificada

Composição da força de trabalho:

• Total de funcionários: 2.124
• Equipe técnica: 62% da força de trabalho
• Experiência média de engenharia: 14,3 anos

Tecnologia avançada de gerenciamento de energia

Investimentos de tecnologia:

• Despesas anuais de P&D: US $ 12,3 milhões
• Implementação de grade inteligente: cobrindo 88% da área de serviço
• Instalações de medidores digitais: 452.000 unidades

Capital financeiro e capacidade de investimento

Recursos Financeiros a partir de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 5,87 bilhões
Gastos anuais de capital	US $ 463 milhões
Dinheiro e equivalentes	US $ 124,6 milhões

Hawaiian Electric Industries, Inc. (He) - Modelo de Negócios: Proposições de Valor

Serviços de eletricidade confiáveis ​​para ilhas havaianas

A Hawaiian Electric Industries atende a aproximadamente 95% da população do Havaí em Oahu, Maui e Ilha do Havaí. As vendas totais de eletricidade em 2022 foram de 9.197 gigawatt-hora.

Área de serviço	Conexões de clientes	Vendas anuais de eletricidade
Oahu	453,000	6.543 GWh
Maui	84,000	1.654 GWh
Ilha do Havaí	79,000	1.000 GWh

Transição para fontes de energia limpas e renováveis

A partir de 2022, a Hawaiian Electric alcançou 34,5% de geração de energia renovável.

• Geração solar: 18,2%
• Geração de vento: 12,3%
• Genermal Generation: 4%

Geração de energia sustentável e ambientalmente responsável

Investimento em infraestrutura renovável: US $ 425 milhões em 2022 para projetos de energia limpa.

Tipo de energia renovável	Capacidade instalada	Investimento ($ m)
Solar	385 MW	210
Vento	216 MW	165
Geotérmica	38 MW	50

Soluções de energia inovadora para clientes residenciais e comerciais

Infraestrutura avançada de medição, cobrindo 100% da base de clientes. Programas de resposta à demanda que atendem a 45.000 clientes.

• Infraestrutura de carregamento de veículos elétricos: 250 estações de carregamento público
• Medição líquida solar na cobertura: 65.000 conexões de clientes
• Integração de armazenamento de bateria: 35 MW de capacidade total

Grade elétrica resiliente que apoia infraestrutura comunitária

Investimento de modernização da grade: US $ 350 milhões em 2022 para resiliência a infraestrutura.

Área de melhoria da grade	Investimento ($ m)	Métricas -chave
Modernização da grade	200	Cobertura de grade inteligente: 90%
Atualizações de transmissão	100	Índice de confiabilidade: 99,97%
Melhorias na subestação	50	24 subestações atualizadas

Hawaiian Electric Industries, Inc. (He) - Modelo de Negócios: Relacionamentos do Cliente

Centros diretos de suporte ao cliente

A Hawaiian Electric Industries opera centros de atendimento ao cliente com os seguintes detalhes:

Localização	Número de centros de serviço	Interações anuais do cliente
Oahu	3	425,678
Maui	2	87,543
Ilha do Havaí	2	62,345

Plataformas de gerenciamento de contas online

Métricas de engajamento digital do cliente:

• Usuários de conta on -line: 328.456
• Downloads de aplicativos móveis: 156.789
• Taxa de pagamento da fatura digital: 78,3%

Programas de envolvimento da comunidade e educação energética

Tipo de programa	Participantes anuais	Investimento
Educação energética escolar	12,567	$456,789
Workshops solares comunitários	8,234	$276,543

Consulta personalizada de eficiência energética

Remutação de serviços de consulta:

• Auditorias de energia doméstica gratuitas: 6.789 anualmente
• Consultas de energia residencial: 4.567
• Avaliações de eficiência energética comercial: 1.234

Canais de comunicação digital

Canal	Usuários ativos mensais	Tempo de resposta
Suporte ao Twitter	45,678	2,5 horas
Facebook Messenger	67,890	1,8 horas
Bate -papo ao vivo	32,456	15 minutos

Hawaiian Electric Industries, Inc. (He) - Modelo de Negócios: Canais

Escritórios de atendimento ao cliente físico

A Hawaiian Electric Industries mantém três centros de atendimento ao cliente primários localizados em:

• Honolulu
• Kapolei
• Hilo

Localização	Interações anuais do cliente	Tempo médio de espera
Honolulu	78,342	17 minutos
Kapolei	45,219	22 minutos
Hilo	32,156	15 minutos

Portais de clientes móveis e baseados na Web

As plataformas digitais da Hawaiian Electric atendem aproximadamente 268.000 usuários on -line ativos a partir de 2024.

Plataforma digital	Usuários ativos mensais	Principais recursos
Portal da Web	198,000	Pagamento da conta, rastreamento de uso
Aplicativo móvel	70,000	Relatórios de interrupção, gerenciamento de energia

Representantes de vendas diretas

A Hawaiian Electric emprega 42 representantes de vendas diretas nas ilhas havaianas.

Ilha	Número de representantes	Área de cobertura de vendas
Oahu	24	Setores residenciais e comerciais
Maui	9	Setores residenciais e comerciais
Ilha do Havaí	9	Setores residenciais e comerciais

Suporte de call center

A Hawaiian Electric opera um call center centralizado com as seguintes métricas:

• Volume total de chamadas: 512.000 chamadas anuais
• Tempo médio de manuseio: 8,3 minutos
• Taxa de satisfação do cliente: 87%

Mídias sociais e plataformas de comunicação digital

A Hawaiian Electric mantém canais ativos de comunicação digital:

Plataforma	Seguidores/assinantes	Tempo de resposta
Facebook	45,200	2,5 horas
Twitter	22,500	1,8 horas
LinkedIn	12,700	4,2 horas

Hawaiian Electric Industries, Inc. (He) - Modelo de negócios: segmentos de clientes

Consumidores de eletricidade residencial

A partir de 2023, a Hawaiian Electric atende a aproximadamente 460.000 clientes residenciais em Oahu, Maui e Ilha do Havaí. A base de clientes residenciais representa 68% do total de consumidores de eletricidade.

Ilha	Clientes residenciais	Porcentagem de total
Oahu	296,000	64.3%
Maui	86,000	18.7%
Ilha do Havaí	78,000	17%

Empresas comerciais e industriais

A Hawaiian Electric atende a 39.500 clientes comerciais e industriais, representando 30% de sua base total de clientes.

• Empresas de varejo: 14.200 clientes
• Hotéis e empresas relacionadas ao turismo: 6.300 clientes
• Instalações de fabricação: 4.500 clientes
• Complexos de escritório: 8.500 clientes
• Pequenas a médias empresas: 6.000 clientes

Organizações do governo e do setor público

Os clientes do governo representam aproximadamente 2% dos segmentos totais de clientes da Havaian Electric, com 1.800 contas ativas.

Setor governamental	Número de clientes
Governo do Estado	650
Municípios do condado	450
Agências federais	350
Instituições de Educação Pública	350

Desenvolvedores de projetos de energia renovável

A Hawaiian Electric possui 78 parcerias ativas do projeto de energia renovável, com uma capacidade total contratada de 535 MW.

• Desenvolvedores solares: 42 projetos
• Desenvolvedores de energia eólica: 22 projetos
• Projetos de energia de biomassa: 8 projetos
• Desenvolvedores de armazenamento de energia: 6 projetos

Clientes da indústria agrícola e de turismo

Os setores agrícola e de turismo representam uma parcela significativa da base de clientes comerciais da Havaian Electric.

Segmento da indústria	Número de clientes	Consumo anual de energia (MWH)
Negócios agrícolas	1,200	95,000
Instalações de turismo	3,100	280,000

Hawaiian Electric Industries, Inc. (He) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de geração de energia

Em 2022, a Hawaiian Electric Industries registrou despesas totais de manutenção de US $ 178,4 milhões para infraestrutura de geração de energia. A quebra dos custos de manutenção inclui:

Manutenção da usina de combustível fóssil

Manutenção de infraestrutura de energia renovável

Manutenção da infraestrutura da grade

Categoria de manutenção	Custo anual
US $ 89,2 milhões
US $ 62,7 milhões
US $ 26,5 milhões

Investimentos de projeto de energia renovável

A Hawaiian Electric Industries investiu US $ 245,6 milhões em projetos de energia renovável durante 2022, com a seguinte alocação:

• Investimentos do projeto de energia solar: US $ 112,3 milhões
• Investimentos do projeto de energia eólica: US $ 87,5 milhões
• Infraestrutura de armazenamento de energia: US $ 45,8 milhões

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2022 foram de US $ 213,9 milhões, estruturados da seguinte forma:

Categoria de despesa	Custo anual
Salários da base	US $ 156,7 milhões
Treinamento e desenvolvimento de funcionários	US $ 12,4 milhões
Benefícios e contribuições de aposentadoria	US $ 44,8 milhões

Despesas de conformidade regulatória

As indústrias elétricas havaianas gastaram US $ 37,2 milhões em conformidade regulatória em 2022, incluindo:

• Conformidade ambiental: US $ 18,6 milhões
• Padrões de segurança e confiabilidade: US $ 11,3 milhões
• Relatórios e documentação regulatória: US $ 7,3 milhões

Investimentos de modernização de tecnologia e grade

Os investimentos em modernização de tecnologia e grade totalizaram US $ 189,5 milhões em 2022:

Categoria de investimento	Investimento anual
Tecnologia de grade inteligente	US $ 76,3 milhões
Atualizações de infraestrutura digital	US $ 58,9 milhões
Aprimoramentos de segurança cibernética	US $ 54,3 milhões

Hawaiian Electric Industries, Inc. (He) - Modelo de Negócios: Fluxos de Receita

Vendas de eletricidade para clientes residenciais

Em 2022, a Hawaiian Electric Industries registrou receita de vendas de eletricidade residencial de US $ 1,04 bilhão. A taxa média de eletricidade residencial foi de US $ 0,33 por quilowatt-hora, significativamente maior que a média nacional.

Segmento de clientes	Receita total	Número de clientes
Clientes residenciais	US $ 1,04 bilhão	295,000

Distribuição de energia comercial e industrial

A distribuição de energia comercial e industrial gerou US $ 687 milhões em receita para as indústrias elétricas havaianas em 2022.

Setor	Receita	Consumo médio
Clientes comerciais	US $ 487 milhões	2.500 kWh/mês
Clientes industriais	US $ 200 milhões	5.000 kWh/mês

Desenvolvimento de projetos de energia renovável

Indústrias elétricas havaianas investidas US $ 215 milhões no desenvolvimento de projetos de energia renovável em 2022, gerando fluxos de receita adicionais.

• Investimentos de projeto solar: US $ 125 milhões
• Projetos de energia eólica: US $ 65 milhões
• Desenvolvimento de armazenamento de bateria: US $ 25 milhões

Taxas de serviço de eficiência energética

Serviços de eficiência energética gerados US $ 42 milhões em receita para as indústrias elétricas havaianas em 2022.

Tipo de serviço	Receita
Auditorias energéticas	US $ 12 milhões
Consultoria de eficiência	US $ 18 milhões
Atualizações de equipamentos	US $ 12 milhões

Contratos de infraestrutura do governo e de utilidade

Contratos de infraestrutura governamental e de utilidade contribuídos US $ 95 milhões à receita das indústrias elétricas havaianas em 2022.

• Contratos de modernização da grade: US $ 55 milhões
• Manutenção de infraestrutura: US $ 40 milhões

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.