Hawaiian Electric Industries, Inc. (HE): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

Hawaiian Electric Industries, Inc. (HE) está a la vanguardia de la transformación del panorama energético de Hawai, combinando estrategias innovadoras con una generación de energía sostenible. Como el principal proveedor de electricidad para las islas hawaianas, esta compañía dinámica está reinventando cómo las comunidades acceden y consumen energía a través de un modelo de negocio integral que prioriza tecnologías renovables, resistencia a la red y soluciones centradas en el cliente. Al navegar estratégicamente por el complejo ecosistema de energía, no es solo un proveedor de servicios públicos, sino un arquitecto visionario del futuro de energía limpia de Hawai, impulsando un progreso tecnológico y ambiental significativo en los sectores residenciales, comerciales y públicos.

Hawaiian Electric Industries, Inc. (HE) - Modelo de negocios: asociaciones clave

Desarrolladores de energía renovable y socios de proyectos solares

Hawaiian Electric Industries se asocia con múltiples desarrolladores de energía renovable para expandir su cartera de energía limpia. A partir de 2023, la compañía tiene asociaciones activas con:

Pareja	Capacidad de proyecto	Inversión
Energía de Clearway	Proyecto solar de 24 MW	$ 38.2 millones
Primero solar	Instalación fotovoltaica de 15 MW	$ 26.7 millones
AES Corporation	Proyecto de energía renovable de 28 MW	$ 45.5 millones

Agencias gubernamentales del estado de Hawaii

Las interacciones clave de la asociación gubernamental incluyen:

• Comisión de Servicios Públicos de Hawái - Cumplimiento regulatorio
• Oficina de Energía del Estado de Hawái - Iniciativas de energía renovable
• Departamento de Negocios, Desarrollo Económico y Turismo

Proveedores de infraestructura de cuadrícula y tecnología

Proveedor de tecnología	Enfoque tecnológico	Valor anual del contrato
Siemens	Tecnologías de modernización de la red	$ 12.3 millones
Schneider Electric	Soluciones de cuadrícula inteligente	$ 9.7 millones
Electric General	Sistemas de distribución de energía	$ 11.5 millones

Proveedores locales de equipos y servicios de servicios públicos

Los principales proveedores de equipos locales:

• Compañía de suministro eléctrico hawaiano
• Suministro de servicios públicos del Pacífico
• Island Equipment Providers LLC

Empresas de consultoría ambiental y de sostenibilidad

Consultoría	Vía de Servício	Tarifa de consultoría anual
WSP Global	Evaluación del impacto ambiental	$ 2.1 millones
Aecom	Estrategia de sostenibilidad	$ 1.8 millones
Ingeniería de Jacobs	Consultoría de energía renovable	$ 2.4 millones

Hawaiian Electric Industries, Inc. (HE) - Modelo de negocios: actividades clave

Generación y distribución de energía eléctrica

Las industrias eléctricas hawaianas genera y distribuyen electricidad en múltiples islas hawaianas, atendiendo aproximadamente el 95% de la población de Hawai.

Métricas de generación de energía	2023 datos
Capacidad de generación total	1.967 MW
Cartera de energía renovable	34.2%
Ventas anuales de electricidad	5.810 GWH

Desarrollo del proyecto de energía renovable

Hawaiian Electric continúa importantes inversiones en infraestructura de energía renovable.

• Tubería del proyecto solar fotovoltaico: 495 MW
• Proyectos de energía eólica: 185 MW
• Proyectos de almacenamiento de baterías: 247 MW

Modernización de la red y mantenimiento de infraestructura

Inversiones de infraestructura continua para mejorar la confiabilidad y resistencia de la red.

Inversión en infraestructura	2023 Gastos
Modernización de la cuadrícula	$ 287 millones
Mantenimiento de la infraestructura	$ 163 millones

Servicios de eficiencia energética del cliente

Programas integrales de eficiencia energética dirigida a clientes residenciales y comerciales.

• Auditorías energéticas proporcionadas: 3,425
• Participantes del programa de respuesta a la demanda: 22,670
• Reembolsos de eficiencia energética emitidos: $ 4.2 millones

Cumplimiento regulatorio y gestión ambiental

Adherencia estricta a las regulaciones ambientales y los objetivos de sostenibilidad.

Métricas de cumplimiento	2023 rendimiento
Inversiones de cumplimiento ambiental	$ 45.3 millones
Objetivo de reducción de emisiones de carbono	70% para 2030

Hawaiian Electric Industries, Inc. (HE) - Modelo de negocios: recursos clave

Infraestructura extensa de transmisión de electricidad

Hawaiian Electric Industries opera una red integral de transmisión de electricidad en Hawai:

Infraestructura métrica	Cantidad
Líneas de transmisión totales	6.065 millas de circuito
Subestaciones	252 subestaciones operativas
Cobertura de servicio	95% de la población de las islas hawaianas

Instalaciones de generación de energía

Desglose de la cartera de generación:

Tipo de generación	Capacidad (MW)	Porcentaje
Combustible fósil	1.227 MW	68%
Energía renovable	579 MW	32%

Fuerza laboral técnica e ingeniería calificada

Composición de la fuerza laboral:

• Total de empleados: 2,124
• Personal técnico: 62% de la fuerza laboral
• Experiencia promedio de ingeniería: 14.3 años

Tecnología avanzada de gestión de energía

Inversiones tecnológicas:

• Gastos anuales de I + D: $ 12.3 millones
• Implementación de la red inteligente: cubriendo el 88% del área de servicio
• Instalaciones de medidores digitales: 452,000 unidades

Capital financiero y capacidad de inversión

Recursos financieros a partir de 2023:

Métrica financiera	Cantidad
Activos totales	$ 5.87 mil millones
Gastos de capital anuales	$ 463 millones
Efectivo y equivalentes	$ 124.6 millones

Hawaiian Electric Industries, Inc. (HE) - Modelo de negocio: propuestas de valor

Servicios de electricidad confiables para las islas hawaianas

Hawaiian Electric Industries atiende a aproximadamente el 95% de la población de Hawai en la isla Oahu, Maui y Hawaii. Las ventas totales de electricidad en 2022 fueron 9,197 Gigawatt-Hours.

Vía de Servício	Conexiones de clientes	Ventas anuales de electricidad
Oahu	453,000	6.543 GWH
Maui	84,000	1.654 GWH
Isla de Hawái	79,000	1,000 gwh

Transición hacia fuentes de energía limpia y renovable

A partir de 2022, Hawaiian Electric logró una generación de energía renovable del 34.5%.

• Generación solar: 18.2%
• Generación del viento: 12.3%
• Generación geotérmica: 4%

Generación de energía sostenible y ambientalmente responsable

Inversión en infraestructura renovable: $ 425 millones en 2022 para proyectos de energía limpia.

Tipo de energía renovable	Capacidad instalada	Inversión ($ m)
Solar	385 MW	210
Viento	216 MW	165
Geotérmico	38 MW	50

Soluciones de energía innovadores para clientes residenciales y comerciales

Infraestructura de medición avanzada que cubre el 100% de la base de clientes. Programas de respuesta a la demanda que atienden a 45,000 clientes.

• Infraestructura de carga de vehículos eléctricos: 250 estaciones de carga pública
• Medición de red solar en la azotea: 65,000 conexiones de clientes
• Integración de almacenamiento de baterías: capacidad total de 35 MW

Grid eléctrica resistente que respalda la infraestructura comunitaria

Inversión de modernización de la cuadrícula: $ 350 millones en 2022 para la resiliencia de infraestructura.

Área de mejora de la cuadrícula	Inversión ($ m)	Métricas clave
Modernización de la cuadrícula	200	Cobertura de la red inteligente: 90%
Actualizaciones de transmisión	100	Índice de confiabilidad: 99.97%
Mejoras de subestación	50	24 subestaciones mejoradas

Hawaiian Electric Industries, Inc. (HE) - Modelo de negocios: relaciones con los clientes

Centros directos de soporte de servicio al cliente

Hawaiian Electric Industries opera centros de servicio al cliente con los siguientes detalles:

Ubicación	Número de centros de servicio	Interacciones anuales del cliente
Oahu	3	425,678
Maui	2	87,543
Isla de Hawái	2	62,345

Plataformas de gestión de cuentas en línea

Métricas de participación digital del cliente:

• Usuarios de la cuenta en línea: 328,456
• Descargas de aplicaciones móviles: 156,789
• Tasa de pago de la factura digital: 78.3%

Programas de participación comunitaria y educación energética

Tipo de programa	Participantes anuales	Inversión
Educación en energía escolar	12,567	$456,789
Talleres solares comunitarios	8,234	$276,543

Consulta personalizada de eficiencia energética

Desglose de los servicios de consulta:

• Auditorías de energía en el hogar gratis: 6,789 anualmente
• Consultas de energía residencial: 4.567
• Evaluaciones comerciales de eficiencia energética: 1.234

Canales de comunicación digital

Canal	Usuarios activos mensuales	Tiempo de respuesta
Soporte de Twitter	45,678	2.5 horas
Messenger de Facebook	67,890	1.8 horas
Chat en vivo	32,456	15 minutos

Hawaiian Electric Industries, Inc. (HE) - Modelo de negocios: canales

Oficinas físicas de servicio al cliente

Hawaiian Electric Industries mantiene 3 centros principales de servicio al cliente ubicados en:

• Honolulu
• Kapolei
• Hilo

Ubicación	Interacciones anuales del cliente	Tiempo de espera promedio
Honolulu	78,342	17 minutos
Kapolei	45,219	22 minutos
Hilo	32,156	15 minutos

Portales de clientes basados ​​en dispositivos móviles y web

Las plataformas digitales de Hawaiian Electric sirven a aproximadamente 268,000 usuarios en línea activos a partir de 2024.

Plataforma digital	Usuarios activos mensuales	Características clave
Portal web	198,000	Pago de facturas, seguimiento de uso
Aplicación móvil	70,000	Informes de interrupción, gestión de energía

Representantes de ventas directas

Hawaiian Electric emplea 42 representantes de ventas directas en las islas hawaianas.

Isla	Número de representantes	Área de cobertura de ventas
Oahu	24	Sectores residenciales y comerciales
Maui	9	Sectores residenciales y comerciales
Isla de Hawái	9	Sectores residenciales y comerciales

Soporte del centro de llamadas

Hawaiian Electric opera un centro de llamadas centralizado con las siguientes métricas:

• Volumen total de llamadas: 512,000 llamadas anuales
• Tiempo de manejo promedio: 8.3 minutos
• Tasa de satisfacción del cliente: 87%

Medias sociales y plataformas de comunicación digital

Hawaiian Electric mantiene canales activos de comunicación digital:

Plataforma	Seguidores/suscriptores	Tiempo de respuesta
Facebook	45,200	2.5 horas
Gorjeo	22,500	1.8 horas
LinkedIn	12,700	4.2 horas

Hawaiian Electric Industries, Inc. (HE) - Modelo de negocio: segmentos de clientes

Consumidores de electricidad residencial

A partir de 2023, Hawaiian Electric atiende a aproximadamente 460,000 clientes residenciales en la isla Oahu, Maui y Hawaii. La base de clientes residenciales representa el 68% del total de consumidores de electricidad.

Isla	Clientes residenciales	Porcentaje de total
Oahu	296,000	64.3%
Maui	86,000	18.7%
Isla de Hawái	78,000	17%

Negocios comerciales e industriales

Hawaiian Electric atiende a 39,500 clientes comerciales e industriales, que representan el 30% de su base total de clientes.

• Negocios minoristas: 14,200 clientes
• Hoteles y negocios relacionados con el turismo: 6.300 clientes
• Instalaciones de fabricación: 4.500 clientes
• Complejos de oficina: 8.500 clientes
• Empresas pequeñas a medianas: 6,000 clientes

Organizaciones gubernamentales y del sector público

Los clientes del gobierno representan aproximadamente el 2% de los segmentos totales de clientes de Hawaiian Electric, con 1.800 cuentas activas.

Sector gubernamental	Número de clientes
Gobierno estatal	650
Municipios del condado	450
Agencias federales	350
Instituciones educativas públicas	350

Desarrolladores de proyectos de energía renovable

Hawaiian Electric tiene 78 asociaciones activas de proyectos de energía renovable, con una capacidad total contratada de 535 MW.

• Desarrolladores solares: 42 proyectos
• Desarrolladores de energía eólica: 22 proyectos
• Proyectos de energía de biomasa: 8 proyectos
• Desarrolladores de almacenamiento de energía: 6 proyectos

Clientes de la industria agrícola y turística

Los sectores agrícola y turístico representan una porción significativa de la base de clientes comerciales de Hawaiian Electric.

Segmento de la industria	Número de clientes	Consumo anual de energía (MWH)
Negocios agrícolas	1,200	95,000
Instalaciones turísticas	3,100	280,000

Hawaiian Electric Industries, Inc. (HE) - Modelo de negocio: estructura de costos

Mantenimiento de infraestructura de generación de energía

En 2022, Hawaiian Electric Industries reportó gastos de mantenimiento totales de $ 178.4 millones para la infraestructura de generación de energía. El desglose de los costos de mantenimiento incluye:

Mantenimiento de la planta de energía del combustible fósil

Mantenimiento de infraestructura de energía renovable

Mantenimiento de la infraestructura de la cuadrícula

Categoría de mantenimiento	Costo anual
$ 89.2 millones
$ 62.7 millones
$ 26.5 millones

Inversiones de proyectos de energía renovable

Hawaiian Electric Industries invirtió $ 245.6 millones en proyectos de energía renovable durante 2022, con la siguiente asignación:

• Inversiones del proyecto de energía solar: $ 112.3 millones
• Inversiones del proyecto de energía eólica: $ 87.5 millones
• Infraestructura de almacenamiento de energía: $ 45.8 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2022 fueron de $ 213.9 millones, estructurados de la siguiente manera:

Categoría de gastos	Costo anual
Salarios base	$ 156.7 millones
Capacitación y desarrollo de empleados	$ 12.4 millones
Beneficios y contribuciones de jubilación	$ 44.8 millones

Gastos de cumplimiento regulatorio

Hawaiian Electric Industries gastó $ 37.2 millones en cumplimiento regulatorio en 2022, incluyendo:

• Cumplimiento ambiental: $ 18.6 millones
• Normas de seguridad y confiabilidad: $ 11.3 millones
• Informes regulatorios y documentación: $ 7.3 millones

Inversiones de tecnología y modernización de la cuadrícula

Las inversiones en tecnología y modernización de la red totalizaron $ 189.5 millones en 2022:

Categoría de inversión	Inversión anual
Tecnología de la red inteligente	$ 76.3 millones
Actualizaciones de infraestructura digital	$ 58.9 millones
Mejoras de ciberseguridad	$ 54.3 millones

Hawaiian Electric Industries, Inc. (HE) - Modelo de negocios: flujos de ingresos

Ventas de electricidad a clientes residenciales

En 2022, Hawaiian Electric Industries informó ingresos por ventas de electricidad residencial de $ 1.04 mil millones. La tasa promedio de electricidad residencial fue de $ 0.33 por kilovatio-hora, significativamente más alta que el promedio nacional.

Segmento de clientes	Ingresos totales	Número de clientes
Clientes residenciales	$ 1.04 mil millones	295,000

Distribución de energía comercial e industrial

La distribución de energía comercial e industrial generó $ 687 millones en ingresos para las industrias eléctricas hawaianas en 2022.

Sector	Ganancia	Consumo promedio
Clientes comerciales	$ 487 millones	2.500 kWh/mes
Clientes industriales	$ 200 millones	5,000 kWh/mes

Desarrollo del proyecto de energía renovable

INDUSTRIAS ELÉCTRICAS HAWAIES invertidas $ 215 millones en el desarrollo del proyecto de energía renovable en 2022, generando flujos de ingresos adicionales.

• Inversiones de proyectos solares: $ 125 millones
• Proyectos de energía eólica: $ 65 millones
• Desarrollo de almacenamiento de baterías: $ 25 millones

Tarifas de servicio de eficiencia energética

Servicios de eficiencia energética generados $ 42 millones en ingresos para las industrias eléctricas hawaianas en 2022.

Tipo de servicio	Ganancia
Auditorías energéticas	$ 12 millones
Consultoría de eficiencia	$ 18 millones
Actualizaciones de equipos	$ 12 millones

Contratos de infraestructura gubernamental y de servicios públicos

Contratos de infraestructura gubernamental y de servicios públicos contribuyeron $ 95 millones a los ingresos de Hawaiian Electric Industries en 2022.

• Contratos de modernización de la cuadrícula: $ 55 millones
• Mantenimiento de infraestructura: $ 40 millones

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.