Hawaiian Electric Industries, Inc
Hawaiian Electric Industries Inc. is a Honolulu-based holding company whose core business is regulated electric utility service in Hawaii through Hawaiian Electric, Hawaii Electric Light, and Maui Electric. The utilities generate, purchase, transmit, distribute, and sell electricity across Oahu, Hawaii, Maui, Lanai, and Molokai, serving about 95% of the state’s population through five separate grids.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCore regulated utility activities including generation, power procurement, transmission, distribution and retail electricity sales.
Long-term PPAs and firm capacity arrangements used to secure supply and grid reliability.
Legacy and residual non-utility investments and operating assets held in the All Other segment.
Products
Reported · share of revenue- Electric Energy Sales Large Light and Power35.1 %
- Electric Energy Sales Residential32.3 %
- Electric Energy Sales Commercial31.6 %
- Electric Energy Sales Other0.6 %
- Other Sales0.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells electricity primarily to households, businesses, and public-sector users in Hawaii, with the utilities serving nearly all of the state’s population outside Kauai. A meaningful customer concentration exists in federal government agencies, which accounted for about 11% of operating revenues in 2025 and 2024. Demand is shaped by Hawaii’s tourism-driven economy, weather, air-conditioning load, and customer-owned solar adoption.
Households across the served islands buying essential electric service for daily use, cooling and appliance load.
Businesses, hotels and other commercial users buying reliable grid power to support operations and tourism activity.
Military and other federal facilities buying electricity under utility tariffs; a disclosed significant customer base.
Government-related entities that buy power or enter capacity arrangements to support essential services.
Customers with private photovoltaic systems that reduce utility sales and change load patterns.
Strategy
Management’s stated focus is to operate a financially healthy enterprise that can support Hawaii’s energy transition while maintaining reliability and affordability. Near-term priorities include restoring capital access after the Maui windstorm and wildfire events, managing liquidity, and growing core utility earnings in a controlled-risk manner.
Credit downgrades and wildfire-related liabilities have raised funding costs and constrained financing options.
Settlement payments and litigation exposure are central to liquidity planning and investor risk.
The regulated utility is the main earnings engine and must support long-term dividends and service quality.
Non-utility assets have been reviewed and sold to simplify the portfolio and free capital.
Geography
Hawaiian Electric’s business is overwhelmingly concentrated in the State of Hawaii, with utility operations on Oahu, Hawaii, Maui, Lanai and Molokai. The company does not disclose a country revenue split in the provided excerpts, but the operating footprint is clearly island-based and regulated by Hawaii authorities, making local weather, tourism, fuel logistics and state policy central to performance.
Risks
The largest company-specific risk is the Maui windstorm and wildfire litigation, which has affected liquidity, credit ratings and access to capital. As a regulated utility operating on isolated island grids, the company also faces operational, regulatory and fuel-supply risks that can quickly affect reliability, costs and allowed returns.
- Maui windstorm and wildfire liabilitiesImpact: CriticalLikelihood: High
Settlement payments, litigation and related damages can materially affect cash flow, liquidity and earnings.
Exposure: Company-wide and utility-level
- Credit rating and capital market accessImpact: HighLikelihood: High
Downgrades raise financing costs and can restrict access to lower-cost debt and commercial paper.
Exposure: Holding company and utilities
- Operational outages and grid disruptionImpact: HighLikelihood: High
Island utilities depend on generation, transmission and fuel logistics that can be disrupted by equipment failure or extreme weather.
Exposure: Electric utility segment
- Regulatory recovery riskImpact: HighLikelihood: High
PUC decisions determine whether costs are recoverable through customer rates and when they flow through earnings.
Exposure: Electric utility segment
- Customer demand and load variabilityImpact: MediumLikelihood: Medium
Tourism cycles, weather and rooftop solar adoption affect kWh sales and revenue mix.
Exposure: Hawaii retail load
Accounting
Judgemental itemsThe company records deferred costs and customer collections based on probable recovery or refund through rates.
Impact: Can materially shift earnings timing and balance-sheet size
Wildfire-related claims and settlement obligations require estimates that may change as cases progress.
Impact: Affects provisions, liquidity disclosures and equity
Discount rates, asset returns and demographic assumptions can change benefit expense and liabilities.
Impact: Impacts operating expense and other comprehensive income
Utility plant retirement and decommissioning estimates depend on long-dated assumptions.
Impact: Affects liabilities and depreciation-related expense
Warmer, more humid months and visitor arrivals increase demand, while rooftop solar can offset sales.
Impact: Quarterly revenue and margin comparability
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Last updated: 24/09/2026