April 30, 2014
Hawaiian Electric Company, Inc. (Hawaiian Electric), a wholly-owned subsidiary of Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE), reported that the Hawaii Public Utilities Commission (PUC) issued four decisions and orders that collectively represent a comprehensive set of energy policies and guidelines for the state of Hawaii, including resource planning and operational directives to the Hawaiian Electric utilities:
- Integrated Resource Planning (Docket No. 2012-0036, Order No. 32052);
- Reliability Standards Working Group (Docket No. 2011-0206, Order No. 32053);
- Policy Statement and Order Regarding Demand Response Programs (Docket No. 2007-0341, Order No. 32054); and
- Maui Electric Company (Maui Electric) 2012 Test Year Rate Case (Docket No. 2011-0092, Order No. 32055).
The PUC announced these orders today in a press release which can be referenced at: puc.hawaii.gov/wp-content/uploads/2014/04/Press-Release-Summaries.2014-04-29.pdf. The decisions and orders listed above may be obtained at the PUC's website at: dms.puc.hawaii.gov/dms/.
"In this challenging, fast-changing energy environment, we welcome the PUC's clear direction and roadmap. We've been working on many of these initiatives, and these directives confirm the energy policy priorities that will guide our strategies and implementation," said Dick Rosenblum, Hawaiian Electric president and chief executive officer.
"We understand the importance of moving quickly and see this as an unprecedented opportunity to move aggressively on a shared vision for the utility of the future and on our role in meeting the needs of our customers. We look forward to working with the PUC and the Hawai'i State Energy Office as we move forward to develop and execute these comprehensive plans," added Rosenblum.
HEI and Hawaiian Electric intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI's website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI's website, in addition to following HEI's, Hawaiian Electric's and American's press releases, HEI's and Hawaiian Electric's SEC filings and HEI's public conference calls and webcasts. Also, at the Investor Relations section of HEI's website, investors may sign up to receive e-mail alerts (based on each investor's selected preferences). The information on HEI's website is not incorporated by reference in this document or in HEI's and Hawaiian Electric's SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI's and Hawaiian Electric's SEC filings.
HEI supplies power to approximately 450,000 customers or 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, one of Hawaii's largest financial institutions.
This release may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the "Forward-Looking Statements" and "Risk Factors" discussions (which are incorporated by reference herein) set forth in HEI's Annual Report on Form 10-K for the year ended December 31, 2013 and HEI's future periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, American and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information:
Hawaiian Electric Company, Inc. (Hawaiian Electric)
Contact person: Shelee M.T. Kimura
Manager, Investor Relations & Strategic Planning
Tel: (808) 543-7384