Hawaiian Electric Industries

What Hawaiian Electric Industries does

Hawaiian Electric Industries, Inc. is the holding company for Hawaiian Electric Company, Inc., a vertically integrated regulated electric utility serving approximately 95% of Hawaii's population across five islands (Oahu, Maui, Hawaii Island, Lanai, and Molokai) through three operating subsidiaries: Hawaiian Electric, Hawaii Electric Light, and Maui Electric. Following the April 2025 divestiture of American Savings Bank and the ongoing wind-down of Pacific Current, the company operates a pure-play utility model and reports a single regulated electricity segment generating $3.09 billion in FY2025 revenue and $746.4 million in Q1 2026 revenue.

Revenue is earned on a usage-based (kilowatthour sales) model under rates set by the Hawaii Public Utilities Commission, using regulated mechanisms including annual revenue adjustment and fuel cost risk sharing. The GTM motion is sales-led through regulatory rate proceedings rather than commercial sales; customer growth is driven by island population growth, electrification, and new renewable interconnections. Three primary customer segments are addressed: residential consumers (broad market across the islands), commercial and industrial consumers (hotels, healthcare, retail, manufacturing), and independent power producers seeking long-term power purchase agreements for solar, wind, and biomass projects.

The technology platform centers on islanded grid infrastructure (generation, transmission, and distribution) supplemented by advanced metering infrastructure enabling 37% renewable portfolio standard integration against Hawaii's 100% renewable by 2045 mandate. Active investment programs target wildfire mitigation technology (undergrounding, sectionalizing devices, situational awareness) at $550-700M annual capex rising to $600-850M by 2028. Operations are governed by a Performance-Based Regulation framework currently in its second multi-year rate period. The company is also advancing a $1.15B Waiau power plant upgrade proposal and a tentative $2B LNG infrastructure partnership with JERA Co. (Japan's largest electricity generator) as a transitional bridge to renewables/hydrogen.

Name

Hawaiian Electric Industries

Legal name

Hawaiian Electric Industries, Inc.

Website

https://hei.com

Company type

Public

Founded year

1891

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hawaiian Electric Industries is a pure-play regulated electric utility holding company whose Hawaiian Electric subsidiary generates, transmits, and distributes electricity to approximately 95% of Hawaii's population across Oahu, Maui, Hawaii Island, Lanai, and Molokai, after divesting its banking subsidiary in 2025.

Ownership category

akta.pro rank

Product category

Regulated Electric Utility

NAICS

Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

Electric Distribution System Owners (Wires-Only Companies) (EUADABAI)

akta.pro secondary industries

Electrical Systems O&M (Substations, Transformers, Switchgear, Protection & Controls) (EUAMAGAH), Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers) (EUAMAFAE)

Keywords

• Regulated electric utility
• Electricity distribution services
• Renewable energy integration
• Grid infrastructure
• Utility holding company

Headquarters

HQ city

Honolulu

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Others, Personnel

Revenue model

1. Regulated Electric Utility Revenue: Revenue from regulated electricity generation, transmission, and distribution serving approximately 95% of Hawaii's population across Oahu, Maui, Hawaii Island, Lanai, and Molokai. Revenue is earned through approved rate mechanisms including annual revenue adjustment mechanism and fuel cost risk sharing mechanisms. Q1 2026 electric utility revenues were $744 million. Full year 2025 revenues were $3.07 billion. Revenue is driven by kilowatthour sales across three utility subsidiaries (Hawaiian Electric, Hawaii Electric Light, Maui Electric) and is subject to Hawaii Public Utilities Commission regulation.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Hawaiian Electric Industries is a public holding company whose core operating subsidiary, Hawaiian Electric Company, is a regulated, vertically integrated electric utility that generates, transmits, and distributes electricity to approximately 95% of Hawaii's population across five islands (Oahu, Maui, Hawaii Island, Lanai, and Molokai) through three subsidiaries: Hawaiian Electric (Oahu), Hawaii Electric Light (Hawaii Island), and Maui Electric (Maui County). The company focuses on grid modernization, renewable energy integration toward Hawaii's 100% renewable energy by 2045 mandate, and wildfire safety investments following the 2023 Maui wildfires.

Product overview

Hawaiian Electric Industries is a holding company with a pure-play utility model following the divestment of non-utility businesses. Its core product is the Hawaiian Electric electric utility (supplying power to 95% of Hawaii's population), supported by regional subsidiaries Hawaii Electric Light and Maui Electric. The Pacific Current subsidiary, which advanced clean energy projects, is being wound down as HEI streamlines focus on its core electric utility operations. The company offers electric utility services, renewable energy programs, grid modernization, and wildfire safety investments through its subsidiaries.

Differentiator

Problem solved

Functional benefit

Products and services

• Hawaiian Electric (Oahu Utility)
• Hawaii Electric Light
• Maui Electric
• Pacific Current

Quantifiable outcome

• 37% renewable portfolio standard achieved in 2025, on track for 40% statutory milestone in 2030 and 100% by 2045
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered major, minor and core.

• AES HawaiimajorStrategic or Co-development Partner · 30 May 2026AES Hawaii is developing the $241 million Kūihelani Solar Phase 2 project in Central Maui, designed to power approximately 18,425 homes annually for at least 20 years and supply nearly 10% of Maui County's electricity needs. The project is progressing through permitting and must be completed before federal tax credits expire at the end of 2028.
• Scott T. DeGhetto (Emberstone LLC)minorImplementation/ SI/ Consulting Partner · 10 April 2026Former CFO Scott T. DeGhetto entered a one-year consulting agreement (April 6, 2026 through April 5, 2027) to provide advisory services on debt and equity financing and corporate dispositions through his LLC Emberstone LLC. Compensation is $200,000 per month plus a $1.35 million special projects payment upon completion.
• Honua Ola BioenergycoreStrategic or Co-development Partner · 26 December 2025Honua Ola Bioenergy (formerly Hu Honua Bioenergy) reached an agreement in principle with Hawaiian Electric Co. for a third power purchase agreement to sell electricity from its 21.5-megawatt biomass power plant in Pepeekeo, Hawaii. The plant, built at approximately $520 million, has been blocked from going online for years due to court challenges. Any new agreement requires state Public Utilities Commission approval.
• JERA Co. Inc.majorStrategic or Co-development Partner · 23 October 2025JERA Co. Inc., Japan's largest electricity generator, is involved in discussions for a $2 billion investment to develop LNG infrastructure in Hawaii as a transitional energy source, with potential transition to renewables like hydrogen by 2045. This tentative agreement aims to lower carbon emissions and energy costs in Hawaii.
• Ulupono Initiative LLCcoreStrategic or Co-development PartnerUlupono Initiative LLC is a co-proponent with Hawaiian Electric Companies on a Joint Alternative Rebasing Proposal filed with the Hawaii Public Utilities Commission on March 6, 2026, addressing rate rebasing for the utility.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Southern Company: Vertically integrated multi-state regulated utility with comparable regulated rate base, generation portfolio, and grid investment program. Provides a benchmark for regulated utility valuation and capital recovery mechanisms in jurisdictions outside Hawaii.
• NextEra Energy: The largest US renewable utility with FPL's regulated operations and Energy Resources' competitive renewables arm. Relevant peer for HEI's renewable transition ambitions and scale of capital deployment, though materially larger and investment-grade rated.
• American Electric Power: Large regulated transmission and distribution utility with substantial rate-base growth from grid investment programs. Comparable as a regulated utility benchmark, though with broader geographic diversification across multiple states and an IG credit profile.
• Duke Energy: Large multi-state vertically integrated regulated utility with comparable generation, transmission, and distribution operations and significant coal-to-renewables transition capex. A benchmark for regulated utility return profiles and rate base growth, though materially larger and IG-rated.
• Xcel Energy: Multi-state regulated utility with strong renewable portfolio commitments and clean energy transition capex similar to HEI's 100% by 2045 mandate. Comparable as a regulated utility benchmark with overlapping renewable integration strategy.

Direct peers

• Portland General Electric: Vertically integrated Oregon utility with aggressive renewable portfolio targets and similar size profile (~$4-5B market cap range). Like HEI, PGE is on a regulated transition path toward clean energy with significant grid modernization capex requirements.
• CMS Energy: Michigan-based vertically integrated regulated utility with comparable size (~$20-22B market cap) and similar electric rate base growth profile. Operates in a single state regulatory jurisdiction analogous to HEI's Hawaii PUC dynamic.
• Edison International: Southern California Edison's parent, a vertically integrated regulated utility with significant wildfire exposure and parallel cost-recovery regulatory proceedings. Comparable in size and structure to HEI, also navigating post-wildfire capital allocation and grid hardening investments.
• PG&E Corporation: California investor-owned utility with extensive wildfire liability exposure and post-litigation recovery profile that closely mirrors Hawaiian Electric's situation following the 2023 Lahaina disaster. Both serve as vertically integrated regulated utilities with sub-investment-grade credit considerations and elevated wildfire mitigation capex programs.

Emerging players

• AES Corporation: Global renewable energy developer with active Hawaiian operations through AES Hawaii (Kūnihelani Solar Phase 2 PPA partner). Functions as a counterparty/IPP supplying renewable generation to HEI's grid rather than a direct competitor, but relevant for understanding HEI's renewable procurement landscape.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hawaiian Electric Industries