HECO files for 7% rate increase to ‘help renewables integration’

Facebook
Twitter
LinkedIn
Reddit
Email
Source: Flickr/Ricardo Mangual

Hawaiian Electric Company (HECO) plans for a 6.9% rate hike partly to raise funds for helping renewables integration, according to a new filing submitted to the Public Utilities Commission (PUC).  

The utility that covers Hawaii Island, Oahu, Maui and Kauai implemented its last rate hike in 2011. After mulling an increase in electricity bills in December last year, an official rate increase has been filed in order to cover rising costs, which have gone up since the last filing, according to HECO.

“We're looking for about over US$100 million in additional revenues per year,” said HECO president and CEO Alan Oshima. “That would equate to between US$8 and US$9 per month, if fully approved, in an average residential customer bill.”

After missing its three-year rate hike in 2014 due to the failed NextEra merger, HECO seeks to absorb the additional costs that those years since the last hike have incurred. The rate increase would help improve customer service, pay for operating costs and grid upgrades to allow for more renewable integration, the utility said.

For now, it is open to the PUC to approve, reject or modify HECO’s rate increase. 

Read Next

August 8, 2022
A introduction to Yingli Solar’s new YLM 3.0 Pro 415W module for both residential installations and commercial projects
August 3, 2022
Inverter manufacture SolarEdge has posted record revenues and inverter shipments for Q2 as it benefited from strong demand for its products in the US and Europe, while addressing previous supply chain problems that had hampered performance in the previous quarter.
July 27, 2022
Microinverter supplier Enphase Energy almost doubled its Q2 2022 revenue year-on-year as homeowner demand for self-consumption increases on the back of rising energy prices.
July 20, 2022
Software provider Aurora Solar has launched new artificial intelligence (AI) solutions for lead capture, design and sales teams that it says can lower the soft costs of delivering rooftop PV.
July 19, 2022
A round-up of project-related news from the world of solar-storage hybrid projects, featuring news from South Africa, Puerto Rico and Hawaii.
PV Tech Premium
July 15, 2022
Having completed its shift to become a pure-play residential solar company with the recent sale of its commercial and industrial unit, SunPower is aiming to benefit from a heightened focus on combining rooftop PV, home storage and electric vehicle (EV) charging.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
London
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event