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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
 FORM 10-Q
 
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
 OR
              TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Exact Name of Registrant as Specified in Its Charter Commission File Number I.R.S. Employer Identification No.
HAWAIIAN ELECTRIC INDUSTRIES, INC.   1-8503   99-0208097
and Principal Subsidiary
HAWAIIAN ELECTRIC COMPANY, INC.   1-4955   99-0040500
State of Hawaii
(State or other jurisdiction of incorporation or organization)
 
Hawaiian Electric Industries, Inc. – 1001 Bishop Street, Suite 2900, Honolulu, Hawaii  96813
Hawaiian Electric Company, Inc. – 1001 Bishop Street, Suite, 2500, Honolulu, Hawaii  96813
(Address of principal executive offices and zip code)
 
Hawaiian Electric Industries, Inc. – (808) 543-5662
Hawaiian Electric Company, Inc. – (808) 543-7771
(Registrant’s telephone number, including area code) 
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Registrant Title of each class Trading Symbol(s) Name of each exchange on which registered
Hawaiian Electric Industries, Inc. Common Stock, Without Par Value HE New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Hawaiian Electric Industries, Inc. Yes No   Hawaiian Electric Company, Inc. Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Hawaiian Electric Industries, Inc. Yes No   Hawaiian Electric Company, Inc. Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.
Hawaiian Electric Industries, Inc.:   Hawaiian Electric Company, Inc.:
Large accelerated filer Smaller reporting company Large accelerated filer Smaller reporting company
Accelerated filer Emerging growth company Accelerated filer Emerging growth company
Non-accelerated filer Non-accelerated filer
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Hawaiian Electric Industries, Inc. Hawaiian Electric Company, Inc.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Hawaiian Electric Industries, Inc. Yes No Hawaiian Electric Company, Inc. Yes No
Securities registered pursuant to 12(b) of the Act:
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuers’ classes of common stock, as of the latest practicable date.
Class of Common Stock  
Outstanding July 25, 2022
Hawaiian Electric Industries, Inc. (Without Par Value)   109,469,093  Shares
Hawaiian Electric Company, Inc. ($6-2/3 Par Value)   17,753,533  Shares (not publicly traded)
Hawaiian Electric Industries, Inc. (HEI) is the sole holder of Hawaiian Electric Company, Inc. (Hawaiian Electric) common stock.
This combined Form 10-Q is separately filed by HEI and Hawaiian Electric. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. No registrant makes any representation as to information relating to the other registrant, except that information relating to Hawaiian Electric is also attributed to HEI.



Hawaiian Electric Industries, Inc. and Subsidiaries
Hawaiian Electric Company, Inc. and Subsidiaries
Form 10-Q—Quarter ended June 30, 2022
 
TABLE OF CONTENTS
 
Page No.  
   
 
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three and six months ended June 30, 2022 and 2021
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4
 
three and six months ended June 30, 2022 and 2021
5
 
six months ended June 30, 2022 and 2021
   
7
 
three and six months ended June 30, 2022 and 2021
7
 
three and six months ended June 30, 2022 and 2021
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9
 
three and six months ended June 30, 2022 and 2021
 
six months ended June 30, 2022 and 2021
 
 
 
 
   
 
 
i


Hawaiian Electric Industries, Inc. and Subsidiaries
Hawaiian Electric Company, Inc. and Subsidiaries
Form 10-Q—Quarter ended June 30, 2022
GLOSSARY OF TERMS
Terms   Definitions
ACL Allowance for credit losses, which is the current credit loss standard, requires recording the allowance based on the expected loss model
AES Hawaii AES Hawaii, Inc.
AOCI Accumulated other comprehensive income/(loss)
ARA Annual revenue adjustment
ASB American Savings Bank, F.S.B., a wholly owned subsidiary of ASB Hawaii, Inc.
ASB Hawaii ASB Hawaii, Inc., a wholly owned subsidiary of Hawaiian Electric Industries, Inc. and the parent company of American Savings Bank, F.S.B.
ASU Accounting Standards Update
CARES Act The Coronavirus Aid, Relief, and Economic Security Act enacted March 27, 2020
CBRE Community-based renewable energy
Company Hawaiian Electric Industries, Inc. and its direct and indirect subsidiaries, including, without limitation, Hawaiian Electric Company, Inc. and its subsidiaries (listed under Hawaiian Electric); ASB Hawaii, Inc. and its subsidiary, American Savings Bank, F.S.B. and Pacific Current, LLC and its subsidiaries (listed under Pacific Current). The Old Oahu Tug Service, Inc. was dissolved in March 2022.
Consumer Advocate Division of Consumer Advocacy, Department of Commerce and Consumer Affairs of the State of Hawaii
CSSM Collective Shared Savings Mechanism
D&O Decision and order from the PUC
DER Distributed energy resources
DRIP HEI Dividend Reinvestment and Stock Purchase Plan
ECRC Energy cost recovery clause
EIP 2010 Equity and Incentive Plan, as amended and restated
EPA Environmental Protection Agency — federal
EPRM Exceptional Project Recovery Mechanism
EPS Earnings per share
ESM Earnings Sharing Mechanism
EVE Economic value of equity
Exchange Act Securities Exchange Act of 1934
FASB Financial Accounting Standards Board
FDIC Federal Deposit Insurance Corporation
federal U.S. Government
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation
Fitch Fitch Ratings, Inc.
FNMA Federal National Mortgage Association
FRB Federal Reserve Board
GAAP Accounting principles generally accepted in the United States of America
GHG Greenhouse gas
GNMA Government National Mortgage Association
GSPA Grid Services Purchase Agreement
Hamakua Energy Hamakua Energy, LLC, an indirect subsidiary of Pacific Current
Hawaii Electric Light Hawaii Electric Light Company, Inc., an electric utility subsidiary of Hawaiian Electric Company, Inc.
ii

GLOSSARY OF TERMS, continued
Terms   Definitions
Hawaiian Electric Hawaiian Electric Company, Inc., an electric utility subsidiary of Hawaiian Electric Industries, Inc. and parent company of Hawaii Electric Light Company, Inc., Maui Electric Company, Limited and Renewable Hawaii, Inc.
HEI Hawaiian Electric Industries, Inc., direct parent company of Hawaiian Electric Company, Inc., ASB Hawaii, Inc. and Pacific Current, LLC. The Old Oahu Tug Service, Inc. was dissolved in March 2022.
HEIRSP Hawaiian Electric Industries Retirement Savings Plan
HELOC Home equity line of credit
HPOWER City and County of Honolulu with respect to a power purchase agreement for a refuse-fired plant
IPP Independent power producer
IRLCs Interest rate lock commitments
Kalaeloa Kalaeloa Partners, L.P.
kWh Kilowatthour/s (as applicable)
LMI Low-to-moderate income
LTIP Long-term incentive plan
Maui Electric Maui Electric Company, Limited, an electric utility subsidiary of Hawaiian Electric Company, Inc.
Mauo Mauo, LLC, a subsidiary of Pacific Current
MPIR Major Project Interim Recovery
MRP Multi-year rate period
MSRs Mortgage servicing rights
MW Megawatt/s (as applicable)
NII Net interest income
NPBC Net periodic benefit costs
NPPC Net periodic pension costs
O&M Other operation and maintenance
OCC Office of the Comptroller of the Currency
OPEB Postretirement benefits other than pensions
Pacific Current
Pacific Current, LLC, a wholly owned subsidiary of HEI and parent company of Hamakua Holdings, LLC, Mauo, LLC, Alenuihaha Developments, LLC, Kaʻieʻie Waho Company, LLC, Kaʻaipuaʻa, LLC, Upena, LLC and Mahipapa, LLC
PBR Performance-based regulation
PIMs Performance incentive mechanisms
PPA Power purchase agreement
PPAC Purchased power adjustment clause
PUC Public Utilities Commission of the State of Hawaii
PV Photovoltaic
RAM Revenue adjustment mechanism
RBA Revenue balancing account
RFP Request for proposals
ROACE Return on average common equity
RORB Return on rate base
RPS Renewable portfolio standards
SBA Small Business Administration
SEC Securities and Exchange Commission
See Means the referenced material is incorporated by reference
TDR Troubled debt restructuring
Utilities Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited
VIEs Variable interest entities
iii


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report and other presentations made by Hawaiian Electric Industries, Inc. (HEI) and Hawaiian Electric Company, Inc. (Hawaiian Electric) and their subsidiaries 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 “will,” “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 (collectively, the Company), the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance and actual results and financial condition may differ materially from those indicated in the forward-looking statements.
Risks, uncertainties and other important factors that could cause actual results to differ materially from those described in forward-looking statements and from historical results include, but are not limited to, the following:
international, national and local economic and political conditions—including the state of the Hawaii tourism, defense and construction industries; the strength or weakness of the Hawaii and continental U.S. real estate markets (including the fair value and/or the actual performance of collateral underlying loans held by ASB, which could result in higher loan loss provisions and write-offs); decisions concerning the extent of the presence of the federal government and military in Hawaii; the implications and potential impacts of future Federal government shutdowns, including the impact to our customers’ ability to pay their electric bills and/or bank loans and the impact on the state of Hawaii economy; the implications and potential impacts of U.S. and foreign capital and credit market conditions and federal, state and international responses to those conditions; the potential impacts of global and local developments (including global economic conditions and uncertainties, unrest, terrorist acts, wars (such as the Russia-Ukraine war), conflicts, political protests, deadly virus epidemic or other crisis); the effects of changes that have or may occur in U.S. policy, such as with respect to immigration and trade; and pandemics;
the extent of the impact of the COVID-19 pandemic, including the duration, spread, severity and any recurrence of the COVID-19 pandemic due to new variants or insufficient vaccinations, the duration and scope of related government orders and restrictions, the impact on our employees, customers and suppliers, and the impact of the COVID-19 pandemic on the overall demand or ability to pay for the Company’s goods and services, all of which could be affected by the pace of distribution, administration, and efficacy of COVID-19 vaccines over the short- and long-term, as well as the proportion of the population vaccinated;
ability to adequately address risks and capitalize on opportunities related to our environmental, social and governance priority areas, which currently include decarbonization, economic health and affordability, reliability and resilience, secure digitalization, diversity, equity and inclusion, employee engagement, and climate-related risks and opportunities;
citizen activism, including civil unrest, especially in times of severe economic depression and social divisiveness, which could negatively impact customers and employees, impair the ability of the Company and the Utilities to operate and maintain their facilities in an effective and safe manner, and citizen or stakeholder activism that could delay the construction, increase project costs or preclude the completion, of third-party or Utility projects that are required to meet electricity demand, resilience and reliability objectives and renewable portfolio standards (RPS) and other climate-related goals;
the effects of future actions or inaction of the U.S. government or related agencies, including those related to the U.S. debt ceiling or budget funding, monetary policy, trade policy and tariffs, energy and environmental policy, and other policy and regulatory changes advanced or proposed by President Biden and his administration;
weather, natural disasters (e.g., hurricanes, earthquakes, tsunamis, lightning strikes, lava flows and the increasing effects of climate change, such as more severe storms, flooding, droughts, heat waves, and rising sea levels) and wildfires, including their impact on the resilience and reliability and cost of the Company’s and Utilities’ operations and the economy;
the timing, speed and extent of changes in interest rates and the shape of the yield curve, which could result in lower portfolio yields and net interest margin, or higher borrowing costs;
the ability of the Company and the Utilities to access the credit and capital markets (e.g., to obtain commercial paper and other short-term and long-term debt financing, including lines of credit, and, in the case of HEI, to issue common stock) under volatile and challenging market conditions, and the potential higher cost of such financings, if available;
the risks inherent in changes in the value of the Company’s pension and other retirement plan assets and ASB’s securities available for sale, and the risks inherent in changes in the value of the Company’s pension liabilities, including changes driven by interest rates and mortality improvements;
changes in laws, regulations (including tax regulations), market conditions, interest rates and other factors that result in changes in assumptions used to calculate retirement benefits costs and funding requirements;
increasing competition in the banking industry from traditional financial institutions as well as from non-traditional providers of financial services, including financial service subsidiaries of commercial and manufacturing companies (e.g., increased price competition for loans and deposits, or an outflow of deposits to alternative investments or platforms, which may have an adverse impact on ASB’s net interest margin and portfolio growth);
iv


the potential delay by the Public Utilities Commission of the State of Hawaii (PUC) in considering (and potential disapproval of actual or proposed) renewable energy proposals and related costs; reliance by the Utilities on outside parties such as the state, independent power producers (IPPs) and developers; supply-chain challenges; and uncertainties surrounding technologies, solar power, wind power, biofuels, environmental assessments required to meet RPS and other climate-related goals; the impacts of implementation of the renewable energy proposals on future costs of electricity and potential penalties imposed by the PUC for delays in the commercial operations of renewable energy projects;
the ability of the Utilities to develop, implement and recover the costs of implementing the Utilities’ action plans included in their updated Power Supply Improvement Plans, Demand Response Portfolio Plan, Distributed Generation Interconnection Plan, Grid Modernization Plans, and business model changes, which have been and are continuing to be developed and updated in response to the orders issued by the PUC, the PUC’s April 2014 statement of its inclinations on the future of Hawaii’s electric utilities and the vision, business strategies and regulatory policy changes required to align the Utilities’ business model with customer interests and the state’s public policy goals, and subsequent orders of the PUC;
the ability of the Utilities to recover undepreciated cost of fossil fuel generating units, if they are required to be retired before the end of their expected useful life;
capacity and supply constraints or difficulties, especially if generating units (utility-owned or IPP-owned) fail or measures such as demand-side management, distributed generation, combined heat and power or other firm capacity supply-side resources fall short of achieving their forecasted benefits or are otherwise insufficient to reduce or meet peak demand;
high and/or volatile fuel prices, which increases working capital requirements and customer bills, or delivery of adequate fuel by suppliers (including as a result of the Russia-Ukraine war), which could affect the reliability of utility operations, and the continued availability to the electric utilities of their energy cost recovery clauses (ECRCs);
the continued availability to the electric utilities or modifications of other cost recovery mechanisms, including the purchased power adjustment clauses (PPACs), annual revenue adjustment (ARA) and pension and postretirement benefits other than pensions (OPEB) tracking mechanisms, and the continued decoupling of revenues from sales to mitigate the effects of declining kilowatt-hour sales;
the ability of the Utilities to recover increasing costs and earn a reasonable return on capital investments not covered by the ARA, while providing the customer dividend required by performance-based regulation (PBR);
the ability of the Utilities to achieve performance incentive goals currently in place;
the impact from the PUC’s implementation of PBR for the Utilities pursuant to Act 005, Session Laws 2018, including the potential addition of new performance incentive mechanisms (PIMs), third-party proposals adopted by the PUC in its implementation of PBR, and the implications of not achieving performance incentive goals;
the impact of fuel price levels and volatility on customer satisfaction and political and regulatory support for the Utilities;
unfavorable changes in economic conditions, such as sustained inflation, higher interest rates or recession, may negatively impact the ability of the Company’s customers to pay their utility bills or loan payments, reduce loan production, and increase operating costs of the Utilities or Bank that cannot be passed on to, or recovered, from customers;
the risks associated with increasing reliance on renewable energy, including the availability and cost of non-fossil fuel supplies for renewable energy generation and the operational impacts of adding intermittent sources of renewable energy to the electric grid;
the growing risk that energy production from renewable generating resources may be curtailed and the interconnection of additional resources will be constrained as more generating resources are added to the Utilities’ electric systems and as customers reduce their energy usage;
the ability of IPPs to deliver the firm capacity anticipated in their power purchase agreements (PPAs);
the potential that, as IPP contracts near the end of their terms, there may be less economic incentive for the IPPs to make investments in their units to ensure the availability of their units;
the ability of the Utilities to negotiate, periodically, favorable agreements for significant resources such as fuel supply contracts and collective bargaining agreements and avoid or mitigate labor disputes and work stoppages;
new technological developments that could affect the operations and prospects of the Utilities and ASB or their competitors such as the commercial development of energy storage and microgrids and banking through alternative channels, including use of digital currencies, which could include a central bank digital currency;
cybersecurity risks and the potential for cyber incidents, including potential incidents at HEI, its third-party vendors, and its subsidiaries (including at ASB branches, electric utility plants and IPP-owned facilities) and incidents at data processing centers used, to the extent not prevented by intrusion detection and prevention systems, anti-virus software, firewalls and other general IT controls;
failure to achieve remaining cost savings commitment related to the management audit committed savings of $33 million over the 2021 to 2025 multi-year rate period (MRP);
federal, state, county and international governmental and regulatory actions, such as existing, new and changes in laws, rules and regulations applicable to HEI, the Utilities and ASB (including changes in taxation and tax rates, increases in capital requirements, regulatory policy changes, environmental laws and regulations (including resulting compliance costs and risks of fines and penalties and/or liabilities), the regulation of greenhouse gas emissions, governmental fees and assessments (such as
v


Federal Deposit Insurance Corporation assessments), and potential carbon pricing or “cap and trade” legislation that may fundamentally alter costs to produce electricity and accelerate the move to renewable generation);
developments in laws, regulations and policies governing protections for historic, archaeological and cultural sites, and plant and animal species and habitats, as well as developments in the implementation and enforcement of such laws, regulations and policies;
discovery of conditions that may be attributable to historical chemical releases, including any necessary investigation and remediation, and any associated enforcement, litigation or regulatory oversight;
decisions by the PUC in rate cases and other proceedings (including the risks of delays in the timing of decisions, adverse changes in final decisions from interim decisions and the disallowance of project costs as a result of adverse regulatory audit reports or otherwise);
decisions by the PUC and by other agencies and courts on land use, environmental and other permitting issues (such as required corrective actions, restrictions and penalties that may arise, such as with respect to environmental conditions or RPS);
potential enforcement actions by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC) and/or other governmental authorities (such as consent orders, required corrective actions, restrictions and penalties that may arise, for example, with respect to compliance deficiencies under existing or new banking and consumer protection laws and regulations or with respect to capital adequacy);
the risks associated with the geographic concentration of HEI’s businesses and ASB’s loans, ASB’s concentration in a single product type (i.e., first mortgages) and ASB’s significant credit relationships (i.e., concentrations of large loans and/or credit lines with certain customers);
changes in accounting principles applicable to HEI and its subsidiaries, including the adoption of new U.S. accounting standards, the potential discontinuance of regulatory accounting related to PBR or other regulatory changes, the effects of potentially required consolidation of variable interest entities (VIEs), or required finance lease or on-balance-sheet operating lease accounting for PPAs with IPPs;
downgrades by securities rating agencies in their ratings of the securities of HEI and Hawaiian Electric and their impact on results of financing efforts;
faster than expected loan prepayments that can cause a decrease in net interest income and portfolio yields, an acceleration of the amortization of premiums on loans and investments and the impairment of mortgage-servicing assets of ASB;
changes in ASB’s loan portfolio credit profile and asset quality and/or mix, which may increase or decrease the required level of provision for credit losses, allowance for credit losses (ACL) and charge-offs;
changes in ASB’s deposit cost or mix which may have an adverse impact on ASB’s cost of funds;
unanticipated changes from the expected discontinuance of LIBOR and the transition to an alternative reference rate, which may include adverse impacts to the Company’s cost of capital, loan portfolio and interest income on loans;
the final outcome of tax positions taken by HEI and its subsidiaries;
the risks of suffering losses and incurring liabilities that are uninsured (e.g., damages to the Utilities’ transmission and distribution system and losses from business interruption) or underinsured (e.g., losses not covered as a result of insurance deductibles or other exclusions or exceeding policy limits), and the risks associated with the operation of transmission and distribution assets and power generation facilities, including public and employee safety issues, and assets causing or contributing to wildfires;
the ability of the Company’s non-regulated subsidiary, Pacific Current, LLC (Pacific Current), to achieve its performance and growth objectives, which in turn could affect its ability to service its non-recourse debt;
the Company’s reliance on third parties and the risk of their non-performance, which has increased due to the impact from the COVID-19 pandemic; and
other risks or uncertainties described elsewhere in this report and in other reports (e.g., “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K) previously and subsequently filed by HEI and/or Hawaiian Electric with the Securities and Exchange Commission.
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, ASB, Pacific Current and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether written or oral and whether as a result of new information, future events or otherwise.
vi


PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (unaudited)
Three months ended June 30 Six months ended June 30
(in thousands, except per share amounts) 2022 2021 2022 2021
Revenues        
Electric utility $ 818,873  $ 601,879  $ 1,527,665  $ 1,166,743 
Bank 75,324  77,260  150,439  154,391 
Other 1,410  1,118  2,571  2,069 
Total revenues 895,607  680,257  1,680,675  1,323,203 
Expenses        
Electric utility 747,719  534,195  1,382,916  1,029,945 
Bank 53,401  37,454  98,486  79,289 
Other 7,819  6,752  13,329  14,082 
Total expenses 808,939  578,401  1,494,731  1,123,316 
Operating income (loss)        
Electric utility 71,154  67,684  144,749  136,798 
Bank 21,923  39,806  51,953  75,102 
Other (6,409) (5,634) (10,758) (12,013)
Total operating income 86,668  101,856  185,944  199,887 
Retirement defined benefits credit—other than service costs 1,246  1,216  2,489  3,651 
Interest expense, net—other than on deposit liabilities and other bank borrowings
(24,965) (23,317) (49,314) (47,053)
Allowance for borrowed funds used during construction 798  812  1,576  1,559 
Allowance for equity funds used during construction 2,470  2,377  4,879  4,568 
Gain on sales of investment securities, net and equity-method investment —  —  8,123  528 
Income before income taxes 66,217  82,944  153,697  163,140 
Income taxes 13,203  18,599  31,043  33,964 
Net income 53,014  64,345  122,654  129,176 
Preferred stock dividends of subsidiaries 473  473  946  946 
Net income for common stock $ 52,541  $ 63,872  $ 121,708  $ 128,230 
Basic earnings per common share $ 0.48  $ 0.58  $ 1.11  $ 1.17 
Diluted earnings per common share $ 0.48  $ 0.58  $ 1.11  $ 1.17 
Weighted-average number of common shares outstanding 109,432  109,282  109,397  109,252 
Net effect of potentially dilutive shares 230  233  317  305 
Weighted-average shares assuming dilution 109,662  109,515  109,714  109,557 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

1


Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)
  Three months ended June 30 Six months ended June 30
(in thousands) 2022 2021 2022 2021
Net income for common stock $ 52,541  $ 63,872  $ 121,708  $ 128,230 
Other comprehensive income (loss), net of taxes:        
Net unrealized gains (losses) on available-for-sale investment securities:        
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes of $(32,529), $6,214, $(76,608) and $(10,402), respectively
(88,857) 16,976  (209,264) (28,414)
Reclassification adjustment for net realized gains included in net income, net of taxes of nil, nil, nil and $(142), respectively
—  —  —  (387)
Derivatives qualifying as cash flow hedges:        
Unrealized interest rate hedging gains (losses) arising during the period, net of taxes of $273, $(243), $1,319 and $299, respectively
786  (701) 3,803  861 
Reclassification adjustment for net realized losses included in net income, net of taxes of $18, nil, $37 and nil, respectively
53  —  108  — 
Retirement benefit plans:        
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes of $44, $2,086, $1,606 and $4,170, respectively
122  6,008  4,623  12,018 
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $19, $(2,016), $(1,481) and $(4,031), respectively
56  (5,811) (4,269) (11,622)
Other comprehensive income (loss), net of taxes (87,840) 16,472  (204,999) (27,544)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc. $ (35,299) $ 80,344  $ (83,291) $ 100,686 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

2


Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited) 
(dollars in thousands) June 30, 2022 December 31, 2021
Assets    
Cash and cash equivalents $ 159,672  $ 305,551 
Restricted cash 5,386  5,911 
Accounts receivable and unbilled revenues, net 457,470  344,213 
Available-for-sale investment securities, at fair value 2,444,267  2,574,618 
Held-to-maturity investment securities, at amortized cost 513,767  522,270 
Stock in Federal Home Loan Bank, at cost 13,200  10,000 
Loans held for investment, net 5,357,539  5,139,984 
Loans held for sale, at lower of cost or fair value 3,738  10,404 
Property, plant and equipment, net of accumulated depreciation of $3,122,324 and $3,028,130 at June 30, 2022 and December 31, 2021, respectively
5,429,420  5,392,068 
Operating lease right-of-use assets 120,600  122,416 
Regulatory assets 530,900  565,543 
Other 883,594  747,469 
Goodwill 82,190  82,190 
Total assets $ 16,001,743  $ 15,822,637 
Liabilities and shareholders’ equity    
Liabilities    
Accounts payable $ 244,239  $ 205,544 
Interest and dividends payable 20,661  19,889 
Deposit liabilities 8,253,536  8,172,212 
Short-term borrowings—other than bank 124,017  53,998 
Other bank borrowings 241,610  88,305 
Long-term debt, net—other than bank 2,374,500  2,321,937 
Deferred income taxes 302,346  384,760 
Operating lease liabilities 136,445  136,760 
Regulatory liabilities 1,008,075  996,768 
Defined benefit pension and other postretirement benefit plans liability 341,535  348,072 
Other 686,982  669,215 
Total liabilities 13,733,946  13,397,460 
Preferred stock of subsidiaries - not subject to mandatory redemption 34,293  34,293 
Commitments and contingencies (Notes 3 and 4)
Shareholders’ equity    
Preferred stock, no par value, authorized 10,000,000 shares; issued: none
—  — 
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 109,466,829 shares and 109,311,785 shares at June 30, 2022 and December 31, 2021, respectively
1,688,009  1,685,496 
Retained earnings 803,027  757,921 
Accumulated other comprehensive loss, net of tax benefits (257,532) (52,533)
Total shareholders’ equity 2,233,504  2,390,884 
Total liabilities and shareholders’ equity $ 16,001,743  $ 15,822,637 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

3


Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited) 
  Common stock Retained Accumulated
other
comprehensive
 
(in thousands) Shares Amount Earnings income (loss) Total
Balance, December 31, 2021 109,312  $ 1,685,496  $ 757,921  $ (52,533) $ 2,390,884 
Net income for common stock —  —  69,167  —  69,167 
Other comprehensive loss, net of tax benefits —  —  —  (117,159) (117,159)
Share-based expenses and other, net 119  (949) —  —  (949)
Common stock dividends (35¢ per share)
—  —  (38,301) —  (38,301)
Balance, March 31, 2022 109,431  1,684,547  788,787  (169,692) 2,303,642 
Net income for common stock —  —  52,541  —  52,541 
Other comprehensive loss, net of tax benefits —  —  —  (87,840) (87,840)
Share-based expenses and other, net 36  3,462  —  —  3,462 
Common stock dividends (35¢ per share)
—  —  (38,301) —  (38,301)
Balance, June 30, 2022 109,467  $ 1,688,009  $ 803,027  $ (257,532) $ 2,233,504 
Balance, December 31, 2020 109,181  $ 1,678,368  $ 660,398  $ (1,264) $ 2,337,502 
Net income for common stock —  —  64,358  —  64,358 
Other comprehensive loss, net of tax benefits —  —  —  (44,016) (44,016)
Share-based expenses and other, net 100  605  —  —  605 
Common stock dividends (34¢ per share)
—  —  (37,156) —  (37,156)
Balance, March 31, 2021 109,281  1,678,973  687,600  (45,280) 2,321,293 
Net income for common stock —  —  63,872  —  63,872 
Other comprehensive income, net of taxes —  —  —  16,472  16,472 
Share-based expenses and other, net 30  2,847  —  —  2,847 
Common stock dividends (34¢ per share)
—  —  (37,155) —  (37,155)
Balance, June 30, 2021 109,311  $ 1,681,820  $ 714,317  $ (28,808) $ 2,367,329 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

4


Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
Six months ended June 30
(in thousands) 2022 2021
Cash flows from operating activities    
Net income $ 122,654  $ 129,176 
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation of property, plant and equipment 126,112  122,921 
Other amortization 19,134  17,896 
Provision for credit losses (506) (20,642)
Loans originated, held for sale (108,695) (239,761)
Proceeds from sale of loans, held for sale 114,299  266,497 
Gain on sales of investment securities, net and equity-method investment (8,123) (528)
Gain on sale of loans, net (1,449) (6,225)
Deferred income taxes (14,683) (7,355)
Share-based compensation expense 5,593  5,454 
Allowance for equity funds used during construction (4,879) (4,568)
Other (3,858) (5,037)
Changes in assets and liabilities    
Increase in accounts receivable and unbilled revenues, net (101,641) (41,884)
Increase in fuel oil stock (119,890) (43,681)
Decrease (increase) in regulatory assets 12,956  (17,731)
Increase in regulatory liabilities 11,288  5,824 
Increase in accounts, interest and dividends payable 62,115  2,683 
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes 22,173  (1,818)
Decrease in defined benefit pension and other postretirement benefit plans liability (2,698) (3,834)
Change in other assets and liabilities (55,260) (39,800)
Net cash provided by operating activities 74,642  117,587 
Cash flows from investing activities    
Available-for-sale investment securities purchased (366,177) (1,101,289)
Principal repayments on available-for-sale investment securities 209,094  320,597 
Proceeds from sale of available-for-sale investment securities —  197,354 
Purchases of held-to-maturity investment securities —  (187,172)
Proceeds from repayments or maturities of held-to-maturity investment securities 7,932  38,401 
Purchase of stock from Federal Home Loan Bank (18,720) (32,780)
Redemption of stock from Federal Home Loan Bank 15,520  31,460 
Net decrease (increase) in loans held for investment (212,744) 91,686 
Proceeds from sale of residential loans —  17,398 
Capital expenditures (147,749) (148,414)
Contributions to low income housing investments —  (6,478)
Other 15,813  7,805 
Net cash used in investing activities (497,031) (771,432)
(continued)

5


Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited) (continued)
Six months ended June 30
(in thousands) 2022 2021
Cash flows from financing activities    
Net increase in deposit liabilities 81,324  486,473 
Net increase in short-term borrowings with original maturities of three months or less 70,019  31,257 
Net increase in other bank borrowings with original maturities of three months or less 153,305  39,995 
Repayment of short-term debt —  (65,000)
Proceeds from issuance of long-term debt 67,312  191,487 
Repayment of long-term debt (15,030) (51,989)
Withheld shares for employee taxes on vested share-based compensation (3,079) (2,002)
Common stock dividends (76,602) (74,311)
Preferred stock dividends of subsidiaries (946) (946)
Other (318) (2,037)
Net cash provided by financing activities 275,985  552,927 
Net decrease in cash, cash equivalents and restricted cash (146,404) (100,918)
Cash, cash equivalents and restricted cash, beginning of period 311,462  358,979 
Cash, cash equivalents and restricted cash, end of period 165,058  258,061 
Less: Restricted cash (5,386) (10,618)
Cash and cash equivalents, end of period $ 159,672  $ 247,443 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.
6


Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (unaudited)
Three months ended June 30 Six months ended June 30
(in thousands) 2022 2021 2022 2021
Revenues $ 818,873  $ 601,879  $ 1,527,665  $ 1,166,743 
Expenses        
Fuel oil 269,655  139,136  490,941  266,563 
Purchased power 218,085  162,465  381,618  304,761 
Other operation and maintenance 124,892  118,142  250,149  232,712 
Depreciation 58,739  57,381  117,210  114,736 
Taxes, other than income taxes 76,348  57,071  142,998  111,173 
Total expenses 747,719  534,195  1,382,916  1,029,945 
Operating income 71,154  67,684  144,749  136,798 
Allowance for equity funds used during construction 2,470  2,377  4,879  4,568 
Retirement defined benefits credit —other than service costs 991  1,020  1,981  2,041 
Interest expense and other charges, net (18,800) (17,995) (37,126) (35,978)
Allowance for borrowed funds used during construction 798  812  1,576  1,559 
Income before income taxes 56,613  53,898  116,059  108,988 
Income taxes 11,979  11,498  24,517  22,731 
Net income 44,634  42,400  91,542  86,257 
Preferred stock dividends of subsidiaries 229  229  458  458 
Net income attributable to Hawaiian Electric 44,405  42,171  91,084  85,799 
Preferred stock dividends of Hawaiian Electric 270  270  540  540 
Net income for common stock $ 44,135  $ 41,901  $ 90,544  $ 85,259 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.
HEI owns all of the common stock of Hawaiian Electric. Therefore, per share data with respect to shares of common stock of Hawaiian Electric are not meaningful.

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)
  Three months ended June 30 Six months ended June 30
(in thousands) 2022 2021 2022 2021
Net income for common stock $ 44,135  $ 41,901  $ 90,544  $ 85,259 
Other comprehensive income, net of taxes:        
Retirement benefit plans:        
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes of $(2), $2,028, $1,516 and $4,055, respectively
(5) 5,846  4,371  11,691 
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $19, $(2,016), $(1,481) and $(4,031), respectively
56  (5,811) (4,269) (11,622)
Other comprehensive income, net of taxes 51  35  102  69 
Comprehensive income attributable to Hawaiian Electric Company, Inc.
$ 44,186  $ 41,936  $ 90,646  $ 85,328 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.
7


Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
(dollars in thousands, except par value) June 30, 2022 December 31, 2021
Assets    
Property, plant and equipment
Utility property, plant and equipment    
Land $ 52,060  $ 51,937 
Plant and equipment 7,840,615  7,735,983 
Less accumulated depreciation (3,026,295) (2,940,517)
Construction in progress 226,679  204,569 
Utility property, plant and equipment, net 5,093,059  5,051,972 
Nonutility property, plant and equipment, less accumulated depreciation of $61 and $59 as of June 30, 2022 and December 31, 2021, respectively
6,947  6,949 
Total property, plant and equipment, net 5,100,006  5,058,921 
Current assets    
Cash and cash equivalents 15,503  52,169 
Restricted cash 1,129  3,089 
Customer accounts receivable, net 247,270  186,859 
Accrued unbilled revenues, net 178,876  129,155 
Other accounts receivable, net 10,388  7,267 
Fuel oil stock, at average cost 223,787  104,078 
Materials and supplies, at average cost 74,581  71,877 
Prepayments and other 36,540  46,031 
Regulatory assets 73,578  66,664 
Total current assets 861,652  667,189 
Other long-term assets    
Operating lease right-of-use assets 99,690  101,470 
Regulatory assets 457,322  498,879 
Other 168,326  165,166 
Total other long-term assets 725,338  765,515 
Total assets $ 6,686,996  $ 6,491,625 
Capitalization and liabilities    
Capitalization    
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 17,753,533 shares at
June 30, 2022 and December 31, 2021)
$ 118,376  $ 118,376 
Premium on capital stock 798,526  798,526 
Retained earnings 1,375,871  1,348,277 
Accumulated other comprehensive loss, net of tax benefits-retirement benefit plans (3,178) (3,280)
Common stock equity 2,289,595  2,261,899 
Cumulative preferred stock — not subject to mandatory redemption 34,293  34,293 
Long-term debt, net 1,684,520  1,624,427 
Total capitalization 4,008,408  3,920,619 
Commitments and contingencies (Note 3)
Current liabilities    
Current portion of operating lease liabilities 27,976  49,368 
Current portion of long-term debt, net 51,988  51,975 
Short-term borrowings from non-affiliates 54,987  — 
Accounts payable 199,156  160,007 
Interest and preferred dividends payable 17,796  17,325 
Taxes accrued, including revenue taxes 211,999  208,280 
Regulatory liabilities 22,633  29,760 
Other 80,624  71,569 
Total current liabilities 667,159  588,284 
Deferred credits and other liabilities    
Operating lease liabilities 86,111  65,780 
Deferred income taxes 400,110  408,634 
Regulatory liabilities 985,442  967,008 
Unamortized tax credits 100,112  103,945 
Defined benefit pension and other postretirement benefit plans liability 315,475  321,780 
Other 124,179  115,575 
Total deferred credits and other liabilities 2,011,429  1,982,722 
Total capitalization and liabilities $ 6,686,996  $ 6,491,625 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.
8


Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Common Stock Equity (unaudited)
 
  Common stock Premium
on
capital
Retained Accumulated
other
comprehensive
 
(in thousands) Shares Amount stock earnings income (loss) Total
Balance, December 31, 2021 17,753  $ 118,376  $ 798,526  $ 1,348,277  $ (3,280) $ 2,261,899 
Net income for common stock —  —  —  46,409  —  46,409 
Other comprehensive income, net of taxes —  —  —  —  51  51 
Common stock dividends —  —  —  (31,475) —  (31,475)
Balance, March 31, 2022 17,753  118,376  798,526  1,363,211  (3,229) 2,276,884 
Net income for common stock —  —  —  44,135  —  44,135 
Other comprehensive income, net of taxes —  —  —  —  51  51 
Common stock dividends —  —  —  (31,475) —  (31,475)
Balance, June 30, 2022 17,753  $ 118,376  $ 798,526  $ 1,375,871  $ (3,178) $ 2,289,595 
Balance, December 31, 2020 17,324  $ 115,515  $ 746,987  $ 1,282,335  $ (2,919) $ 2,141,918 
Net income for common stock —  —  —  43,358  —  43,358 
Other comprehensive income, net of taxes —  —  —  —  34  34 
Common stock dividends —  —  —  (27,925) —  (27,925)
Balance, March 31, 2021 17,324  115,515  746,987  1,297,768  (2,885) 2,157,385 
Net income for common stock —  —  —  41,901  —  41,901 
Other comprehensive income, net of taxes —  —  —  —  35  35 
Common stock dividends —  —  —  (27,925) —  (27,925)
Balance, June 30, 2021 17,324  $ 115,515  $ 746,987  $ 1,311,744  $ (2,850) $ 2,171,396 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.


9


Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
Six months ended June 30
(in thousands) 2022 2021
Cash flows from operating activities    
Net income $ 91,542  $ 86,257 
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation of property, plant and equipment 117,210  114,736 
Other amortization 12,703  12,245 
Deferred income taxes (15,964) (11,871)
State refundable credit (5,517) (5,309)
Bad debt expense 3,128  810 
Allowance for equity funds used during construction (4,879) (4,568)
Other (4) 810 
Changes in assets and liabilities    
Increase in accounts receivable (51,927) (12,972)
Increase in accrued unbilled revenues (49,711) (31,398)
Increase in fuel oil stock (119,709) (43,828)
Increase in materials and supplies (2,704) (5,615)
Decrease (increase) in regulatory assets 12,956  (17,731)
Increase in regulatory liabilities 11,288  5,824 
Increase in accounts payable 59,850  12,297 
Change in prepaid and accrued income taxes, tax credits and revenue taxes 10,016  (9,051)
Decrease in defined benefit pension and other postretirement benefit plans liability (2,515) (2,549)
Change in other assets and liabilities (21,613) (30,634)
Net cash provided by operating activities 44,150  57,453 
Cash flows from investing activities    
Capital expenditures (140,245) (138,025)
Other 6,685  4,670 
Net cash used in investing activities (133,560) (133,355)
Cash flows from financing activities    
Common stock dividends (62,950) (55,850)
Preferred stock dividends of Hawaiian Electric and subsidiaries (998) (998)
Repayment of short-term debt —  (50,000)
Proceeds from issuance of long-term debt 60,000  115,000 
Net increase in short-term borrowings from non-affiliates and affiliates with original maturities of three months or less 54,987  37,999 
Other (255) (941)
Net cash provided by financing activities 50,784  45,210 
Net decrease in cash, cash equivalents and restricted cash (38,626) (30,692)
Cash, cash equivalents and restricted cash, beginning of period 55,258  63,326 
Cash, cash equivalents and restricted cash, end of period 16,632  32,634 
Less: Restricted cash (1,129) (8,968)
Cash and cash equivalents, end of period $ 15,503  $ 23,666 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.

10


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Note 1 · Basis of presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, the instructions to SEC Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In preparing the unaudited condensed consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses for the period. Actual results could differ significantly from those estimates. The accompanying unaudited condensed consolidated financial statements and the following notes should be read in conjunction with the audited consolidated financial statements and the notes thereto in HEI’s and Hawaiian Electric’s Form 10-K for the year ended December 31, 2021.
In the opinion of HEI’s and Hawaiian Electric’s management, the accompanying unaudited condensed consolidated financial statements contain all material adjustments required by GAAP to fairly state consolidated HEI’s and Hawaiian Electric’s financial positions as of June 30, 2022 and December 31, 2021 and the results of their operations for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. All such adjustments are of a normal recurring nature, unless otherwise disclosed below or in other referenced material. Results of operations for interim periods are not necessarily indicative of results for the full year.
Recent accounting pronouncements.
Credit Losses. In March 2022, Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. The amendments in this update also require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, “Financial Instruments-Credit Losses-Measured at Amortized Cost.” Gross write-off information must be included in the vintage disclosures required for public business entities in accordance with paragraph 325-20-50-6, which requires that an entity disclose the amortized cost basis of financing receivables by credit-quality indicator and class of financing receivable by year of origination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. ASB is assessing the requirements of the ASU.
11


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - continued (Unaudited)
Note 2 · Segment financial information
(in thousands)  Electric utility Bank Other Total
Three months ended June 30, 2022        
Revenues from external customers $ 818,873  $ 75,324  $ 1,410  $ 895,607 
Intersegment revenues (eliminations) —  —  —  — 
Revenues $ 818,873  $ 75,324  $ 1,410  $ 895,607 
Income (loss) before income taxes $ 56,613  $ 22,109  $ (12,505) $ 66,217 
Income taxes (benefit) 11,979  4,643  (3,419) 13,203 
Net income (loss) 44,634  17,466  (9,086) 53,014 
Preferred stock dividends of subsidiaries 499  —  (26) 473 
Net income (loss) for common stock $ 44,135  $ 17,466  $ (9,060) $ 52,541 
Six months ended June 30, 2022        
Revenues from external customers $ 1,527,661  $ 150,439  $ 2,575  $ 1,680,675 
Intersegment revenues (eliminations) —  (4) — 
Revenues $ 1,527,665  $ 150,439  $ 2,571  $ 1,680,675 
Income (loss) before income taxes $ 116,059  $ 52,324  $ (14,686) $ 153,697 
Income taxes (benefit) 24,517  10,988  (4,462) 31,043 
Net income (loss) 91,542  41,336  (10,224) 122,654 
Preferred stock dividends of subsidiaries 998  —  (52) 946 
Net income (loss) for common stock $ 90,544  $ 41,336  $ (10,172) $ 121,708 
Total assets (at June 30, 2022)
$ 6,686,996  $ 9,214,865  $ 99,882  $ 16,001,743 
Three months ended June 30, 2021        
Revenues from external customers $ 601,869  $ 77,260  $ 1,128  $ 680,257 
Intersegment revenues (eliminations) 10  —  (10) — 
Revenues $ 601,879  $ 77,260  $ 1,118  $ 680,257 
Income (loss) before income taxes $ 53,898  $ 39,992  $ (10,946) $ 82,944 
Income taxes (benefit) 11,498  9,708  (2,607) 18,599 
Net income (loss) 42,400  30,284  (8,339) 64,345 
Preferred stock dividends of subsidiaries 499  —  (26) 473 
Net income (loss) for common stock $ 41,901  $ 30,284  $ (8,313) $ 63,872 
Six months ended June 30, 2021        
Revenues from external customers $ 1,166,724  $ 154,391  $ 2,088  $ 1,323,203 
Intersegment revenues (eliminations) 19  —  (19) — 
Revenues $ 1,166,743  $ 154,391  $ 2,069  $ 1,323,203 
Income (loss) before income taxes $ 108,988  $ 77,094  $ (22,942) $ 163,140 
Income taxes (benefit) 22,731  17,254  (6,021) 33,964 
Net income (loss) 86,257  59,840  (16,921) 129,176 
Preferred stock dividends of subsidiaries 998  —  (52) 946 
Net income (loss) for common stock $ 85,259  $ 59,840  $ (16,869) $ 128,230 
Total assets (at December 31, 2021) $ 6,491,625  $ 9,181,603  $ 149,409  $ 15,822,637 
 
Intercompany electricity sales of the Utilities to ASB and “other” segments are not eliminated because those segments would need to purchase electricity from another source if it were not provided by the Utilities and the profit on such sales is nominal.
Hamakua Energy, LLC’s (Hamakua Energy’s) sales to Hawaii Electric Light (a regulated affiliate) are eliminated in consolidation.
12


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - continued (Unaudited)
Note 3 · Electric utility segment
Unconsolidated variable interest entities.
Power purchase agreements.  As of June 30, 2022, the Utilities had five PPAs for firm capacity (including the Puna Geothermal Venture PPA that went offline in May 2018 due to lava flow on Hawaii Island, but returned to service with firm capacity of 13.0 MW in the first quarter of 2021, ramped up to 23.9 MW in the second quarter of 2021, and further increased to 25.7 MW in June 2022) and other PPAs with independent power producers (IPPs) and Schedule Q providers (i.e., customers with cogeneration and/or power production facilities who buy power from or sell power to the Utilities), none of which are currently required to be consolidated as VIEs.
Pursuant to the current accounting standards for VIEs, the Utilities are deemed to have a variable interest in Kalaeloa Partners, L.P. (Kalaeloa), AES Hawaii, Inc. (AES Hawaii) and Hamakua Energy by reason of the provisions of the PPA that the Utilities have with the three IPPs. However, management has concluded that the Utilities are not the primary beneficiary of Kalaeloa, AES Hawaii and Hamakua Energy because the Utilities do not have the power to direct the activities that most significantly impact the three IPPs’ economic performance nor the obligation to absorb their expected losses, if any, that could potentially be significant to the IPPs. Thus, the Utilities have not consolidated Kalaeloa, AES Hawaii and Hamakua Energy in its condensed consolidated financial statements. However, Hamakua Energy is an indirect subsidiary of Pacific Current and is consolidated in HEI’s condensed consolidated financial statements.
For the other PPAs with IPPs, the Utilities have concluded that the consolidation of the IPPs was not required because either the Utilities do not have variable interests in the IPPs due to the absence of an obligation in the PPAs for the Utilities to absorb any variability of the IPPs, or the IPP was considered a “governmental organization,” and thus excluded from the scope of accounting standards for VIEs. The consolidation of any significant IPP could have a material effect on the unaudited condensed consolidated financial statements, including the recognition of a significant amount of assets and liabilities and, if such a consolidated IPP were operating at a loss and had insufficient equity, the potential recognition of such losses. If the Utilities determine they are required to consolidate the financial statements of such an IPP and the consolidation has a material effect, the Utilities would retrospectively apply accounting standards for VIEs to the IPP.
Commitments and contingencies.
Contingencies. The Utilities are subject in the normal course of business to pending and threatened legal proceedings. Management does not anticipate that the aggregate ultimate liability arising out of these pending or threatened legal proceedings will be material to its financial position. However, the Utilities cannot rule out the possibility that such outcomes could have a material effect on the results of operations or liquidity for a particular reporting period in the future.
Power purchase agreements.  Purchases from all IPPs were as follows:
  Three months ended June 30 Six months ended June 30
(in millions) 2022 2021 2022 2021
Kalaeloa $ 83  $ 49  $ 143  $ 86 
AES Hawaii 34  36  61  66 
HPOWER 19  14  38  31 
Hamakua Energy 14  12  30  23 
Puna Geothermal Venture 14  24  11 
Wind IPPs 38  28  56  57 
Solar IPPs 13  16  26  28 
Other IPPs 1
Total IPPs $ 218  $ 163  $ 382  $ 305 
1Includes hydro power and other PPAs
Kalaeloa Partners, L.P.  Under a 1988 PPA, as amended, Hawaiian Electric is committed to purchase 208 MW of firm capacity from Kalaeloa. In October 2021, Hawaiian Electric and Kalaeloa signed the Amended and Restated Power Purchase Agreement for Firm Dispatchable Capacity and Energy (Amended and Restated PPA) to extend the PPA for an additional term of 10 years. In November 2021, Hawaiian Electric submitted an application for approval of the Amended and Restated PPA to the PUC, which is pending approval before the PUC. The price of purchases from Kalaeloa in the second quarter of 2022 have increased 69% over the second quarter of 2021, primarily due to increased fuel oil cost.
13


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - continued (Unaudited)
AES Hawaii, Inc. Under a PPA entered into in March 1988, as amended (through Amended and Restated Amendment No. 4) for a period of 30 years ending September 2022, Hawaiian Electric agreed to purchase 180 MW of firm capacity from AES Hawaii. Hawaiian Electric does not intend to extend the term of the PPA which will expire on September 1, 2022.
Hu Honua Bioenergy, LLC (Hu Honua). In May 2012, Hawaii Electric Light signed a PPA, which the PUC approved in December 2013, with Hu Honua for 21.5 MW of renewable, dispatchable firm capacity fueled by locally grown biomass from a facility on the island of Hawaii. Under the terms of the PPA, the Hu Honua plant was scheduled to be in service in 2016. However, Hu Honua encountered construction and litigation delays, which resulted in an amended and restated PPA between Hawaii Electric Light and Hu Honua dated May 9, 2017. In July 2017, the PUC approved the amended and restated PPA, which becomes effective once the PUC’s order is final and non-appealable. In August 2017, the PUC’s approval was appealed by a third party. On May 10, 2019, the Hawaii Supreme Court issued a decision remanding the matter to the PUC for further proceedings consistent with the court’s decision, which must include express consideration of greenhouse gas (GHG) emissions that would result from approving the PPA, whether the cost of energy under the PPA is reasonable in light of the potential for GHG emissions, and whether the terms of the PPA are prudent and in the public interest, in light of its potential hidden and long-term consequences. As a result, the PUC reopened the docket for further proceedings, including re-examining all of the issues in the proceedings. On July 9, 2020, the PUC issued an order denying Hawaii Electric Light’s request to waive the amended and restated PPA from the PUC’s competitive bidding requirements and therefore, dismissed the request for approval of the amended and restated PPA without prejudice to possible participation in any future competitive bidding process. On September 9, 2020, the PUC denied Hu Honua’s motion for reconsideration of the PUC’s order. Hu Honua filed its notice of appeal to the Hawaii Supreme Court of the PUC’s order denying Hu Honua’s motion for reconsideration. On May 24, 2021, the Hawaii Supreme Court vacated the PUC’s decision and remanded the matter back to the PUC for further proceedings. On June 30, 2021, the PUC issued an order reopening the docket consistent with the Hawaii Supreme Court’s order. A contested case hearing was held in March 2022. On May 23, 2022, the PUC issued a decision and order denying the amended and restated PPA, based on, among other things, findings that: (1) the project will result in significant GHG emissions, (2) Hu Honua’s proposed carbon commitment to sequester more GHG emissions than produced by the project are speculative and unsupported, (3) the amended and restated PPA is likely to result in high costs to customers through its relatively high cost of electricity and through potential displacement of other, lower cost, renewable resources, and (4) based on the foregoing, approving the amended and restated PPA is not prudent or in the public interest. On June 2, 2022, Hawaii Electric Light and Hu Honua filed their separate motions for reconsideration. On June 24, 2022, the PUC issued an order denying Hawaii Electric Light and Hu Honua’s respective motions for reconsideration. On June 29, 2022, Hu Honua filed its notice of appeal to the Hawaii Supreme Court of the PUC’s May 23, 2022 decision and order denying the amended and restated PPA, and the PUC’s June 24, 2022 order denying Hawaii Electric Light and Hu Honua’s motions for reconsideration.
Molokai New Energy Partners (MNEP). In July 2018, the PUC approved Maui Electric’s PPA with MNEP to purchase solar energy from a photovoltaic (PV) plus battery storage project. The 4.88 MW PV and 3 MW Battery Energy Storage System project was to deliver no more than 2.64 MW at any time to the Molokai system. On March 25, 2020, MNEP filed a complaint in the United Stated District Court for the District of Hawaii against Maui Electric claiming breach of contract. On June 3, 2020, Maui Electric provided Notice of Default and Termination of the PPA to MNEP terminating the PPA with an effective date of July 10, 2020. Thereafter, MNEP filed an amended Complaint to include claims relating to the termination and Hawaiian Electric filed its Answer to the Amended Complaint on September 11, 2020, disputing the facts presented by MNEP and all claims within the original and amended complaint. Currently, the discovery phase is ongoing.
Utility projects.  Many public utility projects require PUC approval and various permits from other governmental agencies. Difficulties in obtaining, or the inability to obtain, the necessary approvals or permits or community support can result in significantly increased project costs or even cancellation of projects. In the event a project does not proceed, or if it becomes probable the PUC will disallow cost recovery for all or part of a project, or if PUC-imposed caps on project costs are expected to be exceeded, project costs may need to be written off in amounts that could result in significant reductions in Hawaiian Electric’s consolidated net income.
Enterprise Resource Planning/Enterprise Asset Management (ERP/EAM) implementation project. The ERP/EAM Implementation Project went live in October 2018. Hawaii Electric Light and Hawaiian Electric began to incorporate their portion of the deferred project costs in rate base and started the amortization over a 12-year period in January 2020 and November 2020, respectively. The PUC required a minimum of $246 million ERP/EAM project-related benefit to be delivered to customers over the system’s 12-year service life.
In February 2019, the PUC approved a methodology for passing the future cost saving benefits of the new ERP/EAM system to customers developed by the Utilities in collaboration with the Consumer Advocate. The Utilities filed a benefits clarification document on June 10, 2019, reflecting $150 million in future net O&M expense reductions and cost avoidance, and
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$96 million in capital cost reductions and tax savings over the 12-year service life. To the extent the reduction in O&M expense relates to amounts reflected in electric rates, the Utilities would reduce future rates for such amounts. In October 2019, the PUC approved the Utilities and the Consumer Advocate’s Stipulated Performance Metrics and Tracking Mechanism. As of June 30, 2022, the Utilities’ regulatory liability was $9.6 million ($4.8 million for Hawaiian Electric, $1.9 million for Hawaii Electric Light and $2.9 million for Maui Electric) for the O&M expense savings that are being amortized or to be included in future rates. As part of the settlement agreement approved in the Hawaiian Electric 2020 test year rate case, the regulatory liability for Hawaiian Electric will be amortized over five years, beginning in November 2020, and the O&M benefits for Hawaiian Electric was considered flowed through to customers.
On July 7, 2021, the PUC issued an order modifying the reporting frequency of the Semi-Annual Enterprise System Benefits (SAESB) reports to an Annual Enterprise System Benefits (AESB) report on the achieved benefits savings. The most recent AESB report was filed on February 14, 2022 for the period January 1 through December 31, 2021.
West Loch PV Project. In November 2019, Hawaiian Electric placed into service a 20-MW (ac) utility-owned and operated renewable and dispatchable solar facility on property owned by the Department of the Navy. PUC orders resulted in a project cost cap of $67 million (including a cap of $4.7 million for the in-kind work performed in exchange for use of the Navy property) with capital cost recovery approved under MPIR (See “Performance-based regulation framework” section below for MPIR guidelines and cost recovery discussion.) Project costs incurred as of June 30, 2022 amounted to $60.1 million and generated $14.7 million and $14.0 million in federal and state nonrefundable tax credits, respectively. For book and regulatory purposes, the tax credits are being deferred and amortized, starting in 2020, over 25 years and 10 years for federal and state credits, respectively. In June 2022, the in-kind consideration services were completed and fully accepted by the Navy as partial consideration in lieu of rent payment. Satisfaction of the full-term rent requires on-going compliance with all terms of the lease, which, among other things, includes provision of contingent power upon written notice of the Department of the Navy. Hawaiian Electric accounted for the arrangement as a lease, recording $6.4 million as right-of-use asset with no lease liability and will amortize the right-of-use asset over the remaining term of the lease ending June 30, 2054.
Waena Switchyard/Synchronous Condenser Project. In October 2020, to support efforts to increase renewable energy generation and reduce fossil fuel consumption by deactivating current generating units, Maui Electric filed a PUC application to construct a switchyard, which includes the extension of two 69 kV transmission lines and the relocation of another 69 kV transmission line; and the conversion of two generating units to synchronous condensers at Kahului Power Plant in central Maui. In November 2021, the PUC approved Maui Electric’s request to commit funds estimated at $38.8 million for the project, and to recover capital expenditures for the project under Exceptional Project Recovery Mechanism (EPRM) not to exceed $38.8 million, which shall be further reduced to reflect the total project cost exclusive of overhead costs not directly attributable to the project.
In approving the project, the PUC recognized that the project will facilitate the ability to accommodate increased renewable energy, as contemplated under the EPRM guidelines. As of June 30, 2022, $10.2 million has been incurred for the project.
Environmental regulation.  The Utilities are subject to environmental laws and regulations that regulate the operation of existing facilities, the construction and operation of new facilities and the proper cleanup and disposal of hazardous waste and toxic substances.
Hawaiian Electric, Hawaii Electric Light and Maui Electric, like other utilities, periodically encounter petroleum or other chemical releases associated with current or previous operations. The Utilities report and take action on these releases when and as required by applicable law and regulations. The Utilities believe the costs of responding to such releases identified to date will not have a material effect, individually or in the aggregate, on Hawaiian Electric’s consolidated results of operations, financial condition or liquidity.
Former Molokai Electric Company generation site.  In 1989, Maui Electric acquired Molokai Electric Company. Molokai Electric Company had sold its former generation site (Site) in 1983, but continued to operate at the Site under a lease until 1985 and left the property in 1987. The federal Environmental Protection Agency (EPA) has since identified environmental impacts in the subsurface soil at the Site. In cooperation with the Department of Health of State of Hawaii and EPA, Maui Electric further investigated the Site and the adjacent parcel to determine the extent of impacts of polychlorinated biphenyls (PCBs), residual fuel oils and other subsurface contaminants. Maui Electric has a reserve balance of $2.7 million as of June 30, 2022, representing the probable and reasonably estimable undiscounted cost for remediation of the Site and the adjacent parcel based on presently available information; however, final costs of remediation will depend on the cleanup approach implemented.
Additionally, on November 24, 2021, the current landowners of the Site, Misaki’s, Inc., filed a lawsuit against Hawaiian Electric (as alleged successor in interest to Molokai Electric, the prior owner of the Site) in the Circuit Court of the Second Circuit of the State of Hawaii (removed to the U.S. District Court for the District of Hawaii). The complaint which was
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subsequently amended to include Maui Electric, alleges that Hawaiian Electric is responsible for remediation of the Site based on the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), and the Hawaii Environmental Response Law under Hawaii Revised Statutes Chapter 128D, as well as being liable on contractual claims related to a short leaseback period during the transition of ownership from Molokai Electric. The amended complaint was dismissed and a new complaint is pending subject to the parties attempt to enter into settlement negotiations, but the Utilities intend to vigorously defend the action if necessary. At this time, the Utilities are unable to determine the ultimate outcome of the lawsuit or the amount of any possible loss. As of June 30, 2022, the reserve balance recorded by the Utilities to address the lawsuit was not material.
Pearl Harbor sediment study. In July 2014, the U.S. Navy notified Hawaiian Electric of the Navy’s determination that Hawaiian Electric is a Potentially Responsible Party under CERCLA responsible for the costs of investigation and cleanup of PCB contamination in sediment in the area offshore of the Waiau Power Plant as part of the Pearl Harbor Superfund Site. Hawaiian Electric was also required by the EPA to assess potential sources and extent of PCB contamination onshore at Waiau Power Plant.
As of June 30, 2022, the reserve account balance recorded by Hawaiian Electric to address the PCB contamination was $10.1 million. The reserve balance represents the probable and reasonably estimable undiscounted cost for the onshore and offshore investigation and remediation. The final remediation costs will depend on the actual onshore and offshore cleanup costs.
Regulatory proceedings
Decoupling. Decoupling is a regulatory model that is intended to provide the Utilities with financial stability and facilitate meeting the State of Hawaii’s goals to transition to a clean energy economy and achieve an aggressive renewable portfolio standard. Decoupling delinks the utility’s revenues from the utility’s sales, removing the disincentive to promote energy efficiency and accept more renewable energy. Decoupling continues under the PBR Framework.
Performance-based regulation framework. On December 23, 2020, the PUC issued a decision and order (PBR D&O) establishing a new PBR Framework to govern the Utilities. The PBR Framework incorporates an annual revenue adjustment (ARA) and a suite of new regulatory mechanisms in addition to previously established regulatory mechanisms. Under the PBR Framework, the decoupling mechanism (i.e., the Revenue Balancing Account (RBA)) established by the previous regulatory framework will continue. The existing cost recovery mechanisms will continue as currently implemented (i.e., the Energy Cost Recovery Clause (ECRC), Purchased Power Adjustment Clause (PPAC), Demand Side Management surcharge, Renewable Energy Infrastructure Program, Demand Response Adjustment Clause (DRAC), Pension and Other Post-Employment Benefits (OPEB) tracking mechanisms). In addition to annual revenues provided by the ARA, the Utilities may seek relief for extraordinary projects or programs through the Exceptional Project Recovery Mechanism (EPRM) (formerly known as the Major Project Interim Recovery adjustment mechanism) and earn financial rewards for exemplary performance as provided through a portfolio of Performance Incentive Mechanisms (PIMs) and Shared Savings Mechanisms (SSMs). The PBR Framework incorporates a variety of additional performance mechanisms, including Scorecards, Reported Metrics, and an expedited Pilot Process. The PBR Framework also contains a number of safeguards, including a symmetric Earnings Sharing Mechanism (ESM) which protects the Utilities and customers from excessive earnings or losses, as measured by the Utilities’ achieved rate-making ROACE and a Re-Opener mechanism, under which the PUC will open an examination, at its discretion, to determine if adjustments or modifications to specific PBR mechanisms are appropriate. The new PBR Framework became fully effective on June 1, 2021.
On June 17, 2022, the PUC issued a decision and order (June 2022 D&O) establishing additional PIMs under the PBR Framework for the Utilities. In 2021, the PUC Staff originally proposed consideration of 11 PIMs and other mechanisms to address identified areas of concern. Seven of the staff proposed PIMs were designed as penalty-only. The June 2022 D&O approved two new PIMs, a new SSM, and extended the timeframe for an existing PIM. Of the new PIMs, only one is penalty-only. Specifically, the PUC approved (1) a new (penalty-only) generation-caused interruption reliability PIM, (2) a new (penalty/reward) interconnection requirements study (IRS) PIM, (3) a new (reward-only) Collective Shared Savings Mechanism (CSSM), and (4) a modification and extension of the existing interim (reward-only) Grid Services PIM. The effective date for the changes has not yet been established. On July 15, 2022, the Utilities submitted for the PUC’s review and approval, proposed tariffs to implement the aforementioned PIMs with an evaluation period proposed for the generation-caused interruption reliability PIMs, IRS PIM, and CSSM to start on January 1, 2023. The evaluation period is the calendar year period over which performance is compared to performance targets of the PIM to determine the amount of reward or penalty.
In addition, the June 2022 D&O instructed the Utilities to prepare and submit: a detailed fossil fuel retirement report outlining necessary steps to safely and reliably retire certain existing fossil fuel power plants during the first multi-year rate period (MRP); and a functional integration plan for DER to increase transparency into the Utilities’ plans and progress for
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utilizing cost-effective grid services from DERs and ensure that the necessary functionalities and requisite technologies are in place to do so. The PUC also instructed the PBR Working Group to continue its ongoing collaborative efforts to consider other potential new incentive mechanisms and to address other issues raised during the proceeding. Following the PUC’s review of the Utilities’ tariffs to implement the approved PIMs, an order will be issued providing details on next steps for the proceeding.
Revenue adjustment mechanism. Prior to the implementation of the PBR Framework, the revenue adjustment mechanism (RAM) was a major component of the previously established regulatory framework. The RAM was based on the lesser of: a) an inflationary adjustment for certain O&M expenses and return on investment for certain rate base changes, or b) cumulative annual compounded increase in Gross Domestic Product Price Index applied to annualized target revenues (the RAM Cap). Under the PBR Framework, the ARA mechanism replaced the RAM, and became effective on June 1, 2021. RAM revenue adjustments approved by the PUC in 2020 will continue to be included in the RBA provision’s target revenue and RBA rate adjustment unless modified with PUC approval.
Annual revenue adjustment mechanism. The PBR Framework established a five-year MRP during which there will be no general rate cases. Target revenues will be adjusted according to an index-driven ARA based on (i) an inflation factor, (ii) a predetermined X-factor to encompass productivity, which is set at zero, (iii) a Z-factor to account for exceptional circumstances not in the Utilities’ control and (iv) a customer dividend consisting of a negative adjustment of 0.22% of adjusted revenue requirements compounded annually and a flow through of the “pre-PBR” savings commitment from the management audit recommendations developed in a prior docket at a rate of $6.6 million per year from 2021 to 2025. The implementation of the ARA occurred on June 1, 2021.
Earnings sharing mechanism. The PBR Framework established a symmetrical ESM for achieved rate-making ROACE outside of a 300 basis points dead band above or below the current authorized ROACE of 9.5% for each of the Utilities. There is a 50/50 sharing between customers and Utilities for the achieved rate-making ROACE falling within 150 basis points outside of the dead band in either direction, and a 90/10 sharing for any further difference. A reopening or review of the PBR terms will be triggered if the Utilities credit rating outlook indicates a potential credit downgrade below investment grade status, or if its achieved rate-making ROACE enters the outer most tier of the ESM.
Exceptional project recovery mechanism. Prior to the implementation of the PBR Framework, the PUC established the Major Project Interim Recovery (MPIR) adjustment mechanism and MPIR Guidelines. The MPIR mechanism provides the opportunity to recover revenues for net costs of approved eligible projects placed in service between general rate cases. In establishing the PBR Framework, the MPIR Guidelines were terminated and replaced with the EPRM Guidelines. Although the MPIR Guidelines were terminated and replaced by the EPRM Guidelines, the MPIR mechanism will continue within the PBR Framework to provide recovery of project costs previously approved for recovery under the MPIR. The newly established EPRM Guidelines permit the Utilities to include the full amount of approved costs in the EPRM for recovery in the first year the project goes into service, pro-rated for the portion of the year the project is in service. Deferred and O&M expense projects are also eligible for EPRM recovery under the EPRM Guidelines. EPRM recoverable costs will be limited to the lesser of actual incurred project costs or PUC‑approved amounts, net of savings.
As of June 30, 2022, the Utilities submitted 2022 MPIR amounts totaling $25.9 million, including revenue taxes, for the Schofield Generating Station ($16.5 million), West Loch PV Project ($3.3 million), and Grid Modernization Strategy (GMS) Phase 1 project ($6.1 million for all three utilities) for the accrual of revenues effective January 1, 2022, that included the 2022 return on project amount (based on approved amounts) in rate base, depreciation and incremental O&M expenses. The PUC approved the Utilities’ recovery of the annualized 2022 MPIR amounts effective June 1, 2022 through the RBA rate adjustment.
As of June 30, 2022, the PUC approved two EPRM applications for projects totaling $41 million to the extent that the project costs are not included in rates. Currently, the Utilities have outstanding applications seeking EPRM recovery for five projects with total project costs of $450 million, subject to PUC approval.
Pilot process. The PBR D&O approved a Pilot Process to foster innovation by establishing an expedited implementation process for pilots that test new technologies, programs, business models, and other arrangements. This is intended to support initiatives by the Utilities to test new programs and ideas quickly and elevate any successful pilots for consideration of full-scale implementation. The proposed pilots are subject to PUC approval with a total annual cap of $10 million. The Pilot Process includes an initial workplan development phase, during which the Utilities identify and scope areas of interests, so as to inform the subsequent implementation phase, during which the Utilities submit specific pilot proposals for expedited review by the PUC and implement the pilots upon approval. The PUC will issue an order, approving, denying, or modifying a proposed Pilot within 45 days of receiving notice of a specific pilot project.
On July 9, 2021, the PUC issued an order approving the Utilities’ proposed Pilot Process submitted in April 2021 with modifications, including a cost recovery process that generally allows the Utilities to defer and recover total annual
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