Molly Ayala
Hawaiian Electric Industries, Inc. (HEI) is the largest electricity supplier in Hawaii, providing power to 95% of the state's population. HEI is comprised of Hawaiian Electric Company, Hawai'i Electric Light Company, and Maui Electric Company. In 2023, 33.3% of HEI's power was renewable, with the company aiming to have the majority of vehicles in Hawaii be electric by 2045. Electricity prices in Hawaii are generally higher than on the US mainland due to the cost of imported oil used to power many of the islands' generators. So, which electrical company in Hawaii pays the most?
| Characteristics | Values |
|---|---|
| Largest Supplier of Electricity in Hawaii | Hawaiian Electric Industries, Inc. (HEI) |
| Number of Customers (as of 12/31/2024) | 472,536 |
| Percentage of Renewable Energy (2024) | 36% |
| Percentage of Population Supplied With Electricity | 95% |
| Electricity Generation Sources | Oil, biodiesel, diesel, waste-to-energy, biofuel |
| Average Price of Electricity | Higher than the US mainland due to the cost of imported oil and isolated geographic location |
| Recent Events | Brush fires on Maui in August 2023, causing damage and power outages |
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What You'll Learn
Hawaiian Electric Industries, Inc. (HEI)
HEI was created in 1983 as a holding company for these various utilities. Over time, the company has expanded through several acquisitions. In 1968, HECO purchased Maui Electric Company, and in 1970, it acquired the Hawaii Island's Hilo Electric Light Company. MECO also acquired the Lāna‘i City power plant on the island of Lānaʻi in 1988 and the Molokai Electric Company on the island of Molokaʻi in 1989.
In 2013, HECO began working with Siemens to develop a self-healing grid in eastern Oʻahu and Waikīkī to ensure a reliable electrical supply. In 2014, NextEra Energy offered to purchase HEI for $4.3 billion (equivalent to $5.45 billion in 2023), but the merger was cancelled in 2016 after the Public Utilities Commission disapproved.
HEI has made strides towards renewable energy and electric vehicle adoption. In 2023, 33.3% of the power handled by HEI was renewable, with Hawai‘i Island setting a record of 92.3% renewable power on April 25, 2023. The company has also indicated that it will achieve the state's goal of 100% renewable energy ahead of schedule. Additionally, Hawaiian Electric supports the adoption of electric vehicles, with a goal to have the majority of vehicles in Hawaii be electric by 2045.
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Hawaiian Electric Company (HECO)
HECO has expanded over the years through acquisitions, purchasing Maui Electric Company in 1968 and acquiring the Hilo Electric Light Company in 1970. In 1983, Hawaiian Electric Industries, Inc. (HEI) was established as a holding company for these utilities. HEI also owns American Savings Bank and the clean energy company, Pacific Current LLC.
HECO is committed to renewable energy and has set ambitious goals for the adoption of electric vehicles in Hawaii. By November 2018, electric vehicles (EVs) made up 1% of all vehicles, and the company aims to increase this to a majority by 2045. In 2023, HECO generated 10.2 TWh of power, of which 3.4 TWh was renewable, with the remaining 6.8 TWh coming from oil.
Safety is a top priority for HECO, as demonstrated by their Public Safety Power Shutoff (PSPS) program. They also emphasise the convenience and environmental benefits of paperless billing.
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Maui Electric Company (MECO)
MECO was purchased by HEI subsidiary Hawaiian Electric Company (HECO) in 1968. In 1988, MECO acquired the Lānaʻi City power plant on the island of Lānaʻi, and in 1989, it acquired the Molokai Electric Company on the island of Molokai. In 2019, HECO announced that it would begin operating under a single name, Hawaiian Electric, along with its subsidiaries MECO and Hilo Electric Light Company (HELCO).
MECO and its parent company HEI are committed to renewable energy and sustainability. In 2023, 33.3% of power handled by HEI was renewable, with a peak of 92.3% renewable power generated on Hawaii Island on April 25, 2023. HEI supports the adoption of electric vehicles and has set a goal of making the majority of vehicles in Hawaii electric by 2045.
MECO and HEI also prioritize safety and customer service. They offer a Public Safety Power Shutoff (PSPS) program and provide resources to help customers use electricity safely and efficiently, including tips on reading bills and saving energy.
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Hawai'i Electric Light Company (HELCO)
The Hawaii Electric Light Company, also known as HELCO, is one of the largest suppliers of electricity in Hawaii, serving the Big Island. It is one of the three electric utilities of Hawaiian Electric Industries (HEI), the others being Hawaiian Electric Company (HECO) and Maui Electric Company (MECO). Together, these companies supply power to 95% of Hawaii's population.
HELCO was formerly known as the Hilo Electric Light Company, serving the Island of Hawaii. In 1970, it was acquired by HECO, and in 2019, it was announced that HECO and its subsidiaries, MECO and HELCO, would operate under a single name: Hawaiian Electric.
Hawaiian Electric Industries is committed to renewable energy and sustainability. In 2023, 33.3% of the power handled by HEI was renewable, with a record of 92.3% renewable power generated on Hawaii Island on April 25, 2023. The company has indicated that it will achieve the state's goal of 100% renewable energy ahead of schedule. Additionally, Hawaiian Electric supports the adoption of electric vehicles, with a goal of making the majority of vehicles in Hawaii electric by 2045.
In recent years, Hawaiian Electric has faced challenges, including the devastating 2023 wildfires on Maui, which were allegedly caused by the company's power lines. The company's stock plummeted by approximately 40% following the wildfires, and it faced a class-action lawsuit. However, in July 2024, a tentative agreement was reached, with Hawaiian Electric Industries agreeing to pay thousands of plaintiffs and victims over $4 billion in settlements.
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Kauai Island Utility Cooperative (KIUC)
The Kauai Island Utility Cooperative (KIUC) is the only electric cooperative in the state of Hawaii and manages the electricity on the island of Kauai, which is the only Hawaiian island not supplied by HEI (Hawaiian Electric Industries). KIUC has roughly 38,695 member-owners, who are represented by a nine-member board of directors.
In the 1970s, Kauai burned sugar cane waste to supply most of its electricity. As of 2008, the majority of Kauai's electricity was produced by importing liquid petroleum, which cost $69.3 million in 2006 and $83 million in 2007. By 2011, 92% of KIUC's power came from petroleum. As of 2019, KIUC's fuel mix was 47.2% fossil fuels, 10.5% hydroelectric, 9.9% biomass, and 32.5% solar.
KIUC has successfully integrated large-scale solar into its grid so that, during daylight hours on most days, 100% of its generation comes from renewable sources. In March 2017, KIUC commissioned a 13 MW solar and 13 MW / 52 MWh battery project for 13.9¢/kWh. In December 2018, KIUC commissioned a 28 MW solar and 20 MW / 100 MWh battery priced at 11¢/kWh.
KIUC also offers the Hawai'i Home Energy Assistance Program (H-HEAP), a federal program that provides qualifying low-income households with a one-time credit paid directly to KIUC to assist with energy costs.
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