HONOLULU, Aug. 26, 2014 /PRNewswire/ -- Hawaiian Electric
Company, Inc. (Hawaiian Electric), a wholly-owned subsidiary of
Hawaiian Electric Industries, Inc. (HEI) (NYSE:HE), and its
subsidiaries, Hawaii Electric Light Company, Inc. (Hawaii Electric
Light) and Maui Electric Company, Limited (Maui Electric), today
proposed plans for Hawaii's energy
future that will lower electric bills, give customers more service
options and nearly triple the amount of distributed solar while
achieving the highest level of renewable energy in the nation by
2030. The companies' planned state-of the-art electric systems for
Oahu, Maui County, and Hawaii Island will form the
foundation for this new energy future. The plans are meant to
address the comprehensive orders issued by the Public Utilities
Commission in April.
"Our energy environment is changing rapidly, and we must change
with it to meet our customers' evolving needs," said Shelee Kimura, Hawaiian Electric Vice President
of Corporate Planning and Business Development. "These plans are
about delivering services that our customers value. That means
lower costs, better protection of our environment and more options
to lower their energy costs, including rooftop solar."
Hawaiian Electric, Maui Electric, and Hawaii Electric Light
will:
Support sustainable growth of rooftop solar. Working
closely with the solar industry, the companies are, by 2030,
planning to almost triple the amount of distributed solar using
fair and equitable plans. A clear, open planning process will let
customers and solar contractors know how much more solar can be
added each year. Grid enhancements will make possible increased
integration of solar power, and optimized control settings for
solar equipment will improve safety and reduce the risk of power
outages.
As part of the PUC's recently opened distributed generation
docket, the companies will support policies that ensure fairness to
all customers. This includes fair pricing both for customers who
generate power but who also rely on the company for additional
electricity and/or backup, as well as those who remain full service
utility customers.
Expand use of energy storage systems. Energy storage
systems, including batteries, will increase the ability to add
renewables by addressing potential disruptions on electric grids
caused by variable solar and wind power. Hawaiian Electric is
evaluating proposals for energy storage projects on Oahu to be in service by early 2017. Energy
storage projects are also in the works for Maui, Molokai, Lanai and Hawaii Island.
Empower customers by developing smart grids. Fully
developed smart grids, already being test deployed on Oahu, will help customers monitor and control
their energy use, enable more customer service options, make
service more reliable, and improve integration of renewable energy.
The companies are proposing to complete installation of smart grids
in Maui County and on Hawaii
Island by the end of 2017 and on Oahu by the end of 2018.
Offer new products and services to customers. Community
solar and microgrids will give customers new options for taking
advantage of lower-cost renewable energy. Voluntary "demand
response" programs will provide customers financial incentives for
helping manage the flow of energy on the grid.
Switch from high-priced oil to lower cost liquefied natural
gas. Energy needs not met by renewables will largely be met
with cleaner and less expensive liquefied natural gas (LNG). Most
existing oil-fired generating units will be converted to run on
LNG. Older generating units will be deactivated by 2030 as new,
more-efficient, quick-starting LNG fueled generators come
online.
Achieving this transformation requires significant upfront
investment by the utilities and unaffiliated companies to build the
flexible, smart, and renewable energy infrastructure necessary to
continue to provide reliable service to customers. Customer
bills are expected to decline, with some fluctuations, by an
estimated 20 percent by 2030.
Hawaii's energy environment is
changing more rapidly than anywhere else in the country. Currently,
in Hawaii, more than 18 percent of
the electricity used by customers comes from renewable resources,
ahead of the state goal of 15 percent by 2015. Hawaii has one of the most diverse renewable
energy portfolios in the country, including solar, wind,
geothermal, biomass, biofuel, and hydroelectric sources of power.
Ocean power is also a promising option for the future.
The companies look forward to working closely with key
stakeholders throughout the community to refine these plans
further.
"This plan sets us on a path to a future with more affordable,
clean, renewable energy," said Dick
Rosenblum, Hawaiian Electric president and CEO. "It's the
start of a conversation that all of us – utilities, regulators and
other policymakers, the solar industry, customers and other
stakeholders – need to be a part of, as we work together to achieve
the energy future we all want for Hawaii."
HEI supplies power to approximately 450,000 customers or 95% of
Hawaii's population through its
electric utilities, Hawaiian Electric, Hawaii Electric Light and
Maui Electric and provides a wide array of banking and other
financial services to consumers and businesses through American
Savings Bank, F.S.B. (American), one
of Hawaii's largest financial
institutions.
HEI and Hawaiian Electric intend to continue to use HEI's
website, www.hei.com, as a means of disclosing additional
information. Such disclosures will be included on HEI's website in
the Investor Relations section. Accordingly, investors should
routinely monitor such portions of HEI's website, in addition to
following HEI's, Hawaiian Electric's and American's press releases,
HEI's and Hawaiian Electric's Securities and Exchange Commission
(SEC) filings and HEI's public conference calls and webcasts. Also,
at the Investor Relations section of HEI's website, investors may
sign up to receive e-mail alerts (based on each investor's selected
preferences). The information on HEI's website is not incorporated
by reference in this document or in HEI's and Hawaiian Electric's
SEC filings unless, and except to the extent, specifically
incorporated by reference. Investors may also wish to refer
to the Public Utilities Commission of the State of Hawaii (PUC) website at
dms.puc.hawaii.gov/dms in order to review documents filed with and
issued by the PUC. No information on the PUC website is
incorporated by reference in this document or in HEI's and Hawaiian
Electric Company's SEC filings.
FORWARD-LOOKING STATEMENTS
This release may contain "forward-looking statements," which
include statements that are predictive in nature, depend upon or
refer to future events or conditions, and usually include words
such as "expects," "anticipates," "intends," "plans," "believes,"
"predicts," "estimates" or similar expressions. In addition,
any statements concerning future financial performance, ongoing
business strategies or prospects or possible future actions are
also forward-looking statements. Forward-looking statements are
based on current expectations and projections about future events
and are subject to risks, uncertainties and the accuracy of
assumptions concerning HEI and its subsidiaries, the performance of
the industries in which they do business and economic and market
factors, among other things. These forward-looking statements are
not guarantees of future performance.
Forward-looking statements in this release should be read in
conjunction with the "Forward-Looking Statements" and "Risk
Factors" discussions (which are incorporated by reference herein)
set forth in HEI's Annual Report on Form 10-K for the year ended
December 31, 2013, HEI's Quarterly
Report on Form 10-Q for the quarter ended June 30, 2014
and HEI's future periodic reports that discuss important factors
that could cause HEI's results to differ materially from those
anticipated in such statements. These forward-looking statements
speak only as of the date of the report, presentation or filing in
which they are made. Except to the extent required by the federal
securities laws, HEI, Hawaiian Electric, American and their
subsidiaries undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:
|
Clifford H.
Chen
|
|
|
Manager, Investor
Relations &
|
Telephone: (808)
543-7384
|
|
Strategic
Planning
|
E-mail:
cchen@hei.com
|
Photo -
http://photos.prnewswire.com/prnh/20110411/LA80136LOGO
SOURCE Hawaiian Electric Industries, Inc.