<SEC-DOCUMENT>0001104659-12-039219.txt : 20120523
<SEC-HEADER>0001104659-12-039219.hdr.sgml : 20120523
<ACCEPTANCE-DATETIME>20120523060109
ACCESSION NUMBER:		0001104659-12-039219
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120521
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20120523
DATE AS OF CHANGE:		20120523

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HAWAIIAN ELECTRIC CO INC
		CENTRAL INDEX KEY:			0000046207
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				990040500
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04955
		FILM NUMBER:		12862964

	BUSINESS ADDRESS:	
		STREET 1:		900 RICHARDS ST
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		8085437771

	MAIL ADDRESS:	
		STREET 1:		900 RICHARDS STREET
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HAWAIIAN ELECTRIC CO LTD
		DATE OF NAME CHANGE:	19670212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HAWAIIAN ELECTRIC INDUSTRIES INC
		CENTRAL INDEX KEY:			0000354707
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				990208097
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08503
		FILM NUMBER:		12862963

	BUSINESS ADDRESS:	
		STREET 1:		900 RICHARDS ST
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		8085435662

	MAIL ADDRESS:	
		STREET 1:		900 RICHARDS STREET
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a12-12876_18k.htm
<DESCRIPTION>8-K
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">UNITED STATES</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Washington, D.C.&#160; 20549</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">FORM&nbsp;8-K</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">CURRENT REPORT</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Securities Exchange Act of 1934</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Date of Report:&#160; May&nbsp;21, 2012</font></p>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Exact   Name of Registrant</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Commission</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">I.R.S.   Employer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><u><font size="3" face="Arial" style="font-size:12.0pt;">as Specified in Its Charter</font></u></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="3" face="Arial" style="font-size:12.0pt;">File   Number</font></u></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;&nbsp;<u>Identification   No.</u></font></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Hawaiian   Electric Industries,&nbsp;Inc.</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.66%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">1-8503</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.66%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">99-0208097</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.66%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Hawaiian   Electric Company,&nbsp;Inc.</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">1-4955</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">99-0040500</font></p>    </td>   </tr>  </table>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .3in .0001pt 0in;text-align:center;"><u><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">(State or other jurisdiction of incorporation)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in .2in .0001pt 0in;text-align:center;"><u><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 Richards Street, Honolulu, Hawaii&#160; 96813&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">(Address of principal executive offices and zip code)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Registrant&#146;s telephone number, including area code:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;(808) 543-5662 - Hawaiian Electric Industries,&nbsp;Inc. (HEI)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(808) 543-7771 - Hawaiian Electric Company,&nbsp;Inc. (HECO)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">(Former name or former address, if changed since last report.)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">[&#160; ]</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">[&#160; ]</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">[&#160; ]</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="border:none;font-size:12.0pt;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">[&#160; ]</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Item 8.01&nbsp; Other Events.</font></b></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">The following is an update to the disclosures on Maui Electric Company, Limited&#146;s (MECO&#146;s) 2012 test year rate case in &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; under &#147;Most recent rate proceedings&#148;, which are incorporated herein by reference to pages&nbsp;52-53 and 56 of HEI&#146;s and HECO&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2012.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">On May&nbsp;21, 2012, the Public Utilities Commission of the State of Hawaii (PUC) issued an interim Decision and Order (D&amp;O) granting MECO an increase of $13.1 million in annual revenues or 3.2%, over revenues at present rates.&#160; The PUC&#146;s interim D&amp;O also authorized MECO to reset its target heat rates by fuel type to 2012 test year levels for the purpose of calculating the energy cost adjustment clause (ECAC) adjustment factor, which will help to ensure MECO&#146;s continuing recovery of its fuel costs. The tariff changes implementing these increases become effective June&nbsp;1, 2012.&#160; If the interim rate increase exceeds the amount of the increase ultimately approved in the final D&amp;O, then the excess would be refunded to MECO&#146;s customers, with interest.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">The interim increase is based on MECO&#146;s updated settlement agreement filed on May&nbsp;14, 2012, which reflected the settlement agreement executed with the Consumer Advocate and filed with the PUC on April&nbsp;20, 2012, and updated to reflect the final D&amp;O issued by the PUC on May&nbsp;2, 2012 in MECO&#146;s 2010 test year rate case.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">A comparison of MECO&#146;s requested increase in its application for a general rate increase filed on July&nbsp;22, 2011, the settlement agreement filed April&nbsp;20, 2012, the updated settlement filed on May&nbsp;14, 2012, and the interim decision is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="96%" style="border:none;border-collapse:collapse;width:96.66%;">
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Application</font><font face="Arial"><br>    </font><font face="Arial">(July&nbsp;22, 2011)</font></p>    </td>
<td width="17%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Settlement<br>   Agreement</font><font face="Arial"><br>    </font><font face="Arial">(April&nbsp;20, 2012)</font></p>    </td>
<td width="17%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="font-size:12.0pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Updated</font><font face="Arial"><br>    </font><font face="Arial">Settlement<br>   Agreement</font><font face="Arial"><br>    </font><font face="Arial">(May&nbsp;14, 2012)</font></p>    </td>
<td width="17%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Interim D&amp;O</font><font face="Arial"><br>    </font><font face="Arial">Effective</font><font face="Arial"><br>    </font><font face="Arial">(June&nbsp;1, 2012)</font></p>    </td>   </tr>
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<td width="29%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.94%;">
<p style="margin:2.0pt 0in .0001pt .1in;"><font size="3" face="Arial" style="font-size:12.0pt;">Request amount</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="font-size:12.0pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">$27.5 million</font><font face="Arial"><br>    </font><font face="Arial">(6.7% increase)</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="font-size:12.0pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">$14.9 million</font><font face="Arial"><br>    </font><font face="Arial">(3.6% increase)</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="font-size:12.0pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">$13.1 million</font><font face="Arial"><br>    </font><font face="Arial">(3.2% increase)</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="font-size:12.0pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">$13.1 million</font><font face="Arial"><br>    </font><font face="Arial">(3.2% increase)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.94%;">
<p style="margin:1.0pt 0in .0001pt .1in;"><font size="3" face="Arial" style="font-size:12.0pt;">Return on average common equity (ROACE)   (%)</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">11.0%</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">10.0%</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">10.0%</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">10.0%</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.94%;">
<p style="margin:2.0pt 0in .0001pt .1in;"><font size="3" face="Arial" style="font-size:12.0pt;">Common equity capitalization (%)</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">56.85%</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">56.86%</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">56.86%</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">56.86%</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.94%;">
<p style="margin:2.0pt 0in .0001pt .1in;"><font size="3" face="Arial" style="font-size:12.0pt;">Return on average rate base (%)</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">8.72%</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">7.91%</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">7.91%</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">7.91%</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.94%;">
<p style="margin:2.0pt 0in .0001pt .1in;"><font size="3" face="Arial" style="font-size:12.0pt;">Average rate base amount</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">$393 million</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">$393 million</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">$393 million</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">$393 million</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .4in;text-indent:-.1in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">The total annual interim increase in revenues under the updated settlement agreement filed on May&nbsp;14, 2012, decreased by $1.8 million compared to the settlement agreement filed on April&nbsp;20, 2012 to reflect the final D&amp;O issued on May&nbsp;2, 2012 in MECO&#146;s 2010 test year rate case.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">The 10% ROACE reflects decoupling which was approved for implementation at MECO effective May&nbsp;4, 2012, in the final D&amp;O issued in MECO&#146;s 2010 test year rate case.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:24.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">The requested increase in revenues is primarily to pay for the cost of improvements to integrate additional renewable energy and improve the reliability of service for MECO&#146;s Maui, Lanai and Molokai customers.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">Management cannot predict or provide any assurances concerning the timing or ultimate outcome of MECO&#146;s 2012 test year rate case proceeding.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">1<a name="PB_1_071804_7056"></a></font></p>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">HEI and HECO intend to continue to use HEI&#146;s website, <u>www.hei.com</u>, as a means of disclosing additional information. Such disclosures will be included on HEI&#146;s website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI&#146;s website, in addition to following HEI&#146;s, HECO&#146;s and American Savings Bank, F.S.B.&#146;s (ASB&#146;s) press releases, SEC filings and public conference calls and webcasts. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at <u>dms.puc.hawaii.gov/dms</u> in order to review documents filed with and issued by the PUC.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">SIGNATURES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">HAWAIIAN ELECTRIC   INDUSTRIES,&nbsp;INC.</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">HAWAIIAN ELECTRIC   COMPANY,&nbsp;INC.</font></p>    </td>   </tr>
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<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
<p style="margin:0in 0in .0001pt 2.3in;"><font size="3" face="Arial" style="font-size:12.0pt;">(Registrant)</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 2.0in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;&nbsp; (Registrant)</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
<p style="margin:0in 0in .0001pt 2.3in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
<p style="margin:0in 0in .0001pt 2.3in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">/s/ David M. Kostecki</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">/s/   Tayne S. Y. Sekimura</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">David M. Kostecki</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Tayne   S. Y. Sekimura</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Vice President-Finance, Controller</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Senior Vice President and</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-10.1pt;"><font size="3" face="Arial" style="font-size:12.0pt;">and   Chief Accounting Officer</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-10.1pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Chief   Financial Officer</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">(Principal Accounting Officer of   HEI)</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">(Principal Financial Officer of   HECO)</font></p>    </td>   </tr>
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<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Date: May&nbsp;22, 2012</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Date: May&nbsp;22, 2012</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">2<a name="PB_2_071828_5335"></a></font></p>
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