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v3.25.1

Electric utility segment (Tables) | 3 Months Ended
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Mar. 31, 2025
Electric Utility Subsidiary [Abstract] |
Schedule of Purchases From All IPPs | Purchases from all IPPs were as follows:
|  |  |  |  |  | Three months ended March 31
(in millions) |  |  |  |  |  |  |  |  |  | 2025 |  | 2024
Kalaeloa Partners, L.P. |  |  |  |  |  |  |  |  |  | $ | 59 |  |  | $ | 66 |
HPOWER |  |  |  |  |  |  |  |  |  | 19 |  |  | 17 |
Puna Geothermal Venture |  |  |  |  |  |  |  |  |  | 13 |  |  | 13 |
Hamakua Energy |  |  |  |  |  |  |  |  |  | 5 |  |  | 11 |
Kapolei Energy Storage |  |  |  |  |  |  |  |  |  | 6 |  |  | 6 |
Wind IPPs |  |  |  |  |  |  |  |  |  | 21 |  |  | 30 |
Solar IPPs |  |  |  |  |  |  |  |  |  | 22 |  |  | 15 |
Other IPPs 1 |  |  |  |  |  |  |  |  |  | 2 |  |  | 2 |
Total IPPs |  |  |  |  |  |  |  |  |  | $ | 147 |  |  | $ | 160 |
1 Includes hydro power and other PPAs.
Schedule of PIM Rewards | The following PIMs and SSMs were approved by the PUC and are applicable to the 2024 evaluation period. There were no accruals for the 2025 evaluation period. PIMs and SSMs are determined at the end of their evaluation period. Unless otherwise specified, the evaluation period is the 12‑month calendar year period ending December 31 over which measured performance is determined.
Performance Incentive Mechanisms | Maximum rewards/penalties $ | 2024 rewards (penalties) accrued
Transmission and Distribution-caused SAIDI/SAIFI PIMs | Maximum penalties of $3.6 million for 2024/2025 | $(1.0) million
Call Center PIM | Maximum reward or penalty of $1.4 million | —
Phase 1 RFP PIM | Varies | $0.2 million
Renewable portfolio standard (RPS) PIM | $10/MWh for above interpolated statutory RPS goal $20/MWh for failing to meet RPS targets in 2030, 2040 and 2045 | $1.9 million
Interconnection Approval PIM 1 | Maximum reward of $3.0 million or a total annual maximum penalty of $0.9 million | $2.4 million
Generation-caused SAIDI/SAIFI PIMs | Maximum penalties of approximately $1.0 million | $(0.1) million
Interconnection Requirements Study PIM | Varies | —
Collective Shared Savings Mechanism | 20% share of savings when non-ARA costs in a performance year lower than target year non-ARA costs | $2.8 million
Total PIM rewards, net |  | $6.2 million
1 The Interconnection Approval PIM expired as of December 31, 2024.
Schedule of Net Annual Incremental Amounts Proposed to be Collected (Refunded) | The filing reflected ARA revenues for the second year recovery of the COVID-19 related deferred costs through the Z-factor and the accelerated return of the Enterprise Resource Planning system benefits savings to Hawaii Electric Light and Maui Electric customers as part of the customer dividend, as follows (See discussion under “Regulatory assets and liabilities” below):
(in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Total
Recovery of COVID-19 related costs |  | $ | 2.2 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 3.2 |
Return of ERP benefit liability |  | — |  |  | (1.3) |  |  | (2.0) |  |  | (3.3) |
Net 2025 ARA revenues |  | $ | 2.2 |  |  | $ | (0.8) |  |  | $ | (1.4) |  |  | $ | (0.1) |
Note: Columns may not foot due to rounding. The net incremental amounts between the 2024 fall and 2025 spring revenue reports are shown in the following table. The amounts are to be collected (refunded) from June 1, 2025, through May 31, 2026, under the RBA rate tariffs, which were included in the 2025 spring revenue report filing.
(in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Total
Incremental Performance Incentive Mechanisms (net) |  | $ | 1.3 |  |  | $ | 3.9 |  |  | $ | — |  |  | $ | 5.2 |
Incremental MPIR/EPRM revenue adjustment |  | (1.4) |  |  | (0.6) |  |  | (0.3) |  |  | (2.3) |
Incremental Pilot Process cost recovery |  | (0.7) |  |  | — |  |  | (0.1) |  |  | (0.9) |
Net incremental amount to be collected under the RBA rate tariffs |  | $ | (0.8) |  |  | $ | 3.2 |  |  | $ | (0.5) |  |  | $ | 1.9 |
Note: Columns may not foot due to rounding.
Schedule of Condensed Consolidating Statements of Income | Condensed Consolidating Statement of Income Three months ended March 31, 2025
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 524,703 |  |  | 108,311 |  |  | 105,702 |  |  | 2,944 |  |  | (3,294) |  |  | $ | 738,366 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 171,793 |  |  | 26,794 |  |  | 40,134 |  |  | — |  |  | — |  |  | 238,721 |
Purchased power |  | 110,731 |  |  | 25,490 |  |  | 10,496 |  |  | — |  |  | — |  |  | 146,717 |
Other operation and maintenance |  | 91,493 |  |  | 28,034 |  |  | 26,211 |  |  | 664 |  |  | (3,294) |  |  | 143,108 |
Depreciation |  | 42,573 |  |  | 11,243 |  |  | 10,203 |  |  | — |  |  | — |  |  | 64,019 |
Taxes, other than income taxes |  | 49,779 |  |  | 10,179 |  |  | 9,906 |  |  | — |  |  | — |  |  | 69,864 |
Total expenses |  | 466,369 |  |  | 101,740 |  |  | 96,950 |  |  | 664 |  |  | (3,294) |  |  | 662,429 |
Operating income |  | 58,334 |  |  | 6,571 |  |  | 8,752 |  |  | 2,280 |  |  | — |  |  | 75,937 |
Allowance for equity funds used during construction |  | 2,795 |  |  | 347 |  |  | 443 |  |  | — |  |  | — |  |  | 3,585 |
Equity in earnings of subsidiaries |  | 9,725 |  |  | — |  |  | — |  |  | — |  |  | (9,725) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 905 |  |  | 168 |  |  | (22) |  |  | — |  |  | — |  |  | 1,051 |
Interest expense and other charges, net |  | (17,024) |  |  | (2,747) |  |  | (3,804) |  |  | — |  |  | 1,123 |  |  | (22,452) |
Allowance for borrowed funds used during construction |  | 1,168 |  |  | 95 |  |  | 154 |  |  | — |  |  | — |  |  | 1,417 |
Interest Income |  | 2,788 |  |  | 229 |  |  | 87 |  |  | — |  |  | (1,123) |  |  | 1,981 |
Income before income taxes |  | 58,691 |  |  | 4,663 |  |  | 5,610 |  |  | 2,280 |  |  | (9,725) |  |  | 61,519 |
Income taxes |  | 10,605 |  |  | 933 |  |  | 1,079 |  |  | 587 |  |  | — |  |  | 13,204 |
Net income |  | 48,086 |  |  | 3,730 |  |  | 4,531 |  |  | 1,693 |  |  | (9,725) |  |  | 48,315 |
Preferred stock dividends of subsidiaries |  | — |  |  | 134 |  |  | 95 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 48,086 |  |  | 3,596 |  |  | 4,436 |  |  | 1,693 |  |  | (9,725) |  |  | 48,086 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 47,816 |  |  | 3,596 |  |  | 4,436 |  |  | 1,693 |  |  | (9,725) |  |  | $ | 47,816 |
Condensed Consolidating Statement of Income Three months ended March 31, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 564,180 |  |  | 117,609 |  |  | 106,789 |  |  | — |  |  | — |  |  | $ | 788,578 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 210,199 |  |  | 31,185 |  |  | 42,912 |  |  | — |  |  | — |  |  | 284,296 |
Purchased power |  | 117,518 |  |  | 32,056 |  |  | 10,243 |  |  | — |  |  | — |  |  | 159,817 |
Other operation and maintenance |  | 90,884 |  |  | 24,590 |  |  | 28,416 |  |  | — |  |  | — |  |  | 143,890 |
Depreciation |  | 42,004 |  |  | 10,964 |  |  | 9,844 |  |  | — |  |  | — |  |  | 62,812 |
Taxes, other than income taxes |  | 53,409 |  |  | 10,957 |  |  | 10,042 |  |  | — |  |  | — |  |  | 74,408 |
Total expenses |  | 514,014 |  |  | 109,752 |  |  | 101,457 |  |  | — |  |  | — |  |  | 725,223 |
Operating income |  | 50,166 |  |  | 7,857 |  |  | 5,332 |  |  | — |  |  | — |  |  | 63,355 |
Allowance for equity funds used during construction |  | 2,821 |  |  | 349 |  |  | 470 |  |  | — |  |  | — |  |  | 3,640 |
Equity in earnings of subsidiaries |  | 6,024 |  |  | — |  |  | — |  |  | — |  |  | (6,024) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 927 |  |  | 168 |  |  | (23) |  |  | — |  |  | — |  |  | 1,072 |
Interest expense and other charges, net |  | (14,292) |  |  | (2,914) |  |  | (4,231) |  |  | — |  |  | 1,452 |  |  | (19,985) |
Allowance for borrowed funds used during construction |  | 1,079 |  |  | 107 |  |  | 200 |  |  | — |  |  | — |  |  | 1,386 |
Interest Income |  | 2,663 |  |  | 155 |  |  | 66 |  |  | — |  |  | (1,452) |  |  | 1,432 |
Income before income taxes |  | 49,388 |  |  | 5,722 |  |  | 1,814 |  |  | — |  |  | (6,024) |  |  | 50,900 |
Income taxes |  | 9,897 |  |  | 1,198 |  |  | 85 |  |  | — |  |  | — |  |  | 11,180 |
Net income |  | 39,491 |  |  | 4,524 |  |  | 1,729 |  |  | — |  |  | (6,024) |  |  | 39,720 |
Preferred stock dividends of subsidiaries |  | — |  |  | 134 |  |  | 95 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 39,491 |  |  | 4,390 |  |  | 1,634 |  |  | — |  |  | (6,024) |  |  | 39,491 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 39,221 |  |  | 4,390 |  |  | 1,634 |  |  | — |  |  | (6,024) |  |  | $ | 39,221 |
Schedule of Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income Three months ended March 31, 2025
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 47,816 |  |  | 3,596 |  |  | 4,436 |  |  | 1,693 |  |  | (9,725) |  |  | $ | 47,816 |
Other comprehensive loss, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes |  | (530) |  |  | (29) |  |  | (65) |  |  | — |  |  | 94 |  |  | (530) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 483 |  |  | 22 |  |  | 54 |  |  | — |  |  | (76) |  |  | 483 |
Other comprehensive loss, net of taxes |  | (47) |  |  | (7) |  |  | (11) |  |  | — |  |  | 18 |  |  | (47) |
Comprehensive income attributable to common shareholder |  | $ | 47,769 |  |  | 3,589 |  |  | 4,425 |  |  | 1,693 |  |  | (9,707) |  |  | $ | 47,769 |
Condensed Consolidating Statement of Comprehensive Income Three months ended March 31, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 39,221 |  |  | 4,390 |  |  | 1,634 |  |  | — |  |  | (6,024) |  |  | $ | 39,221 |
Other comprehensive loss, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes |  | (508) |  |  | (38) |  |  | (59) |  |  | — |  |  | 97 |  |  | (508) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 459 |  |  | 35 |  |  | 49 |  |  | — |  |  | (84) |  |  | 459 |
Other comprehensive loss, net of taxes |  | (49) |  |  | (3) |  |  | (10) |  |  | — |  |  | 13 |  |  | (49) |
Comprehensive income attributable to common shareholder |  | $ | 39,172 |  |  | 4,387 |  |  | 1,624 |  |  | — |  |  | (6,011) |  |  | $ | 39,172 |
Schedule of Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet March 31, 2025
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,860 |  |  | 5,645 |  |  | 3,514 |  |  | — |  |  | — |  |  | $ | 52,019 |
Plant and equipment |  | 5,537,541 |  |  | 1,512,057 |  |  | 1,438,311 |  |  | — |  |  | — |  |  | 8,487,909 |
Right-of-use assets - finance lease |  | 360,270 |  |  | 78,377 |  |  | 50,757 |  |  | — |  |  | — |  |  | 489,404 |
Less accumulated depreciation |  | (2,068,882) |  |  | (699,329) |  |  | (613,003) |  |  | — |  |  | — |  |  | (3,381,214) |
Construction in progress |  | 290,765 |  |  | 32,792 |  |  | 52,648 |  |  | — |  |  | — |  |  | 376,205 |
Utility property, plant and equipment, net |  | 4,162,554 |  |  | 929,542 |  |  | 932,227 |  |  | — |  |  | — |  |  | 6,024,323 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 1,146 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 2,793 |
Total property, plant and equipment, net |  | 4,163,700 |  |  | 929,657 |  |  | 933,759 |  |  | — |  |  | — |  |  | 6,027,116 |
Investment in wholly owned subsidiaries, at equity |  | 690,349 |  |  | — |  |  | — |  |  | — |  |  | (690,349) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 75,491 |  |  | 28,523 |  |  | 6,010 |  |  | 20,402 |  |  | — |  |  | 130,426 |
Advances to affiliates |  | 76,200 |  |  | — |  |  | — |  |  | — |  |  | (76,200) |  |  | — |
Customer accounts receivable, net |  | 12,885 |  |  | 5,181 |  |  | 7,660 |  |  | 165,928 |  |  | — |  |  | 191,654 |
Accrued unbilled revenues, net |  | 2,926 |  |  | 2,326 |  |  | 253 |  |  | 158,701 |  |  | — |  |  | 164,206 |
Other accounts receivable, net |  | 180,532 |  |  | 57,190 |  |  | 57,850 |  |  | — |  |  | (217,285) |  |  | 78,287 |
Fuel oil stock, at average cost |  | 80,499 |  |  | 13,133 |  |  | 19,723 |  |  | — |  |  | — |  |  | 113,355 |
Materials and supplies, at average cost |  | 74,662 |  |  | 17,211 |  |  | 35,432 |  |  | — |  |  | — |  |  | 127,305 |
Prepayments and other |  | 73,005 |  |  | 10,034 |  |  | 24,959 |  |  | — |  |  | (9,701) |  |  | 98,297 |
Regulatory assets |  | 30,929 |  |  | 5,907 |  |  | 5,915 |  |  | — |  |  | — |  |  | 42,751 |
Total current assets |  | 607,129 |  |  | 139,505 |  |  | 157,802 |  |  | 345,031 |  |  | (303,186) |  |  | 946,281 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 31,733 |  |  | 20,784 |  |  | 6,026 |  |  | — |  |  | — |  |  | 58,543 |
Regulatory assets |  | 174,833 |  |  | 19,349 |  |  | 38,868 |  |  | — |  |  | — |  |  | 233,050 |
Defined benefit pension and other postretirement benefit plans asset |  | 68,045 |  |  | 30,841 |  |  | 24,422 |  |  | — |  |  | (12,711) |  |  | 110,597 |
Investment in unconsolidated affiliate |  | 287,250 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 287,250 |
Other |  | 196,025 |  |  | 18,454 |  |  | 21,831 |  |  | — |  |  | (35,003) |  |  | 201,307 |
Total other long-term assets |  | 757,886 |  |  | 89,428 |  |  | 91,147 |  |  | — |  |  | (47,714) |  |  | 890,747 |
Total assets |  | $ | 6,219,064 |  |  | 1,158,590 |  |  | 1,182,708 |  |  | 345,031 |  |  | (1,041,249) |  |  | $ | 7,864,144 |
(continued) Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Balance Sheet (continued) March 31, 2025
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,492,244 |  |  | 247,686 |  |  | 287,396 |  |  | 155,267 |  |  | (690,349) |  |  | $ | 1,492,244 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,308,318 |  |  | 244,494 |  |  | 256,612 |  |  | — |  |  | — |  |  | 1,809,424 |
Total capitalization |  | 2,822,855 |  |  | 499,180 |  |  | 549,008 |  |  | 155,267 |  |  | (690,349) |  |  | 3,335,961 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 5,158 |  |  | 7,952 |  |  | 3,014 |  |  | — |  |  | — |  |  | 16,124 |
Short-term borrowings from non-affiliates, net |  | 48,738 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 48,738 |
Short-term borrowings from affiliate |  | — |  |  | — |  |  | 76,200 |  |  | — |  |  | (76,200) |  |  | — |
Accounts payable |  | 135,526 |  |  | 26,053 |  |  | 36,262 |  |  | — |  |  | — |  |  | 197,841 |
Interest and preferred dividends payable |  | 20,728 |  |  | 3,598 |  |  | 4,251 |  |  | — |  |  | (417) |  |  | 28,160 |
Taxes accrued, including revenue taxes |  | 164,116 |  |  | 32,964 |  |  | 29,149 |  |  | 1,726 |  |  | (9,701) |  |  | 218,254 |
Regulatory liabilities |  | 9,162 |  |  | 14,649 |  |  | 4,260 |  |  | — |  |  | — |  |  | 28,071 |
Wildfire tort-related claims (Note 2) |  | 383,000 |  |  | 47,875 |  |  | 47,875 |  |  | — |  |  | — |  |  | 478,750 |
Other |  | 84,193 |  |  | 27,959 |  |  | 27,865 |  |  | 188,038 |  |  | (216,868) |  |  | 111,187 |
Total current liabilities |  | 850,621 |  |  | 161,050 |  |  | 228,876 |  |  | 189,764 |  |  | (303,186) |  |  | 1,127,125 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 30,820 |  |  | 13,187 |  |  | 3,306 |  |  | — |  |  | — |  |  | 47,313 |
Finance lease liabilities |  | 339,208 |  |  | 76,117 |  |  | 49,743 |  |  | — |  |  | — |  |  | 465,068 |
Deferred income taxes |  | — |  |  | 6,640 |  |  | 28,363 |  |  | — |  |  | (35,003) |  |  | — |
Regulatory liabilities |  | 878,701 |  |  | 225,925 |  |  | 141,675 |  |  | — |  |  | — |  |  | 1,246,301 |
Unamortized tax credits |  | 53,241 |  |  | 10,533 |  |  | 10,734 |  |  | — |  |  | — |  |  | 74,508 |
Defined benefit pension and other postretirement benefit plans liability |  | 19,009 |  |  | 125 |  |  | — |  |  | — |  |  | (12,711) |  |  | 6,423 |
Wildfire tort-related claims (Note 2) |  | 1,149,000 |  |  | 143,625 |  |  | 143,625 |  |  | — |  |  | — |  |  | 1,436,250 |
Other |  | 75,609 |  |  | 22,208 |  |  | 27,378 |  |  | — |  |  | — |  |  | 125,195 |
Total deferred credits and other liabilities |  | 2,545,588 |  |  | 498,360 |  |  | 404,824 |  |  | — |  |  | (47,714) |  |  | 3,401,058 |
Total capitalization and liabilities |  | $ | 6,219,064 |  |  | 1,158,590 |  |  | 1,182,708 |  |  | 345,031 |  |  | (1,041,249) |  |  | $ | 7,864,144 |
Condensed Consolidating Balance Sheet December 31, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,860 |  |  | 5,645 |  |  | 3,514 |  |  | — |  |  | — |  |  | $ | 52,019 |
Plant and equipment |  | 5,502,198 |  |  | 1,501,947 |  |  | 1,417,356 |  |  | — |  |  | — |  |  | 8,421,501 |
Finance lease right-of-use assets |  | 360,270 |  |  | 36,074 |  |  | 50,757 |  |  | — |  |  | — |  |  | 447,101 |
Less accumulated depreciation |  | (2,029,719) |  |  | (691,161) |  |  | (605,744) |  |  | — |  |  | — |  |  | (3,326,624) |
Construction in progress |  | 282,150 |  |  | 31,341 |  |  | 52,218 |  |  | — |  |  | — |  |  | 365,709 |
Utility property, plant and equipment, net |  | 4,157,759 |  |  | 883,846 |  |  | 918,101 |  |  | — |  |  | — |  |  | 5,959,706 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 1,145 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 2,792 |
Total property, plant and equipment, net |  | 4,158,904 |  |  | 883,961 |  |  | 919,633 |  |  | — |  |  | — |  |  | 5,962,498 |
Investment in wholly owned subsidiaries, at equity |  | 680,414 |  |  | — |  |  | — |  |  | — |  |  | (680,414) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 118,367 |  |  | 31,534 |  |  | 16,456 |  |  | 17,791 |  |  | — |  |  | 184,148 |
Advances to affiliates |  | 62,200 |  |  | — |  |  | — |  |  | — |  |  | (62,200) |  |  | — |
Customer accounts receivable, net |  | 19,050 |  |  | 7,245 |  |  | 8,941 |  |  | 164,662 |  |  | — |  |  | 199,898 |
Accrued unbilled revenues, net |  | 12,738 |  |  | 4,046 |  |  | 1,890 |  |  | 160,047 |  |  | — |  |  | 178,721 |
Other accounts receivable, net |  | 209,752 |  |  | 58,366 |  |  | 51,465 |  |  | — |  |  | (249,946) |  |  | 69,637 |
Fuel oil stock, at average cost |  | 70,800 |  |  | 13,764 |  |  | 14,339 |  |  | — |  |  | — |  |  | 98,903 |
Materials and supplies, at average cost |  | 69,602 |  |  | 15,506 |  |  | 33,358 |  |  | — |  |  | — |  |  | 118,466 |
Prepayments and other |  | 110,516 |  |  | 16,662 |  |  | 30,747 |  |  | — |  |  | (6,705) |  |  | 151,220 |
Regulatory assets |  | 36,520 |  |  | 8,211 |  |  | 9,164 |  |  | — |  |  | — |  |  | 53,895 |
Total current assets |  | 709,545 |  |  | 155,334 |  |  | 166,360 |  |  | 342,500 |  |  | (318,851) |  |  | 1,054,888 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 29,868 |  |  | 22,672 |  |  | 6,741 |  |  | — |  |  | — |  |  | 59,281 |
Regulatory assets |  | 172,257 |  |  | 18,875 |  |  | 36,292 |  |  | — |  |  | — |  |  | 227,424 |
Defined benefit pension and other postretirement benefit plans asset |  | 66,292 |  |  | 30,397 |  |  | 24,128 |  |  | — |  |  | (11,998) |  |  | 108,819 |
Other |  | 194,006 |  |  | 18,612 |  |  | 21,702 |  |  | — |  |  | (33,626) |  |  | 200,694 |
Total other long-term assets |  | 462,423 |  |  | 90,556 |  |  | 88,863 |  |  | — |  |  | (45,624) |  |  | 596,218 |
Total assets |  | $ | 6,011,286 |  |  | 1,129,851 |  |  | 1,174,856 |  |  | 342,500 |  |  | (1,044,889) |  |  | $ | 7,613,604 |
(continued) Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Balance Sheet (continued) December 31, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,156,955 |  |  | 243,964 |  |  | 282,876 |  |  | 153,574 |  |  | (680,414) |  |  | $ | 1,156,955 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,353,173 |  |  | 244,466 |  |  | 256,575 |  |  | — |  |  | — |  |  | 1,854,214 |
Total capitalization |  | 2,532,421 |  |  | 495,430 |  |  | 544,451 |  |  | 153,574 |  |  | (680,414) |  |  | 3,045,462 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 4,430 |  |  | 7,802 |  |  | 2,970 |  |  | — |  |  | — |  |  | 15,202 |
Current portion of long-term debt |  | 40,000 |  |  | 5,000 |  |  | 2,000 |  |  | — |  |  | — |  |  | 47,000 |
Short-term borrowings-non-affiliate, net |  | 48,623 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 48,623 |
Short-term borrowings-affiliate |  | — |  |  | — |  |  | 62,200 |  |  | — |  |  | (62,200) |  |  | — |
Accounts payable |  | 137,837 |  |  | 27,077 |  |  | 32,066 |  |  | — |  |  | — |  |  | 196,980 |
Interest and preferred dividends payable |  | 15,994 |  |  | 3,191 |  |  | 2,701 |  |  | — |  |  | (350) |  |  | 21,536 |
Taxes accrued, including revenue taxes |  | 197,768 |  |  | 42,692 |  |  | 37,108 |  |  | 1,138 |  |  | (6,705) |  |  | 272,001 |
Regulatory liabilities |  | 11,701 |  |  | 10,039 |  |  | 4,828 |  |  | — |  |  | — |  |  | 26,568 |
Wildfire tort-related claims (Note 2) |  | 383,000 |  |  | 47,875 |  |  | 47,875 |  |  | — |  |  | — |  |  | 478,750 |
Other |  | 103,415 |  |  | 35,492 |  |  | 43,913 |  |  | 187,788 |  |  | (249,597) |  |  | 121,011 |
Total current liabilities |  | 942,768 |  |  | 179,168 |  |  | 235,661 |  |  | 188,926 |  |  | (318,852) |  |  | 1,227,671 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 29,830 |  |  | 15,230 |  |  | 4,075 |  |  | — |  |  | — |  |  | 49,135 |
Finance lease liabilities |  | 341,364 |  |  | 34,370 |  |  | 49,891 |  |  | — |  |  | — |  |  | 425,625 |
Deferred income taxes |  | — |  |  | 5,368 |  |  | 28,257 |  |  | — |  |  | (33,625) |  |  | — |
Regulatory liabilities |  | 864,259 |  |  | 222,834 |  |  | 130,422 |  |  | — |  |  | — |  |  | 1,217,515 |
Unamortized tax credits |  | 54,950 |  |  | 10,757 |  |  | 10,969 |  |  | — |  |  | — |  |  | 76,676 |
Defined benefit pension plan liability |  | 18,301 |  |  | 125 |  |  | — |  |  | — |  |  | (11,998) |  |  | 6,428 |
Wildfire tort-related claims (Note 2) |  | 1,149,000 |  |  | 143,625 |  |  | 143,625 |  |  | — |  |  | — |  |  | 1,436,250 |
Other |  | 78,393 |  |  | 22,944 |  |  | 27,505 |  |  | — |  |  | — |  |  | 128,842 |
Total deferred credits and other liabilities |  | 2,536,097 |  |  | 455,253 |  |  | 394,744 |  |  | — |  |  | (45,623) |  |  | 3,340,471 |
Total capitalization and liabilities |  | $ | 6,011,286 |  |  | 1,129,851 |  |  | 1,174,856 |  |  | 342,500 |  |  | (1,044,889) |  |  | $ | 7,613,604 |
Schedule of Condensed Consolidating Statement of Changes in Common Stock Equity | Condensed Consolidating Statement of Changes in Common Stock Equity Three months ended March 31, 2025
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2024 |  | $ | 1,156,955 |  |  | 243,964 |  |  | 282,876 |  |  | 153,574 |  |  | (680,414) |  |  | $ | 1,156,955 |
Net income for common stock |  | 47,816 |  |  | 3,596 |  |  | 4,436 |  |  | 1,693 |  |  | (9,725) |  |  | 47,816 |
Other comprehensive loss, net of taxes |  | (47) |  |  | (7) |  |  | (11) |  |  | — |  |  | 18 |  |  | (47) |
Additional paid-in capital |  | 287,520 |  |  | 133 |  |  | 95 |  |  | — |  |  | (228) |  |  | 287,520 |
Balance, March 31, 2025 |  | $ | 1,492,244 |  |  | 247,686 |  |  | 287,396 |  |  | 155,267 |  |  | (690,349) |  |  | $ | 1,492,244 |
Condensed Consolidating Statement of Changes in Common Stock Equity Three months ended March 31, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2023 |  | $ | 2,409,110 |  |  | 359,790 |  |  | 362,344 |  |  | 77 |  |  | (722,211) |  |  | $ | 2,409,110 |
Net income for common stock |  | 39,221 |  |  | 4,390 |  |  | 1,634 |  |  | — |  |  | (6,024) |  |  | 39,221 |
Other comprehensive loss, net of taxes |  | (49) |  |  | (3) |  |  | (10) |  |  | — |  |  | 13 |  |  | (49) |
Common stock dividends |  | (13,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13,000) |
Balance, March 31, 2024 |  | $ | 2,435,282 |  |  | 364,177 |  |  | 363,968 |  |  | 77 |  |  | (728,222) |  |  | $ | 2,435,282 |
Schedule of Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Three months ended March 31, 2025
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net cash provided by operating activities |  | $ | 63,617 |  |  | 10,929 |  |  | 2,090 |  |  | 2,611 |  |  | (233) |  |  | $ | 79,014 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (45,122) |  |  | (13,854) |  |  | (26,150) |  |  | — |  |  | — |  |  | (85,126) |
Advances to affiliates |  | (14,000) |  |  | — |  |  | — |  |  | — |  |  | 14,000 |  |  | — |
Other |  | 582 |  |  | 164 |  |  | 1 |  |  | — |  |  | 233 |  |  | 980 |
Net cash used in investing activities |  | (58,540) |  |  | (13,690) |  |  | (26,149) |  |  | — |  |  | 14,233 |  |  | (84,146) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (499) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (499) |
Proceeds from capital contribution from parent |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net increase in short-term borrowings from affiliate with original maturities of three months or less |  | — |  |  | — |  |  | 14,000 |  |  | — |  |  | (14,000) |  |  | — |
Repayment of long-term debt |  | (45,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (45,000) |
Payments of obligations under finance leases |  | (1,972) |  |  | (163) |  |  | (177) |  |  | — |  |  | — |  |  | (2,312) |
Other |  | (752) |  |  | (87) |  |  | (210) |  |  | — |  |  | — |  |  | (1,049) |
Net cash provided by (used in) financing activities |  | (47,953) |  |  | (250) |  |  | 13,613 |  |  | — |  |  | (14,000) |  |  | (48,590) |
Net increase (decrease) in cash, cash equivalents and restricted cash |  | (42,876) |  |  | (3,011) |  |  | (10,446) |  |  | 2,611 |  |  | — |  |  | (53,722) |
Cash, cash equivalents and restricted cash, beginning of period |  | 118,367 |  |  | 31,534 |  |  | 16,456 |  |  | 17,791 |  |  | — |  |  | 184,148 |
Cash and cash equivalents, end of period |  | $ | 75,491 |  |  | 28,523 |  |  | 6,010 |  |  | 20,402 |  |  | — |  |  | $ | 130,426 |
Condensed Consolidating Statement of Cash Flows Three months ended March 31, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net cash provided by operating activities |  | $ | 103,556 |  |  | 15,965 |  |  | 7,680 |  |  | — |  |  | — |  |  | $ | 127,201 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (55,261) |  |  | (14,954) |  |  | (27,817) |  |  | — |  |  | — |  |  | (98,032) |
Advances to affiliates |  | (22,500) |  |  | — |  |  | — |  |  | — |  |  | 22,500 |  |  | — |
Other |  | (1,093) |  |  | (240) |  |  | (308) |  |  | — |  |  | — |  |  | (1,641) |
Net cash used in investing activities |  | (78,854) |  |  | (15,194) |  |  | (28,125) |  |  | — |  |  | 22,500 |  |  | (99,673) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (499) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (499) |
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | — |  |  | — |  |  | 22,500 |  |  | — |  |  | (22,500) |  |  | — |
Payments of obligations under finance leases |  | (1,646) |  |  | (154) |  |  | — |  |  |  |  |  |  | (1,800) |
Other |  | (1,112) |  |  | (129) |  |  | (311) |  |  | — |  |  | — |  |  | (1,552) |
Net cash provided by (used in) financing activities |  | (3,257) |  |  | (283) |  |  | 22,189 |  |  | — |  |  | (22,500) |  |  | (3,851) |
Net increase in cash, cash equivalents and restricted cash |  | 21,445 |  |  | 488 |  |  | 1,744 |  |  | — |  |  | — |  |  | 23,677 |
Cash, cash equivalents and restricted cash, beginning of period |  | 91,755 |  |  | 10,658 |  |  | 5,587 |  |  | 77 |  |  | — |  |  | 108,077 |
Cash, cash equivalents and restricted cash, end of period |  | 113,200 |  |  | 11,146 |  |  | 7,331 |  |  | 77 |  |  | — |  |  | 131,754 |
Less: Restricted cash |  | (2,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,000) |
Cash and cash equivalents, end of period |  | $ | 111,200 |  |  | 11,146 |  |  | 7,331 |  |  | 77 |  |  | — |  |  | $ | 129,754 |

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