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Electric utility segment | 9 Months Ended
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Sep. 30, 2025
Electric Utility Subsidiary [Abstract] |
Electric utility segment | Electric utility segment Consolidated variable interest entities (VIEs). The HE AR INTER LLC and its direct subsidiary, HE AR BRWR LLC, (collectively, the Special Purpose Entities or SPEs) are bankruptcy remote, direct and indirect wholly owned subsidiaries of the Utilities. Pursuant to the asset-based lending facility (ABL Facility) credit agreement, the Utilities sell certain accounts receivable to the SPEs as collateral, which in turn, obtain financing from financial institutions. As of September 30, 2025, the ABL Facility remains undrawn and the SPEs have $322.4 million of net accounts receivable, included in “Customer accounts receivable, net,” and “Accrued unbilled revenues, net” on the Utilities’ Condensed Consolidated Balance Sheets and “Accounts receivable and unbilled revenues, net” on the Company’s Condensed Consolidated Balance Sheets. The SPEs are considered VIEs due to insufficient equity investment at risk. The most significant activities that impact the economic performance of the SPEs are cash and financing management. The Utilities are considered the primary beneficiary as the Utilities direct the activities related to cash and financing management and therefore, are required to consolidate the SPEs. Although the SPEs are direct and indirect wholly owned consolidated subsidiaries of the Utilities, the SPEs are legally separate from the Utilities. The assets of the SPEs (which are primarily accounts receivables) are not available to creditors of the Utilities. Unconsolidated variable interest entities. Power purchase agreements. As of September 30, 2025, the Utilities had four power purchase agreements (PPAs) for firm capacity 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) and Hamakua Energy by reason of the provisions of the PPA that the Utilities have with the two IPPs. However, management has concluded that the Utilities are not the primary beneficiary of Kalaeloa and Hamakua Energy because the Utilities do not have the power to direct the activities that most significantly impact the two 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 and Hamakua Energy in their condensed consolidated financial statements. On March 10, 2025, the sale of Hamakua Energy was closed and Hamakua Energy is no longer owned by Pacific Current. Hamakua Energy was an indirect subsidiary of Pacific Current and was included in HEI’s condensed consolidated financial statements up until sale date. 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. GLST1. Effective March 31, 2025, HEI assigned 60% of the membership interests of GLST1 to Hawaiian Electric. The Utilities are deemed to have a variable interest in GLST1 but concluded that the Utilities are not the primary beneficiary of GLST1. As the Utilities have the ability to exercise significant influence over GLST1, the Utilities accounted for the membership interests under the equity method of accounting. As of September 30, 2025, the assigned equity interests total $287.3 million, which is reported on “Investment in unconsolidated affiliate” on the Utilities’ Condensed Consolidated Balance Sheets. Commitments and contingencies. Contingencies. The Utilities are subject in the normal course of business to legal, regulatory and environmental proceedings. Excluding the potential liabilities from the Maui windstorm and wildfires, 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. The Utilities record loss contingencies when the outcome of such proceedings is probable and when the amount of the loss is reasonably estimable. The Utilities also evaluate, on a continuous basis, whether developments in such proceedings could cause these assessments or estimates to change. Assessment regarding future events is required when evaluating whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable. Management is often unable to estimate a reasonably possible loss, or a range of loss, particularly in cases in which: (i) the damages sought are indeterminate or the basis for the damages claimed is not clear; (ii) proceedings are in early stages; (iii) discovery is not complete; (iv) the matters involve novel or unsettled legal theories; (v) significant facts are in dispute; (vi) a large number of parties are represented (including circumstances in which it is uncertain how liability, if any, would be shared among multiple defendants); (vii) a lower court or administrative agency’s decision or ruling has been appealed; and/or (viii) a wide range of potential outcomes exist. In such cases, there may be considerable uncertainty regarding the timing or ultimate resolution, including any possible loss, fine, penalty, or business impact. August 2023 Maui windstorm and wildfires. See Note 2. 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, scheduled to be in service in 2016. However, Hu Honua encountered construction and litigation delays, which resulted in the termination of the original PPA. Following the termination, Hu Honua filed a lawsuit in the U.S. District Court for the District of Hawaii. The parties reached a settlement that was conditioned on the PUC’s timely, non-appealable final approval of an amended and restated PPA dated May 9, 2017. On May 23, 2022, following a contested case hearing, the PUC issued a decision and order (D&O) denying the amended and restated PPA, which was affirmed by the Hawaii Supreme Court on March 13, 2023. On November 16, 2023, Hu Honua filed its Motion for Leave to File Third Amended and Supplemental Complaint and for Permissive Joinder with the U.S. District Court for the District of Hawaii, asking the court to grant it leave to file a Third Amended and Supplemental Complaint, which would amend its claims and add three new proposed defendants. The court issued a D&O on the motion on April 2, 2024, which was consistent with Hawaii Electric Light's position, only allowing amendments that were agreed to and not allowing Hu Honua to add new claims or parties, effectively leaving Hu Honua with its previously-pled breach of contract and antitrust claims. Hu Honua filed its objection to the order on April 16, 2024 and the Hawaiian Electric defendants filed their response to the objection on April 30, 2024. On September 12, 2024, the court issued its decision affirming the April 2, 2024 order. Hu Honua filed its Third Amended and Supplemental Complaint on October 25, 2024, and after discussion with the Hawaiian Electric defendants and the court, filed its Amended Third Amended and Supplemental Complaint on December 3, 2024. The Hawaiian Electric defendants filed their Motion to Compel Arbitration on the contract claims and Motion to Dismiss the antitrust claims on January 7, 2025, and the matter was heard by the U.S. District Court on March 31, 2025. On April 17, 2025, the U.S. District Court granted Hawaii Electric Light’s Motion to Dismiss in part, dismissing the Federal Antitrust claims, but declining to exercise jurisdiction over the State antitrust claim. With the U.S. District Court declining to exercise jurisdiction over the remaining State claims, the Motion to Compel Arbitration on the contract claims was denied as moot. The remaining State claims, including the contract claims and the State antitrust claim, were dismissed without prejudice. On December 24, 2024, Hawaii Electric Light received correspondence from Hu Honua, stating that Hu Honua sought to sell energy and capacity as a Qualifying Facility under Hawaii’s implementation of The Public Utility Regulatory Policies Act. On March 18, 2025, Hawaii Electric Light and Hu Honua informed the PUC that negotiations regarding this potential arrangement were ongoing with the intention to reach agreement on material terms and requested an extension of time to complete negotiations and for Hawaii Electric Light to submit a petition for hearing under the Hawaii Administrative Rules. On June 3, 2025, Hawaii Electric Light and Hu Honua provided an update to the PUC stating that substantial progress had been made and an agreement in principle had been reached on major terms. The update informed the PUC that the parties would continue negotiations with the intent to submit an application for approval of a PPA upon completion of such efforts. On May 14, 2025, Hu Honua filed its notice of appeal in federal Ninth Circuit court. Due to the ongoing negotiations between Hu Honua and Hawaii Electric Light, the briefing schedule has been vacated, and Hu Honua is to provide a status report by November 10, 2025, and the docket is temporarily closed for administrative purposes until January 9, 2026. On May 16, 2025, Hu Honua filed its complaint in state court for the remaining State claims. Hu Honua has granted Hawaii Electric Light an extension to respond while negotiations are ongoing. 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 (BESS) 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 U.S. District Court for the District of Hawaii against Maui Electric claiming breach of contract. On June 3, 2020, Maui Electric provided a 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. Trial was initially set for September 16, 2025, but was recently continued to commence on February 18, 2026. 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 Environmental Protection Agency (EPA) has since identified environmental impacts in the subsurface soil at the Site. In cooperation with the State of Hawaii Department of Health 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 $2.4 million as of September 30, 2025, 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. 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 September 30, 2025, the reserve account balance recorded by Hawaiian Electric to address the PCB contamination was $9.3 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. Endangered Species Act. The Utilities received a notice under the federal Endangered Species Act, from Earthjustice on behalf of the American Bird Conservancy and Conservation Council for Hawaii (Conservation Groups) in January 2024. The notice is the pre-cursor to a citizen’s suit under the Endangered Species Act. The notice alleges that the Utilities are out of compliance with the Act due to alleged impacts on endangered seabirds caused by the Utilities’ powerlines, street lights and facility lights on Maui and Lanai. At the time the notice was served, the Utilities were already in the process of drafting a Habitat Conservation Plan (HCP) with respect to the powerlines and will be applying for associated state and federal take/license permits. Notwithstanding, the notice asserts that the scope of the HCP should be broader and additional interim measures are necessary while the HCP and related permits are pending. After negotiations among the parties a complaint was filed on November 12, 2024 regarding the powerlines and on December 11, 2024, the court approved a settlement agreement. Pursuant to that agreement, the Utilities will continue the HCP process and take specific actions to minimize and mitigate the potential impact of the Utilities’ powerlines while the document is being prepared. The agreement also contains additional requirements that include coordination with the Conservation Groups with various aspects of the HCP and powerline operations, and continuing the Utilities’ commitment to a species mitigation project with University of Hawaii Foundation to monitor, protect and increase the population of Hawaiian Petrels. The street and facility lights aspect of the notice was not resolved and a second complaint was filed on November 19, 2024, that includes the County of Maui as a party. Hawaiian Electric and Maui Electric answered the complaint on December 12, 2024 and at this time, the parties are engaging in discovery and settlement discussions to try and resolve the matter. On July 3, 2025, an interim agreement was executed by the parties with respect to foregoing the need for injunctive relief in 2025. However, the Utilities are unable to determine the ultimate outcome or the amount of any possible loss. A trial is set for April 20, 2026. Commitments. Purchase commitments. As of December 31, 2024, the Utilities’ estimated future minimum payments pursuant to purchase obligations related to material contracts of $2.2 billion. See Note 4 of the Notes to the Consolidated Financial Statements in Item 8 of the 2024 Form 10-K. On March 25, 2025, Hale Kuawehi located on Hawaii Island, reached commercial operations, which has a capacity of 30 MW with 120-MWh batteries, and a total annual payment of $11.9 million. The battery portion of the PPA was recorded as a finance lease liability in the first quarter of 2025 with a corresponding right-of-use asset of $42.3 million. On July 11, 2025, Hoohana Solar located on Oahu, reached commercial operations, which has a capacity of 52 MW with 208-MWh batteries, and a total annual payment of $13.4 million. The battery portion of the PPA was recorded as a finance lease liability in the third quarter of 2025 with a corresponding right-of-use asset of $51.3 million. As of September 30, 2025, a total of nine Stage 1 and Stage 2 renewable projects provide the Utilities a capacity of 301.5 MW, with 1,771-MWh batteries. Purchases from all IPPs were as follows:
|  | Three months ended September 30 |  | Nine months ended September 30
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Kalaeloa Partners, L.P. |  | $ | 73 |  |  | $ | 74 |  |  | $ | 201 |  |  | $ | 219 |
HPOWER |  | 16 |  |  | 20 |  |  | 55 |  |  | 53 |
Puna Geothermal Venture |  | 12 |  |  | 15 |  |  | 31 |  |  | 42 |
Hamakua Energy |  | 11 |  |  | 9 |  |  | 24 |  |  | 25 |
Kapolei Energy Storage |  | 6 |  |  | 6 |  |  | 18 |  |  | 18 |
Wind IPPs |  | 33 |  |  | 37 |  |  | 90 |  |  | 104 |
Solar IPPs |  | 31 |  |  | 26 |  |  | 82 |  |  | 62 |
Other IPPs 1 |  | 1 |  |  | 2 |  |  | 4 |  |  | 7 |
Total IPPs |  | $ | 183 |  |  | $ | 189 |  |  | $ | 505 |  |  | $ | 530 |
1 Includes hydro power and other PPAs. 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. Waena Battery Energy Storage System Project. In September 2020, Maui Electric filed a PUC application to purchase and install a 40-MW BESS at its Waena Site in Central Maui. In December 2023, the PUC approved Maui Electric’s request to commit funds estimated at $82.1 million, for the purchase and installation of the project, and to recover costs for the project under Exceptional Project Recovery Mechanism. Project costs incurred as of September 30, 2025, amount to $18.1 million. In July 2025, the PUC approved the Utilities’ request to authorize recovery of costs in addition to the amounts approved in December 2023 due to the uncertainty of changes in law, limited to the lesser of either the actual costs or 20% over the approved estimated capital costs. Climate Adaptation Transmission and Distribution Resilience Program. The Utilities maintain that improving resiliency of the electric grid is an urgent matter and recognizes that climate change is making Hawaii increasingly vulnerable to severe weather events. On January 31, 2024, the PUC approved the Utilities’ request to commit an estimated $189.7 million in funds for the Climate Adaptation Transmission and Distribution Resilience Program, over a project period of five years. The project will focus on, among other things, system hardening in wildfire risk areas including installing video camera and weather monitors in wildfire risk areas and strengthening transmission lines to help prevent ignition enable quicker response and to add situational awareness. The project costs to be recovered through Exceptional Project Recovery Mechanism is subject to a cap of $95 million and any amount in excess will be subject to the PUC’s further review. On August 7, 2024, the Utilities received a notification from the U.S. Department of Energy that their application for $95 million in federal funds under the Infrastructure Investment and Jobs Act (IIJA) was officially awarded. On August 20, 2024, the Utilities submitted a copy of their executed agreement with the Department of Energy to the PUC. On November 18, 2024, the Utilities filed their August 2024 - August 2025 Forward Looking Annual Report. Project costs incurred as of September 30, 2025, amount to $34.2 million. In 2025, President Trump has issued multiple Executive Orders that impact both IIJA and Inflation Reduction Act funding. At this time, the Utilities believe these Executive Orders could potentially lead to project delays and economic uncertainty; however, the Utilities are still evaluating the potential impact and continue to monitor for any new Executive Orders and any changes that are passed down through the federal contracting officer for the Resilience Program. As of September 30, 2025, the Utilities’ reimbursement requests have been granted. 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 Performance-based regulation (PBR) Framework. Performance-based regulation framework. On December 23, 2020, the PUC issued a decision and order (PBR D&O) establishing the 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 continue as previously implemented (e.g., the Energy Cost Recovery Clause (ECRC), Purchased Power Adjustment Clause (PPAC), Demand-Side Management surcharge, Renewable Energy Infrastructure Program, Demand Response Adjustment Clause, 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 return on average common equity (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 PBR Framework became fully effective on June 1, 2021. Changes to the existing PIMs and SSMs have been made as separate requests and are discussed further below. On June 19, 2024, and July 30, 2024, the PUC issued orders providing guidance regarding the comprehensive evaluation of the PBR Framework that will commence in the fourth year of the PBR Framework’s first MRP (PBR Framework Review). The current PBR multiyear rate plan (MRP) will end on May 31, 2026, and the next MRP (MRP2) will commence on January 1, 2027. The period in between these dates will be used to address implementation details that may arise ahead of MRP2. The PBR Framework Review, currently regarded as the remaining phases will proceed as follows: (i) Phase 5: the evaluation of the current PBR Framework, (ii) Phase 6: the examination of proposal for modifications to the PBR Framework, and (iii) Phase 7: the implementation of modifications prior to commencing the second MRP. At the PBR working group meetings held on August 30, 2024 and October 25, 2024, the working group discussed issues and considerations regarding re-basing target revenues for MRP2. On November 8, 2024, the PUC issued an order establishing a briefing schedule for determining whether to re-base target revenues. On December 5, 2024, the parties timely submitted their respective briefs addressing the issues of whether and how to rebase target revenues. In its order issued on February 27, 2025, the PUC concluded that Utilities’ target revenues should be re-based for MRP2 and allowed the Utilities to file a single, consolidated application that presents their requested adjustment to target revenues. The proceeding to re-base the Utilities’ target revenues for MRP2 shall be bifurcated into two tracks, with the first track focused on reaching a decision on the Utilities’ revenue requirements prior to the commencement of MRP2 and the second track focused on making a final determination on the revenue requirement and addressing the rate design component. On April 4, 2025, the PUC established a briefing schedule for the parties to present their positions regarding their evaluation of the PBR Framework, following the working group meeting held on February 14, 2025. Timely opening and reply briefs were filed by the parties on May 5, 2025 and on May 19, 2025, respectively. On August 13, 2025, the PUC issued an order concluding Phase 5, identifying which specific PBR mechanisms would be prioritized for examination in Phase 6, and provided a tentative schedule framework for Phase 6. The PUC stated that it intends to focus Phase 6 on examining modifications to the inflation factor, customer dividend, ESM, revenue opportunities afforded by the X-Factor and EPRM guidelines, and PIMs portfolio. On August 28, 2025, the Utilities filed a request to extend the time to file a rate case in order to allow collaboration among the PBR Working Group parties on an alternative rate re-basing proposal that could eliminate the need for a general rate case application and process. Confirmation was also sought that if a non-rate case re-basing proposal is explored but does not result in a proposal supported by the Utilities, they could file a rate case in the second half of 2026 utilizing a 2027 test year. On September 29, 2025, the PUC granted the Utilities’ request, subject to conditions: including (i) the Utilities are not expected to file their re-basing application by year-end 2025, as originally scheduled, (ii) the Utilities shall collaborate with the parties to attempt to develop an alternative proposal for submission to the PUC no later than January 7, 2026, (iii) if any party opposes or does not agree with any submitted alternative proposal, they shall file a statement describing their opposition and the reasons by January 14, 2026, (iv) if the Parties are unsuccessful at developing an alternative proposal or if the PUC ultimately rejects any submitted alternative proposal, the Utilities shall file their re-basing application in the second half of 2026, using a 2027 test year and (v) depending on outcome, the PUC may defer the start of MRP2 beyond January 2027. Annual revenue adjustment mechanism. The PBR Framework established a five-year MRP during which there will be no general rate cases. Target revenues are 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 ARA mechanism replaced the previous revenue adjustment mechanism (RAM). RAM revenue adjustments approved by the PUC in 2020 continue to be included in the RBA provision’s target revenue and RBA rate adjustment to the extent such adjustments are not included in base rate unless modified with PUC approval. Earnings sharing mechanism. The PBR Framework established a symmetrical ESM for achieved rate-making ROACE outside of a 300 basis points deadband 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 deadband in either direction, and a 90/10 sharing for any further difference. A reopening or review of the PBR terms may 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. On August 31, 2023, the PUC issued an order temporarily suspending the ESM until further notice. The intent of the order is to address the unintended consequence of customers potentially bearing the costs associated with the Maui windstorm and wildfires through the operation of the ESM without prior PUC review. 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 continues within the PBR Framework to provide recovery of project costs previously approved for recovery under the MPIR. The 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 other operation and maintenance (O&M) expense projects are also eligible for EPRM recovery under the EPRM Guidelines. EPRM recoverable costs are limited to the lesser of actual incurred project costs or PUC‑approved amounts, net of savings. As of September 30, 2025, the Utilities annualized MPIR and EPRM revenue amounts totaled $35.7 million, including revenue taxes, for the Schofield Generating Station ($15.6 million), West Loch PV project ($3.1 million), Grid Modernization Strategy Phase 1 project ($14.1 million for all three utilities), Waiawa UFLS project ($0.1 million), Waena Switchyard/Synchronous project ($2.5 million) and Resilience project ($0.3 million) that included the 2024 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 2024 MPIR and EPRM revenues effective June 1, 2025, through the RBA rate adjustment. As of September 30, 2025, the PUC approved the recovery of four EPRM projects in the amount of $227.5 million to the extent the project costs are not included in rates. Currently, the Utilities are seeking EPRM recovery for three additional projects subject to PUC approval. Pilot process. As part of the PBR Framework, the PUC approved a pilot process to foster innovation by establishing an expedited implementation process for pilots that tests new technologies, programs, business models, and other arrangements (Pilot Process). Under the Pilot Process, the Utilities submit specific pilot proposals (i.e., pilot notices) that are within the scope of the approved Workplan to the PUC for their expedited review. The PUC will strive to issue an order addressing a proposed pilot within 45 days of the filing date of a pilot notice. If the PUC does not take affirmative action on a pilot notice by the end of the 45-day period, the pilot notice will be considered approved as submitted. The PUC may modify the pilot as originally proposed, and the Utilities will have 15 days to notify the PUC whether the Utilities accept the modification, propose further modification, or withdraw the pilot notice. The PUC may also, where necessary, suspend the pilot notice for further investigation. The approved Pilot Process includes a cost recovery process that generally allows the Utilities to defer and recover total annual expenditures of approved pilot projects net of revenues, subject to an annual cap of $10 million, over 12 months beginning June 1 of the year following pilot implementation through the RBA rate adjustment, although the PUC may determine on a case-by-case basis that a particular project’s deferred costs should be amortized over a period greater than 12 months. On March 24, 2025, the Utilities filed their annual Pilot Update report covering pilot projects that were active during 2024, including reporting on pilot projects that were initiated prior to the commencement of the Pilot Process. The Pilot Update reported on approximately $2.1 million of 2024 recorded pilot project costs including revenue taxes for the Utilities. The 2024 recorded pilot project costs were included in the Utilities’ proposed adjustments to target revenue in the 2025 spring revenue report filed on March 31, 2025. On October 6, 2025, the PUC issued a decision approving the Utilities’ Wildfire Enhanced Fast Trip Reliability Mitigation Pilot, subject to certain reporting conditions. The purpose of the pilot is to test the ability of novel equipment and protection schemes to mitigate the negative reliability impacts caused by the implementation of Enhanced Fast Trip, while preserving the effectiveness of Enhanced Fast Trip in reducing wildfire ignition risk. The pilot commenced at the end of October 2025 with a planned duration of approximately 17 months. Performance incentive mechanisms. The following PIMs and SSMs were approved by the PUC and are applicable to the 2024 and 2025 evaluation periods. PIMs and SSMs are determined at the end of their respective evaluation periods. 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) earned | 2025 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 | $0.3 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 | Not applicable
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 | $0.3 million
1 The Interconnection Approval PIM expired as of December 31, 2024. * PIMs will be measured at the end of the year. On April 1, 2024, the Utilities filed a request for partial temporary suspension and modification of the Transmission and Distribution (T&D) System Average Interruption Duration Index (SAIDI) and T&D System Average Interruption Frequency Index (SAIFI) PIMs to specifically suspend the T&D SAIDI and T&D SAIFI PIMs for wildfire risk circuits from January 1, 2024 to December 31, 2025. The Utilities also proposed that circuits not identified as wildfire risk circuits would continue to be subject to the existing PIMs on a prorated basis. On December 18, 2024, and clarified on January 15, 2025, the PUC issued orders granting the Utilities’ request to suspend the T&D SAIDI and T&D SAIFI PIMs for wildfire risk circuits from January 1, 2024 to December 31, 2025. For the 2024 evaluation period, the Utilities earned $6.2 million ($2.5 million for Hawaiian Electric, $3.4 million for Hawaii Electric Light and $0.3 million for Maui Electric) in rewards net of penalties. The net rewards related to 2024 were reflected in the 2025 PIMs annual report and 2025 spring revenue report filings with the exception of the Phase 1 RFP PIM, which was reflected in the 2024 spring revenue report and 2024 fall revenue report filings. For the 2025 evaluation period, the Utilities accrued an additional $0.3 million in rewards for the Phase 1 RFP PIM (for Maui Electric), which were reflected in the 2025 fall revenue report filing. Annual review cycle. PBR D&O established an annual review cycle for revenue adjustments under the PBR Framework, including the biannual submission of the revenue reports. The Utilities’ 2025 fall revenue report was filed on October 31, 2025, which is subject to PUC approval. The filing reflected ARA revenues for 2026 to be collected from January 1 through December 31, 2026, as follows:
(in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Total
2026 ARA revenue |  | $ | 20.4 |  |  | $ | 5.0 |  |  | $ | 4.9 |  |  | $ | 30.3 |
Management Audit savings commitment |  | (4.6) |  |  | (1.0) |  |  | (1.0) |  |  | (6.6) |
Net 2026 ARA revenues |  | $ | 15.8 |  |  | $ | 4.0 |  |  | $ | 3.9 |  |  | $ | 23.7 |
Note: Columns may not foot due to rounding. The proposed net incremental amounts between the 2025 spring and 2025 fall revenue reports are shown in the following table. The amounts are to be collected (refunded) from January 1, 2026, through December 31, 2026, under the RBA rate tariffs, which were proposed in the 2025 fall revenue report filing.
(in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Total
2026 ARA revenues |  | $ | 20.4 |  |  | $ | 5.0 |  |  | $ | 4.9 |  |  | $ | 30.3 |
Annual change in accrued RBA balance through September 30, 2025 (and associated revenue taxes) |  | (18.6) |  |  | (1.3) |  |  | (10.7) |  |  | (30.6) |
Incremental Performance Incentive Mechanisms (net) |  | — |  |  | (0.1) |  |  | 0.3 |  |  | 0.2 |
Net incremental amount to be collected under the RBA rate tariffs |  | $ | 1.8 |  |  | $ | 3.6 |  |  | $ | (5.5) |  |  | $ | (0.1) |
Note: Columns may not foot due to rounding. Regulatory assets and liabilities. Regulatory asset related to retirement of generating units. Honolulu generating units 8 and 9. On December 22, 2023, the PUC issued a D&O approving the Utilities’ request to establish a regulatory asset for the remaining net book value of the fossil fuel generating units for both Honolulu units 8 and 9 assets that retired on December 31, 2023, and amortize the regulatory asset over approximately nine years. The PUC also ruled that the Utilities may seek to include the regulatory asset in rate base and seek to recover the amortization expense and a return on the unamortized balance of the regulatory asset in the next rate case or rate re-setting proceeding. As of September 30, 2025, the Utilities have recorded $24.2 million in regulatory assets for the remaining net book value of Honolulu generating units 8 and 9. Waiau generating units 3 and 4. On September 30, 2024, the PUC issued a D&O approving the Utilities’ request to establish a regulatory asset for the remaining net book value of the fossil fuel generating units for both Waiau units 3 and 4 assets that retired on December 31, 2024, and amortize the regulatory asset over approximately nine years. The PUC also ruled that the Utilities may seek to include the regulatory asset in rate base and seek to recover the amortization expense and a return on the unamortized balance of the regulatory asset in the next rate case or rate re-setting proceeding. As of September 30, 2025, the Utilities have recorded $13.1 million in regulatory assets for the remaining net book value of Waiau generating units 3 and 4. Regulatory assets for Maui windstorm and wildfires related costs. On December 27, 2023, the PUC issued an order authorizing deferred accounting treatment for the Utilities’ incremental non-labor expenses under specific cost categories related to the August 2023 Maui windstorm and wildfires. The deferred accounting treatment authorized, applied to certain non-labor expenses incurred from August 8, 2023 through December 31, 2024 that are not already a part of base rates. On February 12, 2025, the PUC issued an order granting the Utilities request to extend the deferral accounting period to December 31, 2025, limited to insurance premiums and outside services and legal costs associated with the ABL Facility credit agreement (see Note 5). As of September 30, 2025, the Utilities have recorded $74.5 million in regulatory assets for the incremental costs incurred related to the Maui windstorm and wildfires event. Requests for cost recovery of deferred costs will be the subject of a separate application at which time the PUC will evaluate whether such costs were prudently incurred and reasonable and determine the extent to which such costs will be eligible for recovery, and the period over which recovery will occur. If the PUC denies recovery of any deferred costs, such costs would be charged to expense in the period that those costs are no longer considered probable of recovery. Regulatory liabilities for Enterprise Resource Planning/Enterprise Asset Management (ERP/EAM). 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 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 $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 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 were considered flowed through to customers. On December 29, 2023, the PUC approved the Utilities’ proposal to accelerate flow-through of the ERP benefits savings currently tracked in regulatory liability accounts to Hawaii Electric Light and Maui Electric customers as part of the customer dividend in the ARA, to mitigate the impact of the Utilities’ recovery of the COVID-19 related costs on customers. See “Regulatory assets for COVID-19 related costs” section below. As of September 30, 2025, the Utilities’ regulatory liability was $11.7 million ($0.1 million for Hawaiian Electric, $4.7 million for Hawaii Electric Light and $6.9 million for Maui Electric) for the O&M expense savings that are being amortized or to be included in future rates. At the PUC’s direction, the Utilities have been filing Annual Enterprise System Benefits (AESB) reports on the achieved benefits savings. Regulatory assets for COVID-19 related costs. In a D&O issued on December 29, 2023, as clarified by an order issued on February 27, 2024, the PUC approved the Utilities’ recovery of the COVID-19 related deferred costs of $8.7 million evenly over a three-year recovery period from June 1, 2024 and end May 31, 2027 through the Z-factor in the ARA. As of September 30, 2025, the Utilities have recorded $4.4 million in regulatory assets for deferral of COVID-19 related costs. Regulatory assets for suspension of disconnections related costs. Based on circumstances related to the Maui windstorm and wildfires, on August 31, 2023 and subsequently on October 13, 2023, the PUC issued orders directing all regulated utilities located on, or providing utility service on Maui, among other things, (i) to suspend disconnections of services and associated disconnection fees beginning from August 8, 2023, through the end of the emergency relief period established by the Governor’s Emergency Proclamations related to the Maui windstorm and wildfires, which currently continues through November 10, 2025 (Suspension Period); (ii) to suspend any and all rules and provisions of individual utility tariffs that prevent or condition re-connection of disconnected customers during the Suspension Period; (iii) not to charge customers interest on past due payments or impose any late payment fees through the Suspension Period; (iv) to establish regulatory assets to record costs directly related to the suspension of disconnections, and to record receipt of governmental aid and donation-based aid, loans or grants, and/or all other assistance measures, and any cost savings realized; and (v) to file a notice with the PUC regarding any upcoming application or other request pursuant to HRS Sections 269-16.3, -17, -17.5, -18, -19, or -19.5 and/or regarding any significant financial change to the Maui utility, at least 60 days prior to filing such application or other request with the PUC. The orders also discourage the filing of emergency or general rate increases in response to the emergency situation. In future proceedings, the PUC will assess the utility’s request for recovery of these regulatory assets including whether it is reasonable and necessary, the appropriate period of recovery for the approved amount of regulatory assets, any amount of carrying costs thereon, any savings directly attributable to suspension of disconnects, and other related matters. As of September 30, 2025, the Utilities have recorded $5.1 million in regulatory assets for the incremental costs incurred due to the suspension of disconnections. Condensed consolidating financial information. Condensed consolidating financial information for Hawaiian Electric and its subsidiaries are presented for the three and nine months ended September 30, 2025 and 2024, and as of September 30, 2025 and December 31, 2024. On March 21, 2024, Hawaiian Electric formed HE AR INTER LLC and its direct subsidiary, HE AR BRWR LLC, which were established to pursue financing through a secured asset-based (accounts receivable) credit facility. Hawaiian Electric unconditionally guarantees Hawaii Electric Light’s and Maui Electric’s obligations (a) to the State of Hawaii for the repayment of principal and interest on Special Purpose Revenue Bonds issued for the benefit of Hawaii Electric Light and Maui Electric and (b) under their respective private placement note agreements and the Hawaii Electric Light notes and Maui Electric notes issued thereunder. Hawaiian Electric is also obligated, after the satisfaction of its obligations on its own preferred stock, to make dividend, redemption and liquidation payments on Hawaii Electric Light’s and Maui Electric’s preferred stock if the respective subsidiary is unable to make such payments. Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Income Three months ended September 30, 2025
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 560,118 |  |  | 115,499 |  |  | 112,352 |  |  | 3,000 |  |  | (3,541) |  |  | $ | 787,428 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 178,209 |  |  | 22,419 |  |  | 39,919 |  |  | — |  |  | — |  |  | 240,547 |
Purchased power |  | 132,075 |  |  | 36,008 |  |  | 15,730 |  |  | — |  |  | — |  |  | 183,813 |
Other operation and maintenance |  | 103,940 |  |  | 26,742 |  |  | 33,816 |  |  | 862 |  |  | (3,541) |  |  | 161,819 |
Depreciation |  | 42,576 |  |  | 11,242 |  |  | 10,204 |  |  | — |  |  | — |  |  | 64,022 |
Taxes, other than income taxes |  | 53,071 |  |  | 10,779 |  |  | 10,584 |  |  | — |  |  | — |  |  | 74,434 |
Total expenses |  | 509,871 |  |  | 107,190 |  |  | 110,253 |  |  | 862 |  |  | (3,541) |  |  | 724,635 |
Operating income |  | 50,247 |  |  | 8,309 |  |  | 2,099 |  |  | 2,138 |  |  | — |  |  | 62,793 |
Allowance for equity funds used during construction |  | 2,800 |  |  | 390 |  |  | 631 |  |  | — |  |  | — |  |  | 3,821 |
Equity in earnings of subsidiaries |  | 6,123 |  |  | — |  |  | — |  |  | — |  |  | (6,123) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 867 |  |  | 161 |  |  | (30) |  |  | — |  |  | — |  |  | 998 |
Interest expense and other charges, net |  | (16,654) |  |  | (2,744) |  |  | (4,012) |  |  | — |  |  | 1,296 |  |  | (22,114) |
Allowance for borrowed funds used during construction |  | 1,172 |  |  | 106 |  |  | 222 |  |  | — |  |  | — |  |  | 1,500 |
Interest income |  | 2,404 |  |  | 320 |  |  | 33 |  |  | — |  |  | (1,296) |  |  | 1,461 |
Income (loss) before income taxes |  | 46,959 |  |  | 6,542 |  |  | (1,057) |  |  | 2,138 |  |  | (6,123) |  |  | 48,459 |
Income tax expense (benefit) |  | 9,701 |  |  | 1,407 |  |  | (686) |  |  | 551 |  |  | — |  |  | 10,973 |
Net income (loss) |  | 37,258 |  |  | 5,135 |  |  | (371) |  |  | 1,587 |  |  | (6,123) |  |  | 37,486 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income (loss) attributable to Hawaiian Electric |  | 37,258 |  |  | 5,002 |  |  | (466) |  |  | 1,587 |  |  | (6,123) |  |  | 37,258 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income (loss) for common stock |  | $ | 36,988 |  |  | 5,002 |  |  | (466) |  |  | 1,587 |  |  | (6,123) |  |  | $ | 36,988 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income Three months ended September 30, 2025
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | 36,988 |  |  | 5,002 |  |  | (466) |  |  | 1,587 |  |  | (6,123) |  |  | $ | 36,988 |
Other comprehensive income (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 |  | (576) |  |  | (31) |  |  | (64) |  |  | — |  |  | 95 |  |  | (576) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 552 |  |  | 33 |  |  | 57 |  |  | — |  |  | (90) |  |  | 552 |
Other comprehensive income (loss), net of taxes |  | (24) |  |  | 2 |  |  | (7) |  |  | — |  |  | 5 |  |  | (24) |
Comprehensive income (loss) attributable to common shareholder |  | $ | 36,964 |  |  | 5,004 |  |  | (473) |  |  | 1,587 |  |  | (6,118) |  |  | $ | 36,964 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Income Three months ended September 30, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 592,784 |  |  | 123,238 |  |  | 113,840 |  |  | 2,402 |  |  | (2,647) |  |  | $ | 829,617 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 207,498 |  |  | 31,464 |  |  | 40,076 |  |  | — |  |  | — |  |  | 279,038 |
Purchased power |  | 135,645 |  |  | 35,291 |  |  | 18,229 |  |  | — |  |  | — |  |  | 189,165 |
Other operation and maintenance |  | 105,977 |  |  | 25,614 |  |  | 32,769 |  |  | 484 |  |  | (2,647) |  |  | 162,197 |
Wildfire tort-related claims |  | 130,400 |  |  | 16,300 |  |  | 16,300 |  |  | — |  |  | — |  |  | 163,000 |
Depreciation |  | 42,004 |  |  | 10,964 |  |  | 9,844 |  |  | — |  |  | — |  |  | 62,812 |
Taxes, other than income taxes |  | 55,787 |  |  | 11,511 |  |  | 10,671 |  |  | — |  |  | — |  |  | 77,969 |
Total expenses |  | 677,311 |  |  | 131,144 |  |  | 127,889 |  |  | 484 |  |  | (2,647) |  |  | 934,181 |
Operating income (loss) |  | (84,527) |  |  | (7,906) |  |  | (14,049) |  |  | 1,918 |  |  | — |  |  | (104,564) |
Allowance for equity funds used during construction |  | 2,628 |  |  | 256 |  |  | 416 |  |  | — |  |  | — |  |  | 3,300 |
Equity in earnings of subsidiaries |  | (18,558) |  |  | — |  |  | — |  |  | — |  |  | 18,558 |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 826 |  |  | 162 |  |  | (29) |  |  | — |  |  | — |  |  | 959 |
Interest expense and other charges, net |  | (14,870) |  |  | (2,760) |  |  | (4,324) |  |  | — |  |  | 1,731 |  |  | (20,223) |
Allowance for borrowed funds used during construction |  | 1,055 |  |  | 75 |  |  | 201 |  |  | — |  |  | — |  |  | 1,331 |
Interest income |  | 2,971 |  |  | 324 |  |  | 107 |  |  | — |  |  | (1,731) |  |  | 1,671 |
Income (loss) before income taxes |  | (110,475) |  |  | (9,849) |  |  | (17,678) |  |  | 1,918 |  |  | 18,558 |  |  | (117,526) |
Income tax expense (benefit) |  | (28,160) |  |  | (2,807) |  |  | (4,966) |  |  | 494 |  |  | — |  |  | (35,439) |
Net income (loss) |  | (82,315) |  |  | (7,042) |  |  | (12,712) |  |  | 1,424 |  |  | 18,558 |  |  | (82,087) |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income (loss) attributable to Hawaiian Electric |  | (82,315) |  |  | (7,175) |  |  | (12,807) |  |  | 1,424 |  |  | 18,558 |  |  | (82,315) |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income (loss) for common stock |  | $ | (82,585) |  |  | (7,175) |  |  | (12,807) |  |  | 1,424 |  |  | 18,558 |  |  | $ | (82,585) |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income Three months ended September 30, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | (82,585) |  |  | (7,175) |  |  | (12,807) |  |  | 1,424 |  |  | 18,558 |  |  | $ | (82,585) |
Other comprehensive income (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 |  | (1,331) |  |  | (40) |  |  | (71) |  |  | — |  |  | 111 |  |  | (1,331) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 1,333 |  |  | 42 |  |  | 64 |  |  | — |  |  | (106) |  |  | 1,333 |
Other comprehensive income (loss), net of taxes |  | 2 |  |  | 2 |  |  | (7) |  |  | — |  |  | 5 |  |  | 2 |
Comprehensive income (loss) attributable to common shareholder |  | $ | (82,583) |  |  | (7,173) |  |  | (12,814) |  |  | 1,424 |  |  | 18,563 |  |  | $ | (82,583) |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Income Nine months ended September 30, 2025
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,609,625 |  |  | 334,783 |  |  | 325,811 |  |  | 8,808 |  |  | (10,751) |  |  | $ | 2,268,276 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 498,376 |  |  | 75,910 |  |  | 115,569 |  |  | — |  |  | — |  |  | 689,855 |
Purchased power |  | 374,065 |  |  | 89,155 |  |  | 42,273 |  |  | — |  |  | — |  |  | 505,493 |
Other operation and maintenance |  | 298,628 |  |  | 80,525 |  |  | 91,654 |  |  | 3,088 |  |  | (10,751) |  |  | 463,144 |
Depreciation |  | 127,678 |  |  | 33,727 |  |  | 30,610 |  |  | — |  |  | — |  |  | 192,015 |
Taxes, other than income taxes |  | 152,587 |  |  | 31,330 |  |  | 30,577 |  |  | 1 |  |  | — |  |  | 214,495 |
Total expenses |  | 1,451,334 |  |  | 310,647 |  |  | 310,683 |  |  | 3,089 |  |  | (10,751) |  |  | 2,065,002 |
Operating income |  | 158,291 |  |  | 24,136 |  |  | 15,128 |  |  | 5,719 |  |  | — |  |  | 203,274 |
Allowance for equity funds used during construction |  | 8,432 |  |  | 1,088 |  |  | 1,588 |  |  | — |  |  | — |  |  | 11,108 |
Equity in earnings of subsidiaries |  | 23,615 |  |  | — |  |  | — |  |  | — |  |  | (23,615) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 2,678 |  |  | 497 |  |  | (74) |  |  | — |  |  | — |  |  | 3,101 |
Interest expense and other charges, net |  | (49,966) |  |  | (8,229) |  |  | (11,708) |  |  | — |  |  | 3,631 |  |  | (66,272) |
Allowance for borrowed funds used during construction |  | 3,525 |  |  | 297 |  |  | 557 |  |  | — |  |  | — |  |  | 4,379 |
Interest income |  | 7,219 |  |  | 910 |  |  | 159 |  |  | — |  |  | (3,631) |  |  | 4,657 |
Income before income taxes |  | 153,794 |  |  | 18,699 |  |  | 5,650 |  |  | 5,719 |  |  | (23,615) |  |  | 160,247 |
Income taxes |  | 29,030 |  |  | 4,000 |  |  | 294 |  |  | 1,473 |  |  | — |  |  | 34,797 |
Net income |  | 124,764 |  |  | 14,699 |  |  | 5,356 |  |  | 4,246 |  |  | (23,615) |  |  | 125,450 |
Preferred stock dividends of subsidiaries |  | — |  |  | 401 |  |  | 285 |  |  | — |  |  | — |  |  | 686 |
Net income attributable to Hawaiian Electric |  | 124,764 |  |  | 14,298 |  |  | 5,071 |  |  | 4,246 |  |  | (23,615) |  |  | 124,764 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income for common stock |  | $ | 123,954 |  |  | 14,298 |  |  | 5,071 |  |  | 4,246 |  |  | (23,615) |  |  | $ | 123,954 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income Nine months ended September 30, 2025
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 123,954 |  |  | 14,298 |  |  | 5,071 |  |  | 4,246 |  |  | (23,615) |  |  | $ | 123,954 |
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 |  | (1,637) |  |  | (86) |  |  | (191) |  |  | — |  |  | 277 |  |  | (1,637) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 1,519 |  |  | 77 |  |  | 164 |  |  | — |  |  | (241) |  |  | 1,519 |
Other comprehensive loss, net of taxes |  | (118) |  |  | (9) |  |  | (27) |  |  | — |  |  | 36 |  |  | (118) |
Comprehensive income attributable to common shareholder |  | $ | 123,836 |  |  | 14,289 |  |  | 5,044 |  |  | 4,246 |  |  | (23,579) |  |  | $ | 123,836 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Income Nine months ended September 30, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,721,592 |  |  | 358,510 |  |  | 330,669 |  |  | 2,402 |  |  | (2,647) |  |  | $ | 2,410,526 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 605,083 |  |  | 91,590 |  |  | 125,313 |  |  | — |  |  | — |  |  | 821,986 |
Purchased power |  | 390,302 |  |  | 98,415 |  |  | 41,593 |  |  | — |  |  | — |  |  | 530,310 |
Other operation and maintenance |  | 290,578 |  |  | 74,748 |  |  | 90,485 |  |  | 484 |  |  | (2,647) |  |  | 453,648 |
Wildfire tort-related claims |  | 1,500,000 |  |  | 187,500 |  |  | 187,500 |  |  | — |  |  | — |  |  | 1,875,000 |
Depreciation |  | 126,011 |  |  | 32,892 |  |  | 29,533 |  |  | — |  |  | — |  |  | 188,436 |
Taxes, other than income taxes |  | 162,410 |  |  | 33,411 |  |  | 30,974 |  |  | — |  |  | — |  |  | 226,795 |
Total expenses |  | 3,074,384 |  |  | 518,556 |  |  | 505,398 |  |  | 484 |  |  | (2,647) |  |  | 4,096,175 |
Operating income (loss) |  | (1,352,792) |  |  | (160,046) |  |  | (174,729) |  |  | 1,918 |  |  | — |  |  | (1,685,649) |
Allowance for equity funds used during construction |  | 8,027 |  |  | 893 |  |  | 1,356 |  |  | — |  |  | — |  |  | 10,276 |
Equity in earnings of subsidiaries |  | (258,633) |  |  | — |  |  | — |  |  | — |  |  | 258,633 |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 2,681 |  |  | 498 |  |  | (76) |  |  | — |  |  | — |  |  | 3,103 |
Interest expense and other charges, net |  | (44,879) |  |  | (8,648) |  |  | (13,114) |  |  | — |  |  | 5,016 |  |  | (61,625) |
Allowance for borrowed funds used during construction |  | 3,168 |  |  | 267 |  |  | 626 |  |  | — |  |  | — |  |  | 4,061 |
Interest income |  | 8,606 |  |  | 720 |  |  | 245 |  |  | — |  |  | (5,016) |  |  | 4,555 |
Income (loss) before income taxes |  | (1,633,822) |  |  | (166,316) |  |  | (185,692) |  |  | 1,918 |  |  | 258,633 |  |  | (1,725,279) |
Income tax expense (benefit) |  | (361,874) |  |  | (43,636) |  |  | (49,001) |  |  | 494 |  |  | — |  |  | (454,017) |
Net income (loss) |  | (1,271,948) |  |  | (122,680) |  |  | (136,691) |  |  | 1,424 |  |  | 258,633 |  |  | (1,271,262) |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income (loss) attributable to Hawaiian Electric |  | (1,271,948) |  |  | (123,080) |  |  | (136,977) |  |  | 1,424 |  |  | 258,633 |  |  | (1,271,948) |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income (loss) for common stock |  | $ | (1,272,758) |  |  | (123,080) |  |  | (136,977) |  |  | 1,424 |  |  | 258,633 |  |  | $ | (1,272,758) |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income Nine months ended September 30, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | (1,272,758) |  |  | (123,080) |  |  | (136,977) |  |  | 1,424 |  |  | 258,633 |  |  | $ | (1,272,758) |
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 |  | (2,344) |  |  | (117) |  |  | (187) |  |  | — |  |  | 304 |  |  | (2,344) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 2,251 |  |  | 112 |  |  | 163 |  |  | — |  |  | (275) |  |  | 2,251 |
Other comprehensive loss, net of taxes |  | (93) |  |  | (5) |  |  | (24) |  |  | — |  |  | 29 |  |  | (93) |
Comprehensive income (loss) attributable to common shareholder |  | $ | (1,272,851) |  |  | (123,085) |  |  | (137,001) |  |  | 1,424 |  |  | 258,662 |  |  | $ | (1,272,851) |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Balance Sheet September 30, 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 |  |  | 5,646 |  |  | 3,603 |  |  | — |  |  | — |  |  | $ | 52,109 |
Plant and equipment |  | 5,626,713 |  |  | 1,539,937 |  |  | 1,470,036 |  |  | — |  |  | — |  |  | 8,636,686 |
Right-of-use assets - finance lease |  | 411,545 |  |  | 78,377 |  |  | 50,757 |  |  | — |  |  | — |  |  | 540,679 |
Less accumulated depreciation |  | (2,146,647) |  |  | (715,344) |  |  | (625,604) |  |  | — |  |  | — |  |  | (3,487,595) |
Construction in progress |  | 296,046 |  |  | 45,987 |  |  | 67,702 |  |  | — |  |  | — |  |  | 409,735 |
Utility property, plant and equipment, net |  | 4,230,517 |  |  | 954,603 |  |  | 966,494 |  |  | — |  |  | — |  |  | 6,151,614 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 1,146 |  |  | 115 |  |  | 1,444 |  |  | — |  |  | — |  |  | 2,705 |
Total property, plant and equipment, net |  | 4,231,663 |  |  | 954,718 |  |  | 967,938 |  |  | — |  |  | — |  |  | 6,154,319 |
Investment in wholly owned subsidiaries, at equity |  | 704,679 |  |  | — |  |  | — |  |  | — |  |  | (704,679) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 449,024 |  |  | 36,737 |  |  | 3,834 |  |  | 14,276 |  |  | — |  |  | 503,871 |
Advances to affiliates |  | 82,700 |  |  | — |  |  | — |  |  | — |  |  | (82,700) |  |  | — |
Customer accounts receivable, net |  | 18,205 |  |  | 3,618 |  |  | 7,105 |  |  | 163,259 |  |  | — |  |  | 192,187 |
Accrued unbilled revenues, net |  | 18,393 |  |  | 5,597 |  |  | 1,212 |  |  | 159,145 |  |  | — |  |  | 184,347 |
Other accounts receivable, net |  | 177,464 |  |  | 54,672 |  |  | 48,421 |  |  | — |  |  | (209,959) |  |  | 70,598 |
Fuel oil stock, at average cost |  | 79,663 |  |  | 13,587 |  |  | 17,953 |  |  | — |  |  | — |  |  | 111,203 |
Materials and supplies, at average cost |  | 75,551 |  |  | 18,107 |  |  | 39,124 |  |  | — |  |  | — |  |  | 132,782 |
Prepayments and other |  | 32,991 |  |  | 7,578 |  |  | 20,174 |  |  | — |  |  | (11,356) |  |  | 49,387 |
Regulatory assets |  | 26,049 |  |  | 6,019 |  |  | 3,964 |  |  | — |  |  | — |  |  | 36,032 |
Total current assets |  | 960,040 |  |  | 145,915 |  |  | 141,787 |  |  | 336,680 |  |  | (304,015) |  |  | 1,280,407 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 33,285 |  |  | 18,232 |  |  | 5,662 |  |  | — |  |  | — |  |  | 57,179 |
Regulatory assets |  | 182,734 |  |  | 22,385 |  |  | 46,086 |  |  | — |  |  | — |  |  | 251,205 |
Defined benefit pension and other postretirement benefit plans asset |  | 70,503 |  |  | 31,162 |  |  | 24,688 |  |  | — |  |  | (14,211) |  |  | 112,142 |
Investment in unconsolidated affiliate |  | 287,250 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 287,250 |
Other |  | 236,148 |  |  | 21,282 |  |  | 30,327 |  |  | — |  |  | (39,300) |  |  | 248,457 |
Total other long-term assets |  | 809,920 |  |  | 93,061 |  |  | 106,763 |  |  | — |  |  | (53,511) |  |  | 956,233 |
Total assets |  | $ | 6,706,302 |  |  | 1,193,694 |  |  | 1,216,488 |  |  | 336,680 |  |  | (1,062,205) |  |  | $ | 8,390,959 |
(continued) Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Balance Sheet (continued) September 30, 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 |  | $ | 1,548,581 |  |  | 258,653 |  |  | 288,206 |  |  | 157,820 |  |  | (704,679) |  |  | $ | 1,548,581 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,619,250 |  |  | 236,594 |  |  | 201,761 |  |  | — |  |  | — |  |  | 2,057,605 |
Total capitalization |  | 3,190,124 |  |  | 502,247 |  |  | 494,967 |  |  | 157,820 |  |  | (704,679) |  |  | 3,640,479 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 5,199 |  |  | 8,410 |  |  | 3,230 |  |  | — |  |  | — |  |  | 16,839 |
Current portion of long-term debt, net |  | 61,964 |  |  | 7,995 |  |  | 54,969 |  |  | — |  |  | — |  |  | 124,928 |
Short-term borrowings from affiliate |  | — |  |  | — |  |  | 82,700 |  |  | — |  |  | (82,700) |  |  | — |
Accounts payable |  | 136,272 |  |  | 40,629 |  |  | 38,043 |  |  | — |  |  | — |  |  | 214,944 |
Interest and preferred dividends payable |  | 21,257 |  |  | 3,698 |  |  | 4,354 |  |  | — |  |  | (452) |  |  | 28,857 |
Taxes accrued, including revenue taxes |  | 181,990 |  |  | 37,853 |  |  | 34,658 |  |  | 2,611 |  |  | (11,356) |  |  | 245,756 |
Regulatory liabilities |  | 14,936 |  |  | 10,897 |  |  | 11,809 |  |  | — |  |  | — |  |  | 37,642 |
Wildfire tort-related claims |  | 383,000 |  |  | 47,875 |  |  | 47,875 |  |  | — |  |  | — |  |  | 478,750 |
Other |  | 94,425 |  |  | 32,763 |  |  | 29,697 |  |  | 176,249 |  |  | (209,507) |  |  | 123,627 |
Total current liabilities |  | 899,043 |  |  | 190,120 |  |  | 307,335 |  |  | 178,860 |  |  | (304,015) |  |  | 1,271,343 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 31,988 |  |  | 10,132 |  |  | 2,683 |  |  | — |  |  | — |  |  | 44,803 |
Finance lease liabilities |  | 384,785 |  |  | 75,556 |  |  | 49,435 |  |  | — |  |  | — |  |  | 509,776 |
Deferred income taxes |  | — |  |  | 8,711 |  |  | 30,589 |  |  | — |  |  | (39,300) |  |  | — |
Regulatory liabilities |  | 906,257 |  |  | 231,965 |  |  | 147,657 |  |  | — |  |  | — |  |  | 1,285,879 |
Unamortized tax credits |  | 49,387 |  |  | 10,017 |  |  | 10,435 |  |  | — |  |  | — |  |  | 69,839 |
Defined benefit pension plans liability |  | 20,531 |  |  | 124 |  |  | — |  |  | — |  |  | (14,211) |  |  | 6,444 |
Wildfire tort-related claims |  | 1,149,000 |  |  | 143,625 |  |  | 143,625 |  |  | — |  |  | — |  |  | 1,436,250 |
Other |  | 75,187 |  |  | 21,197 |  |  | 29,762 |  |  | — |  |  | — |  |  | 126,146 |
Total deferred credits and other liabilities |  | 2,617,135 |  |  | 501,327 |  |  | 414,186 |  |  | — |  |  | (53,511) |  |  | 3,479,137 |
Total capitalization and liabilities |  | $ | 6,706,302 |  |  | 1,193,694 |  |  | 1,216,488 |  |  | 336,680 |  |  | (1,062,205) |  |  | $ | 8,390,959 |
Hawaiian Electric Company, Inc. and Subsidiaries 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, net |  | 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 |  | 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 |  | 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 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Changes in Common Stock Equity Nine months ended September 30, 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 |  | 123,954 |  |  | 14,298 |  |  | 5,071 |  |  | 4,246 |  |  | (23,615) |  |  | 123,954 |
Other comprehensive loss, net of tax benefits |  | (118) |  |  | (9) |  |  | (27) |  |  | — |  |  | 36 |  |  | (118) |
Common stock dividends |  | (20,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20,000) |
Additional paid-in capital |  | 287,790 |  |  | 400 |  |  | 286 |  |  | — |  |  | (686) |  |  | 287,790 |
Balance, September 30, 2025 |  | $ | 1,548,581 |  |  | 258,653 |  |  | 288,206 |  |  | 157,820 |  |  | (704,679) |  |  | $ | 1,548,581 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Changes in Common Stock Equity Nine months ended September 30, 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 (loss) for common stock |  | (1,272,758) |  |  | (123,080) |  |  | (136,977) |  |  | 1,424 |  |  | 258,633 |  |  | (1,272,758) |
Other comprehensive loss, net of tax benefits |  | (93) |  |  | (5) |  |  | (24) |  |  | — |  |  | 29 |  |  | (93) |
Issuance of common stock, net of expenses |  | — |  |  | — |  |  | 55,000 |  |  | 150,215 |  |  | (205,215) |  |  | — |
Common stock dividends |  | $ | (26,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $ | (26,000) |
Additional paid-in capital |  | $ | — |  |  | 400 |  |  | 286 |  |  | — |  |  | (686) |  |  | $ | — |
Balance, September 30, 2024 |  | $ | 1,110,259 |  |  | 237,105 |  |  | 280,629 |  |  | 151,716 |  |  | (669,450) |  |  | $ | 1,110,259 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 2025
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net cash provided by operating activities |  | $ | 228,320 |  |  | 54,543 |  |  | 40,655 |  |  | (3,515) |  |  | — |  |  | $ | 320,003 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (130,207) |  |  | (49,738) |  |  | (73,982) |  |  | — |  |  | — |  |  | (253,927) |
Advances to affiliates |  | (20,500) |  |  | — |  |  | — |  |  | — |  |  | 20,500 |  |  | — |
Other |  | 4,073 |  |  | 1,163 |  |  | 1,009 |  |  | — |  |  | — |  |  | 6,245 |
Net cash used in investing activities |  | (146,634) |  |  | (48,575) |  |  | (72,973) |  |  | — |  |  | 20,500 |  |  | (247,682) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (20,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20,000) |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (1,496) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,496) |
Proceeds from capital contribution from parent |  | 540 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 540 |
Repayment of short-term debt |  | (50,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (50,000) |
Proceeds from issuance of long-term debt |  | 500,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500,000 |
Net increase in short-term borrowings from affiliate with original maturities of three months or less |  | — |  |  | — |  |  | 20,500 |  |  | — |  |  | (20,500) |  |  | — |
Repayment of long-term debt |  | (166,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (166,000) |
Payments of obligations under finance leases |  | (6,087) |  |  | (623) |  |  | (453) |  |  | — |  |  | — |  |  | (7,163) |
Other |  | (7,986) |  |  | (142) |  |  | (351) |  |  | — |  |  | — |  |  | (8,479) |
Net cash provided by (used in) financing activities |  | 248,971 |  |  | (765) |  |  | 19,696 |  |  | — |  |  | (20,500) |  |  | 247,402 |
Net increase (decrease) in cash and cash equivalents |  | 330,657 |  |  | 5,203 |  |  | (12,622) |  |  | (3,515) |  |  | — |  |  | 319,723 |
Cash and cash equivalents, beginning of period |  | 118,367 |  |  | 31,534 |  |  | 16,456 |  |  | 17,791 |  |  | — |  |  | 184,148 |
Cash and cash equivalents, end of period |  | $ | 449,024 |  |  | 36,737 |  |  | 3,834 |  |  | 14,276 |  |  | — |  |  | $ | 503,871 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net cash provided by (used in) operating activities |  | $ | 237,155 |  |  | 54,936 |  |  | 41,851 |  |  | (9,212) |  |  | (2,082) |  |  | $ | 322,648 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (141,000) |  |  | (39,405) |  |  | (63,895) |  |  | — |  |  | — |  |  | (244,300) |
Advances to affiliates |  | (30,700) |  |  | — |  |  | — |  |  | — |  |  | 30,700 |  |  | — |
Other |  | (18,696) |  |  | 523 |  |  | (1,012) |  |  | — |  |  | 21,882 |  |  | 2,697 |
Net cash used in investing activities |  | (190,396) |  |  | (38,882) |  |  | (64,907) |  |  | — |  |  | 52,582 |  |  | (241,603) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (26,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (26,000) |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (1,496) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,496) |
Proceeds from issuance of common stock |  | — |  |  | — |  |  | — |  |  | 19,800 |  |  | (19,800) |  |  | — |
Net increase in short-term borrowings from affiliate with original maturities of three months or less |  | — |  |  | — |  |  | 30,700 |  |  | — |  |  | (30,700) |  |  | — |
Payments of obligations under finance leases |  | (5,233) |  |  | (470) |  |  | (173) |  |  | — |  |  | — |  |  | (5,876) |
Other |  | (4,393) |  |  | (508) |  |  | (1,225) |  |  | — |  |  | — |  |  | (6,126) |
Net cash provided by (used in) financing activities |  | (37,122) |  |  | (978) |  |  | 29,302 |  |  | 19,800 |  |  | (50,500) |  |  | (39,498) |
Net increase in cash, cash equivalents and restricted cash |  | 9,637 |  |  | 15,076 |  |  | 6,246 |  |  | 10,588 |  |  | — |  |  | 41,547 |
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 |  | 101,392 |  |  | 25,734 |  |  | 11,833 |  |  | 10,665 |  |  | — |  |  | 149,624 |
Less: Restricted cash |  | (2,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,000) |
Cash and cash equivalents, end of period |  | $ | 99,392 |  |  | 25,734 |  |  | 11,833 |  |  | 10,665 |  |  | — |  |  | $ | 147,624 |

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- Definition Electric Utility Subsidiary + References No definition available. + Details
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