Hawaiian Electric Industries (HE) Stock Price, News & Analysis

Hawaiian Electric Industries, Inc. (HEI) is a utilities company based in the State of Hawaii whose common stock trades on the New York Stock Exchange under the symbol HE. According to its public disclosures, HEI is the parent company of Hawaiian Electric Company, Inc. (Hawaiian Electric) and has used a family of companies structure to provide energy services that support much of Hawaii’s economic and community activity. HEI has also reported ownership interests in non-regulated subsidiaries such as Pacific Current, LLC and has described a historical minority interest in American Savings Bank, as well as the sale of over 90% of American Savings Bank common stock.

HEI’s primary electric utility subsidiary, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population. The utility provides electricity on the islands of Oahu, Hawaii, Maui, Molokai and Lanai. HEI and Hawaiian Electric describe an ongoing effort to decarbonize utility operations and the broader state economy, while modernizing and hardening the electric grid to enhance resilience and public safety. These efforts include wildfire mitigation and safety programs, grid hardening and redesign, improved situational awareness and operational practices, and a Public Safety Power Shutoff program referenced in HEI’s earnings materials.

Business structure and segments

HEI’s reporting divides results between the electric utility segment and holding and other companies. The electric utility segment is driven by Hawaiian Electric and its subsidiaries, which generate, purchase and deliver electricity across the islands it serves. The holding and other companies segment has included HEI’s corporate-level activities and non-regulated operations such as Pacific Current. HEI has disclosed a strategic review of Pacific Current, including the sale of Pacific Current’s Hamakua Energy facility on Hawaiʻi Island and the sale of Pacific Current’s operating solar and battery storage assets on Kauai, Oahu and Maui.

HEI has also discussed a transformation of its financial profile through the sale of a majority stake in American Savings Bank and the planned or completed divestiture of remaining interests. The company has stated that these actions are intended to simplify its strategy and regulatory position and allow greater focus on the core utility business.

Electric utility operations and strategy

Hawaiian Electric’s financial disclosures highlight revenues from electric utility operations and detail expenses such as fuel oil, purchased power, other operation and maintenance, depreciation and taxes other than income taxes. The utility’s kilowatthour sales on the islands it serves and average fuel oil cost per barrel are reported in its consolidated statements of income data. HEI has described the use of an annual revenue adjustment mechanism, demand response program revenues and performance incentive mechanisms as contributors to higher revenues in certain periods.

HEI and Hawaiian Electric emphasize an “ambitious effort to decarbonize” operations and the broader state economy. In HEI’s full year 2024 results, the company reported that Hawaiian Electric achieved a 36% renewable portfolio standard, which it characterized as progress toward a 40% milestone. HEI has also stated that it helps advance Hawaii’s sustainability goals through investments by its non-regulated subsidiary Pacific Current, including prior ownership of solar, battery storage and other energy-related assets.

Wildfire safety, resilience and regulatory context

Recent HEI earnings releases describe extensive activity related to the 2023 Maui windstorm and wildfires. HEI has reported significant wildfire tort-related claims and associated liabilities, insurance recoveries and cost deferrals approved by the Public Utilities Commission of the State of Hawaii (PUC). The company has discussed definitive settlement agreements in Maui wildfire tort litigation, the role of a favorable Hawaii Supreme Court decision in clarifying insurer recovery rights, and legislative measures that support execution of the settlement.

HEI and Hawaiian Electric also reference wildfire mitigation and safety measures, including grid hardening and redesign, improved operational practices and expanded wildfire safety strategies. Legislation cited by HEI directs the PUC to establish an aggregate liability cap for economic damages from future wildfires and authorizes securitization to finance wildfire safety and infrastructure resilience investments. HEI has linked these measures to customer affordability and the ability to procure reliable, affordable clean energy.

Capital structure, credit facilities and financing

HEI and Hawaiian Electric have entered into amended and restated senior unsecured revolving credit facilities. An 8-K filed on September 8, 2025 describes a fourth amended and restated credit agreement for each of HEI and Hawaiian Electric, increasing aggregate revolving commitments and extending facility terms. The HEI facility includes a letter of credit sub-facility and swingline sub-facility and allows for potential commitment increases, while the Hawaiian Electric facility also provides for commitment increases and contains covenants tied to capitalization ratios and liens.

Hawaiian Electric has also issued senior notes in the private market. A September 18, 2025 8-K describes the issuance of $500 million aggregate principal amount of 6.000% Senior Notes due 2033 under an indenture with U.S. Bank Trust Company, National Association, as trustee. The notes mature on October 1, 2033, pay cash interest semi-annually, and include optional redemption provisions, change of control repurchase rights, covenants limiting certain liens and mergers, and customary events of default.

Recent financial performance and non-GAAP measures

HEI’s earnings releases for 2024 and 2025 provide consolidated statements of income data and segment results. The company reports revenues from the electric utility and other sources, total expenses, operating income or loss, interest expense, interest income, income tax expense or benefit, and income or loss from continuing operations and discontinued operations. HEI has also reported results for discontinued operations related to American Savings Bank following the sale of a majority interest.

HEI uses non-GAAP measures it labels as “Core” to adjust for Maui wildfire-related costs and certain items associated with strategic reviews and asset sales. The company provides reconciliations from GAAP to non-GAAP Core earnings, explaining that management does not consider wildfire-related expenses and specified strategic review costs to be representative of fundamental core earnings. Hawaiian Electric similarly reports Core net income figures that exclude wildfire-related expenses, adjusted for insurance recoveries and cost deferrals authorized by the PUC.

Corporate evolution and strategic focus

In its full year 2024 results, HEI characterizes that year as pivotal and outlines several strategic milestones: definitive settlement agreements in the Maui wildfire tort litigation, the sale of over 90% of American Savings Bank, continued wildfire mitigation efforts and progress toward renewable portfolio standard goals. The company states that these actions are intended to help regain financial strength and support a more focused enterprise centered on the utility business.

Subsequent 2025 disclosures describe ongoing execution of this strategy. HEI notes the completion of the Hamakua Energy sale by Pacific Current, the sale of Pacific Current’s solar and battery storage assets on Kauai, Oahu and Maui, and an ongoing strategic review of Pacific Current’s remaining biomass plant asset on Kauai. HEI has also discussed the expected divestiture of its remaining stake in American Savings Bank over a defined future period. Together, these steps are described as moving HEI toward a simpler, more focused business.

Trading information and regulatory oversight

HEI’s common stock is registered under Section 12(b) of the Securities Exchange Act of 1934 and is listed on the New York Stock Exchange with the trading symbol HE, as reflected in multiple Form 8-K filings. Hawaiian Electric is also a registrant with its own Commission file number. HEI and Hawaiian Electric routinely reference the use of HEI’s website as a channel for additional investor information, alongside SEC filings, press releases and public conference calls and webcasts.

Investors researching HEI can review company disclosures and PUC documents to understand regulatory decisions affecting wildfire cost deferrals, securitization, liability caps and other utility matters. HEI’s filings emphasize that interim period results are not necessarily indicative of full-year outcomes and that forward-looking statements are subject to risk factors described in its Annual Report on Form 10-K and other SEC reports.