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Hawaiian Electric Company's shaky credit prompts proposal for help from state

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Hawaii News

Wildfires,Nicole Lowen,Natural Disasters

Still reeling financially from the devastating wildfires that killed at least 102 people and destroyed much of Lahaina in 2023, Hawaiian Electric Co. wants the state to back the utility’s contracts with wind and solar farms.

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“We’re still refining that draft and we hope to get close to a final version later this week,” she said. To pay for the projects, the power producers enter long-term contracts with HECO to buy electricity for a certain price. The producers then borrow money to pay for the projects up front, with a promise to use payments from HECO to repay the loans.

“Independent Power Producers have expressed concerns with the Hawaiian Electric’s credit rating and the inability of the IPPs to finance projects or to finance them at reasonable rates given the Company’s current credit rating and financial situation,” the company explains in a document shared with lawmakers and others.. Unlike other types of corporate debt, the new bonds could have been secured by a new fee charged directly to utility customers.

As envisioned, the proposal would mean little risk to the state if it had to step into HECO’s shoes, Lowen said.

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