Electric utility segment

3 Months Ended

Mar. 31, 2020

Electric utility subsidiary [Abstract]

Unconsolidated variable interest entities.

Power purchase agreements. As of March 31, 2020, the Utilities had four PPAs for firm capacity (excluding the PGV PPA as PGV has been offline since May 2018 due to lava flow on Hawaii Island) 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), AES Hawaii, Inc. (AES Hawaii) and Hamakua Energy by reason of the provisions of the PPA that the Utilities have with the three IPPs. However, management has concluded that the Utilities are not the primary beneficiary of Kalaeloa, AES Hawaii and Hamakua Energy because the Utilities do not have the power to direct the activities that most significantly impact the three 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, AES Hawaii and Hamakua Energy in its condensed consolidated financial statements. Hamakua Energy is an indirect subsidiary of Pacific Current and is consolidated in HEI’s condensed consolidated financial statements.

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. Two IPPs of as-available energy declined to provide the information necessary for Utilities to determine the applicability of accounting standards for VIEs. If information is ultimately received from the IPPs, a possible outcome of future analyses of such information is the consolidation of one or both of such IPPs in the unaudited condensed consolidated financial statements. 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.

Annual decoupling filings. The Utilities filed annual decoupling filings on March 31, 2020, which are subject to PUC approval. The net annual incremental amounts proposed to be collected (refunded) from June 1, 2020 through May 31, 2021 are as follows:


(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2020 Annual incremental RAM adjusted revenues, net of changes in Tax Act adjustment	$	20.6	$	3.2	$	5.7	$	29.5
Annual change in accrued RBA balance as of December 31, 2019 (and associated revenue taxes) which incorporates MPIR recovery	(46.5)		(9.9)		(11.0)		(67.4)
Incremental Performance Incentive Mechanisms (net)	2.2		(0.1)		(0.1)		2.0


Net annual incremental amount to be collected (refunded) under the tariffs	$	(23.7)	$	(6.8)	$	(5.4)	$	(35.9)

Performance-based regulation proceeding. On April 18, 2018, the PUC issued an order, instituting a proceeding to investigate performance-based regulation (PBR). The PUC stated that PBR seeks to utilize both revenue adjustment mechanisms and performance mechanisms to more strongly align utilities’ incentives with customer interests.

The order stated that, in general, the PUC is interested in ratemaking elements and/or mechanisms that result in:

•Greater cost control and reduced rate volatility;

•Efficient investment and allocation of resources regardless of classification as capital or operating expense;

•Fair distribution of risks between utilities and customers; and

•Fulfillment of State policy goals.

The proceeding has two phases. Phase 1 examined the current regulatory framework and identified those areas of utility performance that are deserving of further focus in Phase 2. In May 2019, the PUC issued an order concluding Phase 1, which established guiding principles, regulatory goals, and priority outcomes to guide the development of the PBR mechanisms in Phase 2. The PUC identified the following guiding principles, which will inform the development of the PBR framework: 1) a customer-centric approach, 2) administrative efficiency to reduce regulatory burdens; and 3) utility financial integrity to maintain the utility’s financial health. Priority goals (and priority outcomes) identified by the PUC were: enhance customer experience (affordability, reliability, interconnection experience, and customer engagement), improve utility performance (cost control, distributed energy resources (DER) asset effectiveness, and grid investment efficiency), and advance societal outcomes (capital formation, customer equity, greenhouse gas reduction, electrification of transportation, and resilience).

The order also outlined the PUC’s vision of a comprehensive PBR framework that would be further developed in Phase 2. The framework envisioned would include 1) a five-year multi-year rate plan with an index-driven annual revenue adjustment based on an inflation factor, an X-factor which would encompass productivity, a Z-factor to account for exceptional circumstances not in the utility’s control and a customer dividend, 2) a symmetric earnings sharing mechanism that would help ensure that utility earnings do not excessively benefit or suffer from external factors outside of utility control or unforeseen results of regulatory mechanisms, 3) off-ramp provisions, 4) continuation of the RBA, MPIR adjustment mechanism, the pension and OPEB tracking mechanism, and other recovery mechanisms, and 5) a portfolio of performance incentive mechanisms for customer engagement and DER asset effectiveness (rewards only), and interconnection experience (both rewards and penalties), in addition to scorecards to track progress against targeted performance levels, shared savings mechanisms to apportion savings to the utility and customers, and reported metrics.

The Phase 2 schedule includes working group meetings through the first half of 2020, followed by statements of positions, evidentiary hearing in October 2020 and anticipated decision in December 2020.

Most recent rate proceedings.

Hawaiian Electric 2020 test year rate case. On August 21, 2019, Hawaiian Electric filed an application for a general rate increase for its 2020 test year rate case, requesting an increase of $77.6 million over revenues at current effective rates (for a 4.1% increase in revenues), based on an 8.0% rate of return (which incorporates a ROACE of 10.5%). In September 2019, the PUC issued an order ruling that Hawaiian Electric’s application was complete as of the date of filing. It also ordered that an outside consultant, selected by the PUC, would independently conduct a management audit of Hawaiian Electric. On April 17, 2020, the PUC issued a revised procedural schedule indicating the management audit is expected to be concluded in mid-May 2020, and an interim decision and order is scheduled to be issued in October 2020.

Hawaii Electric Light 2019 test year rate case. On September 24, 2019, Hawaii Electric Light and the Consumer Advocate filed a Stipulated Partial Settlement Letter which documented agreements reached on all of the issues in the proceeding, except

for the ROACE, capital structure, amortization period for the state investment tax credit, and automatic annual target heat rate adjustment. On November 13, 2019, the PUC issued an interim decision maintaining Hawaii Electric Light’s revenues at current effective rates based on an interim revenue requirement of $387 million, average rate base of $543 million, and a 7.52% ROR on average rate base that incorporates a ROACE of 9.5% and 58.0% total equity ratio. On November 25, 2019, the Parties filed separate responses to the interim order, agreeing that (1) they do not intend to withdraw from the Partial Settlement: (2) they waive their respective rights to an evidentiary hearing on the remaining contested issues; and (3) the remaining issues in the proceeding can be decided based on the evidence in the record and should be the subject of the filing of opening and reply briefs in February 2020. On December 13, 2019, the PUC issued an order approving the interim tariffs (effective January 1, 2020) removing the evidentiary hearing from the procedural schedule. Hawaii Electric Light filed on January 17, 2020 the supplemental evidence and simultaneous opening and reply briefs on February 3, 2020 and February 24, 2020, respectively. There is no statutory deadline for the PUC to issue a final decision.

Maui Electric 2021 test year rate case. By an order issued on April 29, 2020, the PUC terminated the requirement of a mandatory triennial rate case cycle that was established in the Decoupling final D&O, and indicated Maui Electric is not required to file a 2021 test year rate case.

Subsequent event-regulatory order. On April 22, 2020, the Utilities filed a request to the PUC for deferral treatment of COVID-19 related expenses, including higher bad debt expense and write-offs, higher financing costs and other expenses. On May 4, 2020, the PUC issued an order, authorizing all utilities, including the Utilities, to establish regulatory assets to record costs resulting from the suspension of disconnections of service during the pendency of the Governor’s Emergency Proclamation and until otherwise ordered by the PUC. In future proceedings, the PUC will consider the reasonableness of the costs, the appropriate period of recovery, any amount of carrying costs thereon, and any savings directly attributable to suspension of disconnects, and other related matters. As part of the order, the PUC prohibits the Utilities from charging late payments fees on past due payments. The Utilities are required to file a report on their financial condition by May 20, 2020, if regulatory assets will be recorded pursuant to the Order, and quarterly reports beginning July 20, 2020. The Utilities plan to record regulatory assets pursuant to the Order in the second quarter of 2020.

Condensed consolidating financial information. Condensed consolidating financial information for Hawaiian Electric and its subsidiaries are presented for the three month periods ended March 31, 2020 and 2019, and as of March 31, 2020 and December 31, 2019.

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 March 31, 2020


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	421,166	89,293	87,198	—	(215)	$	597,442
Expenses
Fuel oil	120,535		22,432	30,254	—	—	173,221
Purchased power	107,951		19,521	12,344	—	—	139,816
Other operation and maintenance	85,637		19,104	22,806	—	—	127,547
Depreciation	38,011		9,760	8,079	—	—	55,850
Taxes, other than income taxes	40,501		8,342	8,207	—	—	57,050

Total expenses	392,635		79,159	81,690	—	—	553,484
Operating income	28,531		10,134	5,508	—	(215)	43,958
Allowance for equity funds used during construction	1,743		119	153	—	—	2,015
Equity in earnings of subsidiaries	8,804		—	—	—	(8,804)	—
Retirement defined benefits expense—other than service costs	(546)		194	(29)	—	—	(381)
Interest expense and other charges, net	(12,002)		(2,484)	(2,323)	—	215	(16,594)
Allowance for borrowed funds used during construction	602		36	50	—	—	688
Income before income taxes	27,132		7,999	3,359	—	(8,804)	29,686
Income taxes	2,957		1,798	527			5,282
Net income	24,175		6,201	2,832	—	(8,804)	24,404
Preferred stock dividends of subsidiaries	—		134	95	—		229
Net income attributable to Hawaiian Electric	24,175		6,067	2,737	—	(8,804)	24,175
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	23,905	6,067	2,737	—	(8,804)	$	23,905

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Statement of Comprehensive Income

Three months ended March 31, 2020


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	23,905	6,067	2,737	—	(8,804)	$	23,905
Other comprehensive income (loss), net of taxes:


Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	5,184		748	652	—	(1,400)	5,184
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(5,158)		(747)	(652)	—	1,399	(5,158)
Other comprehensive income, net of taxes	26		1	—	—	(1)	26
Comprehensive income attributable to common shareholder	$	23,931	6,068	2,737	—	(8,805)	$	23,931

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Statement of Income

Three months ended March 31, 2019


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	405,669	87,205	85,653	—	(32)	$	578,495
Expenses
Fuel oil	108,922		20,842	30,845	—	—	160,609
Purchased power	105,223		19,177	10,045	—	—	134,445
Other operation and maintenance	81,178		18,736	18,216	—	—	118,130
Depreciation	35,867		10,453	7,627	—	—	53,947
Taxes, other than income taxes	38,631		8,105	8,068	—	—	54,804

Total expenses	369,821		77,313	74,801	—	—	521,935
Operating income	35,848		9,892	10,852	—	(32)	56,560
Allowance for equity funds used during construction	2,447		132	331	—	—	2,910
Equity in earnings of subsidiaries	11,849		—	—	—	(11,849)	—
Retirement defined benefits expense—other than service costs	(567)		(106)	(30)	—	—	(703)
Interest expense and other charges, net	(12,800)		(2,901)	(2,317)	—	32	(17,986)
Allowance for borrowed funds used during construction	902		56	120	—	—	1,078
Income before income taxes	37,679		7,073	8,956	—	(11,849)	41,859
Income taxes	5,283		1,770	2,181	—	—	9,234
Net income	32,396		5,303	6,775	—	(11,849)	32,625
Preferred stock dividends of subsidiaries	—		134	95	—	—	229
Net income attributable to Hawaiian Electric	32,396		5,169	6,680	—	(11,849)	32,396
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	32,126	5,169	6,680	—	(11,849)	$	32,126

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Statement of Comprehensive Income

Three months ended March 31, 2019


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	32,126	5,169	6,680	—	(11,849)	$	32,126
Other comprehensive income (loss), net of taxes:


Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	2,322		352	289	—	(641)	2,322
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(2,298)		(351)	(289)	—	640	(2,298)
Other comprehensive income, net of taxes	24		1	—	—	(1)	24
Comprehensive income attributable to common shareholder	$	32,150	5,170	6,680	—	(11,850)	$	32,150

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet

March 31, 2020


(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	$	42,389	5,606	3,612	—	—	$	51,607
Plant and equipment	4,821,180		1,317,355	1,167,120	—	—	7,305,655
Less accumulated depreciation	(1,614,651)		(581,038)	(530,414)	—	—	(2,726,103)
Construction in progress	164,467		12,530	22,532	—	—	199,529
Utility property, plant and equipment, net	3,413,385		754,453	662,850	—	—	4,830,688
Nonutility property, plant and equipment, less accumulated depreciation	5,309		115	1,532	—	—	6,956
Total property, plant and equipment, net	3,418,694		754,568	664,382	—	—	4,837,644
Investment in wholly owned subsidiaries, at equity	593,097		—	—	—	(593,097)	—
Current assets
Cash and cash equivalents	4,589		4,654	3,065	101	—	12,409
Restricted cash	30,902		—	—	—	—	30,902
Advances to affiliates	44,700		—	—	—	(44,700)	—
Customer accounts receivable, net	113,999		23,327	21,354	—	—	158,680
Accrued unbilled revenues, net	81,468		16,468	15,844	—	—	113,780
Other accounts receivable, net	17,593		2,596	2,327	—	(11,269)	11,247
Fuel oil stock, at average cost	65,688		8,684	15,155	—	—	89,527
Materials and supplies, at average cost	35,006		9,153	17,039	—	—	61,198
Prepayments and other	28,445		3,816	5,222	—	(1,576)	35,907
Regulatory assets	25,490		1,928	1,549	—	—	28,967
Total current assets	447,880		70,626	81,555	101	(57,545)	542,617
Other long-term assets
Operating lease right-of-use assets	175,205		1,514	378	—	—	177,097
Regulatory assets	466,795		105,956	96,926	—	—	669,677
Other	73,796		17,316	17,781	—	—	108,893
Total other long-term assets	715,796		124,786	115,085	—	—	955,667
Total assets	$	5,175,467	949,980	861,022	101	(650,642)	$	6,335,928
Capitalization and liabilities
Capitalization
Common stock equity	$	2,044,499	300,986	292,010	101	(593,097)	$	2,044,499
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,101,614		206,437	188,587	—	—	1,496,638
Total capitalization	3,168,406		514,423	485,597	101	(593,097)	3,575,430
Current liabilities
Current portion of operating lease liabilities	63,616		96	31	—	—	63,743
Current portion of long-term debt	—		13,997	—	—	—	13,997
Short-term borrowings from non-affiliates	99,956		—	—	—	—	99,956
Short-term borrowings from affiliate	—		2,500	42,200	—	(44,700)	—
Accounts payable	113,932		14,401	17,602	—	—	145,935
Interest and preferred dividends payable	20,095		3,806	4,129	—	(89)	27,941
Taxes accrued	109,383		26,846	24,338	—	(1,576)	158,991
Regulatory liabilities	19,762		12,813	10,136	—	—	42,711
Other	50,411		11,196	15,321	—	(11,180)	65,748
Total current liabilities	477,155		85,655	113,757	—	(57,545)	619,022
Deferred credits and other liabilities
Operating lease liabilities	117,183		1,418	352	—	—	118,953
Deferred income taxes	269,478		53,374	58,017	—	—	380,869
Regulatory liabilities	670,187		178,479	98,593	—	—	947,259
Unamortized tax credits	84,309		15,985	14,584	—	—	114,878
Defined benefit pension and other postretirement benefit plans liability	333,716		68,756	68,339	—	—	470,811
Other	55,033		31,890	21,783	—	—	108,706
Total deferred credits and other liabilities	1,529,906		349,902	261,668	—	—	2,141,476

Total capitalization and liabilities	$	5,175,467	949,980	861,022	101	(650,642)	$	6,335,928

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet

December 31, 2019


(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	$	42,598	5,606	3,612	—	—	$	51,816
Plant and equipment	4,765,362		1,313,727	1,161,199	—	—	7,240,288
Less accumulated depreciation	(1,591,241)		(574,615)	(524,301)	—	—	(2,690,157)
Construction in progress	165,137		9,993	17,944	—	—	193,074
Utility property, plant and equipment, net	3,381,856		754,711	658,454	—	—	4,795,021
Nonutility property, plant and equipment, less accumulated depreciation	5,310		114	1,532	—	—	6,956
Total property, plant and equipment, net	3,387,166		754,825	659,986	—	—	4,801,977
Investment in wholly owned subsidiaries, at equity	591,969		—	—	—	(591,969)	—
Current assets
Cash and cash equivalents	2,239		6,885	1,797	101	—	11,022
Restricted cash	30,749		123	—	—	—	30,872
Advances to affiliates	27,700		8,000	—	—	(35,700)	—
Customer accounts receivable, net	105,454		24,520	22,816	—	—	152,790
Accrued unbilled revenues, net	83,148		17,071	17,008	—	—	117,227
Other accounts receivable, net	18,396		1,907	1,960	—	(10,695)	11,568
Fuel oil stock, at average cost	69,003		8,901	14,033	—	—	91,937
Materials and supplies, at average cost	34,876		8,313	17,513	—	—	60,702
Prepayments and other	88,334		3,725	24,921	—	—	116,980
Regulatory assets	27,689		1,641	1,380	—	—	30,710
Total current assets	487,588		81,086	101,428	101	(46,395)	623,808
Other long-term assets
Operating lease right-of-use assets	174,886		1,537	386	—	—	176,809
Regulatory assets	476,390		109,163	98,817	—	—	684,370

Other	69,010		15,493	17,215	—	—	101,718
Total other long-term assets	720,286		126,193	116,418	—	—	962,897
Total assets	$	5,187,009	962,104	877,832	101	(638,364)	$	6,388,682
Capitalization and liabilities
Capitalization
Common stock equity	$	2,047,352	298,998	292,870	101	(591,969)	$	2,047,352
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,006,737		206,416	188,561	—	—	1,401,714
Total capitalization	3,076,382		512,414	486,431	101	(591,969)	3,483,359
Current liabilities
Current portion of operating lease liabilities	63,582		94	31	—	—	63,707
Current portion of long-term debt	61,958		13,995	20,000	—	—	95,953
Short-term borrowings-non-affiliate	88,987		—	—	—	—	88,987
Short-term borrowings-affiliate	8,000		—	27,700	—	(35,700)	—
Accounts payable	139,056		25,629	23,085	—	—	187,770
Interest and preferred dividends payable	14,759		3,115	2,900	—	(46)	20,728
Taxes accrued	143,522		32,541	31,929	—	—	207,992
Regulatory liabilities	13,363		9,454	7,907	—	—	30,724
Other	51,295		11,362	15,297	—	(10,649)	67,305
Total current liabilities	584,522		96,190	128,849	—	(46,395)	763,166
Deferred credits and other liabilities
Operating lease liabilities	111,598		1,442	360	—	—	113,400
Deferred income taxes	265,864		53,534	57,752	—	—	377,150
Regulatory liabilities	664,894		178,474	98,218	—	—	941,586
Unamortized tax credits	86,852		16,196	14,820	—	—	117,868
Defined benefit pension and other postretirement benefit plans liability	339,471		69,928	69,364	—	—	478,763
Other	57,426		33,926	22,038	—	—	113,390
Total deferred credits and other liabilities	1,526,105		353,500	262,552	—	—	2,142,157

Total capitalization and liabilities	$	5,187,009	962,104	877,832	101	(638,364)	$	6,388,682

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Statement of Changes in Common Stock Equity

Three months ended March 31, 2020


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2019	$	2,047,352	298,998	292,870	101	(591,969)	$	2,047,352
Net income for common stock	23,905		6,067	2,737	—	(8,804)	23,905
Other comprehensive income, net of taxes	26		1	—	—	(1)	26
Common stock dividends	(26,784)		(4,080)	(3,596)	—	7,676	(26,784)
Common stock issuance expenses	—		—	(1)	—	1	—
Balance, March 31, 2020	$	2,044,499	300,986	292,010	101	(593,097)	$	2,044,499

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Statement of Changes in Common Stock Equity

Three months ended March 31, 2019


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2018	$	1,957,641	295,874	280,863	101	(576,838)	$	1,957,641
Net income for common stock	32,126		5,169	6,680	—	(11,849)	32,126
Other comprehensive income, net of taxes	24		1	—	—	(1)	24
Common stock dividends	(25,313)		(2,545)	(3,767)	—	6,312	(25,313)
Common stock issuance expenses	—		(2)	—	—	2	—
Balance, March 31, 2019	$	1,964,478	298,497	283,776	101	(582,374)	$	1,964,478

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2020


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated























Net cash provided by operating activities	$	29,004	9,478	7,931	—	(7,272)	$	39,141
Cash flows from investing activities
Capital expenditures	(83,191)		(18,181)	(17,772)	—	—	(119,144)

Advances from (to) affiliates	(17,000)		8,000	—	—	9,000	—
Other	2,752		64	301	—	(404)	2,713
Net cash used in investing activities	(97,439)		(10,117)	(17,471)	—	8,596	(116,431)
Cash flows from financing activities
Common stock dividends	(26,784)		(4,080)	(3,596)	—	7,676	(26,784)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(270)		(134)	(95)	—	—	(499)
Proceeds from issuance of short-term debt	50,000		—	—	—	—	50,000
Proceeds from issuance of long-term debt	95,000		—	—	—	—	95,000

Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(46,987)		2,500	14,500	—	(9,000)	(38,987)
Other	(21)		(1)	(1)	—	—	(23)
Net cash provided by (used in) financing activities	70,938		(1,715)	10,808	—	(1,324)	78,707
Net increase (decrease) in cash and cash equivalents	2,503		(2,354)	1,268	—	—	1,417
Cash, cash equivalents and restricted cash, beginning of period	32,988		7,008	1,797	101	—	41,894
Cash, cash equivalents and restricted cash, end of period	35,491		4,654	3,065	101	—	43,311
Less: Restricted cash	(30,902)		—	—	—	—	(30,902)
Cash and cash equivalents, end of period	$	4,589	4,654	3,065	101	—	$	12,409

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2019


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated























Net cash provided by operating activities	$	58,145	8,745	8,837	—	(6,311)	$	69,416
Cash flows from investing activities
Capital expenditures	(78,220)		(8,371)	(16,300)	—	—	(102,891)

Advances to affiliates	(9,500)		(9,200)	—	—	18,700	—
Other	1,221		(293)	(134)	—	—	794
Net cash used in investing activities	(86,499)		(17,864)	(16,434)	—	18,700	(102,097)
Cash flows from financing activities
Common stock dividends	(25,313)		(2,544)	(3,767)	—	6,311	(25,313)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(270)		(134)	(95)	—	—	(499)



Proceeds from issuance of short-term debt	25,000		—	—	—	—	25,000
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	15,199		—	9,500	—	(18,700)	5,999
Other	—		(1)	(1)	—	—	(2)
Net cash provided by (used in) financing activities	14,616		(2,679)	5,637	—	(12,389)	5,185
Net decrease in cash and cash equivalents	(13,738)		(11,798)	(1,960)	—	—	(27,496)
Cash and cash equivalents, beginning of period	16,732		15,623	3,421	101	—	35,877
Cash and cash equivalents, end of period	$	2,994	3,825	1,461	101	—	$	8,381