XML 25 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Electric utility segment
 9 Months Ended
Sep. 30, 2020
Electric utility subsidiary [Abstract]  
Electric utility segment Electric utility segment
Unconsolidated variable interest entities.
Power purchase agreements.  As of September 30, 2020, the Utilities had four PPAs for firm capacity (excluding the Puna Geothermal Ventures (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.
Commitments and contingencies.
Contingencies. The Utilities are subject in the normal course of business to pending and threatened legal proceedings. 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.
Power purchase agreements.  Purchases from all IPPs were as follows:
 Three months ended September 30Nine months ended September 30
(in millions)2020201920202019
Kalaeloa$39 $58 $111 $159 
AES Hawaii33 38 96 102 
HPOWER18 20 52 57 
Hamakua Energy12 17 36 51 
Wind IPPs30 30 83 73 
Solar IPPs17 11 45 26 
Other IPPs 1
— 2 3 4 
Total IPPs$149 $176 $426 $472 
 
1Includes hydro power and other PPAs
Kalaeloa Partners, L.P.  Under a 1988 PPA, as amended, Hawaiian Electric is committed to purchase 208 MW of firm capacity from Kalaeloa. Hawaiian Electric and Kalaeloa continue negotiations to address the PPA term that ended on May 23, 2016. The PPA automatically extends on a month-to-month basis as long as the parties are still negotiating in good faith. Hawaiian Electric and Kalaeloa have agreed that neither party will terminate the PPA (which has been subject to automatic extension on a month-to-month basis) prior to November 20, 2020, to allow for a negotiated resolution and PUC approval.
AES Hawaii, Inc. Under a PPA entered into in March 1988, as amended (through Amendment No. 2) for a period of 30 years ending September 2022, Hawaiian Electric agreed to purchase 180 MW of firm capacity from AES Hawaii. Hawaiian Electric and AES Hawaii have been in dispute over an additional 9 MW of capacity. In February 2018, Hawaiian Electric reached agreement with AES Hawaii on an amendment to the PPA. However, in June 2018, the PUC issued an order suspending review of the amendment pending a Department of Health of the State of Hawaii (DOH) decision on AES Hawaii’s request for approval of its Emission Reduction Plan and partnership with Hawaiian Electric. If approved by the PUC, the amendment will resolve AES Hawaii’s claims related to the additional capacity.
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. Under the terms of the PPA, the Hu Honua plant was scheduled to be in service in 2016. However, Hu Honua encountered construction and litigation delays, which resulted in an amended and restated PPA between Hawaii Electric Light and Hu Honua dated May 9, 2017. In July 2017, the PUC approved the amended and restated PPA, which becomes effective once the PUC’s order is final and non-appealable. In August 2017, the PUC’s approval was appealed by a third party. On May 10, 2019, the Hawaii Supreme Court issued a decision remanding the matter to the PUC for further proceedings consistent with the court’s decision which must include express consideration of Green House Gas (GHG) emissions that would result from approving the PPA, whether the cost of energy under the PPA is reasonable in light of the potential for GHG emissions, and whether the terms of the PPA are prudent and in the public interest, in light of its potential hidden and long-term consequences. On June 20, 2019, the PUC issued an order reopening the docket for further proceedings, including re-examining all of the issues in the proceedings. On September 29, 2019, the PUC issued an order setting the procedural schedule for the matter and on December 20, 2019, issued an order modifying the procedural schedule. Pre-hearing matters were completed on March 6, 2020. On July 9, 2020, the PUC issued an order denying the Hawaii Electric Light’s request to waive the amended and restated PPA from the PUC’s competitive bidding requirements and therefore, dismissed the request for approval of the amended and restated PPA without prejudice to possible participation in any future competitive bidding process. On July 20, 2020, Hu Honua filed a motion for reconsideration of the PUC’s order which was denied by the PUC on September 9, 2020. On September 16 2020, Hu Honua filed its notice of appeal to the Hawaii Supreme Court of the PUC’s order denying Hu Honua’s motion for reconsideration.
Molokai New Energy Partners (MNEP). In July 2018, the PUC approved Maui Electric’s PPA with MNEP to purchase solar energy from a PV plus battery storage project. The 4.88 MW PV and 3 MW Battery Energy Storage System 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 United Stated District Court for the District of Hawaii against Maui Electric claiming breach of contract. On June 3, 2020, Maui Electric provided 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.
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 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.
Enterprise Resource Planning/Enterprise Asset Management (ERP/EAM) implementation project. 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. As of September 30, 2020, the total deferred project costs and accrued carrying costs after the project went into service amounted to $59.5 million, which is net of the amortization of $0.5 million at Hawaii Electric Light.
In February 2019, the PUC approved a methodology for passing the future cost saving benefits of the new 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 of September 30, 2020, the Utilities’ regulatory liability was $9.7 million for amounts to be returned to customers for reduction in O&M expense included in rates. As part of the settlement agreement approved in the Hawaiian Electric 2020 test year rate case, O&M benefits for Hawaiian Electric have been flowed through to customers as of October 2020.
At the PUC’s direction, the Utilities have been filing Semi-Annual Enterprise System Benefits (SAESB) reports. The most recent SAESB report was filed on August 31, 2020 for the period January 1 through June 30, 2020.
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. The Environmental Protection Agency (EPA) has since identified environmental impacts in the subsurface soil at the Site. In cooperation with the DOH 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 $2.7 million as of September 30, 2020, representing the probable and reasonably estimable undiscounted cost for remediation of the Site and the Adjacent Parcel; 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 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, 2020, the reserve account balance recorded by Hawaiian Electric to address the PCB contamination was $4.6 million. The reserve balance represents the probable and reasonably estimable undiscounted cost for the onshore investigation and the remediation of PCB contamination in the offshore sediment. The final remediation costs will depend on the potential onshore source control requirements and actual offshore cleanup costs.
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. The decoupling mechanism has the following major components: (1) monthly revenue balancing account (RBA) revenues or refunds for the difference between PUC-approved target revenues and recorded adjusted revenues, which delinks revenues from kilowatthour sales, (2) rate adjustment mechanism (RAM) revenues for escalation in certain O&M expenses and rate base changes, (3) major project interim recovery (MPIR) component, (4) performance incentive mechanisms (PIMs), and (5) an earnings sharing mechanism, which would provide for a reduction of revenues between rate cases in the event the utility exceeds the return on average common equity (ROACE) allowed in its most recent rate case.
Rate adjustment mechanism. The RAM is based on the lesser of: a) an inflationary adjustment for certain O&M expenses and return on investment for certain rate base changes, or b) cumulative annual compounded increase in Gross Domestic Product Price Index applied to annualized target revenues (the RAM Cap). Annualized target revenues may be reset upon the issuance of an interim or final decision and order (D&O) in a rate case. All Utilities were limited to the RAM Cap in 2020.
Major project interim recovery. On April 27, 2017, the PUC issued an order that provided guidelines for interim recovery of revenues to support major projects placed in service between general rate cases.
Projects eligible for recovery through the MPIR adjustment mechanism are major projects (i.e., projects with capital expenditures net of customer contributions in excess of $2.5 million), including, but not restricted to, renewable energy, energy efficiency, utility scale generation, grid modernization and smaller qualifying projects grouped into programs for review. The MPIR adjustment mechanism provides the opportunity to recover revenues for approved costs of eligible projects placed in service between general rate cases wherein cost recovery is limited by a revenue cap and is not provided by other effective recovery mechanisms. The request for PUC approval must include a business case, and all costs that are allowed to be recovered through the MPIR adjustment mechanism must be offset by any related benefits. The guidelines provide for accrual of revenues approved for recovery upon in-service date to be collected from customers through the annual RBA tariff. Capital
projects that are not recovered through the MPIR would be included in the RAM and be subject to the RAM Cap, until the next rate case when the Utilities would request recovery in base rates.
The 2019 approved MPIR amounts for Schofield Generating Station of $19.8 million (which accrued effective January 1, 2019), included the 2019 return on project amount (based on the 90% cap on cost recovery of the project through any mechanism other than base rates) in rate base, depreciation and incremental O&M expenses, are collected from June 2020 through May 2021.
The PUC approved the Utilities’ requests for MPIR recovery of the cost of the Grid Modernization Strategy Phase 1 project and West Loch Photovoltaic (PV) project in March and December 2019, respectively. On June 5, 2020, the Utilities submitted 2020 MPIR amounts totaling $23.6 million for the Schofield Generation Station ($19.2 million), West Loch PV project ($3.8 million) and Grid Modernization Strategy Phase 1 project ($0.6 million for all three utilities) for the accrual of revenues effective January 1, 2020, that included the 2020 return on project amount (based on the capped amount) in rate base, depreciation and incremental O&M expenses, for collection from June 2021 through May 2022.
On October 22, 2020, the PUC issued the final D&O in Hawaiian Electric’s 2020 test year rate case approving the parties’ settlement agreement, including the parties’ agreement to remove the 90% cap on cost recovery for the Schofield Generating Station, such that 100% of the allowed project costs will flow through the MPIR mechanism. The 2020 MPIR amounts will be revised to reflect the new lower depreciation rates effective January 1, 2020 as approved in the Hawaiian Electric 2020 test year rate case, and for the removal of the 90% cap on cost recovery and revised rate of return effective November 1, 2020.
Performance incentive mechanisms. The PUC has established the following PIMs: (1) Service Quality performance incentives, (2) Phase 1 RFP PIM for procurement of low-cost renewable energy, (3) Phase 2 RFP PIMs for generation and generation plus storage project, and Grid Services and standalone storage.
•Service Quality performance incentives (ongoing). Service Quality performance incentives are measured on a calendar-year basis. The PIM tariff requires the performance targets, deadbands and the amount of maximum financial incentives used to determine the PIM financial incentive levels for each of the PIMs to be re-determined upon issuance of an interim or final order in a general rate case for each utility.
•Service Reliability Performance measured by System Average Interruption Duration and Frequency Indexes (penalties only). Target performance is based on each utility’s historical 10-year average performance with a deadband of one standard deviation. The maximum penalty for each performance index is 20 basis points applied to the common equity share of each respective utility’s approved rate base (or maximum penalties of approximately $6.8 million - for both indices in total for the three utilities).
•Call Center Performance measured by the percentage of calls answered within 30 seconds. Target performance is based on the annual average performance for each utility for the most recent 8 quarters with a deadband of 3% above and below the target. The maximum penalty or reward is 8 basis points applied to the common equity share of each respective utility’s approved rate base (or maximum penalties or rewards of approximately $1.4 million - in total for the three utilities).
•In December 2019, the Utilities accrued $0.3 million in estimated rewards for call center performance, net of service reliability penalties, for 2019. The net service quality performance rewards related to 2019 was reflected in the 2020 annual decoupling filing and increased customer rates in the period June 1, 2020 through May 31, 2021.
•Phase 1 RFP PIM. Procurement of low-cost variable renewable resources through the request for proposal process in 2018 is measured by comparison of the procurement price to target prices. The incentive is a percentage of the savings determined by comparing procured price to a target of 11.5 cents per kilowatt-hour for renewable projects with storage capability and 9.5 cents per kilowatt-hour for energy-only renewable projects. Half of the incentive was earned upon PUC approval of the PPAs and the other half is eligible to be earned in the year following the in-service date of the projects and is dependent on the amount of energy the Utilities receive from the facilities. The total amount of the incentive the Utilities are eligible for is capped at $3.5 million. Based on the seven PPAs approved in 2019, the Utilities recognized $1.7 million in 2019.
•Phase 2 RFP PIMs. On October 9, 2019, the PUC issued an order establishing PIMs for the Utilities with regards to the Variable Renewable Dispatchable Generation and Energy Storage requests for proposals (RFPs) as well as the Delivery of Grid Services via Customer-sited Distributed Energy Resources RFPs that were issued on August 22, 2019 for Oahu, Maui and Hawaii island. The order establishes pricing thresholds, timelines to complete contracting, and other performance criteria for the performance incentive eligibility. The PIMs provide incentives only without penalties. The earliest the Utilities would be eligible for a PIM pursuant to this order is upon PUC approval of
executed contracts resulting from the Phase 2 RFPs. The order requires contracts under the Grid Service RFP be filed for approval by May 2020 (subsequently extended to July 9, 2020), and by September 2020 under the Renewable RFPs, with a declining PIM for projects that are not filed by these deadlines. On July 9, 2020, the Utilities filed two Grid Service Purchase Agreements for the Grid Service RFP, which qualify for PIMs, however, details of the incentive metrics will be determined by PUC. On September 15, 2020, the Utilities filed eight power purchase agreements for the Phase 2 RFP. Of those eight, only one project qualified for a potential PIM incentive payout. The Utilities do not anticipate that any of the remaining projects from the Phase 2 RFP will qualify for PIM payouts.
Annual decoupling filings. The net annual incremental amounts to be collected (refunded) from June 1, 2020 through May 31, 2021 are as follows:
(in millions)Hawaiian ElectricHawaii Electric LightMaui ElectricTotal
2020 Annual incremental RAM adjusted revenues
$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 concluded in May 2019 with the issuance of a PUC order, 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 included working group meetings through the first half of 2020, followed by statements of positions that were filed in June 2020. In August 2020, the Parties filed their respective Phase 2 Reply Statement of Positions. In September 2020, the PUC held its hearing, and the Parties filed the post-hearing briefs in October 2020. The PUC’s decision is expected in December 2020.
Most recent rate proceedings.
Hawaiian Electric 2020 test year rate case. On May 27, 2020, Hawaiian Electric and the Consumer Advocate filed a Stipulated Settlement Letter, documenting a global settlement of all issues in this rate case. The Parties agreed that as a result of this settlement agreement, there will be no increase in electric revenues over the revenues established in the 2017 test year rate case.
On May 13, 2020, the PUC issued its Final Report on the Management Audit, which recommended various operational and organizational changes intended to better manage costs and provide value to customers. The report also recommended a three-year timeframe to ramp up to a sustained $25 million in annual savings by the end of 2022, split between capital (approximately 80%) and O&M (approximately 20%). In its statement of position on the management audit filed on June 17, 2020, Hawaiian Electric committed to deliver these savings to customers over time through a proposal it later submitted in its statement of position in the PBR proceeding.
On October 22, 2020, the PUC issued a final D&O approving the stipulated settlement agreement filed in the proceeding. As a result, there will be no increase in base electric rates established in the 2017 test year rate case. In the final D&O, the PUC approved the capital structure that consists of a 58% total equity ratio, and a ROACE of 9.5% for the 2020 test year. The resulting return on rate base (RORB) is 7.37%. The D&O approved the agreement to implement the overall lower depreciation rates approved in the last depreciation study proceeding, effective January 1, 2020. While the PUC generally approved the amount and treatment of Hawaiian Electric's Management Audit savings commitment reflected in the settlement agreement as reasonable, the PUC clarified that it is not bound in the Performance-Based Regulation proceeding to accept the proposed implementation details identified in the settlement agreement and retains full discretion in that proceeding as to the scope, nature, and treatment of Hawaiian Electric’s savings commitment. Hawaiian Electric is required to file revised tariff sheets within fifteen days of this final D&O. The effective date of the final tariffs is subject to PUC approval.
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 $534 million, and a 7.52% RORB that incorporates a ROACE of 9.5% and 58.0% total equity ratio, and tariffs became effective January 1, 2020. On July 28, 2020, the PUC issued a final D&O, approving the Stipulated Partial Settlement Letter in part and ordering final rates for the 2019 test year to remain at current effective rates such that there is a zero increase in rates. The PUC determined that an appropriate ROACE for the 2019 test year is 9.5%, approved a capital structure of 58% total equity and approved as fair a 7.52% RORB. In addition, the order, among others, (1) approved a 10-year amortization period for the state investment tax credit; and (2) approved a modification to Hawaii Electric Light’s ECRC to incorporate a 98%/2% risk-sharing split between customers and Hawaii Electric Light with an annual maximum exposure cap of +/- $600,000. Hawaii Electric Light’s proposed final tariffs, PIM tariffs and ECRC tariff submitted on August 27, 2020 were approved by the PUC on October 26, 2020. The proposed final tariffs and PIM tariffs took effect on November 1, 2020, and the ECRC tariff will take effect on January 1, 2021.
Regulatory assets for COVID-19 related 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 payment fees on past due payments. On June 30, 2020, the PUC issued an order approving the Utilities’ request made in April 2020 for deferral treatment of COVID-19 related expenses through December 31, 2020, and allowed the Utilities to file application to request an extension of the deferral period beyond December 31, 2020. The Utilities are required to file quarterly reports to update the Utilities’ financial condition, measures in place to assist their customers during the COVID-19 emergency situation, identifying the planned deferred costs and details for the deferred costs, and identifying funds received or benefits received that have resulted from the COVID-19 emergency period. The recovery of the regulatory assets would be determined in a subsequent proceeding. As of September 30, 2020, the Utilities recorded a total of $12.4 million in regulatory assets pursuant to the orders.
Condensed consolidating financial information. Condensed consolidating financial information for Hawaiian Electric and its subsidiaries are presented for the three and nine month periods ended September 30, 2020 and 2019, and as of September 30, 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 September 30, 2020

(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustments
Hawaiian Electric
Consolidated
Revenues$398,877 82,172 81,629 — (110)$562,568 
Expenses
Fuel oil70,557 17,047 17,438 — — 105,042 
Purchased power116,249 17,665 15,111 — — 149,025 
Other operation and maintenance71,179 17,565 22,499 — — 111,243 
Depreciation37,853 9,760 8,076 — — 55,689 
Taxes, other than income taxes38,005 7,512 7,534 — — 53,051 
   Total expenses333,843 69,549 70,658 — — 474,050 
Operating income65,034 12,623 10,971 — (110)88,518 
Allowance for equity funds used during construction1,902 208 237 — — 2,347 
Equity in earnings of subsidiaries14,912 — — — (14,912)— 
Retirement defined benefits expense—other than service costs(591)194 (35)— — (432)
Interest expense and other charges, net(11,970)(2,519)(2,457)— 110 (16,836)
Allowance for borrowed funds used during construction659 65 77 — — 801 
Income before income taxes69,946 10,571 8,793 — (14,912)74,398 
Income taxes9,611 2,378 1,846 13,835 
Net income60,335 8,193 6,947 — (14,912)60,563 
Preferred stock dividends of subsidiaries— 133 95 — 228 
Net income attributable to Hawaiian Electric
60,335 8,060 6,852 — (14,912)60,335 
Preferred stock dividends of Hawaiian Electric270 — — — — 270 
Net income for common stock$60,065 8,060 6,852 — (14,912)$60,065 

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Comprehensive Income
Three months ended September 30, 2020

(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther
subsidiaries		Consolidating
adjustments		Hawaiian Electric
Consolidated
Net income for common stock$60,065 8,060 6,852 — (14,912)$60,065 
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 benefits5,769 885 770 — (1,655)5,769 
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes(5,721)(887)(767)— 1,654 (5,721)
Other comprehensive income (loss), net of taxes48 (2)3 — (1)48 
Comprehensive income attributable to common shareholder
$60,113 8,058 6,855 — (14,913)$60,113 
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Income
Three months ended September 30, 2019
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustments
Hawaiian Electric
Consolidated
Revenues$491,723 93,576 103,236 — (205)$688,330 
Expenses
Fuel oil139,747 21,427 37,919 — — 199,093 
Purchased power135,447 24,342 15,248 — — 175,037 
Other operation and maintenance80,582 19,868 23,965 — — 124,415 
Depreciation35,867 10,453 7,615 — — 53,935 
Taxes, other than income taxes46,433 8,359 9,265 — — 64,057 
   Total expenses438,076 84,449 94,012 — — 616,537 
Operating income53,647 9,127 9,224 — (205)71,793 
Allowance for equity funds used during construction2,685 229 336 — — 3,250 
Equity in earnings of subsidiaries11,048 — — — (11,048)— 
Retirement defined benefits expense—other than service costs(582)(105)(36)— — (723)
Interest expense and other charges, net(12,771)(2,524)(2,339)— 205 (17,429)
Allowance for borrowed funds used during construction990 95 123 — — 1,208 
Income before income taxes55,017 6,822 7,308 — (11,048)58,099 
Income taxes7,968 1,420 1,434 — — 10,822 
Net income47,049 5,402 5,874 — (11,048)47,277 
Preferred stock dividends of subsidiaries— 133 95 — — 228 
Net income attributable to Hawaiian Electric
47,049 5,269 5,779 — (11,048)47,049 
Preferred stock dividends of Hawaiian Electric270 — — — — 270 
Net income for common stock$46,779 5,269 5,779 — (11,048)$46,779 

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Comprehensive Income
Three months ended September 30, 2019

(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther
subsidiaries		Consolidating
adjustments		Hawaiian Electric
Consolidated
Net income for common stock$46,779 5,269 5,779 — (11,048)$46,779 
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 benefits2,519 387 309 — (696)2,519 
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes(2,493)(387)(309)— 696 (2,493)
Other comprehensive income, net of taxes26 — — — — 26 
Comprehensive income attributable to common shareholder$46,805 5,269 5,779 — (11,048)$46,805 
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Income
Nine months ended September 30, 2020

(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating adjustmentsHawaiian Electric
Consolidated
Revenues$1,200,677 249,970 244,043 — (465)$1,694,225 
Expenses
Fuel oil268,382 55,733 66,599 — — 390,714 
Purchased power333,146 53,032 39,501 — — 425,679 
Other operation and maintenance231,090 54,250 63,491 — — 348,831 
Depreciation113,724 29,281 24,230 — — 167,235 
Taxes, other than income taxes115,179 23,324 22,986 — — 161,489 
   Total expenses1,061,521 215,620 216,807 — — 1,493,948 
Operating income139,156 34,350 27,236 — (465)200,277 
Allowance for equity funds used during construction5,452 520 584 — — 6,556 
Equity in earnings of subsidiaries37,492 — — — (37,492)— 
Retirement defined benefits expense—other than service costs(1,683)581 (93)— — (1,195)
Interest expense and other charges, net(36,471)(7,536)(7,226)— 465 (50,768)
Allowance for borrowed funds used during construction1,887 163 191 — — 2,241 
Income before income taxes145,833 28,078 20,692 — (37,492)157,111 
Income taxes18,724 6,372 4,220 — — 29,316 
Net income127,109 21,706 16,472 — (37,492)127,795 
Preferred stock dividends of subsidiaries— 400 286 — — 686 
Net income attributable to Hawaiian Electric127,109 21,306 16,186 — (37,492)127,109 
Preferred stock dividends of Hawaiian Electric810 — — — — 810 
Net income for common stock$126,299 21,306 16,186 — (37,492)$126,299 


Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Comprehensive Income
Nine months ended September 30, 2020

(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating adjustmentsHawaiian Electric Consolidated
Net income for common stock$126,299 21,306 16,186 — (37,492)$126,299 
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 benefits16,137 2,384 2,072 — (4,456)16,137 
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes(16,038)(2,382)(2,072)— 4,454 (16,038)
Other comprehensive income, net of taxes99 2 — — (2)99 
Comprehensive income attributable to common shareholder$126,398 21,308 16,186 — (37,494)$126,398 
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Income
Nine months ended September 30, 2019


(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating adjustmentsHawaiian Electric
Consolidated
Revenues$1,347,412 270,697 282,939 — (439)$1,900,609 
Expenses
Fuel oil374,100 62,210 105,012 — — 541,322 
Purchased power367,541 67,548 37,247 — — 472,336 
Other operation and maintenance240,311 56,635 64,859 — — 361,805 
Depreciation107,602 31,359 22,834 — — 161,795 
Taxes, other than income taxes127,654 25,170 26,480 — — 179,304 
   Total expenses1,217,208 242,922 256,432 — — 1,716,562 
Operating income130,204 27,775 26,507 — (439)184,047 
Allowance for equity funds used during construction7,746 579 1,010 — — 9,335 
Equity in earnings of subsidiaries30,983 — — — (30,983)— 
Retirement defined benefits expense—other than service costs(1,716)(316)(95)— — (2,127)
Interest expense and other charges, net(38,961)(8,345)(7,078)— 439 (53,945)
Allowance for borrowed funds used during construction2,854 242 369 — — 3,465 
Income before income taxes131,110 19,935 20,713 — (30,983)140,775 
Income taxes18,821 4,431 4,548 — — 27,800 
Net income112,289 15,504 16,165 — (30,983)112,975 
Preferred stock dividends of subsidiaries— 400 286 — — 686 
Net income attributable to Hawaiian Electric112,289 15,104 15,879 — (30,983)112,289 
Preferred stock dividends of Hawaiian Electric810 — — — — 810 
Net income for common stock$111,479 15,104 15,879 — (30,983)$111,479 


Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Comprehensive Income
Nine months ended September 30, 2019

(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating adjustmentsHawaiian Electric Consolidated
Net income for common stock$111,479 15,104 15,879 — (30,983)$111,479 
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 benefits7,162 1,091 887 — (1,978)7,162 
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes(7,089)(1,089)(887)— 1,976 (7,089)
Other comprehensive income, net of taxes73 2 — — (2)73 
Comprehensive income attributable to common shareholder$111,552 15,106 15,879 — (30,985)$111,552 
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Balance Sheet
September 30, 2020
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther
subsi-
diaries		Consoli-
dating
adjustments		Hawaiian Electric
Consolidated
Assets      
Property, plant and equipment
Utility property, plant and equipment      
Land$42,389 5,606 3,594 — — $51,589 
Plant and equipment4,910,344 1,331,934 1,180,630 — — 7,422,908 
Less accumulated depreciation(1,656,533)(592,461)(540,923)— — (2,789,917)
Construction in progress163,757 20,975 27,805 — — 212,537 
Utility property, plant and equipment, net3,459,957 766,054 671,106 — — 4,897,117 
Nonutility property, plant and equipment, less accumulated depreciation
5,307 115 1,532 — — 6,954 
Total property, plant and equipment, net3,465,264 766,169 672,638 — — 4,904,071 
Investment in wholly owned subsidiaries, at equity606,411 — — — (606,411)— 
Current assets      
Cash and cash equivalents23,525 4,363 1,835 77 — 29,800 
Restricted cash20,458 — — — — 20,458 
Advances to affiliates28,500 — — — (28,500)— 
Customer accounts receivable, net95,884 23,322 18,730 — — 137,936 
Accrued unbilled revenues, net77,981 14,633 13,801 — — 106,415 
Other accounts receivable, net18,878 2,625 2,191 — (16,620)7,074 
Fuel oil stock, at average cost38,716 10,216 11,511 — — 60,443 
Materials and supplies, at average cost39,549 10,954 18,291 — — 68,794 
Prepayments and other30,400 4,056 5,509 — (321)39,644 
Regulatory assets19,095 2,502 3,865 — — 25,462 
Total current assets392,986 72,671 75,733 77 (45,441)496,026 
Other long-term assets      
Operating lease right-of-use assets142,912 1,466 362 — — 144,740 
Regulatory assets453,384 103,556 95,281 — — 652,221 
Other87,024 17,515 20,707 — — 125,246 
Total other long-term assets683,320 122,537 116,350 — — 922,207 
Total assets$5,147,981 961,377 864,721 77 (651,852)$6,322,304 
Capitalization and liabilities      
Capitalization      
Common stock equity$2,093,398 308,066 298,268 77 (606,411)$2,093,398 
Cumulative preferred stock—not subject to mandatory redemption
22,293 7,000 5,000 — — 34,293 
Long-term debt, net1,116,305 216,424 228,399 — — 1,561,128 
Total capitalization3,231,996 531,490 531,667 77 (606,411)3,688,819 
Current liabilities      
Current portion of operating lease liabilities64,776 98 32 — — 64,906 
Current portion of long-term debt— — — — — — 
Short-term borrowings from non-affiliates49,948 — — — — 49,948 
Short-term borrowings from affiliate— 26,500 2,000 — (28,500)— 
Accounts payable88,867 13,730 15,883 — — 118,480 
Interest and preferred dividends payable21,681 3,950 4,653 — (40)30,244 
Taxes accrued, including revenue taxes127,948 29,187 26,930 — (321)183,744 
Regulatory liabilities22,943 9,304 4,308 — — 36,555 
Other57,763 14,285 19,582 — (16,580)75,050 
Total current liabilities433,926 97,054 73,388 — (45,441)558,927 
Deferred credits and other liabilities      
Operating lease liabilities84,471 1,369 335 — — 86,175 
Deferred income taxes269,635 52,682 59,218 — — 381,535 
Regulatory liabilities661,649 174,919 94,723 — — 931,291 
Unamortized tax credits83,626 15,502 14,388 — — 113,516 
Defined benefit pension and other postretirement benefit plans liability
321,768 66,237 66,145 — — 454,150 
Other60,910 22,124 24,857 — — 107,891 
Total deferred credits and other liabilities1,482,059 332,833 259,666 — — 2,074,558 
Total capitalization and liabilities$5,147,981 961,377 864,721 77 (651,852)$6,322,304 
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Balance Sheet
December 31, 2019
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther
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 equipment4,765,362 1,313,727 1,161,199 — — 7,240,288 
Less accumulated depreciation(1,591,241)(574,615)(524,301)— — (2,690,157)
Construction in progress165,137 9,993 17,944 — — 193,074 
Utility property, plant and equipment, net3,381,856 754,711 658,454 — — 4,795,021 
Nonutility property, plant and equipment, less accumulated depreciation
5,310 114 1,532 — — 6,956 
Total property, plant and equipment, net3,387,166 754,825 659,986 — — 4,801,977 
Investment in wholly owned subsidiaries, at equity
591,969 — — — (591,969)— 
Current assets      
Cash and cash equivalents2,239 6,885 1,797 101 — 11,022 
Restricted cash30,749 123 — — — 30,872 
Advances to affiliates27,700 8,000 — — (35,700)— 
Customer accounts receivable, net105,454 24,520 22,816 — — 152,790 
Accrued unbilled revenues, net83,148 17,071 17,008 — — 117,227 
Other accounts receivable, net18,396 1,907 1,960 — (10,695)11,568 
Fuel oil stock, at average cost69,003 8,901 14,033 — — 91,937 
Materials and supplies, at average cost34,876 8,313 17,513 — — 60,702 
Prepayments and other88,334 3,725 24,921 — — 116,980 
Regulatory assets27,689 1,641 1,380 — — 30,710 
Total current assets487,588 81,086 101,428 101 (46,395)623,808 
Other long-term assets      
Operating lease right-of-use assets174,886 1,537 386 — — 176,809 
Regulatory assets476,390 109,163 98,817 — — 684,370 
Other69,010 15,493 17,215 — — 101,718 
Total other long-term assets720,286 126,193 116,418 — — 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, net1,006,737 206,416 188,561 — — 1,401,714 
Total capitalization3,076,382 512,414 486,431 101 (591,969)3,483,359 
Current liabilities     
Current portion of operating lease liabilities63,582 94 31 — — 63,707 
Current portion of long-term debt61,958 13,995 20,000 — — 95,953 
Short-term borrowings-non-affiliate88,987 — — — — 88,987 
Short-term borrowings-affiliate8,000 — 27,700 — (35,700)— 
Accounts payable139,056 25,629 23,085 — — 187,770 
Interest and preferred dividends payable14,759 3,115 2,900 — (46)20,728 
Taxes accrued, including revenue taxes143,522 32,541 31,929 — — 207,992 
Regulatory liabilities13,363 9,454 7,907 — — 30,724 
Other51,295 11,362 15,297 — (10,649)67,305 
Total current liabilities584,522 96,190 128,849 — (46,395)763,166 
Deferred credits and other liabilities     
Operating lease liabilities111,598 1,442 360 — — 113,400 
Deferred income taxes265,864 53,534 57,752 — — 377,150 
Regulatory liabilities664,894 178,474 98,218 — — 941,586 
Unamortized tax credits86,852 16,196 14,820 — — 117,868 
Defined benefit pension and other postretirement benefit plans liability
339,471 69,928 69,364 — — 478,763 
Other57,426 33,926 22,038 — — 113,390 
Total deferred credits and other liabilities1,526,105 353,500 262,552 — — 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
Nine months ended September 30, 2020
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther
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 stock126,299 21,306 16,186 — (37,492)126,299 
Other comprehensive income, net of taxes99 2 — — (2)99 
Common stock dividends(80,352)(12,240)(10,788)— 23,028 (80,352)
Dissolution of subsidiary— — — (24)24 — 
Balance, September 30, 2020$2,093,398 308,066 298,268 77 (606,411)$2,093,398 
 
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Changes in Common Stock Equity
Nine months ended September 30, 2019  
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther
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 stock111,479 15,104 15,879 — (30,983)111,479 
Other comprehensive income, net of taxes
73 2 — — (2)73 
Common stock dividends(75,939)(7,635)(11,301)— 18,936 (75,939)
Common stock issuance expenses— — (1)— 1 — 
Balance, September 30, 2019$1,993,254 303,345 285,440 101 (588,886)$1,993,254 
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Cash Flows
Nine months ended September 30, 2020
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther
subsidiaries		Consolidating
adjustments		Hawaiian Electric
Consolidated
Net cash provided by operating activities$205,645 27,256 34,678 — (22,624)$244,955 
Cash flows from investing activities      
Capital expenditures(180,088)(48,750)(38,644)— — (267,482)
Advances from (to) affiliates(800)8,000 — — (7,200)— 
Other5,636 1,056 1,031 (24)(404)7,295 
Net cash used in investing activities(175,252)(39,694)(37,613)(24)(7,604)(260,187)
Cash flows from financing activities      
Common stock dividends(80,352)(12,240)(10,788)— 23,028 (80,352)
Preferred stock dividends of Hawaiian Electric and subsidiaries(810)(400)(286)— — (1,496)
Proceeds from issuance of short-term debt100,000 — — — — 100,000 
Repayment of short-term debt(100,000)— — — — (100,000)
Proceeds from issuance of long-term debt205,000 10,000 40,000 — — 255,000 
Repayment of long-term debt(95,000)(14,000)— — — (109,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less(46,987)26,500 (25,700)— 7,200 (38,987)
Other(1,249)(67)(253)— — (1,569)
Net cash provided by financing activities(19,398)9,793 2,973 — 30,228 23,596 
Net increase (decrease) in cash and cash equivalents10,995 (2,645)38 (24)— 8,364 
Cash, cash equivalents and restricted cash, beginning of period32,988 7,008 1,797 101 — 41,894 
Cash, cash equivalents and restricted cash, end of period43,983 4,363 1,835 77 — 50,258 
Less: Restricted cash(20,458)— — — — (20,458)
Cash and cash equivalents, end of period$23,525 4,363 1,835 77 — $29,800 
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Cash Flows
Nine months ended September 30, 2019
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther
subsidiaries		Consolidating
adjustments		Hawaiian Electric
Consolidated
Net cash provided by operating activities$223,733 41,694 36,126 — (18,935)$282,618 
Cash flows from investing activities                                                                                                                                        
Capital expenditures (223,803)(29,119)(44,885)— — (297,807)
Advances to affiliates(22,200)(15,000)— — 37,200 — 
Other2,975 (283)(30)— — 2,662 
Net cash used in investing activities(243,028)(44,402)(44,915)— 37,200 (295,145)
Cash flows from financing activities     
Common stock dividends(75,939)(7,635)(11,301)— 18,936 (75,939)
Preferred stock dividends of Hawaiian Electric and subsidiaries(810)(400)(286)— — (1,496)
Proceeds from issuance of short-term debt25,000 — — — — 25,000 
Proceeds from issuance of long-term debt120,000 70,000 10,000 — — 200,000 
Repayment of long-term debt and funds transferred for repayment of long-term debt(121,546)(70,000)(10,000)— — (201,546)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less77,353 — 22,200 — (37,200)62,353 
Other578 123 85 — (1)785 
Net cash provided by (used in) financing activities24,636 (7,912)10,698 — (18,265)9,157 
Net increase (decrease) in cash and cash equivalents5,341 (10,620)1,909 — — (3,370)
Cash and cash equivalents, beginning of period16,732 15,623 3,421 101 — 35,877 
Cash and cash equivalents, end of period$22,073 5,003 5,330 101 — $32,507