Electric utility segment (Tables)

12 Months Ended

Dec. 31, 2024

Electric Utility Subsidiary [Abstract]

Schedule of Regulatory Assets

Regulatory assets were as follows:

December 31	2024		2023
(in thousands)
Income taxes (1-35 years)	$	81,102	$	81,620
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	13,755		70,616
Maui windstorm and wildfire related costs (to be determined by PUC)	52,652		14,692
Retirement of generating units (10 years)	40,953		29,930
Right-Of-Use (ROU) assets (25 years remaining)	19,105		9,067
ECRC/PPAC (1 year)	17,418		24,691
Vacation earned, but not yet taken (1 year)	13,950		14,585
Decoupling revenue balancing account and RAM (1 year)	9,829		19,002
Performance Incentive Mechanisms (PIMs) (1 year)	6,783		2,923
COVID-19 related costs (3 years)	6,715		8,715
Other (1-35 years remaining)	19,057		18,963
Total regulatory assets	$	281,319	$	294,804
Included in:
Current assets	$	53,895	$	68,453
Long-term assets	227,424		226,351
Total regulatory assets	$	281,319	$	294,804

Schedule of Regulatory Liabilities

Regulatory liabilities were as follows:

December 31	2024		2023
(in thousands)
Cost of removal in excess of salvage value (1-79 years)	$	601,741	$	591,298
Income taxes (1-35 years)	292,036		303,225
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	279,553		171,421
Solar tax credits (1-17 years)	46,661		49,507
Enterprise Resource Planning (ERP) Benefits (to be determined by PUC)	12,549		12,409
Decoupling revenue balancing account and RAM (1 year)	5,498		5,995
ECRC/PPAC (1 year)	4,296		15,169
Other (1 year remaining)	1,749		1,666
Total regulatory liabilities	$	1,244,083	$	1,150,690
Included in:
Current liabilities	$	26,568	$	36,559
Long-term liabilities	1,217,515		1,114,131
Total regulatory liabilities	$	1,244,083	$	1,150,690

Schedule of Voluntary Liquidation and Redemption Prices of Cumulative Preferred Stock

The following series of cumulative preferred stock are redeemable only at the option of the respective company at the following prices in the event of voluntary liquidation or redemption:

December 31, 2024	Voluntary liquidation price		Redemption price
Series
C, D, E, H, J and K (Hawaiian Electric)	$	20	$	21
I (Hawaiian Electric)	20		20
G (Hawaii Electric Light)	100		100
H (Maui Electric)	100		100

Schedule of Purchase Commitments

As of December 31, 2024, the Utilities’ estimated future minimum payments pursuant to purchase obligations related to material contracts for the following five years and thereafter are as follows:

	Payments Due
(in millions)	2025		2026		2027		2028		2029		Thereafter		Total
Firm capacity PPAs	$	75	$	75	$	75	$	70	$	70	$	225	$	590
Renewable dispatchable generation plus energy storage and energy storage PPAs	77		77		77		77		77		1,174		1,559
Other renewable PPA	—		1		4		4		4		69		82
Fuel transportation	7		7		2		—		—		—		16
Total	$	159	$	160	$	158	$	151	$	151	$	1,468	$	2,247

Schedule of Purchases From All IPPs

Purchases from all IPPs were as follows: 

Years ended December 31	2024		2023		2022
(in millions)
Kalaeloa	$	291	$	298	$	342
AES Hawaii1	—		—		82
HPOWER	74		70		73
Hamakua Energy	35		71		66
Puna Geothermal Venture	56		38		48
Kapolei Energy Storage	24		—		—
Wind IPPs	130		125		119
Solar IPPs	84		72		57
Other IPPs2	9		(2)		7
Total IPPs	$	703	$	672	$	794

1 The term of the PPA with AES Hawaii expired on September 1, 2022 and the AES Hawaii coal plant ceased operations.

2 Includes hydro power and other PPAs.

Schedule of Changes in Asset Retirement Obligation

Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows:

(in thousands)	2024		2023
Balance, January 1	$	12,009	$	11,548
Accretion expense	484		463
Liabilities incurred	—		—
Liabilities settled	(1)		(2)
Balance, December 31	$	12,492	$	12,009

Schedule of Net Annual Incremental Amounts Proposed to be Collected (Refunded)

The filing reflected ARA revenues for 2025 to be collected from January 1 through December 31, 2025, as follows:

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2025 ARA revenues	$	15.4	$	3.8	$	3.7	$	22.9
Management Audit savings commitment	(4.6)		(1.0)		(1.0)		(6.6)
Net 2025 ARA revenues	$	10.8	$	2.8	$	2.7	$	16.3

The net incremental amounts between the 2024 spring and fall revenue reports are shown in the following table. The amounts are to be collected (refunded) from January 1 through December 31, 2025 under the RBA rate tariffs, which were included in the 2024 fall revenue report filing.

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2025 ARA revenues	$	15.4	$	3.8	$	3.7	$	22.9
Annual change in accrued RBA balance through September 30, 2024 (and associated revenue taxes)	(7.0)		(1.3)		6.4		(1.9)
Incremental Performance Incentive Mechanisms (net)	(0.1)		0.1		—		—
Net incremental amount to be collected under the RBA rate tariffs	$	8.3	$	2.6	$	10.1	$	21.0

Schedule of Consolidating Statements of Income

Consolidating statement of income

Year ended December 31, 2024

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	2,283,148	483,715	440,432	5,570	(6,165)	[1]	$	3,206,700
Expenses
Fuel oil	790,004		121,719	166,322	—	—		1,078,045
Purchased power	517,583		132,086	53,702	—	—		703,371
Other operation and maintenance	390,111		102,883	121,693	1,150	(6,165)	[1]	609,672
Wildfire tort-related claims, net (Note 2)	1,500,000		187,500	187,500	—	—		1,875,000
Depreciation	167,909		43,855	39,378	—	—		251,142
Taxes, other than income taxes	215,137		45,025	41,166	—	—		301,328
Total expenses	3,580,744		633,068	609,761	1,150	(6,165)		4,818,558
Operating income (loss)	(1,297,596)		(149,353)	(169,329)	4,420	—		(1,611,858)
Allowance for equity funds used during construction	10,853		1,189	1,744	—	—		13,786
Equity in earnings of subsidiaries	(248,004)		—	—	—	248,004	[2]	—
Retirement defined benefits credit (expense)—other than service costs	3,574		665	(102)	—	—		4,137
Interest expense and other charges, net	(59,906)		(11,422)	(16,688)	—	5,934	[1]	(82,082)
Allowance for borrowed funds used during construction	4,300		355	815	—	—		5,470
Interest Income	11,136		1,062	369	—	(5,934)	[1]	6,633
Income (loss) before income taxes	(1,575,643)		(157,504)	(183,191)	4,420	248,004		(1,663,914)
Income tax expense (benefit)	(350,361)		(41,624)	(48,700)	1,138	—		(439,547)
Net income (loss)	(1,225,282)		(115,880)	(134,491)	3,282	248,004		(1,224,367)
Preferred stock dividends of subsidiaries	—		534	381	—	—		915
Net income (loss) attributable to Hawaiian Electric	(1,225,282)		(116,414)	(134,872)	3,282	248,004		(1,225,282)
Preferred stock dividends of Hawaiian Electric	1,080		—	—	—	—		1,080
Net income (loss) for common stock	$	(1,226,362)	(116,414)	(134,872)	3,282	248,004		$	(1,226,362)

Consolidating statement of income

Year ended December 31, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	2,356,478	464,161	448,882	—		$	3,269,521
Expenses
Fuel oil	913,801		105,009	192,610	—		1,211,420
Purchased power	486,067		142,837	42,865	—		671,769
Other operation and maintenance	343,462		85,261	104,834	—		533,557
Depreciation	164,150		42,541	37,014	—		243,705
Taxes, other than income taxes	221,664		43,095	42,153	—		306,912
Total expenses	2,129,144		418,743	419,476	—		2,967,363
Operating income	227,334		45,418	29,406	—		302,158
Allowance for equity funds used during construction	11,721		1,411	2,032	—		15,164
Equity in earnings of subsidiaries	44,809		—	—	(44,809)	[2]	—
Retirement defined benefits credit (expense)—other than service costs	3,735		667	(99)	—		4,303
Interest expense and other charges, net	(62,362)		(11,650)	(12,933)	805	[1]	(86,140)
Allowance for borrowed funds used during construction	4,081		451	669	—		5,201
Interest Income	5,113		1,071	1,075	(805)	[1]	6,454
Income before income taxes	234,431		37,368	20,150	(44,809)		247,140
Income taxes	39,399		8,327	3,467	—		51,193
Net income	195,032		29,041	16,683	(44,809)		195,947
Preferred stock dividends of subsidiaries	—		534	381	—		915
Net income attributable to Hawaiian Electric	195,032		28,507	16,302	(44,809)		195,032
Preferred stock dividends of Hawaiian Electric	1,080		—	—	—		1,080
Net income for common stock	$	193,952	28,507	16,302	(44,809)		$	193,952

Consolidating statement of income

Year ended December 31, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	2,452,969	485,590	470,355	(327)	[1]	$	3,408,587
Expenses
Fuel oil	917,801		133,238	214,575	—		1,265,614
Purchased power	601,235		143,636	48,713	—		793,584
Other operation and maintenance	326,785		85,110	85,706	—		497,601
Depreciation	158,725		41,404	35,295	—		235,424
Taxes, other than income taxes	228,843		44,685	43,645	—		317,173
Total expenses	2,233,389		448,073	427,934	—		3,109,396
Operating income	219,580		37,517	42,421	(327)		299,191
Allowance for equity funds used during construction	8,464		898	1,212	—		10,574
Equity in earnings of subsidiaries	47,493		—	—	(47,493)	[2]	—
Retirement defined benefits credit (expense)—other than service costs	3,296		666	(127)	—		3,835
Interest expense and other charges, net	(55,260)		(10,659)	(10,824)	327	[1]	(76,416)
Allowance for borrowed funds used during construction	2,769		277	370	—		3,416
Income before income taxes	226,342		28,699	33,052	(47,493)		240,600
Income taxes	36,333		6,349	6,994	—		49,676
Net income	190,009		22,350	26,058	(47,493)		190,924
Preferred stock dividends of subsidiaries	—		534	381	—		915
Net income attributable to Hawaiian Electric	190,009		21,816	25,677	(47,493)		190,009
Preferred stock dividends of Hawaiian Electric	1,080		—	—	—		1,080
Net income for common stock	$	188,929	21,816	25,677	(47,493)		$	188,929

Schedule of Consolidating Statements of Comprehensive Income

Consolidating statement of comprehensive income

Year ended December 31, 2024

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income (loss) for common stock	$	(1,226,362)	(116,414)	(134,872)	3,282	248,004		$	(1,226,362)
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Net gains arising during the period, net of taxes	65,680		8,108	7,342	—	(15,450)	[1]	65,680
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(2,035)		(159)	(243)	—	402	[1]	(2,035)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(63,708)		(7,895)	(7,076)	—	14,971	[1]	(63,708)
Other comprehensive loss, net of taxes	(63)		54	23	—	(77)		(63)
Comprehensive income (loss) attributable to common shareholder	$	(1,226,425)	(116,360)	(134,849)	3,282	247,927		$	(1,226,425)

Consolidating statement of comprehensive income

Year ended December 31, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	193,952	28,507	16,302	(44,809)		$	193,952
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net gains arising during the period, net of taxes	10,175		961	1,275	(2,236)	[1]	10,175
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes	(1,983)		(221)	(266)	487	[1]	(1,983)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(8,204)		(752)	(978)	1,730	[1]	(8,204)
Other comprehensive income (loss), net of taxes	(12)		(12)	31	(19)		(12)
Comprehensive income attributable to common shareholder	$	193,940	28,495	16,333	(44,828)		$	193,940

Consolidating statement of comprehensive income

Year ended December 31, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	188,929	21,816	25,677	(47,493)		$	188,929
Other comprehensive income, net of taxes:
Retirement benefit plans:
Net gains arising during the period, net of taxes	187,193		44,411	44,386	(88,797)	[1]	187,193
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	18,884		2,811	2,584	(5,395)	[1]	18,884
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(199,936)		(46,841)	(46,694)	93,535	[1]	(199,936)
Other comprehensive income, net of tax benefits	6,141		381	276	(657)		6,141
Comprehensive income attributable to common shareholder	$	195,070	22,197	25,953	(48,150)		$	195,070

Schedule of Consolidating Balance Sheets

Consolidating balance sheet

December 31, 2024

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,860	5,645	3,514	—	—		$	52,019
Plant and equipment	5,502,198		1,501,947	1,417,356	—	—		8,421,501
Right-of-use assets - finance lease	360,270		36,074	50,757	—	—		447,101
Less accumulated depreciation	(2,029,719)		(691,161)	(605,744)	—	—		(3,326,624)
Construction in progress	282,150		31,341	52,218	—	—		365,709
Utility property, plant and equipment, net	4,157,759		883,846	918,101	—	—		5,959,706
Nonutility property, plant and equipment, less accumulated depreciation	1,145		115	1,532	—	—		2,792
Total property, plant and equipment, net	4,158,904		883,961	919,633	—	—		5,962,498
Investment in wholly-owned subsidiaries, at equity	680,414		—	—	—	(680,414)	[2]	—
Current assets
Cash and cash equivalents	118,367		31,534	16,456	17,791	—		184,148
Advances to affiliates	62,200		—	—	—	(62,200)	[1]	—
Customer accounts receivable, net	19,050		7,245	8,941	164,662	—		199,898
Accrued unbilled revenues, net	12,738		4,046	1,890	160,047	—		178,721
Other accounts receivable, net	209,752		58,366	51,465	—	(249,946)	[1]	69,637
Fuel oil stock, at average cost	70,800		13,764	14,339	—	—		98,903
Materials and supplies, at average cost	69,602		15,506	33,358	—	—		118,466
Prepayments and other	110,516		16,662	30,747	—	(6,705)	[1]	151,220
Regulatory assets	36,520		8,211	9,164	—	—		53,895
Total current assets	709,545		155,334	166,360	342,500	(318,851)		1,054,888
Other long-term assets
Operating lease right-of-use assets	29,868		22,672	6,741	—	—		59,281
Regulatory assets	172,257		18,875	36,292	—	—		227,424
Defined benefit pension and other postretirement benefit plans asset	66,292		30,397	24,128	—	(11,998)	[1]	108,819
Other	194,006		18,612	21,702	—	(33,626)	[1]	200,694
Total other long-term assets	462,423		90,556	88,863	—	(45,624)		596,218
Total assets	$	6,011,286	1,129,851	1,174,856	342,500	(1,044,889)		$	7,613,604

(continued)

Consolidating balance sheet (continued)

December 31, 2024

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Capitalization and liabilities
Capitalization
Common stock equity	$	1,156,955	243,964	282,876	153,574	(680,414)	[2]	$	1,156,955
Cumulative preferred stock–not subject to mandatory redemption	22,293		7,000	5,000	—	—		34,293
Long-term debt, net	1,353,173		244,466	256,575	—	—		1,854,214
Total capitalization	2,532,421		495,430	544,451	153,574	(680,414)		3,045,462
Current liabilities
Current portion of operating lease liabilities	4,430		7,802	2,970	—	—		15,202
Current portion of long-term debt, net	40,000		5,000	2,000	—	—		47,000
Short-term borrowings-non-affiliate	48,623		—	—	—	—		48,623
Short-term borrowings-affiliate	—		—	62,200	—	(62,200)	[1]	—
Accounts payable	137,837		27,077	32,066	—	—		196,980
Interest and preferred dividends payable	15,994		3,191	2,701	—	(350)	[1]	21,536
Taxes accrued, including revenue taxes	197,768		42,692	37,108	1,138	(6,705)	[1]	272,001
Regulatory liabilities	11,701		10,039	4,828	—	—		26,568
Wildfire tort-related claims (Note 2)	383,000		47,875	47,875	—	—		478,750
Other	103,415		35,492	43,913	187,788	(249,597)	[1]	121,011
Total current liabilities	942,768		179,168	235,661	188,926	(318,852)		1,227,671
Deferred credits and other liabilities
Operating lease liabilities	29,830		15,230	4,075	—	—		49,135
Finance lease liabilities	341,364		34,370	49,891	—	—		425,625
Deferred income taxes	—		5,368	28,257	—	(33,625)	[1]	—
Regulatory liabilities	864,259		222,834	130,422	—	—		1,217,515
Unamortized tax credits	54,950		10,757	10,969	—	—		76,676
Defined benefit pension plan liability	18,301		125	—	—	(11,998)	[1]	6,428
Wildfire tort-related claims (Note 2)	1,149,000		143,625	143,625	—	—		1,436,250
Other	78,393		22,944	27,505	—	—	[1]	128,842
Total deferred credits and other liabilities	2,536,097		455,253	394,744	—	(45,623)		3,340,471
Total capitalization and liabilities	$	6,011,286	1,129,851	1,174,856	342,500	(1,044,889)		$	7,613,604

Consolidating balance sheet

December 31, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments		Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,859	5,645	3,594	—	—		$	52,098
Plant and equipment	5,398,281		1,459,639	1,374,890	—	—		8,232,810
Finance lease right-of-use assets	306,099		36,075	—	—	—		342,174
Less accumulated depreciation	(1,925,660)		(666,581)	(605,273)	—	—		(3,197,514)
Construction in progress	247,836		33,488	38,899	—	—		320,223
Utility property, plant and equipment, net	4,069,415		868,266	812,110	—	—		5,749,791
Nonutility property, plant and equipment, less accumulated depreciation	5,295		115	1,532	—	—		6,942
Total property, plant and equipment, net	4,074,710		868,381	813,642	—	—		5,756,733
Investment in wholly-owned subsidiaries, at equity	722,211		—	—	—	(722,211)	[2]	—
Current assets
Cash and cash equivalents	89,755		10,658	5,587	77	—		106,077
Restricted cash	2,000		—	—	—	—		2,000
Advances to affiliates	70,500		—	—	—	(70,500)	[1]	—
Customer accounts receivable, net	172,747		38,216	33,346	—	—		244,309
Accrued unbilled revenues, net	136,367		25,102	24,175	—	—		185,644
Other accounts receivable, net	143,160		13,318	32,521	—	(77,480)	[1]	111,519
Fuel oil stock, at average cost	108,228		17,968	22,041	—	—		148,237
Materials and supplies, at average cost	64,334		14,397	35,702	—	—		114,433
Prepayments and other	40,767		7,724	11,638	—	(1,638)	[1]	58,491
Regulatory assets	58,920		5,771	3,762	—	—		68,453
Total current assets	886,778		133,154	168,772	77	(149,618)		1,039,163
Other long-term assets
Operating lease right-of-use assets	34,856		27,470	9,551	—	—		71,877
Regulatory assets	189,417		13,575	23,359	—	—		226,351
Other postretirement benefit plan asset	50,743		17,827	13,169	—	(14,171)	[1]	67,568
Other	83,290		18,612	19,960	—	—		121,862
Total other long-term assets	358,306		77,484	66,039	—	(14,171)		487,658
Total assets	$	6,042,005	1,079,019	1,048,453	77	(886,000)		$	7,283,554

Consolidating balance sheet (continued)

December 31, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments		Hawaiian Electric Consolidated
Capitalization and liabilities
Capitalization
Common stock equity	$	2,409,110	359,790	362,344	77	(722,211)	[2]	$	2,409,110
Cumulative preferred stock–not subject to mandatory redemption	22,293		7,000	5,000	—	—		34,293
Long-term debt, net	1,426,516		249,339	258,422	—	—		1,934,277
Total capitalization	3,857,919		616,129	625,766	77	(722,211)		4,377,680
Current liabilities
Current portion of operating lease liabilities	6,788		7,025	2,804	—	—		16,617
Short-term borrowings-affiliate	—		—	70,500	—	(70,500)	[1]	—
Accounts payable	136,102		29,418	25,520	—	—		191,040
Interest and preferred dividends payable	17,085		3,098	3,074	—	(375)	[1]	22,882
Taxes accrued, including revenue taxes	211,840		43,932	37,808	—	(1,638)	[1]	291,942
Regulatory liabilities	20,013		8,508	8,038	—	—		36,559
Wildfire tort-related claims (Note 2)	75,000		—	—	—	—		75,000
Other	90,131		33,240	50,170	—	(77,105)	[1]	96,436
Total current liabilities	556,959		125,221	197,914	—	(149,618)		730,476
Deferred credits and other liabilities
Operating lease liabilities	34,262		20,792	7,044	—	—		62,098
Finance lease liabilities	295,935		35,043	—	—	—		330,978
Deferred income taxes	280,029		51,661	67,311	—	—		399,001
Regulatory liabilities	803,404		199,173	111,554	—	—		1,114,131
Unamortized tax credits	61,130		11,650	11,532	—	—		84,312
Defined benefit pension plan liability	74,842		—	—	—	(14,171)	[1]	60,671
Other	77,525		19,350	27,332	—	—		124,207
Total deferred credits and other liabilities	1,627,127		337,669	224,773	—	(14,171)		2,175,398
Total capitalization and liabilities	$	6,042,005	1,079,019	1,048,453	77	(886,000)		$	7,283,554

Schedule of Consolidating Statements of Changes in Common Stock Equity

Consolidating statements of changes in common stock equity

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2021	$	2,261,899	332,900	343,260	77	(676,237)	$	2,261,899
Net income for common stock	188,929		21,816	25,677	—	(47,493)	188,929
Other comprehensive income, net of taxes	6,141		381	276	—	(657)	6,141
Issuance of common stock, net of expenses	13,101		6,023	3,023	—	(9,046)	13,101
Common stock dividends	(125,900)		(16,400)	(15,200)	—	31,600	(125,900)
Balance, December 31, 2022	2,344,170		344,720	357,036	77	(701,833)	2,344,170
Net income for common stock	193,952		28,507	16,302	—	(44,809)	193,952
Other comprehensive income (loss), net of taxes	(12)		(12)	31	—	(19)	(12)
Common stock dividends	(129,000)		(13,425)	(11,025)	—	24,450	(129,000)
Balance, December 31, 2023	2,409,110		359,790	362,344	77	(722,211)	2,409,110
Net income (loss) for common stock	(1,226,362)		(116,414)	(134,872)	3,282	248,004	(1,226,362)
Other comprehensive income (loss), net of taxes	(63)		54	23	—	(77)	(63)
Issuance of common stock, net of expenses	—		—	55,000	150,215	(205,215)	—
Common stock dividends	(26,000)		—	—	—	—	(26,000)
Additional paid-in capital	270		534	381	—	(915)	270
Balance, December 31, 2024	$	1,156,955	243,964	282,876	153,574	(680,414)	$	1,156,955

Schedule of Consolidating Statements of Cash Flows

Consolidating statement of cash flows

Year ended December 31, 2024

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric  Consolidated
Cash flows from operating activities
Net income (loss)	$	(1,225,282)	(115,880)	(134,491)	3,282	248,004	[2]	$	(1,224,367)
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	248,004		—	—	—	(248,004)	[2]	—
Depreciation of property, plant and equipment	167,909		43,855	39,378	—	—		251,142
Other amortization	23,606		4,958	3,264	—	—		31,828
Deferred income tax benefit	(393,025)		(47,550)	(41,049)	—	—		(481,624)
Gain/Loss on sale of receivables to affiliate	4,079		821	670	(5,570)	—		—
State refundable credit	(7,914)		(1,848)	(2,152)	—	—		(11,914)
Bad debt expense	2,838		476	1,406	—	—		4,720
Allowance for equity funds used during construction	(10,853)		(1,189)	(1,744)	—	—		(13,786)
Other	(6,270)		(50)	9	—	—		(6,311)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	22,897		(13,175)	1,570	(95,382)	172,466	[1]	88,376
Decrease (increase) in accrued unbilled revenues	57,281		20,989	22,633	(93,342)	—		7,561
Decrease in fuel oil stock	37,427		4,205	7,702	—	—		49,334
Decrease (increase) in materials and supplies	(5,269)		(1,109)	2,345	—	—		(4,033)
Increase in regulatory assets	(4,608)		(5,346)	(12,789)	—	—		(22,743)
Increase in regulatory liabilities	38,413		6,597	3,423	—	—		48,433
Increase (decrease) in accounts payable	9,879		(1,687)	1,452	—	—		9,644
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(14,192)		(2,325)	(8,614)	1,138	(2,549)	[1]	(26,542)
Change in defined benefit pension and other postretirement benefit plans asset/liability	(6,334)		(1,521)	(1,363)	—	—		(9,218)
Increase in wildfire tort-related claims	1,457,000		191,500	191,500	—	—		1,840,000
Change in other assets and liabilities	(52,774)		(4,035)	(23,280)	187,788	(172,466)	[1]	(64,767)
Net cash provided by (used in) operating activities	342,812		77,686	49,870	(2,086)	(2,549)		465,733
Cash flows from investing activities
Capital expenditures	(197,142)		(51,209)	(81,128)	—	—		(329,479)
Advances to affiliates	(46,700)		—	—	—	46,700	[1]	—
Other	(10,169)		679	(1,011)	—	22,349	[1][2]	11,848
Net cash used in investing activities	(254,011)		(50,530)	(82,139)	—	69,049		(317,631)
Cash flows from financing activities
Common stock dividends	(26,000)		—	—	—	—		(26,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,995)		—	—	—	—		(1,995)
Proceeds from issuance of common stock/capital contribution from parent	270		—	—	19,800	(19,800)	[2]	270
Repayment of long-term debt and funds transferred for repayment of long-term debt	(74,000)		(5,000)	(2,000)	—	—		(81,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	—		—	46,700	—	(46,700)	[1]	—
Payments of obligations under finance leases	(3,487)		(632)	—	—	—		(4,119)
Proceeds from issuance of short-term debt	50,000		—	—	—	—		50,000
Other	(6,977)		(648)	(1,562)	—	—		(9,187)
Net cash provided by (used in) financing activities	(62,189)		(6,280)	43,138	19,800	(66,500)		(72,031)
Net increase in cash and cash equivalents	26,612		20,876	10,869	17,714	—		76,071
Cash, cash equivalents and restricted cash, January 1	91,755		10,658	5,587	77	—		108,077
Cash and cash equivalents, December 31	$	118,367	31,534	16,456	17,791	—		$	184,148

Consolidating statement of cash flows

Year ended December 31, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	195,032	29,041	16,683	—	(44,809)	[2]	$	195,947
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	(44,809)		—	—	—	44,809	[2]	—
Common stock dividends received from subsidiaries	24,450		—	—	—	(24,450)	[2]	—
Depreciation of property, plant and equipment	164,150		42,541	37,014	—	—		243,705
Other amortization	17,692		5,003	3,795	—	—		26,490
Deferred income tax expense (benefit)	(851)		(296)	2,586	—	—		1,439
State refundable credit	(7,577)		(1,782)	(1,966)	—	—		(11,325)
Bad debt expense	5,565		1,353	1,243	—	—		8,161
Allowance for equity funds used during construction	(11,721)		(1,411)	(2,032)	—	—		(15,164)
Other	380		(46)	126	—	—		460
Changes in assets and liabilities:
Increase in accounts receivable	(83,401)		(7,398)	(29,301)	—	55,096	[1]	(65,004)
Decrease (increase) in accrued unbilled revenues	8		(1,308)	(1,748)	—	—		(3,048)
Decrease (increase) in fuel oil stock	45,114		(1,004)	(817)	—	—		43,293
Increase in materials and supplies	(16,204)		(4,614)	(14,047)	—	—		(34,865)
Decrease (increase) in regulatory assets	(6,616)		5,501	(9,498)	—	—		(10,613)
Increase (decrease) in regulatory liabilities	48,833		(1,176)	6,813	—	—		54,470
Increase in accounts payable	13,988		5,998	468	—	—		20,454
Change in prepaid and accrued income taxes, tax credits and revenue taxes	4,314		2,407	(4,843)	—	—		1,878
Change in defined benefit pension and other postretirement benefit plans asset/liability	(5,653)		(1,348)	(1,185)	—	—		(8,186)
Increase in wildfire tort-related claims	75,000		—	—	—	—		75,000
Change in other assets and liabilities	(12,990)		2,056	17,305	—	(55,096)	[1]	(48,725)
Net cash provided by operating activities	404,704		73,517	20,596	—	(24,450)		474,367
Cash flows from investing activities
Capital expenditures	(276,600)		(63,889)	(98,286)	—	—		(438,775)
Advances from (to) affiliates	(70,500)		4,500	21,700	—	44,300	[1]	—
Other	4,118		932	1,126	—	—		6,176
Net cash used in investing activities	(342,982)		(58,457)	(75,460)	—	44,300		(432,599)
Cash flows from financing activities
Common stock dividends	(129,000)		(13,425)	(11,025)	—	24,450	[2]	(129,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080)		(534)	(381)	—	—		(1,995)
Proceeds from issuance of long-term debt	300,000		25,000	25,000	—	—		350,000
Repayment of long-term debt	(50,000)		(20,000)	(30,000)	—	—		(100,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(114,167)		—	70,500	—	(44,300)	[1]	(87,967)
Payments of obligations under finance leases	(2,728)		(400)	—	—	—		(3,128)
Other	(571)		(135)	(137)	—	—		(843)
Net cash provided by (used in) financing activities	2,454		(9,494)	53,957	—	(19,850)		27,067
Net increase (decrease) in cash, cash equivalents and restricted cash	64,176		5,566	(907)	—	—		68,835
Cash, cash equivalents and restricted cash, January 1	27,579		5,092	6,494	77	—		39,242
Cash, cash equivalents and restricted cash, December 31	91,755		10,658	5,587	77	—		108,077
Less: Restricted cash	(2,000)		—	—	—	—		(2,000)
Cash and cash equivalents, December 31	$	89,755	10,658	5,587	77	—		$	106,077

Consolidating statement of cash flows

Year ended December 31, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	190,009	22,350	26,058	—	(47,493)	[2]	$	190,924
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	(47,493)		—	—	—	47,493	[2]	—
Common stock dividends received from subsidiaries	31,600		—	—	—	(31,600)	[2]	—
Depreciation of property, plant and equipment	158,725		41,404	35,295	—	—		235,424
Other amortization	16,708		4,996	3,616	—	—		25,320
Deferred income taxes	(33,648)		(4,040)	(3,727)	—	—		(41,415)
State refundable credit	(7,375)		(1,734)	(1,890)	—	—		(10,999)
Bad debt expense	4,175		1,073	779	—	—		6,027
Allowance for equity funds used during construction	(8,464)		(898)	(1,212)	—	—		(10,574)
Other	(65)		(50)	(24)	—	—		(139)
Changes in assets and liabilities:
Increase in accounts receivable	(74,067)		(11,644)	(10,680)	—	4,649	[1]	(91,742)
Increase in accrued unbilled revenues	(43,972)		(4,289)	(5,762)	—	—		(54,023)
Increase in fuel oil stock	(82,158)		(4,150)	(1,144)	—	—		(87,452)
Increase in materials and supplies	(6,124)		(56)	(1,511)	—	—		(7,691)
Decrease in regulatory assets	28,076		1,546	4,978	—	—		34,600
Increase in regulatory liabilities	28,621		7,977	8,290		—		44,888
Increase in accounts payable	18,657		3,294	404	—	—		22,355
Change in prepaid and accrued income taxes, tax credits and revenue taxes	77,903		11,117	14,178	—	—		103,198
Decrease in defined benefit pension and other postretirement benefit plans liability	(3,545)		(626)	(657)	—	—		(4,828)
Change in other assets and liabilities	(17,884)		213	(3,623)	—	(4,649)	[1]	(25,943)
Net cash provided by operating activities	229,679		66,483	63,368	—	(31,600)		327,930
Cash flows from investing activities
Capital expenditures	(223,223)		(49,004)	(57,230)	—	—		(329,457)
Advances from (to) affiliates	1,000		(4,500)	(21,700)	—	25,200	[1]	—
Other	(5,687)		760	1,253	—	9,046	[1][2]	5,372
Net cash used in investing activities	(227,910)		(52,744)	(77,677)	—	34,246		(324,085)
Cash flows from financing activities
Common stock dividends	(125,900)		(16,400)	(15,200)	—	31,600	[2]	(125,900)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080)		(534)	(381)	—	—		(1,995)
Proceeds from the issuance of common stock	13,101		6,023	3,023	—	(9,046)	[2]	13,101
Proceeds from the issuance of long-term debt	40,000		10,000	10,000	—	—		60,000
Repayment of long-term debt	(40,000)		(12,000)	—	—	—		(52,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	114,167		(1,000)	—	—	(25,200)	[1]	87,967
Payments of obligations under finance leases	(670)		—	—	—	—		(670)
Other	(241)		(62)	(61)	—	—		(364)
Net cash used in financing activities	(623)		(13,973)	(2,619)	—	(2,646)		(19,861)
Net increase (decrease) in cash and cash equivalents	1,146		(234)	(16,928)	—	—		(16,016)
Cash and cash equivalents, January 1	26,433		5,326	23,422	77	—		55,258
Cash and cash equivalents, December 31	$	27,579	5,092	6,494	77	—		$	39,242

Explanation of consolidating adjustments on consolidating schedules:

[1] Eliminations of intercompany receivables and payables and other intercompany transactions

[2] Elimination of investment in subsidiaries, carried at equity