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Electric utility segment (Tables)
 6 Months Ended
Jun. 30, 2025
Electric Utility Subsidiary [Abstract]  
Schedule of Purchases From All IPPs
Purchases from all IPPs were as follows:
 Three months ended June 30Six months ended June 30
(in millions)2025202420252024
Kalaeloa Partners, L.P.$69 $79 $128 $145 
HPOWER20 16 39 33 
Puna Geothermal Venture6 14 19 27 
Hamakua Energy8 5 13 16 
Kapolei Energy Storage6 6 12 12 
Wind IPPs36 37 57 67 
Solar IPPs29 21 51 36 
Other IPPs 1
1 3 3 5 
Total IPPs$175 $181 $322 $341 
1 Includes hydro power and other PPAs.
Schedule of PIM Rewards The following PIMs and SSMs were approved by the PUC and are applicable to the 2024 evaluation period. There were no accruals for the 2025 evaluation period. PIMs and SSMs are determined at the end of their evaluation period. Unless otherwise specified, the evaluation period is the 12‑month calendar year period ending December 31 over which measured performance is determined.
Performance Incentive Mechanisms
Maximum rewards/penalties $
2024 rewards (penalties) earned
2025 rewards (penalties) accrued
Transmission and Distribution-caused SAIDI/SAIFI PIMs
Maximum penalties of $3.6 million for 2024/2025
$(1.0) million
Call Center PIM
Maximum reward or penalty of $1.4 million
—
Phase 1 RFP PIMVaries
$0.2 million
$0.3 million
Renewable portfolio standard (RPS) PIM
$10/MWh for above interpolated statutory RPS goal
$20/MWh for failing to meet RPS targets in 2030, 2040 and 2045
$1.9 million
Interconnection Approval PIM1
Maximum reward of $3.0 million or a total annual maximum penalty of $0.9 million
$2.4 million
Generation-caused SAIDI/SAIFI PIMs
Maximum penalties of approximately $1.0 million
$(0.1) million
Interconnection Requirements Study PIM
Varies
—
Collective Shared Savings Mechanism
20% share of savings when non-ARA costs in a performance year lower than target year non-ARA costs
$2.8 million
Total PIM rewards, net
$6.2 million
$0.3 million
1    The Interconnection Approval PIM expired as of December 31, 2024.
Schedule of Net Annual Incremental Amounts Proposed to be Collected (Refunded) The filing reflected ARA revenues for the second year recovery of the COVID-19 related deferred costs through the Z-factor and the accelerated return of the Enterprise Resource Planning system benefits savings to Hawaii Electric Light and Maui Electric customers as part of the customer dividend, as follows (See discussion under “Regulatory assets and liabilities” below):
(in millions)Hawaiian ElectricHawaii Electric LightMaui ElectricTotal
Recovery of COVID-19 related costs$2.2 $0.5 $0.5 $3.2 
Return of Enterprise Resource Planning benefit liability
— (1.3)(2.0)(3.3)
Net 2025 ARA revenues
$2.2 $(0.8)$(1.4)$(0.1)
Note: Columns may not foot due to rounding.
The net incremental amounts between the 2024 fall and 2025 spring revenue reports are shown in the following table. The amounts are to be collected (refunded) from June 1, 2025, through May 31, 2026, under the RBA rate tariffs, which were included in the 2025 spring revenue report filing.
(in millions)Hawaiian ElectricHawaii Electric LightMaui ElectricTotal
Incremental Performance Incentive Mechanisms (net)
$1.3 $3.9 $— $5.2 
Incremental MPIR/EPRM revenue adjustment(1.4)(0.6)(0.3)(2.3)
Incremental Pilot Process cost recovery(0.7)— (0.1)(0.9)
Net incremental amount to be collected under the RBA rate tariffs
$(0.8)$3.2 $(0.5)$1.9 
Note: Columns may not foot due to rounding.
Schedule of Condensed Consolidating Statements of Income
Condensed Consolidating Statement of Income
Three months ended June 30, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustments
Hawaiian Electric
Consolidated
Revenues$524,804 110,973 107,757 2,864 (3,916)$742,482 
Expenses
Fuel oil148,374 26,697 35,516 — — 210,587 
Purchased power131,259 27,657 16,047 — — 174,963 
Other operation and maintenance103,195 25,749 31,627 1,562 (3,916)158,217 
Depreciation42,529 11,242 10,203 — — 63,974 
Taxes, other than income taxes49,737 10,372 10,087 1 — 70,197 
   Total expenses475,094 101,717 103,480 1,563 (3,916)677,938 
Operating income
49,710 9,256 4,277 1,301 — 64,544 
Allowance for equity funds used during construction2,837 351 514 — — 3,702 
Equity in earnings of subsidiaries7,767 — — — (7,767)— 
Retirement defined benefits credit (expense)—other than service costs906 168 (22)— — 1,052 
Interest expense and other charges, net(16,288)(2,738)(3,892)— 1,212 (21,706)
Allowance for borrowed funds used during construction1,185 96 181 — — 1,462 
Interest income
2,027 361 39 — (1,212)1,215 
Income before income taxes
48,144 7,494 1,097 1,301 (7,767)50,269 
Income tax expense (benefit)
8,724 1,660 (99)335 — 10,620 
Net income
39,420 5,834 1,196 966 (7,767)39,649 
Preferred stock dividends of subsidiaries— 134 95 — — 229 
Net income attributable to Hawaiian Electric
39,420 5,700 1,101 966 (7,767)39,420 
Preferred stock dividends of Hawaiian Electric270 — — — — 270 
Net income for common stock
$39,150 5,700 1,101 966 (7,767)$39,150 
Condensed Consolidating Statement of Income
Three months ended June 30, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustments
Hawaiian Electric
Consolidated
Revenues$564,628 117,663 110,040 — — $792,331 
Expenses
Fuel oil187,386 28,941 42,325 — — 258,652 
Purchased power137,139 31,068 13,121 — — 181,328 
Other operation and maintenance93,717 24,544 29,300 — — 147,561 
Wildfire tort-related claims
1,369,600 171,200 171,200 — — 1,712,000 
Depreciation42,003 10,964 9,845 — — 62,812 
Taxes, other than income taxes53,214 10,943 10,261 — — 74,418 
   Total expenses1,883,059 277,660 276,052 — — 2,436,771 
Operating loss(1,318,431)(159,997)(166,012)— — (1,644,440)
Allowance for equity funds used during construction2,578 288 470 — — 3,336 
Equity in earnings of subsidiaries(246,099)— — — 246,099 — 
Retirement defined benefits credit (expense)—other than service costs928 168 (24)— — 1,072 
Interest expense and other charges, net(15,717)(2,974)(4,559)— 1,833 (21,417)
Allowance for borrowed funds used during construction1,034 85 225 — — 1,344 
Interest income
2,972 241 72 — (1,833)1,452 
Loss before income taxes(1,572,735)(162,189)(169,828)— 246,099 (1,658,653)
Income tax benefit(343,611)(42,027)(44,120)— — (429,758)
Net loss(1,229,124)(120,162)(125,708)— 246,099 (1,228,895)
Preferred stock dividends of subsidiaries— 133 96 — — 229 
Net loss attributable to Hawaiian Electric(1,229,124)(120,295)(125,804)— 246,099 (1,229,124)
Preferred stock dividends of Hawaiian Electric270 — — — — 270 
Net loss for common stock$(1,229,394)(120,295)(125,804)— 246,099 $(1,229,394)
Condensed Consolidating Statement of Income
Six months ended June 30, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustmentsHawaiian Electric
Consolidated
Revenues$1,049,507 219,284 213,459 5,808 (7,210)$1,480,848 
Expenses
Fuel oil320,167 53,491 75,650 — — 449,308 
Purchased power241,990 53,147 26,543 — — 321,680 
Other operation and maintenance194,688 53,783 57,838 2,226 (7,210)301,325 
Depreciation85,102 22,485 20,406 — — 127,993 
Taxes, other than income taxes99,516 20,551 19,993 1 — 140,061 
   Total expenses941,463 203,457 200,430 2,227 (7,210)1,340,367 
Operating income
108,044 15,827 13,029 3,581 — 140,481 
Allowance for equity funds used during construction5,632 698 957 — — 7,287 
Equity in earnings of subsidiaries17,492 — — — (17,492)— 
Retirement defined benefits credit (expense)—other than service costs1,811 336 (44)— — 2,103 
Interest expense and other charges, net(33,312)(5,485)(7,696)— 2,335 (44,158)
Allowance for borrowed funds used during construction2,353 191 335 — — 2,879 
Interest income
4,815 590 126 — (2,335)3,196 
Income before income taxes
106,835 12,157 6,707 3,581 (17,492)111,788 
Income taxes
19,329 2,593 980 922 — 23,824 
Net income
87,506 9,564 5,727 2,659 (17,492)87,964 
Preferred stock dividends of subsidiaries— 268 190 — — 458 
Net income attributable to Hawaiian Electric
87,506 9,296 5,537 2,659 (17,492)87,506 
Preferred stock dividends of Hawaiian Electric540 — — — — 540 
Net income for common stock
$86,966 9,296 5,537 2,659 (17,492)$86,966 
Condensed Consolidating Statement of Income
Six months ended June 30, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustmentsHawaiian Electric
Consolidated
Revenues$1,128,808 235,272 216,829 — — $1,580,909 
Expenses
Fuel oil397,585 60,126 85,237 — — 542,948 
Purchased power254,657 63,124 23,364 — — 341,145 
Other operation and maintenance184,601 49,134 57,716 — — 291,451 
Wildfire tort-related claims
1,369,600 171,200 171,200 — — 1,712,000 
Depreciation84,007 21,928 19,689 — — 125,624 
Taxes, other than income taxes106,623 21,900 20,303 — — 148,826 
   Total expenses2,397,073 387,412 377,509 — — 3,161,994 
Operating loss(1,268,265)(152,140)(160,680)— — (1,581,085)
Allowance for equity funds used during construction5,399 637 940 — — 6,976 
Equity in earnings of subsidiaries(240,075)— — — 240,075 — 
Retirement defined benefits credit (expense)—other than service costs1,855 336 (47)— — 2,144 
Interest expense and other charges, net(30,009)(5,888)(8,790)— 3,285 (41,402)
Allowance for borrowed funds used during construction2,113 192 425 — — 2,730 
Interest income
5,635 396 138 — (3,285)2,884 
Loss before income taxes(1,523,347)(156,467)(168,014)— 240,075 (1,607,753)
Income tax benefit(333,714)(40,829)(44,035)— — (418,578)
Net loss(1,189,633)(115,638)(123,979)— 240,075 (1,189,175)
Preferred stock dividends of subsidiaries— 267 191 — — 458 
Net loss attributable to Hawaiian Electric(1,189,633)(115,905)(124,170)— 240,075 (1,189,633)
Preferred stock dividends of Hawaiian Electric540 — — — — 540 
Net loss for common stock$(1,190,173)(115,905)(124,170)— 240,075 $(1,190,173)
Schedule of Condensed Consolidating Statement of Comprehensive Income
Condensed Consolidating Statement of Comprehensive Income
Three months ended June 30, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther
subsidiaries		Consolidating
adjustments		Hawaiian Electric
Consolidated
Net income for common stock
$39,150 5,700 1,101 966 (7,767)$39,150 
Other comprehensive loss, net of taxes:
      
Retirement benefit plans:      
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes (531)(26)(62)— 88 (531)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes484 22 53 — (75)484 
Other comprehensive loss, net of taxes
(47)(4)(9)— 13 (47)
Comprehensive income attributable to common shareholder
$39,103 5,696 1,092 966 (7,754)$39,103 
Condensed Consolidating Statement of Comprehensive Income
Three months ended June 30, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsidiaries
Consolidating
adjustments		Hawaiian Electric
Consolidated
Net loss for common stock$(1,229,394)(120,295)(125,804)— 246,099 $(1,229,394)
Other comprehensive loss, net of taxes:      
Retirement benefit plans:      
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes(505)(39)(57)— 96 (505)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes459 35 50 — (85)459 
Other comprehensive loss, net of taxes(46)(4)(7)— 11 (46)
Comprehensive loss attributable to common shareholder$(1,229,440)(120,299)(125,811)— 246,110 $(1,229,440)
Condensed Consolidating Statement of Comprehensive Income
Six months ended June 30, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustmentsHawaiian Electric Consolidated
Net income for common stock
$86,966 9,296 5,537 2,659 (17,492)$86,966 
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes
(1,061)(55)(127)— 182 (1,061)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes967 44 107 — (151)967 
Other comprehensive loss, net of taxes(94)(11)(20)— 31 (94)
Comprehensive income attributable to common shareholder$86,872 9,285 5,517 2,659 (17,461)$86,872 
Condensed Consolidating Statement of Comprehensive Income
Six months ended June 30, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustmentsHawaiian Electric Consolidated
Net loss for common stock$(1,190,173)(115,905)(124,170)— 240,075 $(1,190,173)
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes
(1,013)(77)(116)— 193 (1,013)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes918 70 99 — (169)918 
Other comprehensive loss, net of taxes
(95)(7)(17)— 24 (95)
Comprehensive loss attributable to common shareholder$(1,190,268)(115,912)(124,187)— 240,099 $(1,190,268)
Schedule of Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
June 30, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsi-diaries
Consoli-
dating
adjustments		Hawaiian Electric
Consolidated
Assets      
Property, plant and equipment
Utility property, plant and equipment      
Land$42,860 5,645 3,603 — — $52,108 
Plant and equipment5,576,856 1,521,914 1,453,824 — — 8,552,594 
Right-of-use assets - finance lease360,270 78,377 50,757 — — 489,404 
Less accumulated depreciation(2,107,311)(706,390)(620,584)— — (3,434,285)
Construction in progress300,883 39,223 56,237 — — 396,343 
Utility property, plant and equipment, net4,173,558 938,769 943,837 — — 6,056,164 
Nonutility property, plant and equipment, less accumulated depreciation1,146 115 1,444 — — 2,705 
Total property, plant and equipment, net4,174,704 938,884 945,281 — — 6,058,869 
Investment in wholly owned subsidiaries, at equity698,333 — — — (698,333)— 
Current assets      
Cash and cash equivalents37,575 39,334 8,085 21,435 — 106,429 
Advances to affiliates69,200 — — — (69,200)— 
Customer accounts receivable, net11,661 4,613 6,641 164,296 — 187,211 
Accrued unbilled revenues, net— 1,890 — 156,163 — 158,053 
Other accounts receivable, net198,508 57,524 50,567 — (219,825)86,774 
Fuel oil stock, at average cost87,057 10,490 16,992 — — 114,539 
Materials and supplies, at average cost75,243 18,282 37,728 — — 131,253 
Prepayments and other31,736 9,277 19,992 — (5,379)55,626 
Regulatory assets32,909 6,065 5,048 — — 44,022 
Total current assets543,889 147,475 145,053 341,894 (294,404)883,907 
Other long-term assets      
Operating lease right-of-use assets34,547 19,979 6,417 — — 60,943 
Regulatory assets178,516 20,460 42,984 — — 241,960 
Defined benefit pension and other postretirement benefit plans asset69,263 31,181 24,637 — (12,711)112,370 
Investment in unconsolidated affiliate287,250 — — — — 287,250 
Other227,560 18,663 28,474 — (36,337)238,360 
Total other long-term assets797,136 90,283 102,512 — (49,048)940,883 
Total assets$6,214,062 1,176,642 1,192,846 341,894 (1,041,785)$7,883,659 
(continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Balance Sheet (continued)
June 30, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsi-diaries
Consoli-
dating
adjustments		Hawaiian Electric
Consolidated
Capitalization and liabilities
Capitalization
Common stock equity$1,521,617 253,516 288,584 156,233 (698,333)$1,521,617 
Cumulative preferred stock—not subject to mandatory redemption22,293 7,000 5,000 — — 34,293 
Long-term debt, net1,168,513 236,528 201,694 — — 1,606,735 
Total capitalization2,712,423 497,044 495,278 156,233 (698,333)3,162,645 
Current liabilities
Current portion of operating lease liabilities5,387 8,226 3,182 — — 16,795 
Current portion of long-term debt, net
61,949 7,993 54,955 — — 124,897 
Short-term borrowings from non-affiliates, net49,312 — — — — 49,312 
Short-term borrowings from affiliate— — 69,200 — (69,200)— 
Accounts payable157,257 31,870 38,026 — — 227,153 
Interest and preferred dividends payable15,299 3,221 2,754 — (383)20,891 
Taxes accrued, including revenue taxes163,795 35,971 32,378 2,060 (5,379)228,825 
Regulatory liabilities10,046 11,648 5,702 — — 27,396 
Wildfire tort-related claims
383,000 47,875 47,875 — — 478,750 
Other91,140 29,915 30,930 183,601 (219,441)116,145 
Total current liabilities937,185 176,719 285,002 185,661 (294,403)1,290,164 
Deferred credits and other liabilities
Operating lease liabilities33,207 12,091 3,512 — — 48,810 
Finance lease liabilities337,009 75,839 49,591 — — 462,439 
Deferred income taxes— 7,230 29,108 — (36,338)— 
Regulatory liabilities892,298 229,075 144,877 — — 1,266,250 
Unamortized tax credits51,531 10,308 10,498 — — 72,337 
Defined benefit pension plans liability19,005 124 — — (12,711)6,418 
Wildfire tort-related claims
1,149,000 143,625 143,625 — — 1,436,250 
Other82,404 24,587 31,355 — — 138,346 
Total deferred credits and other liabilities2,564,454 502,879 412,566 — (49,049)3,430,850 
Total capitalization and liabilities$6,214,062 1,176,642 1,192,846 341,894 (1,041,785)$7,883,659 
Condensed Consolidating Balance Sheet
December 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsi-diaries
Consoli-
dating
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 equipment5,502,198 1,501,947 1,417,356 — — 8,421,501 
Finance lease right-of-use assets360,270 36,074 50,757 — — 447,101 
Less accumulated depreciation(2,029,719)(691,161)(605,744)— — (3,326,624)
Construction in progress282,150 31,341 52,218 — — 365,709 
Utility property, plant and equipment, net4,157,759 883,846 918,101 — — 5,959,706 
Nonutility property, plant and equipment, less accumulated depreciation1,145 115 1,532 — — 2,792 
Total property, plant and equipment, net4,158,904 883,961 919,633 — — 5,962,498 
Investment in wholly owned subsidiaries, at equity
680,414 — — — (680,414)— 
Current assets      
Cash and cash equivalents118,367 31,534 16,456 17,791 — 184,148 
Advances to affiliates62,200 — — — (62,200)— 
Customer accounts receivable, net19,050 7,245 8,941 164,662 — 199,898 
Accrued unbilled revenues, net12,738 4,046 1,890 160,047 — 178,721 
Other accounts receivable, net209,752 58,366 51,465 — (249,946)69,637 
Fuel oil stock, at average cost70,800 13,764 14,339 — — 98,903 
Materials and supplies, at average cost69,602 15,506 33,358 — — 118,466 
Prepayments and other110,516 16,662 30,747 — (6,705)151,220 
Regulatory assets36,520 8,211 9,164 — — 53,895 
Total current assets709,545 155,334 166,360 342,500 (318,851)1,054,888 
Other long-term assets      
Operating lease right-of-use assets29,868 22,672 6,741 — — 59,281 
Regulatory assets172,257 18,875 36,292 — — 227,424 
Defined benefit pension and other postretirement benefit plans asset66,292 30,397 24,128 — (11,998)108,819 
Other194,006 18,612 21,702 — (33,626)200,694 
Total other long-term assets462,423 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)
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Balance Sheet (continued)
December 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsi-diaries
Consoli-
dating
adjustments		Hawaiian Electric
Consolidated
Capitalization and liabilities
Capitalization
Common stock equity$1,156,955 243,964 282,876 153,574 (680,414)$1,156,955 
Cumulative preferred stock—not subject to mandatory redemption22,293 7,000 5,000 — — 34,293 
Long-term debt, net1,353,173 244,466 256,575 — — 1,854,214 
Total capitalization2,532,421 495,430 544,451 153,574 (680,414)3,045,462 
Current liabilities
Current portion of operating lease liabilities4,430 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, net48,623 — — — — 48,623 
Short-term borrowings-affiliate— — 62,200 — (62,200)— 
Accounts payable137,837 27,077 32,066 — — 196,980 
Interest and preferred dividends payable15,994 3,191 2,701 — (350)21,536 
Taxes accrued, including revenue taxes197,768 42,692 37,108 1,138 (6,705)272,001 
Regulatory liabilities11,701 10,039 4,828 — — 26,568 
Wildfire tort-related claims
383,000 47,875 47,875 — — 478,750 
Other103,415 35,492 43,913 187,788 (249,597)121,011 
Total current liabilities942,768 179,168 235,661 188,926 (318,852)1,227,671 
Deferred credits and other liabilities
Operating lease liabilities29,830 15,230 4,075 — — 49,135 
Finance lease liabilities341,364 34,370 49,891 — — 425,625 
Deferred income taxes— 5,368 28,257 — (33,625)— 
Regulatory liabilities864,259 222,834 130,422 — — 1,217,515 
Unamortized tax credits54,950 10,757 10,969 — — 76,676 
Defined benefit pension plan liability18,301 125 — — (11,998)6,428 
Wildfire tort-related claims
1,149,000 143,625 143,625 — — 1,436,250 
Other78,393 22,944 27,505 — — 128,842 
Total deferred credits and other liabilities2,536,097 455,253 394,744 — (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 
Schedule of Condensed Consolidating Statement of Changes in Common Stock Equity
Condensed Consolidating Statement of Changes in Common Stock Equity
Six months ended June 30, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsidiaries
Consolidating
adjustments		Hawaiian Electric
Consolidated
Balance, December 31, 2024$1,156,955 243,964 282,876 153,574 (680,414)$1,156,955 
Net income for common stock
86,966 9,296 5,537 2,659 (17,492)86,966 
Other comprehensive loss, net of taxes(94)(11)(20)— 31 (94)
Common stock dividends(10,000)— — — — (10,000)
Additional paid-in capital
287,790 267 191 — (458)287,790 
Balance, June 30, 2025$1,521,617 253,516 288,584 156,233 (698,333)$1,521,617 
Condensed Consolidating Statement of Changes in Common Stock Equity
Six months ended June 30, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsidiaries
Consolidating
adjustments		Hawaiian Electric
Consolidated
Balance, December 31, 2023$2,409,110 359,790 362,344 77 (722,211)$2,409,110 
Net loss for common stock(1,190,173)(115,905)(124,170)— 240,075 (1,190,173)
Other comprehensive loss, net of taxes
(95)(7)(17)— 24 (95)
Common stock dividends(26,000)— — — — (26,000)
Balance, June 30, 2024$1,192,842 243,878 238,157 77 (482,112)$1,192,842 
Schedule of Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
Six months ended June 30, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsidiaries
Consolidating
adjustments		Hawaiian Electric
Consolidated
Net cash provided by operating activities
$147,248 37,461 28,864 3,644 (971)$216,246 
Cash flows from investing activities      
Capital expenditures(86,012)(29,553)(44,385)— — (159,950)
Advances to affiliates
(7,000)— — — 7,000 — 
Other3,164 343 673 — 971 5,151 
Net cash used in investing activities(89,848)(29,210)(43,712)— 7,971 (154,799)
Cash flows from financing activities      
Common stock dividends(10,000)— — — — (10,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries(998)— — — — (998)
Proceeds from capital contribution from parent
540 — — — — 540 
Net increase in short-term borrowings from affiliate with original maturities of three months or less
— — 7,000 — (7,000)— 
Repayment of long-term debt
(123,000)— — — — (123,000)
Payments of obligations under finance leases(3,982)(364)(313)— — (4,659)
Other(752)(87)(210)— — (1,049)
Net cash provided by (used in) financing activities
(138,192)(451)6,477 — (7,000)(139,166)
Net increase (decrease) in cash, cash equivalents and restricted cash(80,792)7,800 (8,371)3,644 — (77,719)
Cash, cash equivalents and restricted cash, beginning of period118,367 31,534 16,456 17,791 — 184,148 
Cash and cash equivalents, end of period$37,575 39,334 8,085 21,435 — $106,429 
Condensed Consolidating Statement of Cash Flows
Six months ended June 30, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other
subsidiaries
Consolidating
adjustments		Hawaiian Electric
Consolidated
Net cash provided by operating activities$137,811 36,712 12,800 — (1,850)$185,473 
Cash flows from investing activities     
Capital expenditures (95,431)(27,981)(44,788)— — (168,200)
Advances to affiliates
(39,500)— — — 39,500 — 
Other535 245 (1,087)— 1,850 1,543 
Net cash used in investing activities(134,396)(27,736)(45,875)— 41,350 (166,657)
Cash flows from financing activities     
Common stock dividends(26,000)— — — — (26,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries(998)— — — — (998)
Net increase in short-term borrowings from affiliate with original maturities of three months or less
— — 39,500 — (39,500)— 
Payments of obligations under finance leases(3,382)(311)(44)(3,737)
Other(3,971)(459)(1,108)— — (5,538)
Net cash provided by (used in) financing activities
(34,351)(770)38,348 — (39,500)(36,273)
Net increase (decrease) in cash, cash equivalents and restricted cash(30,936)8,206 5,273 — — (17,457)
Cash, cash equivalents and restricted cash, beginning of period
91,755 10,658 5,587 77 — 108,077 
Cash, cash equivalents and restricted cash, end of period60,819 18,864 10,860 77 — 90,620 
Less: Restricted cash(2,000)— — — — (2,000)
Cash and cash equivalents, end of period$58,819 18,864 10,860 77 — $88,620