-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O6yGXXJg7CyTXpbhw/k6cf3pTGVIlyl8AeP7+jBgZcJR+YLd9f2tWhXWrtqWNmHr j8XQCNhcXmnQ79g/PJtLYA== /in/edgar/work/20000912/0000898430-00-002673/0000898430-00-002673.txt : 20000922 0000898430-00-002673.hdr.sgml : 20000922 ACCESSION NUMBER: 0000898430-00-002673 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000901 ITEM INFORMATION: FILED AS OF DATE: 20000912 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC INDUSTRIES INC CENTRAL INDEX KEY: 0000354707 STANDARD INDUSTRIAL CLASSIFICATION: [4911 ] IRS NUMBER: 990208097 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08503 FILM NUMBER: 721358 BUSINESS ADDRESS: STREET 1: 900 RICHARDS ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085435662 MAIL ADDRESS: STREET 1: 900 RICHARDS STREET CITY: HONOLULU STATE: HI ZIP: 96813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC CO INC CENTRAL INDEX KEY: 0000046207 STANDARD INDUSTRIAL CLASSIFICATION: [4911 ] IRS NUMBER: 990040500 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-04955 FILM NUMBER: 721359 BUSINESS ADDRESS: STREET 1: 900 RICHARDS ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085437771 MAIL ADDRESS: STREET 1: 900 RICHARDS STREET CITY: HONOLULU STATE: HI ZIP: 96813 FORMER COMPANY: FORMER CONFORMED NAME: HAWAIIAN ELECTRIC CO LTD DATE OF NAME CHANGE: 19670212 8-K 1 0001.txt FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: September 1, 2000 ================================================================================ Exact Name of Registrant Commission I.R.S. Employer as Specified in Its Charter File Number Identification No. - --------------------------- ----------- ------------------ Hawaiian Electric Industries, Inc. 1-8503 99-0208097 Hawaiian Electric Company, Inc. 1-4955 99-0040500 ================================================================================ State of Hawaii --------------- (State or other jurisdiction of incorporation) 900 Richards Street, Honolulu, Hawaii 96813 ------------------------------------------- (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (808) 543-5662 - Hawaiian Electric Industries, Inc. (HEI) (808) 543-7771 - Hawaiian Electric Company, Inc. (HECO) None ---- (Former name or former address, if changed since last report.) ================================================================================ Item 5. Other Events Interim Decision and Order for Hawaii Electric Light Company, Inc. - ------------------------------------------------------------------ On September 1, 2000, Hawaii Electric Light Company, Inc., (HELCO) received an interim decision and order (D&O) from the Public Utilities Commission of the State of Hawaii (PUC) which authorized a 1.93%, or $3.5 million, increase in annual revenues, effective September 1, 2000 and based on a 2000 test year and an 11.65% return on average common equity (ROACE) which was the ROACE authorized in HELCO's previous rate case. With the completion of the evidentiary hearings in August 2000, issuance of an interim D&O was required by September 25, 2000. There is no time limit for rendering a final D&O. Interim rate increases are subject to refund with interest, pending the final outcome of the case. The PUC may grant an interim rate increase if the PUC believes that the public utility is probably entitled to an increase in its rates. The adoption of revenue, expense, rate base and cost of capital amounts (including the ROACE) for purposes of an interim rate increase does not commit the PUC to accept any such amounts in its final D&O. In determining such interim amounts, the PUC has stated that it must often postpone determinations of reasonableness with respect to contested matters. The 2000 test year rate case was filed primarily to recover (1) costs relating to the agreement to buy power from the 60 MW plant of Hamakua Energy Partners, L.P., (Hamakua) and (2) depreciation of and a return on additional investments in plant and equipment since the last rate case. The interim D&O granted rate relief for the cost to buy power from Phase I of the Hamakua facility, which is currently in service. While certain revenue requirement amounts contested by the Consumer Advocate were included in rates approved on an interim basis, others were not. For example, the interim D&O did not include rates to cover depreciation of and a return on investments in facilities placed in service since the last rate case at the Keahole Power Plant to serve both existing and yet unbuilt generating units. The Consumer Advocate objected to including such costs in rates until the new generating units are in service. 1 HAWAIIAN ELECTRIC INDUSTRIES, INC. Hawaii Electric Light Company, Inc. 2000 Big Island Test Year Rate Case Docket #99-0207 ------------------------------------------------------- Application date: October 25, 1999 Test year: Calendar Year 2000 Evidentiary hearing: August 15, 16, 21 and 22, 2000
- ----------------------------------------------------------------------------------------------------------------------------------- ($ in millions) REQUEST* INTERIM FINAL -------- ------- ----- Return on average common equity 13.25% 11.65% Increase $15.5 or 9.0% $3.5 or 1.9% Average rate base $263.7 $244.2 Return on rate base 10.01% 9.21% Kilowatthour sales 935.8 GWH 935.8 GWH IMPLEMENTATION STEPS - -------------------- Interim $7.8 $3.5 on Sept. 1, 2000 on Sept. 1, 2000 Hamakua Energy Partners Phase 2 $2.5 on or about November 21, 2000 Balance not Final granted above ------------- Total $15.5 ===== CAPITAL STRUCTURE (%) - --------------------- Capitalization Cost Capitalization Cost Capitalization Cost -------------- ---- -------------- ---- -------------- ---- Short-term debt 5.78 6.50 5.78 6.50 Long-term debt 36.78 6.49 36.78 6.49 Hybrid securities and preferred stock 7.76 8.54 7.76 8.54 Common equity 49.69 13.25 49.69 11.65 ----- ----- Composite 10.01 9.21 ===== ===== - -----------------------------------------------------------------------------------------------------------------------------------
* Based on HELCO's final position submitted at the close of the August hearings. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof. HAWAIIAN ELECTRIC INDUSTRIES, INC. HAWAIIAN ELECTRIC COMPANY, INC. (Registrant) (Registrant) /s/ Robert F. Mougeot /s/ Paul A. Oyer - ---------------------- ----------------- Robert F. Mougeot Paul A. Oyer Financial Vice President and Financial Vice President and Chief Financial Officer Treasurer of HECO (Principal Financial Officer of HEI) (Principal Financial Officer of HECO) Date: September 11, 2000 Date: September 11, 2000 3 -----END PRIVACY-ENHANCED MESSAGE-----