<PAGE> 1
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: March 31, 1994
<TABLE>
<CAPTION>
Exact Name of Registrant Commission I.R.S. Employer
as Specified in Its Charter File Number Identification No.
--------------------------- ----------- ------------------
<S> <C> <C>
Hawaiian Electric Industries, Inc. 1-8503 99-0208097
Hawaiian Electric Company, Inc. 1-4955 99-0040500
</TABLE>
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.
(808) 543-7771 - Hawaiian Electric Company, Inc.
None
--------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE> 2
ITEM 5. OTHER EVENTS
HAWAIIAN ELECTRIC COMPANY, INC. RECEIVES INTERIM RATE RELIEF
On March 31, 1994, Hawaiian Electric Company, Inc. (HECO), which
serves the island of Oahu and is Hawaiian Electric Industries, Inc.'s principal
electric utility subsidiary, received an interim decision and order from the
Hawaii Public Utilities Commission (PUC) authorizing an increase of $34.2
million in annual revenues, or approximately 5.5%. The increase is effective
April 1, 1994 and is based on a 12.0% return on average common equity. The
interim order, which contains findings that are subject to further analysis and
possible revision by the PUC, is part of a revised request for an increase of
$53.8 million, or approximately 8.6%, based on a 1994 calendar test year and
12.75% return on average common equity. HECO had proposed interim rate relief
of approximately $39.9 million in annual revenues.
HECO also has filed a rate increase request based on a 1995 calendar
test year. Both requests represent an increase of $106 million, or
approximately 16.7%, over rates in effect before the April 1, 1994 increase.
Revenue from both proposed increases would be used primarily to fund major
transmission and distribution projects on Oahu, including an additional
transmission corridor connecting power plants on the island's west side with
customers throughout Oahu.
1
<PAGE> 3
SIGNATURE
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.
<TABLE>
<S> <C>
HAWAIIAN ELECTRIC INDUSTRIES, INC. HAWAIIAN ELECTRIC COMPANY, INC.
(Registrant) (Registrant)
/s/ Robert F. Mougeot /s/ Paul Oyer
- --------------------------------------- ------------------------------------------
Robert F. Mougeot Paul A. Oyer
Financial Vice President and Financial Vice President and
Chief Financial Officer Treasurer
(Principal Financial Officer of HEI) (Principal Financial Officer of HECO)
Date: March 31, 1994 Date: March 31, 1994
</TABLE>
2
