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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: December 11, 1995
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Exact Name of Registrant Commission I.R.S. Employer
as Specified in Its Charter File Number Identification No.
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Hawaiian Electric Industries, Inc. 1-8503 99-0208097
Hawaiian Electric Company, Inc. 1-4955 99-0040500
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State of Hawaii
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(State or other jurisdiction of incorporation)
900 Richards Street, Honolulu, Hawaii 96813
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(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
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On December 12, 1995, Hawaiian Electric Industries, Inc. (HEI) issued the
following news release:
HAWAIIAN ELECTRIC INDUSTRIES, INC. UTILITY SUBSIDIARY RECEIVES 1995 FINAL
RATE ORDER
HONOLULU -- Hawaiian Electric Industries, Inc. (NYSE - HE) reported that
its electric utility subsidiary serving the island of Oahu yesterday
received a final decision and order from the Hawaii Public Utilities
Commission authorizing a $10.5 million, or 1.5%, increase in annual
revenue. Hawaiian Electric Company (HECO) had requested an increase of
$28.2 million. The order is based on an 11.4% return on average common
equity and a 1995 calendar test year.
Yesterday's order calls for a refund to HECO customers because the utility
had previously received four interim increases during the year totalling
$18.9 million on an annualized basis, or $8.4 million more than the amount
that was finally approved. HEI's net income for the nine months ended
September 30, 1995 would have been lower by about $4 million, or 14 cents
per share, had the final order been in effect.
The need to refund previously-reported revenues results primarily from the
lower rate of return on common equity used by the commission in the final
order. In its decision, the commission noted that interest rates have
fallen considerably since the first interim increase was granted almost a
year ago. The interim increases were based on a 12.6% return on common
equity.
The order also did not provide revenue to cover costs relating to
postretirement executive life insurance. HECO is expected to writeoff a
regulatory asset relating to such costs, resulting in a 1995 after-tax
charge of about $1 million, or 3 cents per HEI share.
Hawaiian Electric Industries is a diversified holding company that delivers
essential services to the people of Hawaii through its electric utility,
savings bank, maritime freight transportation and residential real estate
development subsidiaries.
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.
HAWAIIAN ELECTRIC INDUSTRIES, INC. HAWAIIAN ELECTRIC COMPANY, INC.
(Registrant) (Registrant)
/s/ Robert F. Mougeot /s/ Paul Oyer
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Robert F. Mougeot Paul A. Oyer
Financial Vice President and Financial Vice President and Treasurer
Chief Financial Officer (Principal Financial Officer of HECO)
(Principal Financial Officer of HEI)
Date: December 13, 1995 Date: December 13, 1995
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