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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: May 26, 1999
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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. (HEI)
(808) 543-7771 - Hawaiian Electric Company, Inc. (HECO)
None
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
Forward-looking information
This report and other presentations made by Hawaiian Electric Industries, Inc.
(HEI) and its subsidiaries contain forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934. Except for historical
information contained herein, the matters set forth are forward-looking
statements that involve certain risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking statements.
Potential risks and uncertainties include, but are not limited to, such factors
as the effect of international, national and local economic conditions,
including the condition of the Hawaii tourist and construction industries and
the Hawaii housing market; the effects of weather and natural disasters; product
demand and market acceptance risks; increasing competition in the electric
utility industry; capacity and supply constraints or difficulties; new
technological developments; and governmental and regulatory actions, including
decisions in rate cases and on permitting issues. Investors are also referred to
other risks and uncertainties discussed in other periodic reports previously and
subsequently filed by HEI and/or Hawaiian Electric Company, Inc. (HECO) with the
Securities and Exchange Commission.
HECO and subsidiaries' kilowatthour (KWH) sales forecast
As of May 26, 1999, the updated five-year KWH sales forecast of HECO, Hawaii
Electric Light Company, Inc. (HELCO) and Maui Electric Company, Limited (MECO)
was as follows:
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<CAPTION>
Actual Forecast
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1998 1999 2000 2001 2002 2003
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<S> <C> <C> <C> <C> <C> <C>
Sales (millions of KWH)/1/
HECO (Oahu).................... 6,938 6,951 6,969 6,991 7,057 7,128
HELCO (Hawaii)................. 903 905 911 919 932 946
MECO (Maui, Lanai, Molokai).... 1,029 1,056 1,078 1,104 1,133 1,167
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Total............................ 8,870 8,912 8,958 9,014 9,122 9,241
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Increase (decrease)
from previous year (%)....... (1.0) 0.5 0.5 0.6 1.2 1.3
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/1/ Assumes, among other things, the impact of demand-side management
programs, normalized weather based on a 23-year average and visitor
arrival growth beginning in 2001, primarily due to expected improvements
in Japan's economy and the value of the yen.
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HELCO power situation update
Prevention of Significant Deterioration/Covered Source Permit (PSD permit). As a
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result of an Environmental Protection Agency's Environmental Appeals Board's
(EAB's) decision on November 25, 1998 and its denial of all motions for
reconsideration on March 3, 1999, there have been further delays in HELCO's
construction of two combustion turbines (CT-4 and CT-5). The actual length of
the delays will depend on the actions needed to address the EAB's rulings, but
installation of CT-4 and CT-5 is currently expected to be completed by early
2001. HELCO continues to work with the Department of Health of the State of
Hawaii to address the EAB's concerns regarding air quality data in the PSD
permit application, with the intent of reaching a final resolution as
expeditiously as possible. Despite the additional delays, HELCO believes that
the PSD permit will eventually be obtained, and CT-4 and CT-5 will be built.
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 Oyer
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Robert F. Mougeot Paul A. Oyer
Financial Vice President and Financial Vice President and
Chief Financial Officer of HEI Treasurer
(Principal Financial Officer of HEI) (Principal Financial Officer of HECO)
Date: May 26, 1999 Date: May 26, 1999
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