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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: September 1, 2000
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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
Interim Decision and Order for Hawaii Electric Light Company, Inc.
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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.
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HAWAIIAN ELECTRIC INDUSTRIES, INC.
Hawaii Electric Light Company, Inc.
2000 Big Island Test Year Rate Case
Docket #99-0207
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Application date: October 25, 1999
Test year: Calendar Year 2000
Evidentiary hearing: August 15, 16, 21 and 22, 2000
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<CAPTION>
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($ in millions)
REQUEST* INTERIM FINAL
-------- ------- -----
<S> <C> <C> <C>
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
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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
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Total
$15.5
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<CAPTION>
CAPITAL STRUCTURE (%)
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Capitalization Cost Capitalization Cost Capitalization Cost
-------------- ---- -------------- ---- -------------- ----
<S> <C> <C> <C> <C> <C> <C>
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
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Composite 10.01 9.21
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* Based on HELCO's final position submitted at the close of the August hearings.
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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
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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
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