Hawaiian Electric Industries (HE) 10-K 24 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Registrant Name	Hawaiian Electric Industries, Inc.
Entity File Number	1-8503
Entity Tax Identification Number	99-0208097
Entity Incorporation, State or Country Code	HI
Entity Address, Address Line One	1001 Bishop Street
Entity Address, Address Line Two	Suite 2900
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96813
City Area Code	808
Local Phone Number	543-5662
Title of 12(b) Security	Common Stock, Without Par Value
Trading Symbol	HE
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 994,937,083
Entity Common Stock, Shares Outstanding		172,465,608
Documents Incorporated by Reference	Hawaiian Electric’s Exhibit 99.1, consisting of: Hawaiian Electric’s Directors, Executive Officers and Corporate Governance—Part III Hawaiian Electric’s Executive Compensation—Part III Hawaiian Electric’s Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters— Part III Hawaiian Electric’s Certain Relationships and Related Transactions, and Director Independence—Part III Hawaiian Electric’s Principal Accounting Fees and Services—Part III Selected sections of Proxy Statement of HEI for the 2025 Annual Meeting of Shareholders to be filed-Part III
Entity Central Index Key	0000354707
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Hawaiian Electric Company, Inc. and Subsidiaries
Entity Information [Line Items]
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Hawaiian Electric Company, Inc.
Entity File Number	1-4955
Entity Tax Identification Number	99-0040500
Entity Address, Address Line One	1099 Alakea Street
Entity Address, Address Line Two	Suite 2200
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96813
City Area Code	808
Local Phone Number	543-7771
Title of 12(g) Security	Cumulative Preferred Stock
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,854,278
Entity Central Index Key	0000046207
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor [Line Items]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Honolulu, Hawaii
Auditor Firm ID	34
Hawaiian Electric Company, Inc. and Subsidiaries
Auditor [Line Items]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Honolulu, Hawaii
Auditor Firm ID	34

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total revenues	$ 3,219,850	$ 3,287,503	$ 3,420,917
Expenses
Total expenses	4,926,610	3,012,511	3,141,362
Operating income (loss)
Operating income (loss)	(1,706,760)	274,992	279,555
Retirement defined benefits credit—other than service costs	3,754	4,014	3,688
Interest expense, net	(127,207)	(125,532)	(103,402)
Allowance for borrowed funds used during construction	5,470	5,201	3,416
Allowance for equity funds used during construction	13,786	15,164	10,574
Interest income	19,362	9,105	0
Gain (loss) on sales of equity-method investments	0	(644)	8,123
Income (loss) from continuing operations before income taxes	(1,791,595)	182,300	201,954
Income tax expense (benefit)	(470,962)	34,534	38,915
Income (loss) from continuing operations	(1,320,633)	147,766	163,039
Preferred stock dividends of Hawaiian Electric	1,890	1,890	1,890
Income (loss) from continuing operations for common stock	(1,322,523)	145,876	161,149
Income (loss) from discontinued operations	(103,486)	53,362	79,989
Net income (loss) for common stock	$ (1,426,009)	$ 199,238	$ 241,138
Continuing operations - Basic earnings (loss) per common share (in dollars per share)	$ (10.42)	$ 1.33	$ 1.47
Discontinued operations - Basic earnings (loss) per common share (in dollars per share)	(0.81)	0.49	0.73
Basic earnings (loss) per common share (in dollars per share)	(11.23)	1.82	2.20
Continuing operations - Diluted earnings (loss) per common share (in dollars per share)	(10.42)	1.33	1.47
Discontinued operations - Diluted earnings (loss) per common share (in dollars per share)	(0.81)	0.48	0.73
Diluted earnings (loss) per common share (in dollars per share)	$ (11.23)	$ 1.81	$ 2.20
Weighted-average number of common shares outstanding (in shares)	126,927	109,739	109,434
Net effect of potentially dilutive shares (share-based compensation programs) (in shares)	0	299	344
Weighted-average shares assuming dilution (in shares)	126,927	110,038	109,778
Operating Segments
Revenues
Total revenues			$ 3,420,917
Other
Revenues
Total revenues	$ 13,150	$ 17,982	12,330
Expenses
Total expenses	108,052	45,148	31,966
Operating income (loss)
Operating income (loss)	(94,902)	(27,166)	(19,636)
Interest expense, net	(45,125)	(39,392)	(26,986)
Interest income	12,729	2,651
Income (loss) from continuing operations before income taxes	(127,681)	(64,840)	(38,646)
Income tax expense (benefit)	(31,415)	(16,659)	(10,761)
Income (loss) from continuing operations	(96,266)	(48,181)	(27,885)
Preferred stock dividends of Hawaiian Electric	(105)	(105)	(105)
Income (loss) from continuing operations for common stock	(96,161)	(48,076)	(27,780)
Electric utility
Revenues
Total revenues			3,408,583
Electric utility | Operating Segments
Revenues
Total revenues	3,206,700	3,269,521	3,408,587
Expenses
Total expenses	4,818,558	2,967,363	3,109,396
Operating income (loss)
Operating income (loss)	(1,611,858)	302,158	299,191
Interest expense, net	(82,082)	(86,140)	(76,416)
Interest income	6,633	6,454
Income (loss) from continuing operations before income taxes	(1,663,914)	247,140	240,600
Income tax expense (benefit)	(439,547)	51,193	49,676
Income (loss) from continuing operations	(1,224,367)	195,947	190,924
Preferred stock dividends of Hawaiian Electric	1,995	1,995	1,995
Income (loss) from continuing operations for common stock	$ (1,226,362)	$ 193,952	$ 188,929

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Other
Asset impairment charges	$ 35
Electric utility | Operating Segments
Provision for tort-related claims	$ 1,875

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss) for common stock	$ (1,426,009)	$ 199,238	$ 241,138
Net unrealized gains (losses) on available-for sale investment securities:
Net unrealized gains (losses) on available-for sale investment securities arising during the period, net of taxes of $(4,110), $7,536 and $(110,140) for 2024, 2023 and 2022, respectively	(11,227)	20,589	(300,860)
Reclassification adjustment for net realized losses included in net income, net of taxes of nil, $4,011 and nil for 2024, 2023 and 2022, respectively	0	10,954	0
Amortization of unrealized holding losses on held-to-maturity securities, net of taxes of $4,764, $5,271 and $1,462 for 2024, 2023 and 2022, respectively	13,012	14,398	3,993
Derivatives qualified as cash flow hedges:
Unrealized interest rate hedging gains (losses), net of taxes of $237, $(58) and $1,892 for 2024, 2023 and 2022, respectively	683	(167)	5,457
Reclassification adjustment to net income, net of taxes of $(70), $(65) and $60 for 2024, 2023 and 2022, respectively	(201)	(186)	172
Retirement benefit plans:
Net gains arising during the period, net of taxes of $23,015, $3,778 and $65,174 for 2024, 2023 and 2022, respectively	66,355	10,854	188,020
Adjustment for amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes of $(597), $(535) and $6,820 for 2024, 2023 and 2022, respectively	(1,730)	(1,560)	19,659
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $(22,096), $(2,846) and $(69,345) for 2024, 2023 and 2022, respectively	(63,708)	(8,204)	(199,936)
Other comprehensive income (loss), net of taxes	3,184	46,678	(283,495)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	$ (1,422,825)	$ 245,916	$ (42,357)

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net unrealized gains (losses) on available-for sale investment securities:
Net unrealized gains (losses) on securities arising during the period, tax (benefits)	$ (4,110)	$ 7,536	$ (110,140)
Reclassification adjustment for net realized losses (gains) included in net income, tax expenses	0	4,011	0
Amortization of unrealized holding losses on held-to-maturity securities, net of taxes	4,764	5,271	1,462
Derivatives qualified as cash flow hedges:
Foreign currency hedge net unrealized loss, taxes (benefits)	237	(58)	1,892
Reclassification adjustment to net income, taxes	(70)	(65)	60
Retirement benefit plans:
Net gains (losses) arising during the period, taxes (benefits)	23,015	3,778	65,174
Amortization of net losses (gains), prior service gain and transition obligation included in net periodic benefit cost, tax benefits	(597)	(535)	6,820
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, (taxes) benefits	$ (22,096)	$ (2,846)	$ (69,345)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 750,535	$ 244,091
Restricted cash	492,317	15,028
Accounts receivable and unbilled revenues, net	457,171	546,704
Regulatory assets	53,895	68,453
Other	380,408	331,617
Total current assets	2,134,326	1,205,893
Property, plant and equipment, net
Land	63,537	69,078
Plant and equipment	8,634,124	8,471,775
Right-of-use assets - finance lease	448,527	342,834
Construction in progress	366,412	320,225
Property, plant and equipment, gross	9,512,600	9,203,912
Less – accumulated depreciation	(3,378,282)	(3,240,828)
Total property, plant and equipment, net	6,134,318	5,963,084
Operating lease right-of-use-assets	66,553	79,686
Regulatory assets	227,424	226,351
Other	368,795	202,358
Total noncurrent assets	6,797,090	6,471,479
Assets of discontinued operations	0	9,566,449
Total assets	8,931,416	17,243,821
Current liabilities:
Accounts payable	203,452	198,885
Interest and dividends payable	27,203	28,354
Short-term borrowings from non-affiliate	48,623	0
Current portion of long-term debt, net	109,171	16,496
Regulatory liabilities	26,568	36,559
Wildfire tort-related claims (Note 2)	478,750	75,000
Other	430,824	403,414
Total current liabilities	1,324,591	758,708
Noncurrent liabilities:
Long-term debt, net	2,690,387	2,825,933
Deferred income taxes	0	402,246
Operating lease liabilities	56,523	69,972
Finance lease liabilities	426,598	331,262
Regulatory liabilities	1,217,515	1,114,131
Defined benefit plans liability	23,213	78,200
Wildfire tort-related claims (Note 2)	1,436,250	0
Other	242,957	247,637
Total noncurrent liabilities	6,093,443	5,069,381
Liabilities of discontinued operations	0	9,036,598
Total liabilities	7,418,034	14,864,687
Preferred stock of subsidiaries - not subject to mandatory redemption	34,293	34,293
Commitments and contingencies (Notes 2 and 4)
Shareholders’ equity
Preferred stock, no par value, authorized 10,000,000 shares; issued: none	0	0
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 172,465,608 shares and 110,151,798 shares at December 31, 2024 and 2023, respectively	2,264,544	1,707,471
Retained earnings	(788,916)	926,720
Accumulated other comprehensive income (loss), net of taxes
Net unrealized losses on securities	0	(282,963)
Unrealized gains on derivatives	2,120	1,638
Retirement benefit plans	1,341	(8,025)
Accumulated other comprehensive income (loss), net of taxes	3,461	(289,350)
Total shareholders’ equity	1,479,089	2,344,841
Total capitalization and liabilities	$ 8,931,416	$ 17,243,821

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	Dec. 31, 2024	Dec. 31, 2023
Shareholders’ equity
Preferred stock, authorized shares (in shares)	10,000,000	10,000,000
Preferred stock, issued shares (in shares)	0	0
Common stock, authorized shares (in shares)	200,000,000	200,000,000
Common stock, issued shares (in shares)	172,465,608	110,151,798
Common stock, outstanding shares (in shares)	172,465,608	110,151,798

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common stock	Retained earnings (deficit)	Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Dec. 31, 2021		109,312,000
Beginning balance at Dec. 31, 2021	$ 2,390,884	$ 1,685,496	$ 757,921	$ (52,533)
Increase (decrease) in stockholders' equity
Net income (loss) for common stock	241,138		241,138
Other comprehensive income (loss), net of taxes	(283,495)			(283,495)
Issuance of common stock:
Share-based plans (in shares)		159,000
Share-based plans	5,831	$ 5,831
Share-based expenses and other, net	1,370	$ 1,370
Common stock dividends	(153,229)		(153,229)
Ending balance (in shares) at Dec. 31, 2022		109,471,000
Ending balance at Dec. 31, 2022	2,202,499	$ 1,692,697	845,830	(336,028)
Increase (decrease) in stockholders' equity
Net income (loss) for common stock	199,238		199,238
Other comprehensive income (loss), net of taxes	46,678			46,678
Issuance of common stock:
Dividend reinvestment and stock purchase plan (in shares)		537,000
Dividend reinvestment and stock purchase plan	6,612	$ 6,612
Share-based plans (in shares)		144,000
Share-based plans	6,371	$ 6,371
Share-based expenses and other, net	1,791	$ 1,791
Common stock dividends	$ (118,348)		(118,348)
Ending balance (in shares) at Dec. 31, 2023	110,151,798	110,152,000
Ending balance at Dec. 31, 2023	$ 2,344,841	$ 1,707,471	926,720	(289,350)
Increase (decrease) in stockholders' equity
Net income (loss) for common stock	(1,426,009)		(1,426,009)
Other comprehensive income (loss), net of taxes	3,184			3,184
Issuance of common stock:
Common stock offering (in shares)		62,162,000
Common stock offering	575,000	$ 575,000
Share-based plans (in shares)		152,000
Share-based plans	8,018	$ 8,018
Common stock offering expenses	(18,621)	(18,621)
Share-based expenses and other, net	(7,324)	$ (7,324)
Discontinued operations	$ 0		(289,627)	289,627
Ending balance (in shares) at Dec. 31, 2024	172,465,608	172,466,000
Ending balance at Dec. 31, 2024	$ 1,479,089	$ 2,264,544	$ (788,916)	$ 3,461

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 1.08	$ 1.40

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income (loss)	$ (1,424,119)	$ 201,128	$ 243,028
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations
Loss (income) from discontinued operations	103,486	(53,362)	(79,989)
Depreciation of property, plant and equipment	261,701	254,990	244,477
Other amortization	31,832	27,316	25,928
Loss (gains) on sale of equity-method investment	0	644	(8,123)
Deferred income tax expense (benefit)	(486,188)	9,352	(33,157)
Share-based compensation expense	3,591	6,776	7,450
Allowance for equity funds used during construction	(13,786)	(15,164)	(10,574)
Asset impairment	39,642	0	0
Other	(13,790)	(2,989)	(5,323)
Changes in assets and liabilities
Decrease (increase) in accounts receivable and unbilled revenues, net	96,700	(71,643)	(147,327)
Decrease (increase) in fuel oil stock	49,361	43,388	(87,569)
Increase in materials and supplies	(4,177)	(34,887)	(7,960)
Decrease (increase) in regulatory assets	(22,743)	(10,613)	34,600
Increase in regulatory liabilities	48,433	54,470	44,888
Increase in accounts, interest and dividends payable	6,862	34,290	23,083
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	(25,525)	(9,858)	120,738
Change in defined benefit pension and other postretirement benefit plans asset/liability	(9,358)	(8,215)	(4,564)
Increase in wildfire tort-related claims	1,840,000	75,000	0
Change in other assets and liabilities	(53,812)	(57,255)	(25,924)
Net cash provided by operating activities-continuing operations	428,110	443,368	333,682
Net cash provided by operating activities-discontinued operations	59,371	108,103	120,794
Net cash provided by operating activities	487,481	551,471	454,476
Cash flows from investing activities
Capital expenditures	(344,251)	(442,727)	(339,333)
Acquisition of business	0	0	(25,706)
Other, net	10,330	6,558	14,184
Net cash used in investing activities-continuing operations	(333,921)	(436,169)	(350,855)
Net cash provided by (used in) investing activities-discontinued operations	592,239	178,770	(777,827)
Net cash used in investing activities	258,318	(257,399)	(1,128,682)
Cash flows from financing activities
Net decrease in short-term borrowings with original maturities of three months or less	0	(137,650)	83,652
Proceeds from issuance of short-term debt	50,000	65,000	35,000
Repayment of short-term debt	0	(100,000)	0
Proceeds from issuance of long-term debt	5,475	625,000	227,312
Repayment of long-term debt and funds transferred for repayment of long-term debt	(97,698)	(167,080)	(221,910)
Withheld shares for employee taxes on vested share-based compensation	(1,074)	(2,371)	(3,165)
Net proceeds from issuance of common stock	556,612	1,223	0
Common stock dividends	0	(73,957)	(111,229)
Preferred stock dividends of subsidiaries	(1,890)	(1,890)	(1,890)
Other	(13,867)	(5,133)	(2,041)
Net cash provided by financing activities-continuing operations	497,558	203,142	5,729
Net cash provided by (used in) financing activities-discontinued operations	(342,853)	(7,567)	561,942
Net cash provided by (used in) financing activities	154,705	195,575	567,671
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	900,504	489,647	(106,535)
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	694,574	204,927	311,462
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31	1,595,078	694,574	204,927
Less: Restricted cash	(492,317)	(15,028)	(5,050)
Less: Cash from discontinued operations	(352,226)	(435,455)	(156,149)
Cash and cash equivalents	$ 750,535	$ 244,091	$ 43,728

Consolidated Statements of In_3

Consolidated Statements of Income - HECO - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues	$ 799,180	$ 833,239	$ 795,417	$ 792,014	$ 853,424	$ 800,899	$ 798,800	$ 834,380	$ 3,219,850	$ 3,287,503	$ 3,420,917
Expenses
Total expenses									4,926,610	3,012,511	3,141,362
Operating income (loss)	53,662	(149,720)	(1,661,589)	50,887	74,331	62,552	68,111	69,998	(1,706,760)	274,992	279,555
Allowance for equity funds used during construction									13,786	15,164	10,574
Retirement defined benefits credit—other than service costs									3,754	4,014	3,688
Allowance for borrowed funds used during construction									5,470	5,201	3,416
Interest income									19,362	9,105	0
Income (loss) from continuing operations before income taxes									(1,791,595)	182,300	201,954
Income tax expense (benefit)									(470,962)	34,534	38,915
Income (loss) from continuing operations									(1,424,119)	201,128	243,028
Preferred stock dividends of Hawaiian Electric									1,890	1,890	1,890
Net income (loss) for common stock	$ (68,245)	$ (104,402)	$ (1,295,484)	$ 42,122	$ 48,789	$ 41,118	$ 54,610	$ 54,721	(1,426,009)	199,238	241,138
Hawaiian Electric Company, Inc. and Subsidiaries
Revenues									3,206,700	3,269,521	3,408,587
Expenses
Fuel oil									1,078,045	1,211,420	1,265,614
Purchased power									703,371	671,769	793,584
Other operation and maintenance									609,672	533,557	497,601
Provision for tort-related claims									1,875,000	0	0
Depreciation									251,142	243,705	235,424
Taxes, other than income taxes									301,328	306,912	317,173
Total expenses									4,818,558	2,967,363	3,109,396
Operating income (loss)									(1,611,858)	302,158	299,191
Allowance for equity funds used during construction									13,786	15,164	10,574
Retirement defined benefits credit—other than service costs									4,137	4,303	3,835
Interest expense and other charges, net									(82,082)	(86,140)	(76,416)
Allowance for borrowed funds used during construction									5,470	5,201	3,416
Interest income									6,633	6,454	0
Income (loss) from continuing operations before income taxes									(1,663,914)	247,140	240,600
Income tax expense (benefit)									(439,547)	51,193	49,676
Loss from continuing operations									(1,224,367)	195,947	190,924
Preferred stock dividends of subsidiaries									915	915	915
Income (loss) from continuing operations									(1,225,282)	195,032	190,009
Preferred stock dividends of Hawaiian Electric									1,080	1,080	1,080
Net income (loss) for common stock									$ (1,226,362)	$ 193,952	$ 188,929

Consolidated Statements of Co_3

Consolidated Statements of Comprehensive Income - HECO - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income (loss) for common stock	$ (68,245)	$ (104,402)	$ (1,295,484)	$ 42,122	$ 48,789	$ 41,118	$ 54,610	$ 54,721	$ (1,426,009)	$ 199,238	$ 241,138
Retirement benefit plans:
Net gains arising during the period, net of taxes of $22,780, $3,529 and $64,925 for 2024, 2023 and 2022, respectively									66,355	10,854	188,020
Adjustment for amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes of $(706), $(688) and $6,550 for 2024, 2023 and 2022, respectively									(1,730)	(1,560)	19,659
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $(22,096), $(2,846), and $(69,345) for 2024, 2023 and 2022, respectively									(63,708)	(8,204)	(199,936)
Other comprehensive income (loss), net of taxes									3,184	46,678	(283,495)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.									(1,422,825)	245,916	(42,357)
Hawaiian Electric Company, Inc. and Subsidiaries
Net income (loss) for common stock									(1,226,362)	193,952	188,929
Retirement benefit plans:
Net gains arising during the period, net of taxes of $22,780, $3,529 and $64,925 for 2024, 2023 and 2022, respectively									65,680	10,175	187,193
Adjustment for amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes of $(706), $(688) and $6,550 for 2024, 2023 and 2022, respectively									(2,035)	(1,983)	18,884
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $(22,096), $(2,846), and $(69,345) for 2024, 2023 and 2022, respectively									(63,708)	(8,204)	(199,936)
Other comprehensive income (loss), net of taxes									(63)	(12)	6,141
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.									$ (1,226,425)	$ 193,940	$ 195,070

Consolidated Statements of Co_4

Consolidated Statements of Comprehensive Income (Parenthetical) - HECO - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement benefit plans:
Net gains arising during the period, taxes	$ 23,015	$ 3,778	$ 65,174
Amortization of net losses (gains), prior service gain and transition obligation included in net periodic benefit cost, tax benefits	(597)	(535)	6,820
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, (taxes) benefits	(22,096)	(2,846)	(69,345)
Hawaiian Electric Company, Inc. and Subsidiaries
Retirement benefit plans:
Net gains arising during the period, taxes	22,780	3,529	64,925
Amortization of net losses (gains), prior service gain and transition obligation included in net periodic benefit cost, tax benefits	(706)	(688)	6,550
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, (taxes) benefits	$ (22,096)	$ (2,846)	$ (69,345)

Consolidated Balance Sheets - H

Consolidated Balance Sheets - HECO - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Utility property, plant and equipment
Right-of-use assets - finance lease	$ 448,527	$ 342,834
Total property, plant and equipment, net	6,134,318	5,963,084
Current assets
Cash and cash equivalents	750,535	244,091
Restricted cash	492,317	15,028
Accounts receivable and unbilled revenues, net	457,171	546,704
Regulatory assets	53,895	68,453
Other long-term assets
Operating lease right-of-use-assets	66,553	79,686
Regulatory assets	227,424	226,351
Other	368,795	202,358
Total assets	8,931,416	17,243,821
Capitalization
Common stock equity	1,479,089	2,344,841
Cumulative preferred stock – not subject to mandatory redemption	34,293	34,293
Commitments and contingencies (Note 4)
Current liabilities
Current portion of long-term debt, net	109,171	16,496
Accounts payable	203,452	198,885
Interest and dividends payable	27,203	28,354
Regulatory liabilities	26,568	36,559
Wildfire tort-related claims (Note 2)	478,750	75,000
Other	430,824	403,414
Noncurrent liabilities:
Operating lease liabilities	56,523	69,972
Finance lease liabilities	426,598	331,262
Deferred income taxes	0	402,246
Regulatory liabilities	1,217,515	1,114,131
Defined benefit plans liability	23,213	78,200
Wildfire tort-related claims (Note 2)	1,436,250	0
Other	242,957	247,637
Total capitalization and liabilities	8,931,416	17,243,821
Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Land	52,019	52,098
Plant and equipment	8,421,501	8,232,810
Right-of-use assets - finance lease	447,101	342,174
Less accumulated depreciation	(3,326,624)	(3,197,514)
Construction in progress	365,709	320,223
Utility property, plant and equipment, net	5,959,706	5,749,791
Nonutility property, plant and equipment, less accumulated depreciation of $1 and $40 as of December 31, 2024 and 2023, respectively	2,792	6,942
Total property, plant and equipment, net	5,962,498	5,756,733
Current assets
Cash and cash equivalents	184,148	106,077
Restricted cash	0	2,000
Accounts receivable and unbilled revenues, net	199,898	244,309
Accrued unbilled revenues, net	178,721	185,644
Other accounts receivable, net	69,637	111,519
Fuel oil stock, at average cost	98,903	148,237
Materials and supplies, at average cost	118,466	114,433
Prepayments and other	151,220	58,491
Regulatory assets	53,895	68,453
Total current assets	1,054,888	1,039,163
Other long-term assets
Operating lease right-of-use-assets	59,281	71,877
Regulatory assets	227,424	226,351
Defined benefit pension and other postretirement benefit plans asset	108,819	67,568
Other	200,694	121,862
Total other long-term assets	596,218	487,658
Total assets	7,613,604	7,283,554
Capitalization
Common stock equity	1,156,955	2,409,110
Cumulative preferred stock – not subject to mandatory redemption	34,293	34,293
Commitments and contingencies (Note 4)
Long-term debt, net	1,854,214	1,934,277
Total capitalization	3,045,462	4,377,680
Current liabilities
Current portion of operating lease liabilities	15,202	16,617
Current portion of long-term debt, net	47,000	0
Accounts payable	196,980	191,040
Interest and dividends payable	21,536	22,882
Taxes accrued, including revenue taxes	272,001	291,942
Regulatory liabilities	26,568	36,559
Wildfire tort-related claims (Note 2)	478,750	75,000
Other	121,011	96,436
Total current liabilities	1,227,671	730,476
Noncurrent liabilities:
Operating lease liabilities	49,135	62,098
Finance lease liabilities	425,625	330,978
Deferred income taxes	0	399,001
Regulatory liabilities	1,217,515	1,114,131
Unamortized tax credits	76,676	84,312
Defined benefit plans liability	6,428	60,671
Wildfire tort-related claims (Note 2)	1,436,250	0
Other	128,842	124,207
Total deferred credits and other liabilities	3,340,471	2,175,398
Total capitalization and liabilities	7,613,604	7,283,554
Hawaiian Electric Company, Inc. and Subsidiaries | Nonrelated Party
Current liabilities
Short-term borrowings from non-affiliate	$ 48,623	$ 0

Consolidated Balance Sheets -_2

Consolidated Balance Sheets - HECO (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Accumulated depreciation on other property, plant and equipment	$ 1	$ 40

Consolidated Statements of Capi

Consolidated Statements of Capitalization - HECO - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Common stock equity
Retained earnings	$ (788,916)	$ 926,720
Accumulated other comprehensive income, net of taxes-retirement benefit plans	1,341	(8,025)
Total shareholders’ equity	1,479,089	2,344,841
Cumulative preferred stock – not subject to mandatory redemption	34,293	34,293
Less current portion long-term debt, net of unamortized debt issuance costs	$ 109,171	$ 16,496
Common stock, outstanding shares (in shares)	172,465,608	110,151,798
Hawaiian Electric Company, Inc. and Subsidiaries
Common stock equity
Common stock of $6 2/3 par value, Authorized: 50,000,000 shares. Outstanding: 17,854,278 shares at December 31, 2024 and 2023	$ 119,048	$ 119,048
Premium on capital stock	810,955	810,955
Retained earnings	223,896	1,476,258
Additional paid-in capital	270	0
Accumulated other comprehensive income, net of taxes-retirement benefit plans	2,786	2,849
Total shareholders’ equity	$ 1,156,955	$ 2,409,110
Shares outstanding (in shares)	1,234,657	1,234,657
Cumulative preferred stock – not subject to mandatory redemption	$ 34,293	$ 34,293
Long-term debt	1,908,000	1,942,000
Less unamortized debt issuance costs	6,786	7,723
Less current portion long-term debt, net of unamortized debt issuance costs	47,000	0
Long-term debt, net	1,854,214	1,934,277
Total capitalization	$ 3,045,462	$ 4,377,680
Common stock, outstanding shares (in shares)	17,854,278	17,854,278
Hawaiian Electric Company, Inc. and Subsidiaries | Special Purpose Revenue Bonds
Common stock equity
Long-term debt	$ 542,000	$ 542,000
Hawaiian Electric Company, Inc. and Subsidiaries | Special Purpose Revenue Bonds | 3.50%, Series 2019, due 2049
Common stock equity
Long-term debt	$ 80,000	80,000
Debt instrument, stated interest rate (as percent)	3.50%
Hawaiian Electric Company, Inc. and Subsidiaries | Special Purpose Revenue Bonds | 3.20%, Refunding series 2019, due 2039
Common stock equity
Long-term debt	$ 150,000	150,000
Debt instrument, stated interest rate (as percent)	3.20%
Hawaiian Electric Company, Inc. and Subsidiaries | Special Purpose Revenue Bonds | 3.10%, Refunding series 2017A, due 2026
Common stock equity
Long-term debt	$ 125,000	125,000
Debt instrument, stated interest rate (as percent)	3.10%
Hawaiian Electric Company, Inc. and Subsidiaries | Special Purpose Revenue Bonds | 4.00%, Refunding series 2017B, due 2037
Common stock equity
Long-term debt	$ 140,000	140,000
Debt instrument, stated interest rate (as percent)	4%
Hawaiian Electric Company, Inc. and Subsidiaries | Special Purpose Revenue Bonds | 3.25%, Refunding series 2015, due 2025
Common stock equity
Long-term debt	$ 47,000	47,000
Debt instrument, stated interest rate (as percent)	3.25%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes
Common stock equity
Long-term debt	$ 1,200,000	1,200,000
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 6.11%, Series 2023A, due 2030
Common stock equity
Long-term debt	$ 40,000	40,000
Debt instrument, stated interest rate (as percent)	6.11%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 6.25%, Series 2023A and 2023B, due 2033
Common stock equity
Long-term debt	$ 90,000	90,000
Debt instrument, stated interest rate (as percent)	6.25%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 6.70%, Series 2023C, due 2053
Common stock equity
Long-term debt	$ 20,000	20,000
Debt instrument, stated interest rate (as percent)	6.70%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 3.70%, Series 2022A, due 2032
Common stock equity
Long-term debt	$ 60,000	60,000
Debt instrument, stated interest rate (as percent)	3.70%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 3.51%, Series 2020C and 2020E, due 2050
Common stock equity
Long-term debt	$ 70,000	70,000
Debt instrument, stated interest rate (as percent)	3.51%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 3.28%, Series 2020B and 2020D, due 2040
Common stock equity
Long-term debt	$ 45,000	45,000
Debt instrument, stated interest rate (as percent)	3.28%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 3.96%, Series 2020A, 2020B and 2020C, due 2050
Common stock equity
Long-term debt	$ 50,000	50,000
Debt instrument, stated interest rate (as percent)	3.96%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 3.31%, Series 2020A and 2020B, due 2030
Common stock equity
Long-term debt	$ 110,000	110,000
Debt instrument, stated interest rate (as percent)	3.31%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.21%, Series 2019A, due 2034
Common stock equity
Long-term debt	$ 50,000	50,000
Debt instrument, stated interest rate (as percent)	4.21%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.38%, Series 2018A, due 2028
Common stock equity
Long-term debt	$ 67,500	67,500
Debt instrument, stated interest rate (as percent)	4.38%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.53%, Series 2018B, due 2033
Common stock equity
Long-term debt	$ 17,500	17,500
Debt instrument, stated interest rate (as percent)	4.53%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.72%, Series 2018C, due 2048
Common stock equity
Long-term debt	$ 15,000	15,000
Debt instrument, stated interest rate (as percent)	4.72%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.31%, Series 2017A, due 2047
Common stock equity
Long-term debt	$ 50,000	50,000
Debt instrument, stated interest rate (as percent)	4.31%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.54%, Series 2016A, due 2046
Common stock equity
Long-term debt	$ 40,000	40,000
Debt instrument, stated interest rate (as percent)	4.54%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 5.23%, Series 2015A, due 2045
Common stock equity
Long-term debt	$ 80,000	80,000
Debt instrument, stated interest rate (as percent)	5.23%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.84%, Series 2013A, 2013B and 2013C, due 2027
Common stock equity
Long-term debt	$ 100,000	100,000
Debt instrument, stated interest rate (as percent)	4.84%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 5.65%, Series 2013B and 2013C, due 2043
Common stock equity
Long-term debt	$ 70,000	70,000
Debt instrument, stated interest rate (as percent)	5.65%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.72%, Series 2012D, due 2029
Common stock equity
Long-term debt	$ 35,000	35,000
Debt instrument, stated interest rate (as percent)	4.72%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 5.39%, Series 2012E, due 2042
Common stock equity
Long-term debt	$ 150,000	150,000
Debt instrument, stated interest rate (as percent)	5.39%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.53%, Series 2012F, due 2032
Common stock equity
Long-term debt	$ 40,000	40,000
Debt instrument, stated interest rate (as percent)	4.53%
Hawaiian Electric Company, Inc. and Subsidiaries | Line of credit facility | Revolving credit facility SOFR +1.80%, due 2026 and 2027
Common stock equity
Long-term debt	$ 166,000	$ 200,000
Debt instrument, stated interest rate (as percent)	1.80%
Hawaiian Electric Company, Inc. and Subsidiaries | Preferred Stock $20 Par Value
Common stock equity
Par value (in dollars per share)	$ 20	$ 20
Hawaiian Electric Company, Inc. and Subsidiaries | Preferred Stock $100 Par Value
Common stock equity
Par value (in dollars per share)	100	100
Hawaiian Electric | Series C, 4.25% Preferred Stock
Common stock equity
Par value (in dollars per share)	$ 20	$ 20
Shares outstanding (in shares)	150,000	150,000
Cumulative preferred stock – not subject to mandatory redemption	$ 3,000	$ 3,000
Hawaiian Electric | Series D, 5.00% Preferred Stock
Common stock equity
Par value (in dollars per share)	$ 20	$ 20
Shares outstanding (in shares)	50,000	50,000
Cumulative preferred stock – not subject to mandatory redemption	$ 1,000	$ 1,000
Hawaiian Electric | Series E, 5.00% Preferred Stock
Common stock equity
Par value (in dollars per share)	$ 20	$ 20
Shares outstanding (in shares)	150,000	150,000
Cumulative preferred stock – not subject to mandatory redemption	$ 3,000	$ 3,000
Hawaiian Electric | Series H, 5.25% Preferred Stock
Common stock equity
Par value (in dollars per share)	$ 20	$ 20
Shares outstanding (in shares)	250,000	250,000
Cumulative preferred stock – not subject to mandatory redemption	$ 5,000	$ 5,000
Hawaiian Electric | Series I, 5.00% Preferred Stock
Common stock equity
Par value (in dollars per share)	$ 20	$ 20
Shares outstanding (in shares)	89,657	89,657
Cumulative preferred stock – not subject to mandatory redemption	$ 1,793	$ 1,793
Hawaiian Electric | Series J, 4.75% Preferred Stock
Common stock equity
Par value (in dollars per share)	$ 20	$ 20
Shares outstanding (in shares)	250,000	250,000
Cumulative preferred stock – not subject to mandatory redemption	$ 5,000	$ 5,000
Hawaiian Electric | Series K, 4.65% Preferred Stock
Common stock equity
Par value (in dollars per share)	$ 20	$ 20
Shares outstanding (in shares)	175,000	175,000
Cumulative preferred stock – not subject to mandatory redemption	$ 3,500	$ 3,500
Hawaii Electric Light | Series G, 7.625% Preferred Stock
Common stock equity
Par value (in dollars per share)	$ 100	$ 100
Shares outstanding (in shares)	70,000	70,000
Cumulative preferred stock – not subject to mandatory redemption	$ 7,000	$ 7,000
Maui Electric | Series H, 7.625% Preferred Stock
Common stock equity
Par value (in dollars per share)	$ 100	$ 100
Shares outstanding (in shares)	50,000	50,000
Cumulative preferred stock – not subject to mandatory redemption	$ 5,000	$ 5,000

Consolidated Statements of Ca_2

Consolidated Statements of Capitalization - HECO (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Common stock, authorized shares (in shares)	200,000,000	200,000,000
Common stock, outstanding shares (in shares)	172,465,608	110,151,798
Hawaiian Electric Company, Inc. and Subsidiaries
Common stock, par value (in dollars per share)	$ 6.667	$ 6.667
Common stock, authorized shares (in shares)	50,000,000	50,000,000
Common stock, outstanding shares (in shares)	17,854,278	17,854,278
Hawaiian Electric Company, Inc. and Subsidiaries | Special Purpose Revenue Bonds | 3.50%, Series 2019, due 2049
Debt instrument, stated interest rate (as percent)	3.50%
Hawaiian Electric Company, Inc. and Subsidiaries | Special Purpose Revenue Bonds | 3.20%, Refunding series 2019, due 2039
Debt instrument, stated interest rate (as percent)	3.20%
Hawaiian Electric Company, Inc. and Subsidiaries | Special Purpose Revenue Bonds | 3.10%, Refunding series 2017A, due 2026
Debt instrument, stated interest rate (as percent)	3.10%
Hawaiian Electric Company, Inc. and Subsidiaries | Special Purpose Revenue Bonds | 4.00%, Refunding series 2017B, due 2037
Debt instrument, stated interest rate (as percent)	4%
Hawaiian Electric Company, Inc. and Subsidiaries | Special Purpose Revenue Bonds | 3.25%, Refunding series 2015, due 2025
Debt instrument, stated interest rate (as percent)	3.25%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 6.11%, Series 2023A, due 2030
Debt instrument, stated interest rate (as percent)	6.11%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 6.25%, Series 2023A and 2023B, due 2033
Debt instrument, stated interest rate (as percent)	6.25%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 6.70%, Series 2023C, due 2053
Debt instrument, stated interest rate (as percent)	6.70%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 3.70%, Series 2022A, due 2032
Debt instrument, stated interest rate (as percent)	3.70%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 3.51%, Series 2020C and 2020E, due 2050
Debt instrument, stated interest rate (as percent)	3.51%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 3.28%, Series 2020B and 2020D, due 2040
Debt instrument, stated interest rate (as percent)	3.28%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 3.96%, Series 2020A, 2020B and 2020C, due 2050
Debt instrument, stated interest rate (as percent)	3.96%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 3.31%, Series 2020A and 2020B, due 2030
Debt instrument, stated interest rate (as percent)	3.31%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.21%, Series 2019A, due 2034
Debt instrument, stated interest rate (as percent)	4.21%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.38%, Series 2018A, due 2028
Debt instrument, stated interest rate (as percent)	4.38%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.53%, Series 2018B, due 2033
Debt instrument, stated interest rate (as percent)	4.53%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.72%, Series 2018C, due 2048
Debt instrument, stated interest rate (as percent)	4.72%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.31%, Series 2017A, due 2047
Debt instrument, stated interest rate (as percent)	4.31%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.54%, Series 2016A, due 2046
Debt instrument, stated interest rate (as percent)	4.54%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 5.23%, Series 2015A, due 2045
Debt instrument, stated interest rate (as percent)	5.23%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.84%, Series 2013A, 2013B and 2013C, due 2027
Debt instrument, stated interest rate (as percent)	4.84%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 5.65%, Series 2013B and 2013C, due 2043
Debt instrument, stated interest rate (as percent)	5.65%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.72%, Series 2012D, due 2029
Debt instrument, stated interest rate (as percent)	4.72%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 5.39%, Series 2012E, due 2042
Debt instrument, stated interest rate (as percent)	5.39%
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | 4.53%, Series 2012F, due 2032
Debt instrument, stated interest rate (as percent)	4.53%
Hawaiian Electric Company, Inc. and Subsidiaries | Line of credit facility | Revolving credit facility SOFR +1.80%, due 2026 and 2027
Debt instrument, stated interest rate (as percent)	1.80%
Hawaiian Electric Company, Inc. and Subsidiaries | Preferred Stock $20 Par Value
Preferred stock, authorized shares (in shares)	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Hawaiian Electric Company, Inc. and Subsidiaries | Preferred Stock $100 Par Value
Preferred stock, authorized shares (in shares)	7,000,000	7,000,000
Preferred stock, par value (in dollars per share)	$ 100	$ 100
Hawaiian Electric | Series C, 4.25% Preferred Stock
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Preferred stock, stated dividend rate (as percent)	4.25%	4.25%
Hawaiian Electric | Series D, 5.00% Preferred Stock
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Preferred stock, stated dividend rate (as percent)	5%	5%
Hawaiian Electric | Series E, 5.00% Preferred Stock
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Preferred stock, stated dividend rate (as percent)	5%	5%
Hawaiian Electric | Series H, 5.25% Preferred Stock
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Preferred stock, stated dividend rate (as percent)	5.25%	5.25%
Hawaiian Electric | Series I, 5.00% Preferred Stock
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Preferred stock, stated dividend rate (as percent)	5%	5%
Hawaiian Electric | Series J, 4.75% Preferred Stock
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Preferred stock, stated dividend rate (as percent)	4.75%	4.75%
Hawaiian Electric | Series K, 4.65% Preferred Stock
Preferred stock, par value (in dollars per share)	$ 20	$ 20
Preferred stock, stated dividend rate (as percent)	4.65%	4.65%
Hawaii Electric Light | Series G, 7.625% Preferred Stock
Preferred stock, par value (in dollars per share)	$ 100	$ 100
Preferred stock, stated dividend rate (as percent)	7.625%	7.625%
Maui Electric | Series H, 7.625% Preferred Stock
Preferred stock, par value (in dollars per share)	$ 100	$ 100
Preferred stock, stated dividend rate (as percent)	7.625%	7.625%

Consolidated Statements of Ch_3

Consolidated Statements of Changes in Common Stock Equity - HECO - USD ($) $ in Thousands	Total	Common stock	Retained earnings (deficit)	Accumulated other comprehensive income (loss)	Hawaiian Electric Company, Inc. and Subsidiaries	Hawaiian Electric Company, Inc. and Subsidiaries Common stock	Hawaiian Electric Company, Inc. and Subsidiaries Premium on capital stock	Hawaiian Electric Company, Inc. and Subsidiaries Retained earnings (deficit)	Hawaiian Electric Company, Inc. and Subsidiaries Additional paid-in capital	Hawaiian Electric Company, Inc. and Subsidiaries Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Dec. 31, 2021		109,312,000				17,753,000
Beginning balance at Dec. 31, 2021	$ 2,390,884	$ 1,685,496	$ 757,921	$ (52,533)	$ 2,261,899	$ 118,376	$ 798,526	$ 1,348,277	$ 0	$ (3,280)
Increase (decrease) in stockholders' equity
Net income (loss) for common stock	241,138		241,138		188,929			188,929
Other comprehensive income (loss), net of taxes	(283,495)			(283,495)	6,141					6,141
Issuance of common stock, net of expenses (in shares)						101,000
Issuance of common stock, net of expenses					13,101	$ 672	12,429
Common stock dividends	(153,229)		(153,229)		(125,900)			(125,900)
Ending balance (in shares) at Dec. 31, 2022		109,471,000				17,854,000
Ending balance at Dec. 31, 2022	2,202,499	$ 1,692,697	845,830	(336,028)	2,344,170	$ 119,048	810,955	1,411,306	0	2,861
Increase (decrease) in stockholders' equity
Net income (loss) for common stock	199,238		199,238		193,952			193,952
Other comprehensive income (loss), net of taxes	46,678			46,678	(12)					(12)
Common stock dividends	$ (118,348)		(118,348)		(129,000)			(129,000)
Ending balance (in shares) at Dec. 31, 2023	110,151,798	110,152,000				17,854,000
Ending balance at Dec. 31, 2023	$ 2,344,841	$ 1,707,471	926,720	(289,350)	2,409,110	$ 119,048	810,955	1,476,258	0	2,849
Increase (decrease) in stockholders' equity
Net income (loss) for common stock	(1,426,009)		(1,426,009)		(1,226,362)			(1,226,362)
Other comprehensive income (loss), net of taxes	3,184			3,184	(63)					(63)
Issuance of common stock, net of expenses (in shares)		62,162,000
Issuance of common stock, net of expenses	575,000	$ 575,000
Common stock dividends					(26,000)			(26,000)
Additional paid-in capital	$ 270				270				270
Ending balance (in shares) at Dec. 31, 2024	172,465,608	172,466,000				17,854,000
Ending balance at Dec. 31, 2024	$ 1,479,089	$ 2,264,544	$ (788,916)	$ 3,461	$ 1,156,955	$ 119,048	$ 810,955	$ 223,896	$ 270	$ 2,786

Consolidated Statements of Ca_3

Consolidated Statements of Cash Flows - HECO - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation of property, plant and equipment	$ 261,701	$ 254,990	$ 244,477
Other amortization	31,832	27,316	25,928
Deferred income tax expense (benefit)	(486,188)	9,352	(33,157)
Allowance for equity funds used during construction	(13,786)	(15,164)	(10,574)
Other	(13,790)	(2,989)	(5,323)
Changes in assets and liabilities
Decrease (increase) in fuel oil stock	49,361	43,388	(87,569)
Decrease (increase) in regulatory assets	(22,743)	(10,613)	34,600
Increase in regulatory liabilities	48,433	54,470	44,888
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(25,525)	(9,858)	120,738
Change in defined benefit pension and other postretirement benefit plans asset/liability	(9,358)	(8,215)	(4,564)
Increase in wildfire tort-related claims	1,840,000	75,000	0
Change in other assets and liabilities	(53,812)	(57,255)	(25,924)
Net cash provided by operating activities	487,481	551,471	454,476
Cash flows from investing activities
Capital expenditures	(344,251)	(442,727)	(339,333)
Other, net	10,330	6,558	14,184
Net cash used in investing activities	258,318	(257,399)	(1,128,682)
Cash flows from financing activities
Common stock dividends	0	(73,957)	(111,229)
Proceeds from issuance of common stock/capital contribution from parent	556,612	1,223	0
Proceeds from issuance of long-term debt	5,475	625,000	227,312
Repayment of long-term debt and funds transferred for repayment of long-term debt	(97,698)	(167,080)	(221,910)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	0	(137,650)	83,652
Proceeds from issuance of short-term debt	50,000	65,000	35,000
Payments of obligations under finance leases	(4,678)	(3,519)
Other	(13,867)	(5,133)	(2,041)
Net cash provided by (used in) financing activities	154,705	195,575	567,671
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	900,504	489,647	(106,535)
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	694,574	204,927	311,462
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31	1,595,078	694,574	204,927
Less: Restricted cash	(492,317)	(15,028)	(5,050)
Cash and cash equivalents	750,535	244,091	43,728
Hawaiian Electric Company, Inc. and Subsidiaries
Cash flows from operating activities
Net income (loss)	(1,224,367)	195,947	190,924
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation of property, plant and equipment	251,142	243,705	235,424
Other amortization	31,828	26,490	25,320
Deferred income tax expense (benefit)	(481,624)	1,439	(41,415)
State refundable credit	(11,914)	(11,325)	(10,999)
Bad debt expense	4,720	8,161	6,027
Allowance for equity funds used during construction	(13,786)	(15,164)	(10,574)
Other	(6,311)	460	(139)
Changes in assets and liabilities
Decrease (increase) in accounts receivable	88,376	(65,004)	(91,742)
Decrease (increase) in accrued unbilled revenues	7,561	(3,048)	(54,023)
Decrease (increase) in fuel oil stock	49,334	43,293	(87,452)
Increase in materials and supplies	(4,033)	(34,865)	(7,691)
Decrease (increase) in regulatory assets	(22,743)	(10,613)	34,600
Increase in regulatory liabilities	48,433	54,470	44,888
Increase in accounts payable	9,644	20,454	22,355
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(26,542)	1,878	103,198
Change in defined benefit pension and other postretirement benefit plans asset/liability	(9,218)	(8,186)	(4,828)
Increase in wildfire tort-related claims	1,840,000	75,000	0
Change in other assets and liabilities	(64,767)	(48,725)	(25,943)
Net cash provided by operating activities	465,733	474,367	327,930
Cash flows from investing activities
Capital expenditures	(329,479)	(438,775)	(329,457)
Other, net	11,848	6,176	5,372
Net cash used in investing activities	(317,631)	(432,599)	(324,085)
Cash flows from financing activities
Common stock dividends	(26,000)	(129,000)	(125,900)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,995)	(1,995)	(1,995)
Proceeds from issuance of common stock/capital contribution from parent	270	0	13,101
Proceeds from issuance of long-term debt	0	350,000	60,000
Repayment of long-term debt and funds transferred for repayment of long-term debt	(81,000)	(100,000)	(52,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	0	(87,967)	87,967
Proceeds from issuance of short-term debt	50,000	0	0
Payments of obligations under finance leases	(4,119)	(3,128)	(670)
Other	(9,187)	(843)	(364)
Net cash provided by (used in) financing activities	(72,031)	27,067	(19,861)
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	76,071	68,835	(16,016)
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	108,077	39,242	55,258
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31	184,148	108,077	39,242
Less: Restricted cash	0	(2,000)	0
Cash and cash equivalents	$ 184,148	$ 106,077	$ 39,242

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of significant accounting policies	Note 1 · Summary of significant accounting policies General Hawaiian Electric Industries, Inc. (HEI) is a holding company with direct and indirect subsidiaries principally engaged in electric utility and non-regulated renewable/sustainable infrastructure businesses operating in the State of Hawaii. HEI owns Hawaiian Electric Company, Inc. (Hawaiian Electric), ASB Hawaii, Inc. (ASB Hawaii), GLST1, LLC (GLST1) and Pacific Current, LLC (Pacific Current). Hawaiian Electric and its wholly owned operating subsidiaries, Hawaii Electric Light Company, Inc. (Hawaii Electric Light) and Maui Electric Company, Limited (Maui Electric), are regulated public electric utilities (collectively, the Utilities) in the business of generating, purchasing, transmitting, distributing and selling electric energy on all major islands in Hawaii other than Kauai. Hawaiian Electric also owns Renewable Hawaii, Inc. (RHI), and HE AR INTER LLC. See Note 3. ASB Hawaii, is an intermediate holding company that previously owned American Savings Bank, F.S.B. (ASB), a federally chartered, full-service Hawaii community bank. In December 2024, ASB Hawaii sold ASB but currently retains a 9.9% noncontrolling investment in ASB. See Note 5. GLST1 is a wholly owned subsidiary of Hawaiian Electric Industries, Inc. created for the specific purpose of holding HEI’s and Hawaiian Electric’s first liability installment payment pursuant to the settlement agreements to settle the tort-related legal claims in the litigation arising out of the Maui windstorm and wildfires. See Note 2. Pacific Current’s significant subsidiaries include Hamakua Energy, LLC (Hamakua Energy) whose sale to an unaffiliated third party is expected to close in March 2025, Mauo, LLC (Mauo), Kaʻieʻie Waho Company, LLC (Kaʻieʻie Waho) and Mahipapa, LLC (Mahipapa). See Note 3. Basis of presentation. In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change for HEI and its subsidiaries (collectively, the Company) include the amounts reported as fair value for pension and other postretirement benefit obligations; contingencies and litigation; income taxes; regulatory assets and liabilities (Utilities only); and asset retirement obligations (Utilities only). Consolidation. The HEI consolidated financial statements include the accounts of HEI and its subsidiaries. The Hawaiian Electric consolidated financial statements include the accounts of Hawaiian Electric and its subsidiaries. When HEI or Hawaiian Electric has a controlling financial interest in another entity (usually, majority voting interest), that entity is consolidated. Investments in companies over which the Company or the Utilities have the ability to exercise significant influence, but not control, are accounted for using the equity method. The consolidated financial statements exclude variable interest entities (VIEs) when the Company or the Utilities are not the primary beneficiaries. Significant intercompany amounts are eliminated in consolidation (see Note 3 for limited exceptions). Sale of American Savings Bank, F.S.B. As a result of a comprehensive review of strategic options of ASB, on December 30, 2024, HEI, ASB, and ASB Hawaii, a wholly owned subsidiary of HEI and ASB’s parent holding company, entered into investment agreements to sell 90.1% of the common stock of ASB to various investors, including certain ASB officers and directors of ASB while retaining a 9.9% noncontrolling ownership position. The sale transaction closed on December 31, 2024 and no investor acquired more than 9.9% of the common stock of ASB. The sale of ASB met the accounting requirements to be disclosed as discontinued operations. Accordingly, the results of ASB, including the loss on the ASB sale, are presented as discontinued operations in the consolidated statements of income and cash flows, and have been excluded from both continuing operations and segment results for all periods presented. Further, the assets and liabilities associated with ASB have been classified as discontinued operations in the Consolidated Balance Sheet as of December 31, 2023. Unless otherwise noted, reference within the following notes to consolidated financial statements exclude discontinued operations. See Note 5. Investment in ASB. As a result of the ASB sale transaction on December 31, 2024, the Company retained a 9.9% noncontrolling ownership interest in ASB amounting to $44.6 million as of December 31, 2024, and is included in “Other noncurrent assets” on the Company’s Consolidated Balance Sheets. The Company has elected to subsequently measure its investment in ASB at cost minus impairment, in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 321, Investments-Equity Securities. FASB ASC 321 allows an entity to measure investments in equity securities without a readily determinable fair value using a measurement alternative that measures these securities at cost minus impairment. On a quarterly basis, the Company is required to make a qualitative assessment of whether the investment is impaired. Cash and cash equivalents. The Company considers cash on hand, deposits in banks, money market accounts, certificates of deposit, short-term commercial paper of non-affiliates and liquid investments (with original maturities of three months or less) to be cash and cash equivalents. Restricted cash. The Company considers cash held by trustees, related to non-recourse loans at Pacific Current subsidiaries, and cash held by GLST1, related to the first liability installment payment pursuant to the settlement agreements to settle the tort-related legal claims in the litigation arising out of the Maui windstorm and wildfires, to be restricted cash. In addition, the Utilities consider funds on deposit with Wells Fargo, which represent collateral to secure company purchasing cards, to be restricted cash because these funds are available only to finance (or reimburse payment of) approved expenditures; however, as of December 31, 2024, such funds were released. At December 31, 2024 and 2023, total restricted cash of the Company was $492.3 million and $15.0 million, respectively, and for the Utilities was nil and $2.0 million, respectively. The Company’s restricted cash as of December 31, 2024 includes $478.8 million held by GLST1. Property, plant and equipment. Property, plant and equipment are reported at cost. Self-constructed electric utility plant includes engineering, supervision, administrative and general costs and an allowance for the cost of funds used during the construction period. These costs are recorded in construction in progress and are transferred to utility plant when construction is completed and the facilities are either placed in service or become useful for public utility purposes. Costs for betterments that make utility plant more useful, more efficient, of greater durability or of greater capacity are also capitalized. Upon the retirement or sale of electric utility plant, generally no gain or loss is recognized. The cost of the plant retired is charged to accumulated depreciation. Amounts collected from customers for cost of removal are included in regulatory liabilities. See discussion regarding “Utility projects” in Note 4. Depreciation. Depreciation is computed primarily using the straight-line method over the estimated lives of the assets being depreciated. Electric utility plant additions in the current year are depreciated beginning January 1 of the following year in accordance with rate-making. Electric utility plant and Pacific Current generation assets have lives ranging from 16 to 51 years for production plant, from 10 to 79 years for transmission and distribution plant, and from 5 to 50 years for general plant. The Utilities’ composite annual depreciation rate, which includes a component for cost of removal, was 3.2% in 2024, 2023 and 2022. Retirement benefits. Pension and other postretirement benefit costs are charged primarily to expense and electric utility plant (in the case of the Utilities). Funding for the Company’s qualified pension plan (Plan) is based on actuarial assumptions adopted by the Pension Investment Committee administering the Plan. The participating employers contribute amounts to pension trust for the Plan in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA), including changes promulgated by the Pension Protection Act of 2006, and considering the deductibility of contributions under the Internal Revenue Code. The Company generally funds at least the net periodic pension cost during the year, subject to ERISA minimum and Internal Revenue Code limits and targeted funded status. Certain health care and/or life insurance benefits are provided to eligible retired employees and the employees’ beneficiaries and covered dependents. The Company generally funds the net periodic postretirement benefit costs other than pension (except for executive life) for postretirement benefits other than pension (OPEB), while maximizing the use of the most tax-advantaged funding vehicles, subject to cash flow requirements and reviews of the funded status with the consulting actuary. Environmental expenditures. The Company and the Utilities are subject to numerous federal and state environmental statutes and regulations. In general, environmental contamination treatment costs are charged to expense. Environmental costs are capitalized if the costs extend the life, increase the capacity, or improve the safety or efficiency of property; the costs mitigate or prevent future environmental contamination; or the costs are incurred in preparing the property for sale. Environmental costs are either capitalized or charged to expense when environmental assessments and/or remedial efforts are probable and the cost can be reasonably estimated. The Utilities review their sites and measure the liability quarterly by assessing a range of reasonably likely costs of each identified site using currently available information, including existing technology, presently enacted laws and regulations, experience gained at similar sites, and the probable level of involvement and financial condition of other potentially responsible parties. Contingencies and litigation. The Company and the Utilities are subject to proceedings (including PUC proceedings), lawsuits and other claims. Management assesses the likelihood of any adverse judgments in or outcomes of these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is based on an analysis of each individual case or proceeding often with the assistance of outside counsel. Loss contingencies are reviewed quarterly and estimates are adjusted to reflect the impact of all known information, such as new developments in each matter or changes in approach in dealing with these matters, including changes in settlement strategy. When a loss is probable and reasonably estimable, a liability is recorded in the amount of the estimable loss. If it is reasonably possible that a loss may have been incurred and the effect on the financial statements could be material, the Company and the Utilities disclose the nature of the loss contingency and an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made within the notes to the financial statements. Income taxes. Deferred income tax assets and liabilities are established for the temporary differences between the financial reporting bases and the tax bases of the Company’s and the Utilities’ assets and liabilities at federal and state tax rates expected to be in effect when such deferred tax assets or liabilities are realized or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. HEI and the Utilities’ investment tax credits are deferred and amortized over the estimated useful lives of the properties to which the credits relate (and for the Utilities, this treatment is in accordance with Accounting Standards Codification (ASC) Topic 980, “Regulated Operations”). The Utilities are included in the consolidated income tax returns of HEI. However, income tax expense has been computed for financial statement purposes as if each utility filed a separate income tax return and Hawaiian Electric filed a consolidated Hawaiian Electric income tax return. Governmental tax authorities could challenge a tax return position taken by the Company. The Company and the Utilities use a “more-likely-than-not” recognition threshold and measurement standard for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Fair value measurements. Fair value estimates are estimates of the price that would be received to sell an asset, or paid upon the transfer of a liability, in an orderly transaction between market participants at the measurement date. The fair value estimates are generally determined based on assumptions that market participants would use in pricing the asset or liability and are based on market data obtained from independent sources. However, in certain cases, the Company and the Utilities use their own assumptions about market participant assumptions based on the best information available in the circumstances. These valuations are estimates at a specific point in time, based on relevant market information, information about the financial instrument and judgments regarding future expected loss experience, economic conditions, risk characteristics of various financial instruments and other factors. These estimates do not reflect any premium or discount that could result if the Company or the Utilities were to sell its entire holdings of a particular financial instrument at one time. Because no active trading market exists for a portion of the Company’s and the Utilities’ financial instruments, fair value estimates cannot be determined with precision. Changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the estimates. In addition, the tax ramifications related to the realization of the unrealized gains and losses could have a significant effect on fair value estimates, but have not been considered in making such estimates. The Company and the Utilities group their financial assets measured at fair value in three levels outlined as follows: Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Classification in the hierarchy is based upon the lowest level input that is significant to the fair value measurement of the asset or liability. For instruments classified in Level 1 and 2 where inputs are primarily based upon observable market data, there is less judgment applied in arriving at the fair value. For instruments classified in Level 3, management judgment is more significant due to the lack of observable market data. The Company reviews and updates the fair value hierarchy classifications on a quarterly basis. Changes from one quarter to the next related to the observability of inputs in fair value measurements may result in a reclassification between the fair value hierarchy levels and are recognized based on period-end balances. Fair value is also used on a nonrecurring basis to evaluate certain assets for impairment or for disclosure purposes. Examples of nonrecurring uses of fair value include asset retirement obligations (AROs). Earnings per share (HEI only). Basic earnings per share (EPS) and Basic EPS from continuing operations are computed by dividing net income for common stock and income from continuing operations for common stock, respectively, by the weighted-average number of common shares outstanding for the period. Diluted EPS and diluted EPS from continuing operations are computed similarly, except that dilutive common shares for stock compensation is added to the denominator. Since there is a net loss, there can be no potentially dilutive shares during the year ended December 31, 2024. As of December 31, 2023, the antidilutive effect of restricted stock units (RSUs) on 65,078 shares of common stock, was not included in the computation of diluted EPS. There were no shares of antidilutive securities outstanding during the year ended December 31, 2022. Impairment of long-lived assets and long-lived assets to be disposed of. The Company and the Utilities review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. When the Utilities conclude that recovery of the remaining carrying amount of long-lived generation asset upon retirement is probable of recovery in future rates the carrying amount of the long-lived generation asset is recorded as a regulatory asset. Other assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. Recent accounting pronouncements. Segment Reporting . In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosure requirements of significant segment expenses. These amendments are effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. These amendments apply on a retrospective basis. The Company adopted this amendment as of December 31, 2024, which did not have a material impact on its disclosures. Income Taxes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. These amendments apply on a prospective basis with a retrospective option. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on the Company’s consolidated financial statements and does not expect the adoption to have a material impact on its consolidated financial statements. Climate-related disclosures . In March 2024, the SEC issued final climate-related disclosure rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors (climate disclosure rules). The rules will require annual disclosure of material greenhouse gas emissions as well as disclosure of governance, risk management and strategy related to material climate-related risks. In addition, the rules require (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and renewable energy credit balances if material to the Company’s plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. The disclosure requirements will begin phasing in for annual periods beginning with calendar year 2025. In April 2024, the SEC voluntarily stayed implementation of its climate disclosure rules pending completion of judicial review by the Court of Appeals for the Eighth Circuit. The Company is currently monitoring developments with this final rule and evaluating its impact on the Company’s consolidated financial statements. Reclassifications. Certain prior year amounts on the Consolidated Balance Sheet have been reclassified to conform to a classified balance sheet presentation. These prior year reclassifications include presenting current and noncurrent assets and liabilities. These reclassifications did not affect net income or shareholders’ equity for the years ended December 31, 2023. Within the consolidated balance sheet for the prior period, wildfire tort-related claims amounts were reclassified from “Other current liabilities” to current “Wildfire tort-related claims” for the Company and the Utilities, and other postretirement benefit plan asset was reclassified from noncurrent “Other asset” to noncurrent “Defined benefit pension and other postretirement benefit plans asset” for the Utilities, to conform to the current year financial statement presentation. Also, consolidated statements of cash flows of prior year wildfire tort-related claims amounts were reclassified from “Change in other assets and liabilities” to “Increase in wildfire tort-related claims” for the Company and the Utilities to conform to the current year financial statement presentation. Reclassifications did not affect previously reported net income, retained earnings or net cash provided by operating activities. Electric utility Regulation by the Public Utilities Commission of the State of Hawaii (PUC). The Utilities are regulated by the PUC and account for the effects of regulation under FASB ASC Topic 980, “Regulated Operations.” As a result, the Utilities’ financial statements reflect assets, liabilities, revenues and expenses based on current cost-based rate-making regulations (see Note 4—“Regulatory assets and liabilities”). Their continued accounting under ASC Topic 980 generally requires that rates are established by an independent, third-party regulator; rates are designed to recover the costs of providing service; and it is reasonable to assume that rates can be charged to, and collected from, customers. Management believes that the operations of the Utilities, including the impact of the approved PBR Framework, currently satisfy the criteria under ASC Topic 980. The rate schedules of the Utilities include energy costs recovery clauses (ECRCs) under which electric rates are adjusted for changes in the weighted-average price paid for fuel oil and certain components of purchased power, and the relative amounts of company-generated power and purchased power. The rate schedules also include purchased power adjustment clauses (PPACs) under which the remaining purchase power expenses are recovered through surcharge mechanisms. The amounts collected through the ECRCs and PPACs are required to be reconciled quarterly. Accounts receivable. Accounts receivable are recorded at the invoiced amount. The Utilities generally assess a late payment charge on balances unpaid from the previous month. The allowance for doubtful accounts is the Utilities’ best estimate of the amount of expected credit losses in the Utilities’ existing accounts receivable. At December 31, 2024 and 2023, the allowance for customer accounts receivable, accrued unbilled revenues and other accounts receivable was $5.6 million and $4.6 million, respectively. Electric utility revenues. Revenues related to electric service are generally recorded when service is rendered and include revenues applicable to energy consumed in the accounting period but not yet billed to the customers. The Utilities also record revenue under a decoupling mechanism. See “Decoupling” discussion in Note 4. Repairs and maintenance costs. Repairs and maintenance costs for overhauls of generating units are generally expensed as they are incurred. Allowance for funds used during construction (AFUDC). AFUDC represents the estimated costs of debt (i.e., interest) and equity funds used to finance plant construction. AFUDC is credited on the statement of income and charged to construction in progress on the balance sheet. If a project under construction is delayed for an extended period of time, AFUDC on the delayed project may be stopped after assessing the causes of the delay and probability of recovery. The tax gross up of the allowance for equity funds used during construction is credited to income taxes on the statement of income and charged to a regulatory asset. This gross up, net of amortization of the regulatory asset, is reflected in income tax expense. The weighted-average AFUDC rate was 7.3% in 2024, 7.2% in 2023 and 7.1% in 2022, and reflected quarterly compounding. Asset retirement obligations. AROs are accounted for in accordance with ASC 410-20 , “ Asset Retirement Obligations.” AROs are recognized at present value of expected costs to retire long-lived assets from service, provided a legal obligation exists and a reasonable estimate of the fair value and the settlement date can be made. In the subsequent period, the liability is accreted to its future value while the asset retirement cost is depreciated over the estimated useful life of the underlying asset. The Utilities’ recognition of AROs have no impact on earnings, as the cost of the AROs are recovered over the life of the asset through depreciation. AROs recognized by the Utilities relate to legal obligations with the retirement of plant and equipment, including removal of asbestos and other hazardous materials. See “Asset retirement obligations” in Note 4.

Maui windstorm and wildfires

Maui windstorm and wildfires	12 Months Ended
	Dec. 31, 2024
Unusual or Infrequent Items, or Both [Abstract]
Maui windstorm and wildfires	Note 2 · Maui windstorm and wildfires On August 8, 2023, a number of brush fires in the West Maui (Lahaina) and Upcountry Maui areas caused widespread property damage, including damage to property of the Utilities, and 102 confirmed fatalities in Lahaina (the Maui windstorm and wildfires). The Maui windstorm and wildfires were fueled by extreme winds and drought-like conditions in those parts of Maui. Restoration costs and recoveries. The Utilities are continuing restoration work to rebuild portions of the electric system in Lahaina to ensure safe and reliable power to all West Maui customers. Restoration efforts include the rebuilding of transmission and distribution lines along former routes in the Lahaina area with the installation of new interim steel and wood poles and electrical equipment. To date, power has been restored to all customers that were able to have power restored in Lahaina and the rest of West Maui. On December 27, 2023, the Public Utilities Commission of the State of Hawaii (PUC) issued an order authorizing deferred accounting treatment for the Utilities’ incremental non-labor expenses related to the Maui windstorm and wildfires. The deferred accounting treatment applies to certain non-labor expenses incurred from August 8, 2023 through December 31, 2024 that are not already a part of the base rates. The approval pertains only to deferred cost treatment; any cost recovery of deferred costs will be the subject of a separate application(s). On November 27, 2024, the Utilities filed a request with the PUC to extend the deferral accounting period to December 31, 2025, specifically limited to insurance premiums and outside services and legal costs associated with the asset-based lending facility credit agreement (see Note 6). On February 12, 2025, the PUC issued an order granting the Utilities’ request to extend. As of December 31, 2024, the Utilities have deferred $52.7 million of certain incremental costs related to the Maui windstorm and wildfires to a regulatory asset. The Utilities are actively seeking recovery of damage to covered electrical infrastructure under their property insurance programs. The Utilities have submitted claims, received and recorded the insurance recoveries of $1 million in 2024; however, the timing and amount of any future insurance recoveries remain indeterminable at this time and as such, an insurance receivable has not been recorded as of the date of this filing. The Company’s property insurance has a total policy limit of $500 million with a $1 million retention for damages related to Utility-owned non-generating assets, including overhead transmission and distribution assets within 1,000 feet of such assets. The Utilities believe capital expenditures related to restoration that are not covered by insurance will be managed under their current regulatory mechanisms, the recovery of which would be subject to PUC approval. As of December 31, 2024, the Company has $499 million of insurance coverage remaining under the property insurance policy. Third-party claims and other proceedings. Tort-related legal claims . As of February 14, 2025, HEI and the Utilities have each been named in approximately 783 lawsuits related to the Maui windstorm and wildfires. These civil and putative class action lawsuits are pending in the Maui Circuit Court against HEI, the Utilities, and other defendants, including the County of Maui, the State of Hawaii and related state entities, private landowners and developers, and telecommunications companies (collectively, tort-related legal claims). One putative class action is also pending in federal court. Most of these lawsuits allege that the defendants were responsible for, and/or negligent in failing to prevent or respond to, the wildfires that led to the property destruction and loss of life. Other claims include, among other things, personal injury, wrongful death, emotional distress and inverse condemnation. One lawsuit asserting similar theories and claims was filed by the County of Maui against HEI and the Utilities, one lawsuit was filed by Spectrum Oceanic, LLC against HEI and the Utilities and other defendants, and other lawsuits were filed by approximately 160 subrogation insurers against HEI, the Utilities, a private landowner, and telecommunications companies. Additional lawsuits may be filed against the Company and other defendants in the future. The plaintiffs seek to recover damages and other costs, including punitive damages. Defendants have asserted cross-claims against one another for indemnification, contribution, and subrogation. The County of Maui Origin and Cause Report, released on October 2, 2024, attaching the investigative report by the Bureau of Alcohol, Tobacco, Firearms and Explosives, estimated the total economic damage of approximately $6 billion. That estimate has not been validated by the Company, and it represents a gross number that does not take into account causation or liability and does not attempt to allocate responsibility among the various defendants. As such, the estimate is not intended to provide a reasonably possible loss in excess of the recorded amount under ASC Topic 450-20, “Loss Contingencies” attributable to the Company arising from the Maui windstorm and wildfires. On November 8, 2023, Hawaii Governor Josh Green announced the One ‘Ohana Initiative (the One ‘Ohana Initiative ) as a collective path forward to recovery from the Maui windstorm and wildfires. The One ‘Ohana Initiative is a new humanitarian aid fund of $175 million, with the objective to compensate, in an expedited manner, those who have lost loved ones and those who have suffered severe injuries in the Maui windstorm and wildfires. The One ‘Ohana Initiative provides an alternative to a lengthy and expensive legal process. Beneficiaries who have lost loved ones are anticipated to receive payments of $1.5 million per decedent, and those who suffered severe injuries are expected to share in a specially allocated pool of compensation. In exchange for receiving such a payment, beneficiaries will be required to waive their ability to pursue legal claims for wrongful death and severe injuries, except if they seek compensation through the litigation settlement. Hawaiian Electric fully supports this humanitarian initiative and has contributed $75 million. The Governor announced that other parties, including the State of Hawaii, the County of Maui, and Kamehameha Schools have all agreed to contribute to the fund. Hawaiian Electric’s contribution to the Initiative was less than half of the total, and Hawaiian Electric's insurance carriers funded its share of the contributions to the fund. Hawaiian Electric’s contribution is reflective of its commitment to join with community partners to provide solutions to promote Maui’s recovery. Hawaiian Electric’s commitment to contribute to the One ‘Ohana Initiative is not an admission of guilt or reflection of fault or liability related to the wildfires. Under the One ‘Ohana Initiative , all claimants (except families of missing persons) were required to submit a completed registration form and registrants who meet the Fund’s eligibility requirements then were required to complete and submit a claim form. As of October 25, 2024, 36 claim forms were received that relate to death claims and 12 claim forms were received that relate to physical injury claims. The One ‘Ohana Initiative will retain its separate existence and claimants eligible will be required to apply to the One ‘Ohana Initiative before obtaining benefits from the litigation settlement. Effective November 1, 2024, HEI and Hawaiian Electric entered into two definitive settlement agreements (collectively, the Settlement Agreements) to settle the tort-related legal claims in the litigation arising out of the Maui windstorm and wildfires (expressly excluding securities and derivative actions) on a global basis without any admission of liability. Under the Settlement Agreements, subject to certain conditions (including those described below), HEI and Hawaiian Electric, along with other defendants (the State of Hawaii, the County of Maui, Kamehameha Schools, entities affiliated with the West Maui Land Co., Hawaiian Telcom, and Spectrum/Charter Communications) have agreed to settle the claims of those who filed lawsuits in state and federal courts, or who may have claims but have not yet filed lawsuits, in connection with the Maui windstorm and wildfires. One Settlement Agreement is between the defendants, class counsel, and class plaintiffs (the Class Settlement Agreement), and the other is between the defendants and over 30 lawyers representing numerous individual plaintiffs who have brought their own lawsuits (the Individual Settlement Agreement). The Settlement Agreements do not resolve claims with insurers who have asserted or could assert subrogation claims in separate lawsuits and such insurers are not parties to the Settlement Agreements, but resolving such claims in the manner set forth in the Settlement Agreements (described below) is a condition that must be satisfied before any payment is due from the defendants. Both Settlement Agreements remain subject to court approval and other conditions, including those set out below. Under the Settlement Agreements, HEI and Hawaiian Electric are obligated to contribute a total of $1.99 billion (out of a total defendant contribution of approximately $4.04 billion), which includes $75 million previously contributed for the One ‘Ohana Initiative (a humanitarian aid fund to provide payments outside of litigation to the beneficiaries of those who died, as well as compensation for personal injury damages). The total settlement amount is to be divided between two settlement funds, one for the benefit of individual plaintiffs, and the other for the benefit of the class plaintiffs. HEI and Hawaiian Electric must pay such amounts in four equal annual installments of approximately $479 million, with the first installment expected to be made no earlier than the fourth quarter of 2025. HEI and Hawaiian Electric have the option to accelerate the payments, in whole or in part, with such accelerated payments to be discounted at a rate of 5.5% per annum. HEI transferred the amount of the first payment, $479 million, into a new subsidiary, which is restricted from disbursing such funds except in connection with the initial payment to the settlement funds. Additionally, under the Settlement Agreements, HEI and Hawaiian Electric are obligated to contribute a share to the settlement administration fees only if certain other sources are exhausted when those fees are due, for which $3.5 million was accrued as of December 31, 2024 based on the best estimate at that time. The Settlement Agreements are intended to resolve all of the tort-related legal claims related to the Maui windstorm and wildfires. The Class Settlement Agreement provides releases by plaintiffs to the defendants, and among defendants, for acts and omissions relating to the Maui windstorm and wildfires. The Individual Settlement Agreement provides that individual plaintiffs who elect to accept the settlement will sign releases. The releases in the Settlement Agreements, including those among defendants (subject to certain conditions), are effective on the initial payment due date. The Settlement Agreements also provide that $500 million of the total settlement payments will be reserved and made available to defendants to defray the cost to resolve any claims brought by plaintiffs who do not release claims as part of the settlements. Defendants have the right to terminate the Settlement Agreements under certain circumstances, including if more than specified thresholds of plaintiffs choose not to participate in the settlement. The Settlement Agreements contain multiple conditions that must be met before any payment from HEI and Hawaiian Electric to the settlement funds are due. Those conditions include, among others, resolving claims of the insurers (either through agreement or a final court order stating that the insurers cannot maintain independent lawsuits against the defendants), legislation appropriating money from the state, and court approval of the Settlement Agreements. The Settlement Agreements do not resolve claims with insurers who have asserted subrogation claims in separate lawsuits, and such insurers are not parties to the Settlement Agreements. However, the Settlement Agreements provide that all subrogation claims by insurers that have been or could be brought against defendants arising out of the Maui windstorm and wildfires must be resolved in order for HEI and Hawaiian Electric’s payment obligation to arise. The Settlement Agreements include a condition to the defendants’ obligations providing that by May 19, 2025, either (a) insurers that have brought claims arising out of the Maui windstorm and wildfires enter into a written agreement that provides for releases of all claims against the defendants, or (b) that there is a final and unappealable court order providing that if the final definitive agreement between the plaintiffs and the defendants becomes effective, then those same insurers’ exclusive remedy for any claims against the defendants would be limited to asserting liens against the settlement amounts obtained by the individual plaintiffs. On February 6, 2025, after briefing was complete, the Supreme Court of Hawaii heard argument on three reserved questions regarding the scope of Hawaii subrogation law concerning the condition described in this paragraph in the manner described in (b) above. On February 10, 2025, the Hawaii Supreme Court issued an order regarding the reserved questions providing that, once the settlement becomes final, the exclusive remedy for insurers seeking to recover amounts paid to settling plaintiffs is to assert liens against their policyholders pursuant to HRS 663-10. The Hawaii Supreme Court is expected to issue a written opinion providing further detail on its decision in the coming weeks. HEI and Hawaiian Electric determined that making payments under the terms of the Settlement Agreements in four equal annual installments is the most viable option and have classified the first $479 million installment as a current liability based on expected timing of the payment and the remaining $1.44 billion as a noncurrent liability on HEI’s and the Utilities’ Consolidated Balance Sheets. The Settlement Agreements contain no admission of any liability by HEI or the Utilities and reflect the collective efforts of the State, HEI and the Utilities, and other defendants to seek a comprehensive resolution of the litigation arising out of the Maui windstorm and wildfires. The Utilities have recorded an additional $40 million in “Accounts receivable and unbilled revenues, net” and “Other accounts receivable, net” on HEI’s and the Utilities’ Consolidated Balance Sheets, respectively, as of December 31, 2024, based on the amounts expected to be remaining under the applicate insurance policies at time of settlement payment. As part of the agreement in principle preceding the Settlement Agreements, the parties agreed to vacate all trial dates and stay the litigation, except for (i) litigation activities between the plaintiffs (individual and class) and the subrogation insurers and (ii) actions taken to further settlement. On August 2, 2024, the Maui Circuit Court overseeing the Special Proceeding, in which most of the actions have been coordinated, vacated the trial dates that previously had been set. Accordingly, no trial dates are currently set in any action. On October 21, 2024, the three subrogation actions that had been pending in the Oahu Circuit Court were transferred to the Maui Circuit Court. On December 9, 2024, the Maui Circuit Court entered an order staying the three subrogation actions, and permitting the parties to request a status conference to discuss next steps within 14 days of a decision by the Hawaii Supreme Court on the reserved questions. The Company intends to vigorously defend itself in the litigation if a definitive settlement is ultimately not achieved. There is no assurance that the Company will be successful in the defense of the litigation or that insurance will be available or adequate to fund any potential settlements, judgments, or costs associated with the litigation. If additional liabilities were to be incurred, the loss could be material to the Company’s results of operations, financial position and cash flows and could result in violations of the financial covenants in the Company’s debt agreements. If any such losses were to be sufficiently high, the Company may not have liquidity or the ability to access liquidity at levels necessary to satisfy such losses. However, any possible loss in excess of the amount recorded cannot reasonably be estimated at this time. Securities class action and shareholder lawsuits . On August 24, 2023, a putative securities class action captioned Bhangal v. Hawaiian Electric Industries, Inc., et al., No.: 3:23-cv-04332-JSC (the Securities Action) was filed in the United States District Court for the Northern District of California. The lawsuit alleges violations of the Securities Exchange Act of 1934 (the Exchange Act) and Rule 10b-5 promulgated thereunder against HEI and certain of its current and former officers (collectively, Defendants), and Section 20(a) of the Exchange Act against certain of HEI’s current and former officers. Plaintiff broadly alleges that Defendants made materially false and misleading statements or omissions regarding HEI’s wildfire prevention and safety protocols and related matters. Plaintiff seeks unspecified monetary damages. On December 7, 2023, the court appointed Daniel Warren as lead plaintiff and Pomerantz LLP as lead plaintiff’s counsel. On March 8, 2024, the lead plaintiff filed an amended complaint. On October 15, 2024, the court granted defendants’ motion to dismiss the amended complaint, with leave to amend. On November 12, 2024, the lead plaintiff filed a second amended complaint. The Company anticipates filing a motion to dismiss the second amended complaint and intends to vigorously defend against this action. An unsuccessful mediation was held on January 22, 2025. There is no assurance that the Company will be successful in the defense of the litigation or that insurance will be available or adequate to fund any potential settlement or judgment or the litigation costs of the action. The Company does not believe that a loss is probable and any possible loss or range of loss is not reasonably estimable. On September 11, 2023, a putative shareholder derivative action captioned Rice v. Connors, et al., No. 1CCV-23-0001181 was filed in the Circuit Court of the First Circuit, State of Hawaii. On December 6, 2023, the case was removed to the United States District Court for the District of Hawaii and captioned Rice v. Connors, et al., No. 1:23-cv-00577-JAO-BMK. On March 14, 2024, the United States District Court remanded the case to the Circuit Court of the First Circuit, State of Hawaii. This action is purportedly brought by a shareholder on behalf of nominal defendants HEI and Hawaiian Electric against certain current and former officers and directors of HEI and Hawaiian Electric. Plaintiff asserts Hawaii state law breach of fiduciary duty, abuse of control, corporate waste, unjust enrichment, and aiding and abetting breach of fiduciary duty claims allegedly arising in connection with the Maui windstorm and wildfires that occurred in August 2023 and certain of the Company’s prior public disclosures. Plaintiff seeks, on behalf of HEI and Hawaiian Electric, compensatory and punitive damages, restitution, disgorgement, and equitable relief in the form of changes to corporate governance, policies and culture. HEI has moved to stay the proceeding pending resolution of the tort-related legal claims and the Securities Action. A hearing on the motion to stay is set for March 5, 2025. While the Company has obligations to indemnify and/or advance the defendants’ legal fees and costs in connection with this lawsuit, any monetary recovery in the derivative litigation should accrue to the Company. An unsuccessful mediation was held on January 22, 2025. The Company is unable to predict the ultimate outcome and is unable to make a reasonable estimate of the amount or range of loss, if any, that could result from any unfavorable outcome. On November 6, 2024, a putative shareholder derivative action captioned Hamilton v. Lau, et al., No. 1CCV-24-0001595 was filed in the Circuit Court of the First Circuit, State of Hawaii (the “Hamilton Action”). This action is purportedly brought by a shareholder on behalf of nominal defendants HEI and Hawaiian Electric against certain current and former officers and directors of HEI and Hawaiian Electric. Plaintiff asserts Hawaii state law breach of fiduciary duty, unjust enrichment, aiding and abetting breaches of fiduciary duty, and corporate waste claims allegedly arising in connection with the Maui windstorm and wildfires that occurred on in August 2023 and certain of HEI’s prior public disclosures. Plaintiff seeks, on behalf of HEI and Hawaiian Electric, compensatory and punitive damages, restitution and equitable relief in the form of changes to HEI’s corporate governance, policies and culture. While the Company has certain obligations to indemnify and/or advance the individual defendants’ legal fees and costs in connection with this lawsuit, any monetary recovery in the derivative litigation should accrue to the Company. An unsuccessful mediation was held on January 22, 2025. The Company is unable to predict the ultimate outcome and is unable to make a reasonable estimate of the amount or range of loss, if any, that could result from any unfavorable outcome. Three putative shareholder derivative actions were filed in the United States District Court for the Northern District of California between December 26, 2023 and February 8, 2024, including: Kallaus v. Johns, et al., No. 3:23-cv-06627 (the Kallaus Action), Cole v. Johns, et al., No. 3:24-cv-00598 (the Cole Action), and Tai v. Seu, et al., No. 3:24-cv-01198 (the Tai Action). On March 19, 2024, upon stipulation by the parties, the court consolidated the Kallaus Action, the Cole Action, and the Tai Action under the caption In Re Hawaiian Electric Industries, Inc. and Hawaiian Electric Company, Inc. Derivative Litigation, No. 3:23-cv-06627 (the Consolidated Derivative Actions). On June 19, 2024, Plaintiffs filed a consolidated amended complaint. The Consolidated Derivative Actions are purportedly brought by shareholders of HEI on behalf of nominal defendants HEI and Hawaiian Electric against certain current and former officers and directors of HEI and Hawaiian Electric. Plaintiffs purport to assert both Hawaii state law and federal securities law claims. Plaintiffs assert state law breach of fiduciary duty, corporate waste, unjust enrichment, gross mismanagement, and abuse of control claims purportedly arising in connection with the Maui windstorm and wildfires that occurred in August 2023 and certain public disclosures. Plaintiffs also assert claims under Section 10(b) of the Exchange Act, and Rule 10b-5 promulgated thereunder, and generally allege that the Company and certain of its current and former officers made materially false and misleading statements or omissions regarding the Company’s wildfire prevention and safety protocols and related matters. Plaintiffs seek, on behalf of HEI and Hawaiian Electric, unspecified monetary and punitive damages, disgorgement, and other relief. HEI moved to stay the Consolidated Derivative Actions pending resolution of the tort-related legal claims and the Securities Action, and also moved to dismiss the consolidated amended complaint for failing to adequately allege that the Board’s refusal of the plaintiffs’ demands was wrongful. Hawaii state court plaintiff Christina Rice (see above) filed a motion to intervene in this action for the limited purpose of seeking dismissal, or alternatively a stay, of this action in favor of the Hawaii state court derivative action she filed. Hawaii federal court plaintiffs George Assad and Robert Faris (see below) also filed a motion to intervene in this action for the limited purpose of seeking dismissal, or alternatively a stay, of this action in favor of a separate Hawaii federal court derivative action they filed. The court deferred the hearing on the Company’s motions to stay and dismiss, Rice’s motion to intervene, and Assad’s and Faris’s motion to intervene pending a mediation on January 22, 2025, which was unsuccessful. On January 30, 2025, the Court granted the plaintiffs’ request to voluntarily dismiss the case so that they could refile the action in Hawaii. As a result, the Court did not rule on the Company’s pending motion to dismiss or motion to stay. While the Company has certain obligations to indemnify and/or advance the defendants’ legal fees and costs in connection with this lawsuit, any monetary recovery in the Consolidated Derivative Actions should accrue to the Company. The Company is unable to predict the ultimate outcome and is unable to make a reasonable estimate of the amount or range of loss, if any, that could result from any unfavorable outcome. Two putative shareholder derivative actions were filed in the United States District Court for the District of Hawaii between April 8, 2024 and June 8, 2024, including: Assad v. Seu, et al., No. 1:24-cv-00164 (the Assad Action), and Faris v. Seu, et al., No. 1:24-cv-00247 (the Faris Action). On July 3, 2024, upon stipulation by the parties, the court consolidated the Assad Action and Faris Action under the caption In Re Hawaiian Electric Industries, Inc., Stockholder Derivative Litigation, No. 1:24-cv-00164 (the Hawaii Federal Derivative Actions). Both actions are purportedly brought by shareholders on behalf of nominal defendant HEI and against certain current and former officers and directors of HEI and Hawaiian Electric. Plaintiffs purport to assert Hawaii state law claims for breach of fiduciary duty, corporate waste, and unjust enrichment allegedly arising in connection with the Maui windstorm and wildfires that occurred in August 2023 and certain public disclosures. Plaintiffs generally allege that the Company and certain of its current and former officers made materially false and misleading statements or omissions regarding the Company’s wildfire prevention and safety protocols and related matters. Plaintiffs seek, on behalf of HEI, compensatory damages, restitution, disgorgement, injunctive relief, and equitable relief, including in the form of changes to HEI’s corporate governance policies and procedures. On July 30, 2024, upon HEI’s motion, the court stayed the Hawaii Federal Derivative Actions pending resolution of the motion to dismiss the Securities Action and the motions to stay and dismiss the Consolidated Derivative Actions. While the Company has obligations to indemnify and/or advance the defendants’ legal fees and costs in connection with this lawsuit, any monetary recovery in the derivative litigation should accrue to the Company. A mediation was held on January 22, 2025. The parties did not reach a settlement on that date. The Company is unable to predict the ultimate outcome and is unable to make a reasonable estimate of the amount or range of loss, if any, that could result from any unfavorable outcome. Maui windstorm and wildfires costs. Legal costs in connection with the litigation and loss contingencies are expensed as incurred. The Company has $165 million of excess liability insurance and $25 million of miscellaneous professional liability insurance for third party claims, including claims related to wildfires, with a retention of $0.3 million and $1.0 million, respectively, and $145 million directors and officers liability insurance to cover claims related to the shareholder and derivative lawsuits, with a retention of $1.0 million. As of December 31, 2024, the Company’s and Utilities’ insurance receivable totaled $57 million and $55 million, respectively, under the policies. As of December 31, 2024, HEI and its subsidiaries have approximately $13 million, nil and $122 million of insurance coverage remaining under the excess liability, miscellaneous professional liability and directors and officers liability policies, respectively, after deducting applicable retention amounts, amounts that have been recovered under insurance policies (including the One ‘Ohana Initiative contribution), and amounts expected to be recovered for incurred costs and recognized as a receivable as of year-end. See table below for the incremental expenses related to the Maui windstorm and wildfires. Year ended December 31, 2024 Year ended December 31, 2023 (in thousands) Electric utility HEI Consolidated 2 Electric utility HEI Consolidated 2 Maui windstorm and wildfires related expenses: Legal expenses $ 51,406 $ 69,779 $ 24,737 $ 33,969 Wildfire tort-related claims 1,915,000 1,915,000 75,000 75,000 Other expense 52,421 61,251 15,071 18,143 Total Maui windstorm and wildfires related expenses 2,018,827 2,046,030 114,808 127,112 Insurance recoveries (85,781) (94,699) (98,613) (104,580) Deferral treatment approved by the PUC 1 (37,960) (37,960) (14,692) (14,692) Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment $ 1,895,086 $ 1,913,371 $ 1,503 $ 7,840 1 Related to the PUC’s order, received on December 27, 2023, approving deferred accounting treatment for the Utilities’ incremental non-labor expenses related to the August 2023 Maui windstorm and wildfires. Amounts were reclassified to a regulatory asset. 2 Excludes expenses related to discontinued operations amounting to $1.3 million and $11.3 million for the years ended December 31, 2024 and 2023, respectively. On May 4, 2024, HEI and the Utilities reached an agreement to settle indemnification claims asserted by the State of Hawaii without any admission of fault or responsibility. Under the terms of the agreement, HEI and the Utilities agreed to contribute up to $18.4 million through the end of 2024 related to the costs of the professional advisors engaged by the State of Hawaii to advise on a variety of matters related to the Maui windstorm and wildfires. Under certain circumstances, HEI and the Utilities have the unilateral right to terminate the agreement and stop paying the costs for future periods. As of December 31, 2024, a total of $18.4 million of such costs were accrued and reflected in Maui windstorm and wildfires related expenses-Other expense in the table above. In addition, the Utilities incurred $8.7 million and $18.0 million of total capital costs related to the Maui windstorm and wildfires in 2024 and 2023, respectively.

Segment financial information

Segment financial information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment financial information	Note 3 · Segment financial information Reportable segments are strategic business units of the Company that offer different products and services and operate in different regulatory environments. Prior to December 31, 2024, the Company operated and reported on two reportable segments: Electric utility and bank. On December 31, 2024, the Company sold 90.1% of ASB (previously, the bank reportable segment) and presented its results as discontinued operations for all periods presented. Accordingly, the bank reportable segment has been eliminated and the segment information presented herein excludes the results of ASB for all periods presented. All comparable information for the historical periods has been recast to reflect the impact of these changes. The Company now operates and reports on one reportable segment: Electric utility. HEI and its other subsidiaries which are not reportable segments are grouped and reported as an “All Other” non-reportable segment. The accounting policies of the segments are the same as those described for the Company in the summary of significant accounting policies, except as otherwise indicated and except that federal and state income taxes for each segment are calculated on a “stand-alone” basis. The Company’s chief operating decision makers (CODM) evaluate segment performance based on net income. Each segment accounts for intersegment sales and transfers as if the sales and transfers were to third parties (i.e., at current market prices). Intersegment revenues consist primarily of Hamakua Energy electricity revenues, interest and preferred stock dividends. HEI’s CODM is its Chief Executive Officer. The CODM uses net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the segments or into other parts of the entity, such as for acquisitions or to pay dividends. The CODM considers inputs from a variety of sources including the Chief Financial Officer, the General Counsel and presidents of operating units. Net income is used to monitor budget versus actual results. The CODM also uses net income in competitive analysis by benchmarking to HEI’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. The segment level information that is regularly provided to the CODM does not include expense categories other than depreciation and amortization, interest expense, and income taxes. Electric utility Hawaiian Electric and its wholly owned operating subsidiaries, Hawaii Electric Light and Maui Electric, are public electric utilities in the business of generating, purchasing, transmitting, distributing and selling electric energy on all major islands in Hawaii other than Kauai, and are regulated by the PUC. Hawaiian Electric, Hawaii Electric Light, and Maui Electric are aggregated within the electric utility segment because they: (1) are involved in the business of supplying electric energy in the same geographical location (i.e., the State of Hawaii), (2) have similar production processes that comprise electric generation, (3) serve similar customers within their franchise territories (e.g., residential, commercial and industrial customers), (4) use similar electric grids to distribute the energy to their customers, (5) are regulated by the PUC and undergo similar rate-making processes, (6) have similar economic characteristics and (7) perform financial reporting oversight and management of the business at the consolidated level. Hawaiian Electric also owns the following nonregulated subsidiaries: Renewable Hawaii, Inc. (RHI), which was formed to invest in renewable energy projects; HE AR INTER LLC (HE AR INTER), which was formed to pursue financing through a secured asset-based (accounts receivable) credit facility. Both RHI and HE AR INTER are included within electric utility segment information provided to the CODMs. Hawaiian Electric has determined that its CODMs are the Chief Executive Officer and Chief Financial Officer. Net income variance analysis is regularly provided to CODMs and it is used to monitor budget as well as measuring against performance to the same period in the previous year. The CODMs measure the segment performance based on the Hawaiian Electric consolidated net income and segment net income of Hawaii Electric Light and Maui Electric to make decisions to allocate resources. Hawaiian Electric concluded that all of the expense categories for its single reportable segment included in the Consolidated Statement of Income for Hawaiian Electric are the expense categories regularly provided to the CODMs and are significant. All Other “All Other” includes amounts for the holding companies (HEI and ASB Hawaii), GLST1, and Pacific Current and its subsidiaries and do not meet the definition of reportable segments. ASB Hawaii. ASB Hawaii was formed in 1988 and served as the holding company for ASB prior to its sale on December 31, 2024. ASB Hawaii still retains a 9.9% noncontrolling investment in ASB. GLST1. GLST1 was formed in 2024 for the specific purpose of holding HEI’s and Hawaiian Electric’s first liability installment payment pursuant to the settlement agreements to settle the tort-related legal claims in the litigation arising out of the Maui windstorm and wildfires. Pacific Current. Pacific Current was formed in 2017 to focus on investing in non-regulated renewable energy and sustainable infrastructure in the State of Hawaii to help achieve the state’s sustainability goals. Significant investments of Pacific Current made through its subsidiaries, Hamakua Energy, Mauo, Kaʻieʻie Waho, and Mahipapa include: Hamakua power plant . In 2017, Hamakua Energy acquired Hamakua Energy Partners, L.P.’s 60-MW combined cycle power plant and other assets from affiliates of ArcLight Capital Partners, a private equity firm. The plant sells all the power it produces to Hawaii Electric Light under an existing power purchase agreement (PPA) that expires in 2030. Solar-plus-storage power purchase agreement . In 2018, Mauo executed definitive agreements to acquire a solar-plus-storage PPA for a multi-site, commercial-scale project that provides 8.1 MW of solar capacity and 42.6 megawatt-hours (MWh) of storage capacity on the islands of Maui and Oahu. The PPA has a 15-year term with a customer option to extend for an additional five years. 6-MW photovoltaic system . In 2020, Kaʻieʻie Waho acquired a 6-MW photovoltaic system situated on 20 acres of land on the island of Kauai. Kauai Island Utility Cooperative purchases all of the power generated by the system under a PPA that expires in 2033. 7.5-MW renewable, firm dispatchable closed-loop biomass-to-energy facility . In 2022, Mahipapa acquired a 7.5-MW renewable, firm dispatchable closed-loop biomass-to-energy facility on Kauai. Kauai Island Utility Cooperative purchases all of the power generated by the system under a PPA that expires in January 2036. Electric utility reportable segment and All Other information were as follows: (in thousands) Electric utility All Other Total 2024 Revenues $ 3,206,700 $ 13,150 $ 3,219,850 Depreciation and amortization 282,970 10,563 293,533 Interest income 6,633 12,729 19,362 Interest expense, net 82,082 45,125 127,207 Loss from continuing operations before income taxes (1,663,914) (127,681) (1,791,595) Income tax benefit (439,547) (31,415) (470,962) Loss from continuing operations (1,224,367) (96,266) (1,320,633) Preferred stock dividends of subsidiaries 1,995 (105) 1,890 Loss from continuing operations for common stock (1,226,362) (96,161) (1,322,523) Capital expenditures 1 329,479 14,772 344,251 Assets (at December 31, 2024) 7,613,604 1,317,812 8,931,416 2023 Revenues $ 3,269,521 $ 17,982 $ 3,287,503 Depreciation and amortization 270,195 12,111 282,306 Interest income 6,454 2,651 9,105 Interest expense, net 86,140 39,392 125,532 Income (loss) from continuing operations before income taxes 247,140 (64,840) 182,300 Income tax expense (benefit) 51,193 (16,659) 34,534 Income (loss) from continuing operations 195,947 (48,181) 147,766 Preferred stock dividends of subsidiaries 1,995 (105) 1,890 Income (loss) from continuing operations for common stock 193,952 (48,076) 145,876 Capital expenditures 1 438,775 3,952 442,727 Assets (at December 31, 2023) 7,283,554 393,818 7,677,372 2022 Revenues from external customers $ 3,408,583 $ 12,334 $ 3,420,917 Intersegment revenues (eliminations) 4 (4) — Revenues 3,408,587 12,330 3,420,917 Depreciation and amortization 260,744 9,661 270,405 Interest expense, net 76,416 26,986 103,402 Income (loss) from continuing operations before income taxes 240,600 (38,646) 201,954 Income tax expense (benefit) 49,676 (10,761) 38,915 Income (loss) from continuing operations 190,924 (27,885) 163,039 Preferred stock dividends of subsidiaries 1,995 (105) 1,890 Income (loss) from continuing operations for common stock 188,929 (27,780) 161,149 Capital expenditures 1 329,457 9,876 339,333 1 Contributions in aid of construction balances are included in capital expenditures. Intercompany electricity sales of the Utilities to HEI and its other subsidiaries are not eliminated because those entities would need to purchase electricity from another source if it were not provided by the Utilities and the revenue and profit on such sales is nominal. Hamakua Energy ’s sales to Hawaii Electric Light (a regulated affiliate) are eliminated in consolidation (see “related-party transactions” in Note 4). Impairment of long-lived assets. HEI and Pacific Current have been undertaking a comprehensive review of strategic options for certain assets of Pacific Current. During the course of this process, in the third quarter of 2024, HEI and Pacific Current had determined it is more-likely-than-not that the long-lived assets of Pacific Current will be sold significantly before the end of their previously estimated useful life and that the fair value of certain long-lived assets of Pacific Current, currently classified as held-and-used, are less than its carrying value. After performing a recoverability test of these assets, Pacific Current determined a portion of these long-lived assets of Pacific Current were not recoverable and therefore impaired. As a result, HEI and Pacific Current recorded a pretax asset impairment charge of $35.2 million in the third quarter of 2024. The impairment charge is recorded in “Other Expenses” in the Company’s Consolidated Statements of Income. Sale of Hamakua Holdings, LLC. As part of HEI’s comprehensive review of strategic options for certain assets of Pacific Current, on February 7, 2025, Pacific Current entered into a Securities Purchase Agreement to sell all the membership interests in Hamakua Holdings, LLC, a wholly owned subsidiary of Pacific Current, to an unaffiliated third party for cash consideration to be determined under the provisions of the agreement. Hamakua Holdings, LLC has two wholly-owned subsidiaries: Hamakua Energy, LLC, which owns a 60-MW combined cycle power plant that sells power to Hawaii Electric Light under an existing power purchase agreement, and HAESP, LLC (created in connection with the current on-going Stage 3 RFP process). Upon closing, both Hamakua Energy and HAESP, LLC as wholly-owned subsidiaries of Hamakua Holdings will no longer be owned by Pacific Current. The close of the transaction is subject to the satisfaction of certain customary closing conditions and is expected to be finalized in March 2025. The sale transaction is not expected to have a material impact to the Company’s consolidated financial statements.

Electric utility segment

Electric utility segment	12 Months Ended
	Dec. 31, 2024
Electric Utility Subsidiary [Abstract]
Electric utility segment	Note 4 · Electric utility segment Regulatory assets and liabilities. The Utilities record regulatory assets and liabilities when they are deemed probable of recovery from or refund to customers. Determining probability requires significant judgment by management and includes considerations of regulatory orders, proposed regulatory treatment, strength of the applications and other available evidence. Regulatory assets represent deferred costs and accrued decoupling revenues which are expected to be recovered through rates over PUC-authorized periods. Generally, the Utilities do not earn a return on their regulatory assets; however, they have been allowed to recover interest on certain regulatory assets and to include certain regulatory assets in rate base. Regulatory liabilities represent amounts included in rates and collected from ratepayers for costs expected to be incurred in the future, or amounts collected in excess of costs incurred that are refundable to customers. For example, the regulatory liability for cost of removal in excess of salvage value represents amounts that have been collected from ratepayers for costs that are expected to be incurred in the future to retire a utility plant. Generally, the Utilities include regulatory liabilities in rate base or are required to apply interest to certain regulatory liabilities. In the table below, noted in parentheses are the original PUC authorized amortization or recovery periods and, if different, the remaining amortization or recovery periods as of December 31, 2024 are noted. Regulatory assets were as follows: December 31 2024 2023 (in thousands) Income taxes (1-35 years) $ 81,102 $ 81,620 Retirement benefit plans (balance primarily varies with plans’ funded statuses) 13,755 70,616 Maui windstorm and wildfire related costs (to be determined by PUC) 52,652 14,692 Retirement of generating units (10 years) 40,953 29,930 Right-Of-Use (ROU) assets (25 years remaining) 19,105 9,067 ECRC/PPAC (1 year) 17,418 24,691 Vacation earned, but not yet taken (1 year) 13,950 14,585 Decoupling revenue balancing account and RAM (1 year) 9,829 19,002 Performance Incentive Mechanisms (PIMs) (1 year) 6,783 2,923 COVID-19 related costs (3 years) 6,715 8,715 Other (1-35 years remaining) 19,057 18,963 Total regulatory assets $ 281,319 $ 294,804 Included in: Current assets $ 53,895 $ 68,453 Long-term assets 227,424 226,351 Total regulatory assets $ 281,319 $ 294,804 Regulatory liabilities were as follows: December 31 2024 2023 (in thousands) Cost of removal in excess of salvage value (1-79 years) $ 601,741 $ 591,298 Income taxes (1-35 years) 292,036 303,225 Retirement benefit plans (balance primarily varies with plans’ funded statuses) 279,553 171,421 Solar tax credits (1-17 years) 46,661 49,507 Enterprise Resource Planning (ERP) Benefits (to be determined by PUC) 12,549 12,409 Decoupling revenue balancing account and RAM (1 year) 5,498 5,995 ECRC/PPAC (1 year) 4,296 15,169 Other (1 year remaining) 1,749 1,666 Total regulatory liabilities $ 1,244,083 $ 1,150,690 Included in: Current liabilities $ 26,568 $ 36,559 Long-term liabilities 1,217,515 1,114,131 Total regulatory liabilities $ 1,244,083 $ 1,150,690 The regulatory asset and liability relating to retirement benefit plans was recorded as a result of pension and OPEB tracking mechanisms adopted by the PUC in rate case decisions for the Utilities in 2007 (see Note 11). Regulatory asset related to retirement of generating units . Honolulu generating units 8 and 9 . On December 22, 2023, the PUC issued a decision and order approving the Utilities’ request to establish a regulatory asset for the remaining net book value of the fossil fuel generating units for both Honolulu units 8 and 9 assets that retired on December 31, 2023, and amortize the regulatory asset over approximately nine years. The PUC also ruled that the Utilities may seek to include the regulatory asset in rate base and seek to recover the amortization expense and a return on the unamortized balance of the regulatory asset in the next rate case or rate re-setting proceeding. As of December 31, 2024, the Utilities have recorded $26.7 million in regulatory assets for the remaining net book value of Honolulu generating units 8 and 9. Waiau generating units 3 and 4 . On September 30, 2024, the PUC issued a decision and order approving the Utilities’ request to establish a regulatory asset for the remaining net book value of the fossil fuel generating units for both Waiau units 3 and 4 assets that retired on December 31, 2024, and amortize the regulatory asset over approximately nine years. The PUC also ruled that the Utilities may seek to include the regulatory asset in rate base and seek to recover the amortization expense and a return on the unamortized balance of the regulatory asset in the next rate case or rate re-setting proceeding. As of December 31, 2024, the Utilities have recorded $14.3 million in regulatory assets for the remaining net book value of Waiau generating units 3 and 4. Regulatory assets for Maui windstorm and wildfires related costs . On December 27, 2023, the PUC issued an order authorizing deferred accounting treatment for the Utilities’ incremental non-labor expenses under specific cost categories related to the August 2023 Maui windstorm and wildfires. The deferred accounting treatment authorized, applied to certain non-labor expenses incurred from August 8, 2023 through December 31, 2024 that are not already a part of base rates. As of December 31, 2024, the Utilities have recorded $52.7 million in regulatory assets for the incremental costs incurred related to the Maui windstorm and wildfires event. On November 27, 2024, the Utilities filed a request with the PUC to extend the deferral accounting period to December 31, 2025, specifically limited to insurance premiums and outside services and legal costs associated with the asset-based lending facility credit agreement (see Note 6). On February 12, 2025, the PUC issued an order granting the Utilities’ request to extend. Requests for cost recovery of deferred costs will be the subject of a separate application at which time the PUC will evaluate whether such costs were prudently incurred and reasonable and determine the extent to which such costs will be eligible for recovery, and the period over which recovery will occur. If the PUC denies recovery of any deferred costs, such costs would be charged to expense in the period that those costs are no longer considered probable of recovery. Regulatory liabilities for Enterprise Resource Planning/Enterprise Asset Management (ERP/EAM) . The ERP/EAM Implementation Project went live in October 2018. Hawaii Electric Light and Hawaiian Electric began to incorporate their portion of the deferred project costs in rate base and started the amortization over a 12-year period in January 2020 and November 2020, respectively. The PUC required a minimum of $246 million ERP/EAM project-related benefit to be delivered to customers over the system’s 12-year service life. In February 2019, the PUC approved a methodology for passing the future cost saving benefits of the ERP/EAM system to customers developed by the Utilities in collaboration with the Consumer Advocate. The Utilities filed a benefits clarification document on June 10, 2019, reflecting $150 million in future net other operation and maintenance (O&M) expense reductions and cost avoidance, and $96 million in capital cost reductions and tax savings over the 12-year service life. To the extent the reduction in O&M expense relates to amounts reflected in electric rates, the Utilities would reduce future rates for such amounts. In October 2019, the PUC approved the Utilities and the Consumer Advocate’s Stipulated Performance Metrics and Tracking Mechanism. As part of the settlement agreement approved in the Hawaiian Electric 2020 test year rate case, the regulatory liability for Hawaiian Electric will be amortized over five years, beginning in November 2020, and the O&M benefits for Hawaiian Electric was considered flowed through to customers. On December 29, 2023, the PUC approved the Utilities’ proposal to accelerate flow-through of the ERP benefits savings currently tracked in regulatory liability accounts to Hawaii Electric Light and Maui Electric customers as part of the customer dividend in the ARA, to mitigate the impact of the Utilities’ recovery of the COVID-19 related costs on customers. See “Regulatory assets for COVID-19 related costs” section below. As of December 31, 2024, the Utilities’ regulatory liability was $12.5 million ($1.2 million for Hawaiian Electric, $4.5 million for Hawaii Electric Light and $6.8 million for Maui Electric) for the O&M expense savings that are being amortized or to be included in future rates. At the PUC’s direction, the Utilities have been filing Annual Enterprise System Benefits (AESB) report on the achieved benefits savings. Regulatory assets for COVID-19 related costs . On December 29, 2023, the PUC issued a decision and order (December 2023 D&O) approving the Utilities’ request to recover the COVID-19 related deferred costs up to $8.8 million evenly over a three-year recovery period from 2024 through 2026 through the Z-factor in the ARA. Following the Utilities’ motion for clarification or in the alternative partial reconsideration of the December 2023 D&O, on February 27, 2024, the PUC issued an order clarifying the December 2023 D&O and approving, among other things, the Utilities’ requests to base the recovery on the recorded balances as of December 31, 2023 and to modify the recovery period to begin June 1, 2024 and end May 31, 2027. As of December 31, 2024, the Utilities have recorded $6.7 million in regulatory assets for deferral of COVID-19 related costs. Regulatory assets for suspension of disconnections related costs . Based on circumstances related to the Maui windstorm and wildfires, on August 31, 2023 and subsequently on October 13, 2023, the PUC issued orders directing all regulated utilities located on, or providing utility service on Maui, including the Utilities, among other things, (i) to suspend disconnections of services and associated disconnection fees beginning from August 8, 2023, through the end of the emergency relief period established by the Governor’s Emergency Proclamations related to the Maui windstorm and wildfires, which currently continues through April 5, 2025 (Suspension Period); (ii) to suspend any and all rules and provisions of individual utility tariffs that prevent or condition re-connection of disconnected customers during the Suspension Period; (iii) not to charge customers interest on past due payments or impose any late payment fees through the Suspension Period; (iv) to establish regulatory assets to record costs directly related to the suspension of disconnections, and to record receipt of governmental aid and donation-based aid, loans or grants, and/or all other assistance measures, and any cost savings realized; and (v) to file a notice with the PUC regarding any upcoming application or other request pursuant to HRS Sections 269-16.3, -17, -17.5, -18, -19, or -19.5 and/or regarding any significant financial change to the Maui utility, at least 60 days prior to filing such application or other request with the PUC. The orders also discourage the filing of emergency or general rate increases in response to the emergency situation. In future proceedings, the PUC will assess the utility’s request for recovery of these regulatory assets including whether it is reasonable and necessary, the appropriate period of recovery for the approved amount of regulatory assets, any amount of carrying costs thereon, any savings directly attributable to suspension of disconnects, and other related matters. As of December 31, 2024, the Utilities have recorded $2.8 million in regulatory assets for the incremental costs incurred due to the suspension of disconnections. Major customers. The Utilities received 11% ($369 million), 12% ($376 million) and 12% ($393 million) of their operating revenues from the sale of electricity to various federal government agencies in 2024, 2023 and 2022, respectively. Cumulative preferred stock. The following series of cumulative preferred stock are redeemable only at the option of the respective company at the following prices in the event of voluntary liquidation or redemption: December 31, 2024 Voluntary Redemption Series C, D, E, H, J and K (Hawaiian Electric) $ 20 $ 21 I (Hawaiian Electric) 20 20 G (Hawaii Electric Light) 100 100 H (Maui Electric) 100 100 Hawaiian Electric is obligated to make dividend, redemption and liquidation payments on the preferred stock of each of its subsidiaries if the respective subsidiary is unable to make such payments, but this obligation is subordinated to Hawaiian Electric’s obligation to make payments on its own preferred stock. Related-party transactions. HEI charged the Utilities $5.5 million, $5.2 million and $5.6 million for general management and administrative services in 2024, 2023 and 2022, respectively. The amounts charged by HEI to its subsidiaries for services provided by HEI employees are allocated primarily on the basis of time expended in providing such services. In 2024, 2023 and 2022, Hamakua Energy (an indirect subsidiary of HEI) sold energy and capacity to Hawaii Electric Light (subsidiary of Hawaiian Electric and indirect subsidiary of HEI) under a power purchase agreement (PPA) in the amount of $35 million, $71 million and $66 million, respectively. Hawaiian Electric’s short-term borrowings from HEI totaled nil at December 31, 2024 and 2023. Borrowings among the Utilities are eliminated in consolidation. Interest charged by HEI to Hawaiian Electric was nil for the years ended December 31, 2024 and 2023. Consolidated variable interest entities. The HE AR INTER LLC and its direct subsidiary, HE AR BRWR LLC, (collectively, the SPEs) are bankruptcy remote, direct and indirect wholly owned subsidiaries of the Utilities. Pursuant to the asset-based lending facility (ABL Facility) credit agreement, the Utilities sells certain accounts receivable to the SPEs as collateral, which in turn, obtain financing from financial institutions. As of December 31, 2024, the ABL Facility remains undrawn and the SPEs have $324.7 million of net accounts receivable, included in “Customer accounts receivable, net”, and “Accrued unbilled revenues, net”, on the Utilities’ Consolidated Balance Sheet and “Accounts receivable and unbilled revenues, net”, on the Company’s Consolidated Balance Sheet. The SPEs are considered VIEs due to insufficient equity investment at risk. The most significant activities that impact the economic performance of the SPEs are cash and financing management. The Utilities are considered the primary beneficiary as the Utilities direct the activities related to cash and financing management and therefore, are required to consolidate the SPEs. Although the SPEs are direct and indirect wholly owned consolidated subsidiaries of the Utilities, the SPEs are legally separate from the Utilities. The assets of the SPEs (which are primarily accounts receivables) are not available to creditors of the Utilities. Unconsolidated variable interest entities. Power purchase agreements . As of December 31, 2024, the Utilities had four power purchase agreements (PPAs) for firm capacity and other PPAs with independent power producers (IPPs) and Schedule Q providers (i.e., customers with cogeneration and/or power production facilities who buy power from or sell power to the Utilities), none of which are currently required to be consolidated as VIEs. Pursuant to the current accounting standards for VIEs, the Utilities are deemed to have a variable interest in Kalaeloa Partners, L.P. (Kalaeloa) and Hamakua Energy by reason of the provisions of the PPA that the Utilities have with the two IPPs. However, management has concluded that the Utilities are not the primary beneficiary of Kalaeloa and Hamakua Energy because the Utilities do not have the power to direct the activities that most significantly impact the two IPPs’ economic performance nor the obligation to absorb their expected losses, if any, that could potentially be significant to the IPPs. Thus, the Utilities have not consolidated Kalaeloa and Hamakua Energy in its consolidated financial statements. However, Hamakua Energy is an indirect subsidiary of Pacific Current and is consolidated in HEI’s consolidated financial statements. For the other PPAs with IPPs, the Utilities have concluded that the consolidation of the IPPs was not required because either the Utilities do not have variable interests in the IPPs due to the absence of an obligation in the PPAs for the Utilities to absorb any variability of the IPPs, or the IPP was considered a “governmental organization,” and thus excluded from the scope of accounting standards for VIEs. The consolidation of any significant IPP could have a material effect on the consolidated financial statements, including the recognition of a significant amount of assets and liabilities and, if such a consolidated IPP were operating at a loss and had insufficient equity, the potential recognition of such losses. If the Utilities determine they are required to consolidate the financial statements of such an IPP and the consolidation has a material effect, the Utilities would retrospectively apply accounting standards for VIEs to the IPP. Commitments and contingencies. Contingencies . The Utilities are subject in the normal course of business to legal, regulatory and environmental proceedings. Excluding the potential liabilities from the Maui windstorm and wildfires, management does not anticipate that the aggregate ultimate liability arising out of these pending or threatened legal proceedings will be material to its financial position. However, the Utilities cannot rule out the possibility that such outcomes could have a material effect on the results of operations or liquidity for a particular reporting period in the future. The Utilities record loss contingencies when the outcome of such proceedings is probable and when the amount of the loss is reasonably estimable. The Utilities also evaluate, on a continuous basis, whether developments in such proceedings could cause these assessments or estimates to change. Assessment regarding future events is required when evaluating whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable. Management is often unable to estimate a reasonably possible loss, or a range of loss, particularly in cases in which: (i) the damages sought are indeterminate or the basis for the damages claimed is not clear; (ii) proceedings are in early stages; (iii) discovery is not complete; (iv) the matters involve novel or unsettled legal theories; (v) significant facts are in dispute; (vi) a large number of parties are represented (including circumstances in which it is uncertain how liability, if any, would be shared among multiple defendants); (vii) a lower court or administrative agency’s decision or ruling has been appealed; and/or (viii) a wide range of potential outcomes exist. In such cases, there may be considerable uncertainty regarding the timing or ultimate resolution, including any possible loss, fine, penalty, or business impact. August 2023 Maui windstorm and wildfires. See Note 2. Hu Honua Bioenergy, LLC (Hu Honua) . In May 2012, Hawaii Electric Light signed a PPA, which the PUC approved in December 2013, with Hu Honua for 21.5 MW of renewable, dispatchable firm capacity fueled by locally grown biomass from a facility on the island of Hawaii. Under the terms of the PPA, the Hu Honua plant was scheduled to be in service in 2016. However, Hu Honua encountered construction and litigation delays, which resulted in the termination of the original PPA. Following the termination, Hu Honua filed a lawsuit in the U.S. District Court for the District of Hawaii. The parties reached a settlement that was conditioned on the PUC’s timely, non-appealable final approval of an amended and restated PPA dated May 9, 2017. On May 23, 2022, following a contested case hearing, the PUC issued a decision and order denying the amended and restated PPA, based on, among other things, findings that: (1) the project will result in significant greenhouse gas (GHG) emissions, (2) Hu Honua’s proposed carbon commitment to sequester more GHG emissions than produced by the project are speculative and unsupported, (3) the amended and restated PPA is likely to result in high costs to customers through its relatively high cost of electricity and through potential displacement of other, lower cost, renewable resources, and (4) based on the foregoing, approving the amended and restated PPA is not prudent or in the public interest. On June 2, 2022, Hawaii Electric Light and Hu Honua filed their separate motions for reconsideration, which were denied by the PUC on June 24, 2022. On June 29, 2022, Hu Honua filed its notice of appeal to the Hawaii Supreme Court of the PUC’s May 23, 2022 decision and order denying the amended and restated PPA. On March 13, 2023, the Hawaii Supreme Court affirmed the PUC’s decision denying the amended and restated PPA between Hu Honua and Hawaii Electric Light and entered its judgment on appeal on April 12, 2023. On June 7, 2023, Hu Honua filed a status report with the U.S. District Court for the District of Hawaii, stating, among other things, that because settlement of the underlying federal lawsuit was contingent on timely, non-appealable, final approval of the amended and restated PPA by the PUC, that the Hawaii Supreme Court’s opinion made fulfillment of the condition impossible, and therefore the settlement agreement between the Hawaiian Electric defendants (HEI, Hawaiian Electric, and Hawaii Electric Light) and Hu Honua is null and void and of no further effect. On November 16, 2023, Hu Honua filed its Motion for Leave to File Third Amended and Supplemental Complaint and for Permissive Joinder with the U.S. District Court for the District of Hawaii, asking the court to grant it leave to file a Third Amended and Supplemental Complaint, which would amend its claims and add three new proposed defendants. The hearing on this motion took place on February 14, 2024. The court issued a decision and order on the motion on April 2, 2024, which was consistent with Hawaii Electric Light's position, only allowing amendments that were agreed to and not allowing Hu Honua to add new claims or parties, effectively leaving Hu Honua with its previously-pled breach of contract and antitrust claims. Hu Honua filed its objection to the order on April 16, 2024 and the Hawaiian Electric defendants filed their response to the objection on April 30, 2024. A hearing on Hu Honua’s objection took place on July 30, 2024. On September 12, 2024, the court issued its decision affirming the April 2, 2024 order. Hu Honua filed its Third Amended and Supplemental Complaint on October 25, 2024, and after discussion with the Hawaiian Electric defendants and the court, filed its Amended Third Amended and Supplemental Complaint on December 3, 2024. The Hawaiian Electric defendants filed their Motion to Compel Arbitration on the contract claims and Motion to Dismiss the antitrust claims on January 7, 2025, and the matter is set for hearing on March 31, 2025. Molokai New Energy Partners (MNEP). In July 2018, the PUC approved Maui Electric’s PPA with MNEP to purchase solar energy from a photovoltaic (PV) plus battery storage project. The 4.88 MW PV and 3 MW Battery Energy Storage System (BESS) project was to deliver no more than 2.64 MW at any time to the Molokai system. On March 25, 2020, MNEP filed a complaint in the United Stated District Court for the District of Hawaii against Maui Electric claiming breach of contract. On June 3, 2020, Maui Electric provided a Notice of Default and Termination of the PPA to MNEP terminating the PPA with an effective date of July 10, 2020. Thereafter, MNEP filed an amended complaint to include claims relating to the termination and Hawaiian Electric filed its answer to the amended complaint on September 11, 2020, disputing the facts presented by MNEP and all claims within the original and amended complaint. Currently, the discovery phase is ongoing. Environmental regulation . The Utilities are subject to environmental laws and regulations that regulate the operation of existing facilities, the construction and operation of new facilities and the proper cleanup and disposal of hazardous waste and toxic substances. Hawaiian Electric, Hawaii Electric Light and Maui Electric, like other utilities, periodically encounter petroleum or other chemical releases associated with current or previous operations. The Utilities report and take action on these releases when and as required by applicable law and regulations. The Utilities believe the costs of responding to such releases identified to date will not have a material effect, individually or in the aggregate, on Hawaiian Electric’s consolidated results of operations, financial condition or liquidity. Former Molokai Electric Company generation site . In 1989, Maui Electric acquired Molokai Electric Company. Molokai Electric Company had sold its former generation site (Site) in 1983 but continued to operate at the Site under a lease until 1985 and left the property in 1987. The Environmental Protection Agency (EPA) has since identified environmental impacts in the subsurface soil at the Site. In cooperation with the State of Hawaii Department of Health and EPA, Maui Electric further investigated the Site and the adjacent parcel to determine the extent of impacts of polychlorinated biphenyls (PCBs), residual fuel oils and other subsurface contaminants. Maui Electric has a reserve balance of $2.5 million as of December 31, 2024, representing the probable and reasonably estimable undiscounted cost for remediation of the Site and the adjacent parcel based on presently available information; however, final costs of remediation will depend on the cleanup approach implemented. Pearl Harbor sediment study . In July 2014, the U.S. Navy notified Hawaiian Electric of the Navy’s determination that Hawaiian Electric is a Potentially Responsible Party under CERCLA responsible for the costs of investigation and cleanup of PCB contamination in sediment in the area offshore of the Waiau Power Plant as part of the Pearl Harbor Superfund Site. Hawaiian Electric was also required by the EPA to assess potential sources and extent of PCB contamination onshore at Waiau Power Plant. As of December 31, 2024, the reserve account balance recorded by Hawaiian Electric to address the PCB contamination was $9.5 million. The reserve balance represents the probable and reasonably estimable undiscounted cost for the onshore and offshore investigation and remediation. The final remediation costs will depend on the actual onshore and offshore cleanup costs. Endangered Species Act (ESA) . The Utilities received a 60-day Notice under the federal Endangered Species Act, from Earthjustice on behalf of the American Bird Conservancy and Conservation Council for Hawaii (Conservation Groups) in January 2024. The 60-day Notice (Notice) is the pre-cursor to a citizen’s suit under the Endangered Species Act. The Notice alleges that the Utilities are out of compliance with the Act due to alleged impacts on endangered seabirds caused by the Utilities’ powerlines, street lights and facility lights on Maui and Lanai. At the time the Notice was served, the Utilities were already in the process of drafting a Habitat Conservation Plan (HCP) with respect to the powerlines and will be applying for associated state and federal take/license permits. Notwithstanding, the Notice asserts that the scope of the HCP should be broader and additional interim measures are necessary while the HCP and related permits are pending. After negotiations among the parties a complaint was filed on November 12, 2024, regarding the powerlines and on December 11, 2024, the Court approved a settlement agreement. Pursuant to that agreement the Utilities will continue the HCP process and take specific actions to minimize and mitigate the potential impact of the Utilities’ powerlines while the document is being prepared. The agreement also contains additional requirements that include coordination with the Conservation Groups with various aspects of the HCP and powerline operations, and continuing the Utilities’ commitment to a species mitigation project with University of Hawaii Foundation to monitor, protect and increase the population of Hawaiian Petrels. The street and facility lights aspect of the Notice was not resolved and a second complaint was filed on November 19, 2024 that includes the County of Maui as a party. At this time, the parties are engaging in settlement discussions and the Utilities are unable to determine the ultimate outcome or the amount of any possible loss. Commitments . Purchase commitments. As of December 31, 2024, the Utilities’ estimated future minimum payments pursuant to purchase obligations related to material contracts for the following five years and thereafter are as follows: Payments Due (in millions) 2025 2026 2027 2028 2029 Thereafter Total Firm capacity PPAs $ 75 $ 75 $ 75 $ 70 $ 70 $ 225 $ 590 Renewable dispatchable generation plus energy storage and energy storage PPAs 77 77 77 77 77 1,174 1,559 Other renewable PPA — 1 4 4 4 69 82 Fuel transportation 7 7 2 — — — 16 Total $ 159 $ 160 $ 158 $ 151 $ 151 $ 1,468 $ 2,247 Firm capacity PPAs . The Utilities are committed to purchase from four firm capacity PPAs for a total of 368.7 megawatts (MW) of firm capacity, which expire at various dates through 2033. Renewable dispatchable generation plug energy storage and energy storage PPAs. The Utilities also have long-term renewable PPAs with IPPs from the issuances of Stage 1 and 2 request for proposals in 2018 and 2019, respectively. The Utilities have additional annual payments of $28 million when three projects began commercial operations in 2024. As of December 31, 2024, a total of seven projects provides the Utilities capacity of 219.5 MW, with 1,443 MWh batteries. The contracts expire at various dates through 2049. Other renewable PPA. The Utilities also have a long-term renewable PPA that provides the Utilities capacity of 10.56 MW, which expires in 2046. Fuel transportation lease contract. The Utilities entered into an inter-island fuel transportation contract, expiring in 2027. The PUC has approved PPACs for the Utilities to recover purchased power capacity, operation and maintenance (O&M) and other non-energy costs related to all aforementioned PPAs. In addition, the Utilities are able to recover fuel component of the energy charges for firm capacity PPAs as well as costs associated to fuel transportation through ECRC. In general, the Utilities base their payments under the PPAs upon available capacity and actual energy supplied and they are generally not required to make payments for capacity if the contracted capacity is not available, and payments are reduced, under certain conditions, if available capacity drops below contracted levels. In general, the payment rates for capacity have been predetermined for the terms of the agreements. The Utilities do not operate, or participate in the operation of, any of the facilities that provide power under the agreements. Title to the facilities does not pass to Hawaiian Electric or its subsidiaries upon expiration of the agreements, and the agreements do not contain bargain purchase options for the facilities. Purchases from all IPPs were as follows: Years ended December 31 2024 2023 2022 (in millions) Kalaeloa $ 291 $ 298 $ 342 AES Hawaii 1 — — 82 HPOWER 74 70 73 Hamakua Energy 35 71 66 Puna Geothermal Venture 56 38 48 Kapolei Energy Storage 24 — — Wind IPPs 130 125 119 Solar IPPs 84 72 57 Other IPPs 2 9 (2) 7 Total IPPs $ 703 $ 672 $ 794 1 The term of the PPA with AES Hawaii expired on September 1, 2022 and the AES Hawaii coal plant ceased operations. 2 Includes hydro power and other PPAs. Utility projects . Many public utility projects require PUC approval and various permits from other governmental agencies. Difficulties in obtaining, or the inability to obtain, the necessary approvals or permits or community support can result in significantly increased project costs or even cancellation of projects. In the event a project does not proceed, or if it becomes probable the PUC will disallow cost recovery for all or part of a project, or if PUC-imposed caps on proj

Discontinued operations

Discontinued operations	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations	Note 5. Discontinued operations As a result of a comprehensive review of strategic options of ASB, on December 30, 2024, HEI, ASB, and ASB Hawaii, a wholly owned subsidiary of HEI and ASB’s parent holding company, entered into investment agreements to sell 90.1% of the common stock of ASB, amounting to $405.5 million, to various investors including certain ASB officers and directors of ASB, while retaining a 9.9% noncontrolling investment in ASB amounting to $44.6 million. The sale transaction closed on December 31, 2024 and no investor acquired more than 9.9% of the common stock of ASB. The proceeds from the sale will be used to primarily strengthen the Company’s balance sheet and promote long-term financial stability which may include partially paying down its long-term debt, funding the wildfire settlement amount, and/or for other corporate purposes. The sale of ASB met the accounting requirements to be disclosed as discontinued operations. Accordingly, the results of ASB, including the loss on the ASB sale, are presented as discontinued operations in the consolidated statements of income and cash flows, and have been excluded from both continuing operations and segment results for all periods presented. Further, the assets and liabilities associated with ASB have been classified as discontinued operations in the consolidated balance sheet as of December 31, 2023. The Company recorded a net loss on the sale transaction amounting to $115.8 million, which is net of a $2.4 million tax benefit, and is included in “Income (loss) from discontinued operations” in the Company’s Consolidated Statements of Income. The tax benefit includes a valuation allowance of $66.4 million recorded against the related deferred tax assets generated in connection with the sale transaction as it is more likely than not that these deferred tax assets will not be realized. See Note 13. A summary of the ASB sale transaction as of December 31, 2024 is as follows: (in thousands) December 31, 2024 Sale proceeds received $ 400,950 Sale proceeds not yet received 4,500 Investment retained in ASB 44,550 Transaction costs (21,735) Net assets derecognized (546,458) Loss from the sale of ASB (118,193) Income taxes 68,820 Income taxes - valuation allowance (66,430) Income taxes, net 2,390 Net loss on the sale transaction (115,803) Net income from operations of discontinued bank segment 12,317 Loss from discontinued operations $ (103,486) For the year ended December 31, 2024, total noncash transactions of the ASB sale amounted to $507.8 million comprised of the derecognized net assets of ASB, the Company’s investment retained in ASB, accrued transaction costs and other noncash transactions. The following table summarizes the income (loss) from discontinued operations included in the Consolidated Statements of Income for the periods presented: Years ended December 31 2024 2023 2022 (in thousands) Interest and dividend income Interest and fees on loans $ 293,100 $ 276,688 $ 207,830 Interest and dividends on investment securities 55,944 58,095 58,044 Total interest and dividend income 349,044 334,783 265,874 Interest expense Interest on deposit liabilities 72,727 48,905 7,327 Interest on other borrowings 27,442 33,892 5,974 Total interest expense 100,169 82,797 13,301 Net interest income 248,875 251,986 252,573 Provision for credit losses (1,963) 10,357 2,037 Net interest income after provision for credit losses 250,838 241,629 250,536 Noninterest income Fees from other financial services 20,797 19,034 19,830 Fee income on deposit liabilities 19,900 19,131 18,762 Fee income on other financial products 11,798 10,616 10,291 Bank-owned life insurance 13,079 7,390 2,533 Mortgage banking income 1,419 910 1,692 Gain on sale of real estate — 495 1,778 Loss on sale of investment securities, net — (14,965) — Other income, net 2,535 2,799 2,086 Total noninterest income 69,528 45,410 56,972 Noninterest expense Compensation and employee benefits 126,936 118,297 113,839 Occupancy 21,382 21,703 24,026 Data processing 19,612 20,545 17,681 Services 17,485 13,943 10,679 Equipment 9,914 11,842 10,100 Office supplies, printing and postage 4,085 4,315 4,398 Marketing 3,506 4,001 3,968 Goodwill impairment 82,190 — — FDIC insurance 5,992 6,230 3,591 Other expense 15,907 22,762 16,985 Total noninterest expense 307,009 223,638 205,267 Income before income taxes 13,357 63,401 102,241 Income taxes 1,040 10,039 22,252 Net income from operations of discontinued bank segment 12,317 53,362 79,989 Loss from the sale of ASB (118,193) — — Income tax benefit 2,390 — — Income (loss) from discontinued operations $ (103,486) $ 53,362 $ 79,989 The following table summarizes the assets and liabilities of discontinued operations on a stand alone basis as of December 31, 2023: (in thousands) 2023 Assets Cash and due from banks $ 184,383 Interest-bearing deposits 251,072 Cash and cash equivalents 435,455 Investment securities Available-for-sale, at fair value 1,136,439 Held-to-maturity, at amortized cost 1,201,314 Stock in Federal Home Loan Bank, at cost 14,728 Loans held for investment 6,180,810 Allowance for credit losses (74,372) Net loans 6,106,438 Loans held for sale, at lower of cost or fair value 15,168 Other 681,460 Goodwill 82,190 Total assets of discontinued operations 1 $ 9,673,192 Liabilities and shareholder’s equity Deposit liabilities–noninterest-bearing $ 2,599,762 Deposit liabilities–interest-bearing 5,546,016 Other borrowings 750,000 Other 247,563 Total liabilities of discontinued operations 1 $ 9,143,341 1 The total assets and liabilities of discontinued operations on a stand alone basis in the table above does not agree to the total assets and liabilities of discontinued operations included in the Consolidated Balance Sheet, as totals per the Consolidated Balance sheet include reclassifying entries required for consolidation purposes.

Short-term borrowings

Short-term borrowings	12 Months Ended
	Dec. 31, 2024
Short-Term Debt [Abstract]
Short-term borrowings	Note 6 · Short-term borrowings Commercial paper and bank term loan. As of December 31, 2024 and 2023, HEI and Hawaiian Electric had no commercial paper outstanding. As of December 31, 2024 and 2023, HEI had four and five undrawn letters of credit outstanding, respectively, in the aggregate amount of $6 million and $8 million, respectively, on behalf of Mauo and Hamakua Energy. HEI term loan . On October 20, 2022, HEI entered into a term loan facility in the aggregate principal amount of $100 million. On December 28, 2022, HEI drew $35 million on the term loan and on March 31, 2023, HEI drew the remaining $65 million at an initial interest rate of 5.81% for an initial one month interest period. On May 31, 2023, HEI fully repaid the term loan facility at which time it was terminated. Borrowings under the facility bore interest at Term Secured Overnight Financing Rate (SOFR), as defined in the agreement, plus an applicable margin and a SOFR spread adjustment. The term loan facility contained certain restrictive financial covenants that were substantially the same as the financial covenants contained in the HEI credit facility. Hawaiian Electric term loan . On December 30, 2024, Hawaiian Electric entered into a term loan credit agreement for a $50 million commitment with a stated maturity date of December 29, 2025. Hawaiian Electric drew $50 million on December 30, 2024 at an interest rate of 7.50%. The term loan facility contains certain restrictive financial covenants that are substantially the same as the financial covenants contained in the Hawaiian Electric credit facilities. Credit agreements. On May 14, 2021, HEI and Hawaiian Electric each entered into a separate agreement with a syndicate of nine financial institutions (the HEI Facility and Hawaiian Electric Facility, respectively, and together, the Credit Facilities) to amend and restate their respective previously existing revolving unsecured credit agreements. The $175 million HEI Facility’s initial termination date was May 14, 2026. The $200 million Hawaiian Electric Facility’s initial termination date was May 13, 2022, but on February 18, 2022, the PUC approved Hawaiian Electric’s request to extend the term of the $200 million Hawaiian Electric Facility to May 14, 2026. In addition to extending the term, Hawaiian Electric also received PUC approval to exercise its options of two one-year extensions of the commitment termination date and to increase its aggregate revolving commitment amount from $200 million to $275 million, should there be a need. On April 21, 2023, HEI and Hawaiian Electric executed Amendment No. 1 to the Credit Facilities (Amendment). The Amendment was executed to reflect the transition from the London Inter-Bank Offered Rate (LIBOR) to the Term SOFR as the benchmark interest rate for non-Alternate Base Rate (ABR) Loans under the Credit Facilities. On May 14, 2023, HEI and Hawaiian Electric exercised their first of two, one-year extensions to the commitment termination date with eight of the nine financial institutions to extend the Credit Facilities to May 14, 2027. The committed capacities under the HEI Facility and Hawaiian Electric Facility are $175 million and $200 million, respectively, through May 14, 2026, and step down to approximately $157 million and $180 million, respectively, through May 14, 2027 (see Note 7). In August 2023, HEI and Hawaiian Electric drew the full committed capacity on their respective existing revolving credit facilities, totaling $175 million and $200 million, respectively. The draws were made to provide access to liquidity and support the Company’s restoration efforts on Maui. The cash proceeds were primarily invested in highly liquid short-term investments, and for general corporate purposes. None of the facilities are collateralized. As of December 31, 2024 and 2023, HEI had $173 million and $175 million drawn on its revolving facility, respectively. As of December 31, 2024 and 2023, Hawaiian Electric had $166 million and $200 million drawn on its revolving facility, respectively. Under the Credit Facilities, draws generally bear interest, based on each company’s respective current long-term credit ratings, at the “Adjusted Term SOFR Rate,” as defined in the Credit Facilities, plus 175.0 basis points for HEI and Hawaiian Electric, and incur annual fees on undrawn commitments, excluding swingline borrowings, at the rate of 30.0 basis points for HEI and Hawaiian Electric. Additionally, the Credit Facilities contain provisions for pricing adjustments in the event of a long-term ratings change based on the respective Facility’s ratings-based pricing grid, which includes the ratings by Fitch, Moody’s and S&P. The Credit Facilities do not contain clauses that would affect access to the Credit Facilities by reason of a ratings downgrade, nor do they have broad “material adverse change” clauses. In addition, the Credit Facilities contain provisions for potential annual pricing adjustments to the Term Benchmark or Alternate Base Rate margin on draws and fees on undrawn commitments of up to +/-5 basis points and +/-1 basis point, respectively, based on performance against certain sustainability-linked metrics. The sustainability-linked metrics include achievement of renewable portfolio standards in excess of statutory requirements and increasing cumulative penetration of installed MWs of photovoltaic systems on residential rooftops. The Credit Facilities also include updated terms and conditions customary for facilities of this type and contain customary conditions that must be met in order to draw on them, including compliance with covenants (such as covenants preventing HEI’s and Hawaiian Electric’s respective subsidiaries from entering into agreements that restrict the ability of such subsidiaries to pay dividends to, or to repay borrowings from, HEI or Hawaiian Electric, as applicable; and a covenant in Hawaiian Electric’s facility restricting Hawaiian Electric’s ability, as well as the ability of any of its subsidiaries, to guarantee additional indebtedness of the subsidiaries if such additional debt would cause the subsidiary’s “Consolidated Subsidiary Funded Debt to Capitalization Ratio” (as defined in the Hawaiian Electric Facility) to exceed 65%). Under the HEI Facility, it is an event of default if HEI fails to maintain an unconsolidated “Capitalization Ratio” (funded debt) (as defined in the HEI Facility) of 50% or less or if HEI sells Hawaiian Electric. Under the Hawaiian Electric Facility, it is an event of default if Hawaiian Electric fails to maintain a “Consolidated Capitalization Ratio” (equity) (as defined in the Hawaiian Electric Facility) of at least 35%, or if Hawaiian Electric is no longer owned by HEI. Under the HEI and Hawaiian Electric Intercompany Borrowing and Investment Policy effective January 1, 2020 (the Intercompany Borrowing Policy), HEI has committed to make revolving short-term loans to Hawaiian Electric pursuant to the terms set forth in the standing commitment letter dated December 6, 2024 (the 2024 Commitment Letter). For loans that mature on or before December 5, 2025, the 2024 Commitment Letter provides a borrowing limit of $75 million outstanding at any time and the applicable interest rate. Hawaiian Electric currently has no borrowings under the Intercompany Borrowing Policy and the 2024 Commitment Letter. Asset-based lending facility credit agreement . On May 17, 2024, Hawaiian Electric, through a special-purpose subsidiary, entered into an asset-based lending facility (ABL Facility) credit agreement (ABL Credit Facility Agreement) with several banks, which, subject to the limitations and conditions set forth in such agreement, including approval by the PUC, allows borrowings of up to $250 million on a revolving basis using certain accounts receivable as collateral. Hawaiian Electric filed an application with the PUC for approval to (i) sell accounts receivable, and (ii) establish a long-term credit facility. The first approval would allow the ABL Credit Facility Agreement to become effective for 364 days and the second approval would extend the term of the ABL Credit Facility Agreement from 364 days to three years. The ABL Credit Facility Agreement has an initial term of 364 days, with an automatic extension to three years upon receipt of the second PUC approval, with three separate options to extend one The amount that could be borrowed is temporarily limited due to the accrual of the wildfire tort-related claims, which reduces the amount of additional debt that could be incurred before exceeding certain financial covenants. The amount that could be drawn as of December 31, 2024 was approximately $150 million and will increase over time as earnings are generated and when HEI contributes equity related to the settlement payments or for capital expenditures.

Long-term debt

Long-term debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term debt	Note 7 · Long-term debt December 31 2024 2023 (dollars in thousands) Long-term debt of Utilities, net of unamortized debt issuance costs 1 $ 1,901,214 $ 1,934,277 HEI 4.58% senior notes, due 2025 50,000 50,000 HEI 4.72% senior notes, due 2028 100,000 100,000 HEI 2.82% senior notes, due 2028 24,000 24,000 HEI 2.48% senior notes, due 2028 30,000 30,000 HEI 6.04% senior notes, due 2028 39,000 39,000 HEI 2.98% senior notes, due 2030 50,000 50,000 HEI 3.15% senior notes, due 2031 51,000 51,000 HEI 2.78% senior notes, due 2031 25,000 25,000 HEI 2.98% senior notes, due 2032 30,000 30,000 HEI 5.43% senior notes, due 2032 75,000 75,000 HEI 6.10% senior notes, due 2033 61,000 61,000 HEI 5.43% senior notes, due 2034 35,000 35,000 HEI 3.74% senior notes, due 2051 20,000 20,000 HEI 3.94% senior notes, due 2052 20,000 20,000 Hamakua Energy 4.02% non-recourse notes, due 2030 2 39,026 44,855 Mauo SOFR + 1.475% loan, paid in 2024 3 — 5,384 Mauo 5.07% non-recourse term loan, due 2034 to 2035 2, 4 20,795 16,962 Kaʻieʻie Waho 2.79% non-recourse loan, due 2031 2 8,517 9,727 Mahipapa 2.14% non-recourse loan, due 2034 to 2036 2, 5 53,263 53,743 Mahipapa 5.625% non-recourse loan, due 2027 2 424 578 HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027 6 173,000 175,000 Less unamortized debt issuance costs and debt discount (6,681) (8,097) Less current portion long-term debt, net of unamortized debt issuance cost (109,171) (16,496) Long term debt, net $ 2,690,387 $ 2,825,933 1 See components of “Total long-term debt” and unamortized debt issuance costs in Hawaiian Electric and subsidiaries’ Consolidated Statements of Capitalization. 2 Secured by real and personal property of the respective entity, including various land parcels, a 60-MW combined cycle facility, photovoltaic and battery storage infrastructure, and a biomass plant. The aggregate net book value of the collateralized property, plant & equipment is approximately $165 million as of December 31, 2024. 3 As of July 1, 2023, LIBOR was replaced by the term SOFR plus the applicable margin of 1.375%, plus an additional 0.10% replacement rate adjustment. On February 8, 2024, the outstanding loan balance was fully paid and the loan was terminated. 4 In February 2024, the final tranche of the non-recourse loan was drawn. The notes bear interest at SOFR plus 1.7%. In connection with the non-recourse notes drawn under the credit agreement, Mauo entered into interest rate swaps that effectively convert the rate on the floating rate notes to fixed rates of 4.91% and 5.10%. As of December 31, 2024, the weighted-average interest rate was 5.07%, and as of December 31, 2023, the fixed rate was 4.91%. 5 As of December 31, 2024 and 2023, the weighted-average interest rate was 2.14% and 1.90%, respectively. 6 The interest rate is based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment. As of December 31, 2024 and 2023, the weighted-average interest rate was 6.89% and 7.19%, respectively. As of December 31, 2024, the aggregate principal payments required on the Company’s long-term debt for 2025 through 2029 are $110 million in 2025, $153 million in 2026, $435 million in 2027, $274 million in 2028 and $51 million in 2029. As of December 31, 2024, the aggregate payments of principal required on the Utilities’ long-term debt for 2025 through 2029 are $47 million in 2025, $125 million in 2026, $266 million in 2027, $68 million in 2028 and $35 million in 2029. The HEI term loans and senior notes contain customary representation and warranties, affirmative and negative covenants and events of default (the occurrence of which may result in some or all of the notes then outstanding becoming immediately due and payable). The HEI term loans and senior notes also contain provisions requiring the maintenance by HEI of certain financial ratios generally consistent with those in HEI’s revolving unsecured credit facility, as amended. Upon a change of control or certain dispositions of assets (as defined in the note purchase agreements of the senior notes), HEI is required to offer to prepay the senior notes. The Utilities’ senior notes contain customary representations and warranties, affirmative and negative covenants, and events of default (the occurrence of which may result in some or all of the notes of each and all of the utilities then outstanding becoming immediately due and payable) and provisions requiring the maintenance by Hawaiian Electric, and each of Hawaii Electric Light and Maui Electric, of certain financial ratios generally consistent with those in Hawaiian Electric’s existing, amended revolving unsecured credit agreement. Changes in long-term debt. As of December 31, 2024, HEI and Hawaiian Electric were in compliance with all applicable financial covenants. HEI and Hawaiian Electric’s Credit Facilities. See Note 6 for more information. Mahipapa non-recourse loan . In March 2024, a fire destroyed the cooling tower at the Mahipapa facility on Kauai. The fire was ignited from a vendor’s welding activities being performed on the cooling tower during its scheduled maintenance. As a result, the lender granted Mahipapa a deferral of three scheduled (July, September and December 2024) principal and interest payments totaling $5 million. The deferred payments will be repaid in quarterly payments commencing in March 2025. The facility was restarted in December 2024.

Shareholders' equity

Shareholders' equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Shareholders' equity	Note 8 · Shareholders’ equity Reserved shares. As of December 31, 2024, HEI had a total of 27.5 million of authorized and unissued shares of common stock available for future issuance under the HEI Dividend Reinvestment and Stock Purchase Plan (DRIP), the Hawaiian Electric Industries Retirement Savings Plan (HEIRSP), the HEI 2011 Nonemployee Director Stock Plan, the 2010 Equity and Incentive Plan, as amended, and at-the-market offering program. Accumulated other comprehensive income/(loss). Changes in the balances of each component of AOCI were as follows: HEI Consolidated Hawaiian Electric Consolidated (in thousands) Net unrealized gains (losses) on securities Unrealized gains (losses) on derivatives Retirement benefit plans AOCI AOCI-Retirement benefit plans Balance, December 31, 2021 $ (32,037) $ (3,638) $ (16,858) $ (52,533) $ (3,280) Current period other comprehensive income (loss) and reclassifications, net of taxes (296,867) 5,629 7,743 (283,495) 6,141 Balance, December 31, 2022 (328,904) 1,991 (9,115) (336,028) 2,861 Current period other comprehensive income (loss) and reclassifications, net of taxes 45,941 (353) 1,090 46,678 (12) Balance, December 31, 2023 (282,963) 1,638 (8,025) (289,350) 2,849 Current period other comprehensive income (loss) and reclassifications, net of taxes 1,785 482 917 3,184 (63) Discontinued operations 281,178 — 8,449 289,627 — Balance, December 31, 2024 $ — $ 2,120 $ 1,341 $ 3,461 $ 2,786 Reclassifications out of AOCI were as follows: Amount reclassified from AOCI Affected line item in the Statement of Years ended December 31 2024 2023 2022 (in thousands) HEI consolidated Available-for sale investment securities: Net realized losses on securities included in net income $ — $ 10,954 $ — Assets of discontinued operations Amortization of unrealized holding losses on held-to-maturity securities 13,012 14,398 3,993 Income (loss) from discontinued operations Net realized losses (gains) on derivatives qualifying as cash flow hedges (201) (186) 172 Interest expense Retirement benefit plans: Amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost (1,730) (1,560) 19,659 See Note 11 for additional details Impact of D&Os of the PUC included in regulatory assets (63,708) (8,204) (199,936) See Note 11 for additional details Total reclassifications $ (52,627) $ 15,402 $ (176,112) Hawaiian Electric consolidated Retirement benefit plans: Amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost $ (2,035) $ (1,983) $ 18,884 See Note 11 for additional details Impact of D&Os of the PUC included in regulatory assets (63,708) (8,204) (199,936) See Note 11 for additional details Total reclassifications $ (65,743) $ (10,187) $ (181,052)

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Note 9 · Leases The Company leases certain real estate and equipment for various terms under long -term lease agreements. The agreements expire at various dates through 2054 and provide for renewal options up to 10 years. The periods associated with the renewal options are excluded for the purpose of determining the lease term unless the exercise of the renewal option is reasonably certain. In the normal course of business, it is expected that many of these agreements will be replaced by similar agreements. Certain real estate leases require the Company to pay for operating expenses such as common area maintenance, real estate taxes and insurance, which are recognized as variable lease expense when incurred and are not included in the measurement of the lease liability. The Company elected the short-term lease recognition exemption for all of its leases that qualify, and accordingly, does not recognize lease liabilities and ROU assets for all leases that have lease terms that are 12 months or less. The amounts related to short-term leases are not material. The Company elected the practical expedient to not separate lease and non-lease components for its real estate and equipment and fossil fuel and renewable energy PPAs and to s eparate lease components from non-lease components for renewable energy plus battery storage PPAs. T he Utilities contract with independent power producers to supply energy under long-term power purchase agreements. Certain PPAs are treated as operating leases under the lease standard because the Company elected the practical expedient package under which prior conclusions about lease identification were not reassessed. The fixed capacity payments under the PPAs are included in the lease liability, while the variable lease payments (e.g., payments based on kWh) are excluded from the lease liability. Several as-available PPAs have variable-only payment terms based on production. For PPAs with no minimum lease payments, the Utilities do not recognize any lease liabilities or ROU assets, and the related costs are reported as variable lease costs. The Utilities’ lease payments for each operating lease agreement were discounted using its estimated unsecured borrowing rates for the appropriate term, increased for the estimated impact of collateral, which is an increase of approximately 500 basis points. The Utilities account for the battery portion of renewable energy plus storage and energy storage PPAs as leases at their commencement dates. As of December 31, 2024, the Utilities recognized additional finance lease liabilities with corresponding ROU assets of $104.9 million, including AES West Oahu Solar, AES Kuihelani Solar and Kupono Solar project that began commercial operations during the year. The timing of the Utilities’ recognition of the expense conforms to ratemaking treatment for the Utilities’ recovery of the cost of electricity and is included in purchased power for the interest and amortization of financing leases related to PPAs. Any material differences between expense recognition and timing of payments are deferred as a regulatory asset or liability in order to match what is being recovered for ratemaking purposes. Amounts related to the Company’s total lease cost and cash flows arising from lease transactions are as follows: HEI consolidated Hawaiian Electric consolidated Year ended December 31, 2024 Other leases PPAs classified as leases Total Other leases PPAs classified as leases Total (dollars in thousands) Operating lease cost $ 13,736 $ 4,163 $ 17,899 $ 12,821 $ 4,163 $ 16,984 Variable lease cost 5,378 222,189 227,567 5,191 222,189 227,380 Sublease income (3,280) — (3,280) (3,280) — (3,280) Total operating lease cost $ 15,834 $ 226,352 $ 242,186 $ 14,732 $ 226,352 $ 241,084 Finance lease costs: Amortization of right-of-use assets $ 574 $ 19,498 $ 20,072 $ — $ 19,498 $ 19,498 Interest on lease liabilities 33 32,344 32,377 — 32,344 32,344 Total finance lease cost $ 607 $ 51,842 $ 52,449 $ — $ 51,842 $ 51,842 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 15,604 $ 3,871 $ 19,475 $ 14,739 $ 3,871 $ 18,610 Operating cash flows from finance leases 33 30,939 30,972 — 30,939 30,939 Financing cash flows from finance leases 559 4,119 4,678 — 4,119 4,119 Weighted-average remaining lease term (in years): Operating leases 8.2 3.0 7.2 6.4 3.0 5.6 Finance leases 3.7 19.9 19.9 — 19.9 19.9 Weighted-average discount rate: Operating leases 3.08 % 8.78 % 4.11 % 2.95 % 8.78 % 4.21 % Finance leases 2.23 % 8.50 % 8.49 % — 8.50 % 8.50 % HEI consolidated Hawaiian Electric consolidated Year ended December 31, 2023 Other leases PPAs classified as leases Total Other leases PPAs classified as leases Total (dollars in thousands) Operating lease cost $ 16,853 $ 4,071 $ 20,924 $ 15,947 $ 4,071 $ 20,018 Variable lease cost 5,813 202,556 208,369 5,605 202,556 208,161 Sublease income (3,031) — (3,031) (3,031) — (3,031) Total operating lease cost $ 19,635 $ 206,627 $ 226,262 $ 18,521 $ 206,627 $ 225,148 Finance lease costs: Amortization of right-of-use assets $ 390 $ 5,591 $ 5,981 $ — $ 5,591 $ 5,591 Interest on lease liabilities 32 6,350 6,382 — 6,350 6,350 Total finance lease cost $ 422 $ 11,941 $ 12,363 $ — $ 11,941 $ 11,941 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18,560 $ 4,071 $ 22,631 $ 17,729 $ 4,071 $ 21,800 Operating cash flows from finance leases 32 6,350 6,382 — 6,350 6,350 Financing cash flows from finance leases 391 3,128 3,519 — 3,128 3,128 Weighted-average remaining lease term (in years): Operating leases 8.3 4.0 7.5 6.8 4.0 6.3 Finance leases 1.5 20.1 20.0 — 20.1 20.1 Weighted-average discount rate: Operating leases 3.03 % 3.50 % 3.11 % 2.92 % 3.50 % 3.03 % Finance leases 3.77 % 8.18 % 8.18 % — 8.18 % 8.18 % The following table summarizes the maturity of our operating lease liabilities as of December 31, 2024: HEI consolidated Hawaiian Electric consolidated (in millions) Other leases PPAs classified as leases Total Other leases PPAs classified as leases Total 2025 $ 13 $ 5 $ 18 $ 12 $ 5 $ 17 2026 13 5 18 12 5 17 2027 7 5 12 6 5 11 2028 5 — 5 5 — 5 2029 5 — 5 5 — 5 Thereafter 24 — 24 16 — 16 Total lease payments 67 15 82 56 15 71 Less: Imputed interest (9) (2) (11) (5) (2) (7) Total present value of lease payments 1 $ 58 $ 13 $ 71 $ 51 $ 13 $ 64 1 The fixed capacity payment related to the existing PPA with PGV, which will expire on December 31, 2027, is included as a lease liability as of December 31, 2024. The annual capacity payment based on the most recent accepted output is approximately $5.2 million for 2025. The lease liability will be remeasured when PGV ramps back up to the original contracted firm capacity. The following table summarizes the maturity of our finance lease liabilities for PPAs as of December 31, 2024: HEI consolidated Hawaiian Electric consolidated (in millions) PPAs classified as leases PPAs classified as leases 2025 $ 45 $ 45 2026 45 45 2027 45 45 2028 45 45 2029 45 45 Thereafter 672 672 Total lease payments 897 897 Less: Imputed interest (462) (462) Total present value of lease payments $ 435 $ 435 Note: Other finance leases are not material.
Leases	Note 9 · Leases The Company leases certain real estate and equipment for various terms under long -term lease agreements. The agreements expire at various dates through 2054 and provide for renewal options up to 10 years. The periods associated with the renewal options are excluded for the purpose of determining the lease term unless the exercise of the renewal option is reasonably certain. In the normal course of business, it is expected that many of these agreements will be replaced by similar agreements. Certain real estate leases require the Company to pay for operating expenses such as common area maintenance, real estate taxes and insurance, which are recognized as variable lease expense when incurred and are not included in the measurement of the lease liability. The Company elected the short-term lease recognition exemption for all of its leases that qualify, and accordingly, does not recognize lease liabilities and ROU assets for all leases that have lease terms that are 12 months or less. The amounts related to short-term leases are not material. The Company elected the practical expedient to not separate lease and non-lease components for its real estate and equipment and fossil fuel and renewable energy PPAs and to s eparate lease components from non-lease components for renewable energy plus battery storage PPAs. T he Utilities contract with independent power producers to supply energy under long-term power purchase agreements. Certain PPAs are treated as operating leases under the lease standard because the Company elected the practical expedient package under which prior conclusions about lease identification were not reassessed. The fixed capacity payments under the PPAs are included in the lease liability, while the variable lease payments (e.g., payments based on kWh) are excluded from the lease liability. Several as-available PPAs have variable-only payment terms based on production. For PPAs with no minimum lease payments, the Utilities do not recognize any lease liabilities or ROU assets, and the related costs are reported as variable lease costs. The Utilities’ lease payments for each operating lease agreement were discounted using its estimated unsecured borrowing rates for the appropriate term, increased for the estimated impact of collateral, which is an increase of approximately 500 basis points. The Utilities account for the battery portion of renewable energy plus storage and energy storage PPAs as leases at their commencement dates. As of December 31, 2024, the Utilities recognized additional finance lease liabilities with corresponding ROU assets of $104.9 million, including AES West Oahu Solar, AES Kuihelani Solar and Kupono Solar project that began commercial operations during the year. The timing of the Utilities’ recognition of the expense conforms to ratemaking treatment for the Utilities’ recovery of the cost of electricity and is included in purchased power for the interest and amortization of financing leases related to PPAs. Any material differences between expense recognition and timing of payments are deferred as a regulatory asset or liability in order to match what is being recovered for ratemaking purposes. Amounts related to the Company’s total lease cost and cash flows arising from lease transactions are as follows: HEI consolidated Hawaiian Electric consolidated Year ended December 31, 2024 Other leases PPAs classified as leases Total Other leases PPAs classified as leases Total (dollars in thousands) Operating lease cost $ 13,736 $ 4,163 $ 17,899 $ 12,821 $ 4,163 $ 16,984 Variable lease cost 5,378 222,189 227,567 5,191 222,189 227,380 Sublease income (3,280) — (3,280) (3,280) — (3,280) Total operating lease cost $ 15,834 $ 226,352 $ 242,186 $ 14,732 $ 226,352 $ 241,084 Finance lease costs: Amortization of right-of-use assets $ 574 $ 19,498 $ 20,072 $ — $ 19,498 $ 19,498 Interest on lease liabilities 33 32,344 32,377 — 32,344 32,344 Total finance lease cost $ 607 $ 51,842 $ 52,449 $ — $ 51,842 $ 51,842 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 15,604 $ 3,871 $ 19,475 $ 14,739 $ 3,871 $ 18,610 Operating cash flows from finance leases 33 30,939 30,972 — 30,939 30,939 Financing cash flows from finance leases 559 4,119 4,678 — 4,119 4,119 Weighted-average remaining lease term (in years): Operating leases 8.2 3.0 7.2 6.4 3.0 5.6 Finance leases 3.7 19.9 19.9 — 19.9 19.9 Weighted-average discount rate: Operating leases 3.08 % 8.78 % 4.11 % 2.95 % 8.78 % 4.21 % Finance leases 2.23 % 8.50 % 8.49 % — 8.50 % 8.50 % HEI consolidated Hawaiian Electric consolidated Year ended December 31, 2023 Other leases PPAs classified as leases Total Other leases PPAs classified as leases Total (dollars in thousands) Operating lease cost $ 16,853 $ 4,071 $ 20,924 $ 15,947 $ 4,071 $ 20,018 Variable lease cost 5,813 202,556 208,369 5,605 202,556 208,161 Sublease income (3,031) — (3,031) (3,031) — (3,031) Total operating lease cost $ 19,635 $ 206,627 $ 226,262 $ 18,521 $ 206,627 $ 225,148 Finance lease costs: Amortization of right-of-use assets $ 390 $ 5,591 $ 5,981 $ — $ 5,591 $ 5,591 Interest on lease liabilities 32 6,350 6,382 — 6,350 6,350 Total finance lease cost $ 422 $ 11,941 $ 12,363 $ — $ 11,941 $ 11,941 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18,560 $ 4,071 $ 22,631 $ 17,729 $ 4,071 $ 21,800 Operating cash flows from finance leases 32 6,350 6,382 — 6,350 6,350 Financing cash flows from finance leases 391 3,128 3,519 — 3,128 3,128 Weighted-average remaining lease term (in years): Operating leases 8.3 4.0 7.5 6.8 4.0 6.3 Finance leases 1.5 20.1 20.0 — 20.1 20.1 Weighted-average discount rate: Operating leases 3.03 % 3.50 % 3.11 % 2.92 % 3.50 % 3.03 % Finance leases 3.77 % 8.18 % 8.18 % — 8.18 % 8.18 % The following table summarizes the maturity of our operating lease liabilities as of December 31, 2024: HEI consolidated Hawaiian Electric consolidated (in millions) Other leases PPAs classified as leases Total Other leases PPAs classified as leases Total 2025 $ 13 $ 5 $ 18 $ 12 $ 5 $ 17 2026 13 5 18 12 5 17 2027 7 5 12 6 5 11 2028 5 — 5 5 — 5 2029 5 — 5 5 — 5 Thereafter 24 — 24 16 — 16 Total lease payments 67 15 82 56 15 71 Less: Imputed interest (9) (2) (11) (5) (2) (7) Total present value of lease payments 1 $ 58 $ 13 $ 71 $ 51 $ 13 $ 64 1 The fixed capacity payment related to the existing PPA with PGV, which will expire on December 31, 2027, is included as a lease liability as of December 31, 2024. The annual capacity payment based on the most recent accepted output is approximately $5.2 million for 2025. The lease liability will be remeasured when PGV ramps back up to the original contracted firm capacity. The following table summarizes the maturity of our finance lease liabilities for PPAs as of December 31, 2024: HEI consolidated Hawaiian Electric consolidated (in millions) PPAs classified as leases PPAs classified as leases 2025 $ 45 $ 45 2026 45 45 2027 45 45 2028 45 45 2029 45 45 Thereafter 672 672 Total lease payments 897 897 Less: Imputed interest (462) (462) Total present value of lease payments $ 435 $ 435 Note: Other finance leases are not material.
Leases	Note 9 · Leases The Company leases certain real estate and equipment for various terms under long -term lease agreements. The agreements expire at various dates through 2054 and provide for renewal options up to 10 years. The periods associated with the renewal options are excluded for the purpose of determining the lease term unless the exercise of the renewal option is reasonably certain. In the normal course of business, it is expected that many of these agreements will be replaced by similar agreements. Certain real estate leases require the Company to pay for operating expenses such as common area maintenance, real estate taxes and insurance, which are recognized as variable lease expense when incurred and are not included in the measurement of the lease liability. The Company elected the short-term lease recognition exemption for all of its leases that qualify, and accordingly, does not recognize lease liabilities and ROU assets for all leases that have lease terms that are 12 months or less. The amounts related to short-term leases are not material. The Company elected the practical expedient to not separate lease and non-lease components for its real estate and equipment and fossil fuel and renewable energy PPAs and to s eparate lease components from non-lease components for renewable energy plus battery storage PPAs. T he Utilities contract with independent power producers to supply energy under long-term power purchase agreements. Certain PPAs are treated as operating leases under the lease standard because the Company elected the practical expedient package under which prior conclusions about lease identification were not reassessed. The fixed capacity payments under the PPAs are included in the lease liability, while the variable lease payments (e.g., payments based on kWh) are excluded from the lease liability. Several as-available PPAs have variable-only payment terms based on production. For PPAs with no minimum lease payments, the Utilities do not recognize any lease liabilities or ROU assets, and the related costs are reported as variable lease costs. The Utilities’ lease payments for each operating lease agreement were discounted using its estimated unsecured borrowing rates for the appropriate term, increased for the estimated impact of collateral, which is an increase of approximately 500 basis points. The Utilities account for the battery portion of renewable energy plus storage and energy storage PPAs as leases at their commencement dates. As of December 31, 2024, the Utilities recognized additional finance lease liabilities with corresponding ROU assets of $104.9 million, including AES West Oahu Solar, AES Kuihelani Solar and Kupono Solar project that began commercial operations during the year. The timing of the Utilities’ recognition of the expense conforms to ratemaking treatment for the Utilities’ recovery of the cost of electricity and is included in purchased power for the interest and amortization of financing leases related to PPAs. Any material differences between expense recognition and timing of payments are deferred as a regulatory asset or liability in order to match what is being recovered for ratemaking purposes. Amounts related to the Company’s total lease cost and cash flows arising from lease transactions are as follows: HEI consolidated Hawaiian Electric consolidated Year ended December 31, 2024 Other leases PPAs classified as leases Total Other leases PPAs classified as leases Total (dollars in thousands) Operating lease cost $ 13,736 $ 4,163 $ 17,899 $ 12,821 $ 4,163 $ 16,984 Variable lease cost 5,378 222,189 227,567 5,191 222,189 227,380 Sublease income (3,280) — (3,280) (3,280) — (3,280) Total operating lease cost $ 15,834 $ 226,352 $ 242,186 $ 14,732 $ 226,352 $ 241,084 Finance lease costs: Amortization of right-of-use assets $ 574 $ 19,498 $ 20,072 $ — $ 19,498 $ 19,498 Interest on lease liabilities 33 32,344 32,377 — 32,344 32,344 Total finance lease cost $ 607 $ 51,842 $ 52,449 $ — $ 51,842 $ 51,842 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 15,604 $ 3,871 $ 19,475 $ 14,739 $ 3,871 $ 18,610 Operating cash flows from finance leases 33 30,939 30,972 — 30,939 30,939 Financing cash flows from finance leases 559 4,119 4,678 — 4,119 4,119 Weighted-average remaining lease term (in years): Operating leases 8.2 3.0 7.2 6.4 3.0 5.6 Finance leases 3.7 19.9 19.9 — 19.9 19.9 Weighted-average discount rate: Operating leases 3.08 % 8.78 % 4.11 % 2.95 % 8.78 % 4.21 % Finance leases 2.23 % 8.50 % 8.49 % — 8.50 % 8.50 % HEI consolidated Hawaiian Electric consolidated Year ended December 31, 2023 Other leases PPAs classified as leases Total Other leases PPAs classified as leases Total (dollars in thousands) Operating lease cost $ 16,853 $ 4,071 $ 20,924 $ 15,947 $ 4,071 $ 20,018 Variable lease cost 5,813 202,556 208,369 5,605 202,556 208,161 Sublease income (3,031) — (3,031) (3,031) — (3,031) Total operating lease cost $ 19,635 $ 206,627 $ 226,262 $ 18,521 $ 206,627 $ 225,148 Finance lease costs: Amortization of right-of-use assets $ 390 $ 5,591 $ 5,981 $ — $ 5,591 $ 5,591 Interest on lease liabilities 32 6,350 6,382 — 6,350 6,350 Total finance lease cost $ 422 $ 11,941 $ 12,363 $ — $ 11,941 $ 11,941 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18,560 $ 4,071 $ 22,631 $ 17,729 $ 4,071 $ 21,800 Operating cash flows from finance leases 32 6,350 6,382 — 6,350 6,350 Financing cash flows from finance leases 391 3,128 3,519 — 3,128 3,128 Weighted-average remaining lease term (in years): Operating leases 8.3 4.0 7.5 6.8 4.0 6.3 Finance leases 1.5 20.1 20.0 — 20.1 20.1 Weighted-average discount rate: Operating leases 3.03 % 3.50 % 3.11 % 2.92 % 3.50 % 3.03 % Finance leases 3.77 % 8.18 % 8.18 % — 8.18 % 8.18 % The following table summarizes the maturity of our operating lease liabilities as of December 31, 2024: HEI consolidated Hawaiian Electric consolidated (in millions) Other leases PPAs classified as leases Total Other leases PPAs classified as leases Total 2025 $ 13 $ 5 $ 18 $ 12 $ 5 $ 17 2026 13 5 18 12 5 17 2027 7 5 12 6 5 11 2028 5 — 5 5 — 5 2029 5 — 5 5 — 5 Thereafter 24 — 24 16 — 16 Total lease payments 67 15 82 56 15 71 Less: Imputed interest (9) (2) (11) (5) (2) (7) Total present value of lease payments 1 $ 58 $ 13 $ 71 $ 51 $ 13 $ 64 1 The fixed capacity payment related to the existing PPA with PGV, which will expire on December 31, 2027, is included as a lease liability as of December 31, 2024. The annual capacity payment based on the most recent accepted output is approximately $5.2 million for 2025. The lease liability will be remeasured when PGV ramps back up to the original contracted firm capacity. The following table summarizes the maturity of our finance lease liabilities for PPAs as of December 31, 2024: HEI consolidated Hawaiian Electric consolidated (in millions) PPAs classified as leases PPAs classified as leases 2025 $ 45 $ 45 2026 45 45 2027 45 45 2028 45 45 2029 45 45 Thereafter 672 672 Total lease payments 897 897 Less: Imputed interest (462) (462) Total present value of lease payments $ 435 $ 435 Note: Other finance leases are not material.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Note 10 · Revenues Revenue from contracts with customers. The revenues subject to ASC Topic 606 include the Utilities’ electric energy sales revenue as further described below. Electric Utilities . Electric energy sales. Electric energy sales represent revenues from the generation and transmission of electricity to customers under tariffs approved by the PUC. Transaction pricing for electricity is determined and approved by the PUC for each rate class and includes revenues from the base electric charges, which are composed of (1) the customer, demand, energy, and minimum charges, and (2) the power factor, service voltage, and other adjustments as provided in each rate and rate rider schedule. Electric energy sales also represent contract rate charge from the generation and transmission of electricity to the Army. The monthly pricing is recalculated on an annual basis based on actual costs, approved by the Army. The Utilities satisfy performance obligations of electric energy sales over time, i.e., the Utilities generate and transfer control of the electricity over time as the customer simultaneously receives and consumes the benefits provided by the Utilities’ performance. Payments from customers are generally due within 30 days from the end of the billing period. As electric bills to customers reflect the amount that corresponds directly with the value of the Utilities’ performance to date, the Utilities have elected to use the right to invoice practical expedient, which entitles them to recognize revenue in the amount they have the right to invoice. The Utilities’ revenues include amounts for recovery of various Hawaii state revenue taxes. Revenue taxes are generally recorded as an expense in the year the related revenues are recognized. For 2024, 2023 and 2022, the Utilities’ revenues include recovery of revenue taxes of approximately $285 million, $291 million and $303 million, respectively, which amounts are in “Taxes, other than income taxes” expense. However, the Utilities pay revenue taxes to the taxing authorities based on (1) the prior year’s billed revenues (in the case of public service company taxes and PUC fees) in the current year or (2) the current year’s cash collections from electric sales (in the case of franchise taxes) after year end. As of December 31, 2024 and 2023, the Utilities had recorded $178 million and $182 million, respectively, in “Taxes accrued, including revenue taxes” on the Utilities’ consolidated balance sheet for amounts previously collected from customers or accrued for public service company taxes and PUC fees, net of amounts paid to the taxing authorities. Such amounts will be used to pay public service company taxes and PUC fees owed for the following year. All Other . All Other sales. Other sales primarily consist of revenues from the generation and sale of renewable energy at fixed contractual prices per kWh to customers under power purchase agreements by Pacific Current subsidiaries. The performance obligation is satisfied over time as renewable energy is generated and control is transferred to the customer that simultaneously receives and consumes the benefits provided. Payments from customers are generally due within 30 days from the end of the billing period. The bill to customers reflects the amount that corresponds directly with the value of performance to date. Pacific Current has elected to use the right to invoice practical expedient, which entitles it to recognize revenue in the amount they have the right to invoice. Revenues from other sources. Revenues from other sources not subject to ASC Topic 606 are accounted for as follows: Electric Utilities . Regulatory revenues . Regulatory revenues primarily consist of revenues from the decoupling mechanism and cost recovery surcharges. Decoupling mechanism - Under the current decoupling mechanism, the Utilities are allowed to recover or obligated to refund the difference between actual revenue and the target revenue as determined by the PUC, collect annual revenue adjustment mechanism (ARA) and exceptional project recovery mechanism revenues, and recover or refund performance incentive mechanism penalties or rewards. These adjustments will be reflected in tariffs in future periods. Under the PBR framework, the accrued RBA revenues as of the preceding September 30 balance and the annual ARA amount are billed from January 1 through December 31 of each year, which is within 24 months following the end of the year in which they are recorded as required by the accounting standard for alternative revenue programs (see “Regulatory proceedings” in Note 4). Cost recovery surcharges - For the timely recovery of additional costs incurred, and reconciliation of costs and expenses included in tariffed rates, the Utilities recognize revenues under surcharge mechanisms approved by the PUC. These will be reflected in tariffs in future periods (e.g., ECRC and PPAC). Since revenue adjustments discussed above resulted from either agreements with the PUC or change in tax law, rather than contracts with customers, they are not subject to the scope of ASC Topic 606. Also, see Notes 1, 4 and 13 of the Consolidated Financial Statements. The Utilities have elected to present these revenue adjustments on a gross basis, which results in the amounts being billed to customers presented in revenues from contracts with customers and the amortization of the related regulatory asset/liability as revenues from other sources. Depending on whether the previous deferral balance being amortized was a regulatory asset or regulatory liability, and depending on the size and direction of the current year deferral of surcharges and/or refunds to customers, it could result in negative regulatory revenue during the year. Utility pole attachment fees . These fees primarily represent revenues from third-party companies for their access to and shared use of Utilities-owned poles through licensing agreements. As the shared portion of the utility pole is functionally dependent on the rest of the structure, no distinct goods appear to exist. Therefore, these fees are not subject to the scope of ASC Topic 606, but recognized in accordance with ASC Topic 610, Other Income . Army privatization extraordinary O&M (EOM) fees. The monthly EOM fee provides the recovery of the incremental extraordinary O&M costs not covered under the standard utility services. The nature of the work related to transitional period revenue and monthly EOM fees do not represent the Utilities’ ongoing major or central operations (i.e., generating, and transmission and distribution of electricity) and is provided specifically for the arrangement between the Utilities and the Army. Therefore, these revenues are not subject to the scope of ASC Topic 606, but recognized in accordance with ASC Topic 610, Other Income . Revenue disaggregation. The following tables disaggregate revenues by major source, timing of revenue recognition, and segment: Year ended December 31, 2024 Year ended December 31, 2023 (in thousands) Electric utility Other Total Electric utility Other Total Revenues from contracts with customers Electric energy sales - residential $ 1,012,620 $ — $ 1,012,620 $ 1,026,321 $ — $ 1,026,321 Electric energy sales - commercial 1,013,189 — 1,013,189 1,044,045 — 1,044,045 Electric energy sales - large light and power 1,123,884 — 1,123,884 1,141,128 — 1,141,128 Electric energy sales - other 18,682 — 18,682 19,471 — 19,471 Other sales — 11,923 11,923 — 17,540 17,540 Total revenues from contracts with customers 3,168,375 11,923 3,180,298 3,230,965 17,540 3,248,505 Revenues from other sources Regulatory revenue (2,566) — (2,566) 3,708 — 3,708 Other 40,891 1,227 42,118 34,848 442 35,290 Total revenues from other sources 38,325 1,227 39,552 38,556 442 38,998 Total revenues $ 3,206,700 $ 13,150 $ 3,219,850 $ 3,269,521 $ 17,982 $ 3,287,503 Timing of revenue recognition Total revenues from contracts with customers - services/goods transferred over time $ 3,168,375 $ 11,923 $ 3,180,298 $ 3,230,965 $ 17,540 $ 3,248,505 There are no material contract assets or liabilities associated with revenues from contracts with customers existing at December 31, 2024 and 2023. Accounts receivable and unbilled revenues related to contracts with customers represent an unconditional right to consideration since all performance obligations have been satisfied. These amounts are disclosed as “Accounts receivable and unbilled revenues, net” on HEI’s consolidated balance sheets and “Customer accounts receivable, net” and “Accrued unbilled revenues, net” on Hawaiian Electric’s consolidated balance sheets.

Retirement benefits

Retirement benefits	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Retirement benefits	Note 11 · Retirement benefits ASB benefit obligation. As a result of the ASB sale transaction on December 31, 2024, the Company is no longer required to recognize the contractual obligations of ASB retirement plans. Accordingly, ASB’s benefit obligation and AOCI are presented as discontinued operations in the table below. Unless otherwise noted, references within the retirement benefit footnote exclude discontinued operations. Defined benefit plans. Substantially all of the employees of HEI and the Utilities hired on or before December 31, 2021, participate in the Retirement Plan for Employees of Hawaiian Electric Industries, Inc. and Participating Subsidiaries (HEI Pension Plan). The HEI Pension Plan (the Plan) was closed to new employees first hired on or after January 1, 2022. The Plan is a qualified, noncontributory defined benefit pension plan and includes benefits for utility union employees determined in accordance with the terms of the collective bargaining agreements between the Utilities and the union. The Plan is subject to the provisions of ERISA. In addition, some current and former executives and directors of HEI and its subsidiaries participate in noncontributory, nonqualified plans (collectively, Supplemental Plans). In general, benefits are based on the employees’ or directors’ years of service and compensation. The continuation of the Plan and the Supplemental Plans and the payment of any contribution thereunder are not assumed as contractual obligations by the participating employers. The Supplemental Plan for directors has been frozen since 1996. The HEI Supplemental Executive Retirement Plan, Disability, and Death Benefit Plan (noncontributory, nonqualified, defined benefit plans) were frozen as of December 31, 2008. No participants have accrued any benefits under these plans after the respective plan’s freeze and the plans will be terminated at the time all remaining benefits have been paid. The participating employer reserves the right to terminate its participation in the applicable plans at any time, and HEI reserves the right to terminate its plans at any time. If a participating employer terminates its participation in the Plan, the interest of each affected participant would become 100% vested to the extent funded. Upon the termination of the Plan, assets would be distributed to affected participants in accordance with the applicable allocation provisions of ERISA and any excess assets that exist would be paid to the participating employers. Participants’ benefits in the Plan are covered up to certain limits under insurance provided by the Pension Benefit Guaranty Corporation. Postretirement benefits other than pensions. HEI and the Utilities provide eligible employees health and life insurance benefits upon retirement under the Postretirement Welfare Benefits Plan for Employees of Hawaiian Electric Company, Inc. and participating employers (Hawaiian Electric Benefits Plan). Eligibility of employees and dependents is based on eligibility to retire at termination, the retirement date and the date of hire. The plan was amended in 2011, changing eligibility for certain bargaining unit employees hired prior to May 1, 2011, based on new minimum age and service requirements effective January 1, 2012, per the collective bargaining agreement, and certain management employees hired prior to May 1, 2011 based on new eligibility minimum age and service requirements effective January 1, 2012. The minimum age and service requirements for management and bargaining unit employees hired May 1, 2011 and thereafter have increased and their dependents are not eligible to receive postretirement benefits. Employees may be eligible to receive benefits from the HEI Pension Plan but may not be eligible for postretirement welfare benefits if the different eligibility requirements are not met. The executive death benefit plan was frozen on September 10, 2009 for participants at benefit levels as of that date. The Company’s and Utilities’ cost for OPEB has been adjusted to reflect the plan amendments, which reduced benefits and created prior service credits to be amortized over average future service of affected participants. The amortization of the prior service credit will reduce benefit costs until the various credit bases are fully recognized. Each participating employer reserves the right to terminate its participation in the Hawaiian Electric Benefits Plan at any time. Balance sheet recognition of the funded status of retirement plans. Employers must recognize on their balance sheets the funded status of defined benefit pension and other postretirement benefit plans with an offset to AOCI in shareholders’ equity (using the projected benefit obligation (PBO) and accumulated postretirement benefit obligation (APBO), to calculate the funded status). The PUC allowed the Utilities to adopt pension and OPEB tracking mechanisms in previous rate cases. The amount of the net periodic pension cost (NPPC) and net periodic benefits costs (NPBC) to be recovered in rates is established by the PUC in each rate case or as allowed under the PBR Framework (see “Regulatory proceedings” in Note 4). Under the Utilities’ tracking mechanisms, any actual costs determined in accordance with GAAP that are over/under amounts allowed in rates are charged/credited to a regulatory asset/liability. The regulatory asset/liability for each utility will then be amortized over 5 years beginning with the respective utility’s next rate case. Accordingly, all retirement benefit expenses (except for executive life and nonqualified pension plan expenses, which amounted to $0.9 million and $0.7 million in 2024 and 2023, respectively) determined in accordance with GAAP will be recovered. Under the tracking mechanisms, amounts that would otherwise be recorded in AOCI (excluding amounts for executive life and nonqualified pension plans), net of taxes, as well as other pension and OPEB charges, are allowed to be reclassified as a regulatory asset, as those costs will be recovered in rates through the NPPC and NPBC in the future. The Utilities have reclassified to a regulatory asset/(liability) charges for retirement benefits that would otherwise be recorded in AOCI (amounting to the elimination of a potential adjustment to AOCI of $(85.8) million pretax and $(11.1) million pretax for 2024 and 2023, respectively). Under the pension tracking mechanism, the Utilities are required to make contributions to the pension trust in the amount of the actuarially calculated NPPC, except when limited by the ERISA minimum contribution requirements or the maximum contributions imposed by the Internal Revenue Code. Contributions in excess of the calculated NPPC are recorded in a separate regulatory asset. The OPEB tracking mechanisms generally require the Utilities to make contributions to the OPEB trust in the amount of the actuarially calculated NPBC, (excluding amounts for executive life), except when limited by material, adverse consequences imposed by federal regulations. Future decisions in rate cases could further impact funding amounts. Defined benefit pension and other postretirement benefit plans information. The changes in the obligations and assets of the Company’s and Utilities’ retirement benefit plans and the changes in AOCI (gross) for 2024 and 2023 (ASB included in AOCI debit/credit except for December 31, 2024) and the funded status of these plans and amounts related to these plans reflected in the Company’s and Utilities’ consolidated balance sheets as of December 31, 2024 and 2023 were as follows: 2024 2023 (in thousands) Pension Other Pension Other HEI consolidated Benefit obligation, January 1- continuing operations $ 1,951,821 $ 142,909 $ 1,776,060 $ 157,021 Benefit obligation, January 1- discontinued operations 81,157 434 80,705 415 Benefit obligation, January 1 2,032,978 143,343 1,856,765 157,436 Service cost 45,821 1,112 45,228 1,430 Interest cost 101,882 7,365 98,606 8,497 Actuarial loss (gain) (106,453) (9,913) 130,280 (13,863) Participants contributions — 4,024 — 3,542 Benefits paid and expenses (99,494) (13,594) (98,353) (13,718) Change in projected benefit obligations - discontinued operations (81,157) (434) 452 19 Benefit obligation from continuing operations 1,893,577 131,903 1,951,821 142,909 Benefit obligation from discontinued operations — — 81,157 434 Benefit obligation, December 31 1,893,577 131,903 2,032,978 143,343 Fair value of plan, January 1 - continuing operations 1,871,872 207,372 1,707,267 190,547 Fair value of plan, January 1 - discontinued operations 101,667 — 99,112 — Fair value of plan assets, January 1 1,973,539 207,372 1,806,379 190,547 Actual return on plan assets 105,938 19,438 252,998 25,926 Employer contributions 8,778 — 8,274 — Participants contributions — 4,024 — 3,542 Benefits paid and expenses (97,735) (12,944) (96,667) (12,643) Change in plan assets - discontinued operations (101,667) — 2,555 — Fair value of plan assets from continuing operations 1,888,853 217,890 1,871,872 207,372 Fair value of plan assets from discontinued operations — — 101,667 — Fair value of plan assets, December 31 1,888,853 217,890 1,973,539 207,372 Accrued benefit asset (liability) from continuing operations (4,724) 85,987 (79,949) 64,463 Accrued benefit asset (liability) from discontinued operations — — 20,510 (434) Accrued benefit asset (liability), December 31 $ (4,724) $ 85,987 $ (59,439) $ 64,029 Other assets (long-term) $ 20,269 $ 87,066 $ — $ 65,527 Other liabilities (short-term) (1,780) (1,079) (1,757) (1,064) Defined benefit plans liability (23,213) — (78,192) — Accrued benefit asset (liability) from continuing operations (4,724) 85,987 (79,949) 64,463 Accrued benefit asset (liability) from discontinued operations — — 20,510 (434) Accrued benefit asset (liability), December 31 $ (4,724) $ 85,987 $ (59,439) $ 64,029 AOCI debit/(credit), January 1 (excluding impact of PUC D&Os) $ 85,262 $ (49,618) $ 74,418 $ (26,238) Recognized during year – prior service credit — — — 875 Recognized during year – net actuarial gain (loss) (359) 2,898 (182) 1,865 Occurring during year – net actuarial loss (gain) (73,969) (15,401) 12,471 (26,140) Adjustment from discontinued operations (11,897) 142 (1,445) 20 AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 (963) (61,979) 85,262 (49,618) Cumulative impact of PUC D&Os 5,999 55,140 (67,732) 43,066 AOCI debit/(credit), December 31 $ 5,036 $ (6,839) $ 17,530 $ (6,552) Net actuarial loss (gain) $ (963) $ (61,979) $ 85,262 $ (49,618) Prior service gain — — — — AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 (963) (61,979) 85,262 (49,618) Cumulative impact of PUC D&Os 5,999 55,140 (67,732) 43,066 AOCI debit/(credit), December 31 5,036 (6,839) 17,530 (6,552) Income taxes (benefits) (1,297) 1,761 (4,639) 1,689 AOCI debit/(credit), net of taxes (benefits), December 31 $ 3,739 $ (5,078) $ 12,891 $ (4,863) 2024 2023 (in thousands) Pension Other Pension Other Hawaiian Electric consolidated Benefit obligation, January 1 $ 1,888,463 $ 136,572 $ 1,716,125 $ 150,534 Service cost 44,669 1,096 44,143 1,415 Interest cost 98,492 7,039 95,351 8,143 Actuarial loss (gain) (104,692) (9,688) 126,846 (13,721) Participants contributions — 3,951 — 3,473 Benefits paid and expenses (95,785) (12,835) (94,783) (13,272) Transfers (693) (47) 781 — Benefit obligation, December 31 1,830,454 126,088 1,888,463 136,572 Fair value of plan assets, January 1 1,827,285 204,140 1,665,880 187,494 Actual return on plan assets 103,457 19,299 246,976 25,529 Employer contributions 8,733 — 8,252 — Participants contributions — 3,951 — 3,473 Benefits paid and expenses (95,261) (12,600) (94,332) (12,356) Other (538) (47) 509 — Fair value of plan assets, December 31 1,843,676 214,743 1,827,285 204,140 Accrued benefit asset (liability), December 31 $ 13,222 $ 88,655 $ (61,178) $ 67,568 Defined benefit pension and other postretirement benefit plans asset $ 20,164 $ 88,655 $ — $ 67,568 Other liabilities (short-term) (514) — (507) — Defined benefit plans liability (6,428) — (60,671) — Accrued benefit asset (liability), December 31 $ 13,222 $ 88,655 $ (61,178) $ 67,568 AOCI debit/(credit), January 1 (excluding impact of PUC D&Os) $ 69,339 $ (48,510) $ 57,264 $ (25,402) Recognized during year – prior service credit — — — 872 Recognized during year – net actuarial gain (loss) (99) 2,840 (28) 1,827 Occurring during year – net actuarial loss (gain) (73,215) (15,245) 12,103 (25,807) AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 (3,975) (60,915) 69,339 (48,510) Cumulative impact of PUC D&Os 5,999 55,140 (67,732) 43,066 AOCI debit/(credit), December 31 $ 2,024 $ (5,775) $ 1,607 $ (5,444) Net actuarial loss (gain) $ (3,975) $ (60,915) $ 69,339 $ (48,510) Prior service gain — — — — AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 (3,975) (60,915) 69,339 (48,510) Cumulative impact of PUC D&Os 5,999 55,140 (67,732) 43,066 AOCI debit/(credit), December 31 2,024 (5,775) 1,607 (5,444) Income taxes (benefits) (522) 1,487 (414) 1,402 AOCI debit/(credit), net of taxes (benefits), December 31 $ 1,502 $ (4,288) $ 1,193 $ (4,042) Pension benefits . In 2024, actuarial gains due to demographic experience, including any assumption changes, improved the funded position, offset by losses on the actual return on plan assets. The most impactful assumption change was the increase in the discount rate used to measure PBO compared to the prior year. Investment returns that were less than assumed partially offset the gain from the discount rate change. In 2023, actuarial losses due to demographic experience, including any assumption changes, reduced the funded position. The most impactful of these assumption changes were the decrease in the discount rate used to measure PBO compared to the prior year and the change in assumed rates of retirement. Investment returns greater than assumed largely offset the decline. Other benefits . In 2024, actuarial gains due to demographic experience, including any assumption changes, improved the funded position. The most impactful assumption change was the increase in the discount rate used to measure APBO compared to the prior year. In addition, investment returns that were better than expected, medical claims increases that were less than expected, and demographic experience further improved the funded position. In 2023, actuarial gains due to demographic experience, including any assumption changes, improved the funded position. The most impactful of these assumption changes was a reduction in the percentage of participants expected to participate. This gain was partially offset by a decrease in the discount rate. Investment returns greater than assumed further improved the funded position. The dates used to determine retirement benefit measurements for the defined benefit plans and OPEB were December 31 of 2024, 2023 and 2022. The Company uses the fair value method for the plans’ fixed income securities in the calculation of the expected return on plan assets component of NPPC and NPBC. The remaining plan assets continue to use the calculated market-related value methodology. The Company considers the fair value approach to be preferable for its fixed-income securities portfolio because it results in a current reflection of the changes in the value of plan assets in a way similar to the obligations it is intended to hedge. Amounts related to the Utilities were reflected as adjustments to regulatory assets as appropriate, consistent with the expected regulatory treatment as described in the following paragraph. The Utilities have implemented pension and OPEB tracking mechanisms under which all of their retirement benefit expenses (except for executive life and nonqualified pension plan expenses) determined in accordance with GAAP are recovered over time. Under the tracking mechanisms, any actual costs determined in accordance with GAAP that are over/under amounts allowed in rates are charged/credited to a regulatory asset/liability. The regulatory asset/liability for each utility will then be amortized over 5 years beginning with the respective utility’s next rate proceeding. A primary goal of the plans is to achieve long-term asset growth sufficient to pay future benefit obligations at a reasonable level of risk. The investment policy target for defined benefit pension and OPEB plans of HEI and the Utilities reflects the philosophy that long-term growth can best be achieved by prudent investments in equity securities while balancing overall fund and pension liability volatility by an appropriate allocation to fixed income securities. To reduce the level of portfolio risk and volatility in returns, efforts have been made to diversify the plans’ investments by asset class, geographic region, market capitalization and investment style. The asset allocation of defined benefit retirement plans to equity and fixed income securities (excluding cash) and related investment policy targets and ranges were as follows: Pension benefits Other benefits Investment policy 1 Investment policy 1 December 31, 2024 % Target Range 2 % Target Range 2 Assets held by category U.S. equity securities 48 % 46 % 8-100% 54 % 54 % 14-100% Non-U.S equity securities 19 17 0-37% 21 20 0-40% Fixed income securities 30 32 11-51% 25 26 6-46% Private equity 3 5 0-10% — — — 100 % 100 % 100 % 100 % Pension benefits Other benefits Investment policy Investment policy December 31, 2023 % Target Range 3 % Target Range 3 Assets held by category U.S. equity securities 56 % 50 % 40-65% 58 % 50 % 40-65% Non-U.S equity securities 13 15 5-25% 15 15 5-25% Fixed income securities 28 30 20-60% 27 30 20-60% Private equity 3 5 0-10% — 5 0-10% 100 % 100 % 100 % 100 % 1 Effective December 31, 2024, the investment policy statement was updated to reflect the 2024 transition from separately active investment managers to an outsourced chief investment officer model. 2 As of December 31, 2024, the broad range for equity securities is a minimum of 43% and a maximum of 83%, for pension benefits and a minimum of 54% and maximum of 94%, for other benefits. 3 As of December 31, 2023, the broad range for equity securities is a minimum of 60% and a maximum of 80% for pension benefits and other benefits. The fair values of the investments shown in the tables below represent the Company’s best estimates of the amounts that would be received upon sale of those assets in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset at the measurement date, the fair value measurement reflects the Company’s judgments about the assumptions that market participants would use in pricing the asset. Those judgments are developed by the Company based on the best information available in the circumstances. The Company used the following valuation methodologies for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2024 and 2023. Equity securities, equity index fund, exchange-traded funds, U.S. Treasury fixed income securities and mutual funds (Level 1) . Equity securities, equity index fund, exchange-traded funds, U.S. Treasury fixed income securities and mutual funds are valued at the closing price reported on the active market on which the individual securities or funds are traded. Fixed income securities (Level 2) . Fixed income, other than those issued by the U.S. Treasury, are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Assets held in various trusts for the retirement benefit plans are measured at fair value on a recurring basis and were as follows: Pension benefits Other benefits Fair value measurements using Fair value measurements using (in millions) December 31 Quoted prices in active markets for identical assets Significant other observable inputs December 31 Quoted prices in active markets for identical assets Significant other observable inputs 2024 U.S. equity securities $ 403 $ 403 $ — $ 48 $ 48 $ — Non-U.S. equity securities 20 20 — 2 2 — U.S. equity index and exchange-traded funds (ETFs) 484 484 — 63 63 — Non-U.S. equity index and ETFs 326 326 — 41 41 — Total equity investments 1,233 1,233 — 154 154 — Fixed income securities 546 401 145 52 22 30 Private equity at net asset value (NAV) 63 — — 1 — — Cash equivalents, fund and at NAV 45 — — 10 10 — Total 1,887 $ 1,634 $ 145 217 $ 186 $ 30 Cash, receivables and payables, net 2 1 Fair value of plan assets $ 1,889 $ 218 2023 U.S. equity securities $ 449 $ 449 $ — $ 54 $ 54 $ — Non-U.S. equity securities 165 165 — 20 20 — U.S. equity index and ETFs 584 584 — 64 64 — Non-U.S. equity investments at NAV 77 — — 10 — — Total equity investments 1,275 1,198 — 148 138 — Fixed income securities 1 85 13 72 — — — Fixed income mutual and ETFs 264 264 — 53 53 — Fixed income investments at NAV 250 — — 2 — — Total fixed income investments 599 277 72 55 53 — Private equity at NAV 50 — — 1 — — Cash equivalents, fund and at NAV 1 60 15 — 3 3 — Total 1,984 $ 1,490 $ 72 207 $ 194 $ — Cash, receivables and payables, net 1 (10) — Fair value of plan assets $ 1,974 $ 207 1 Includes ASB assets held within the pension trust. As of December 31, 2023, ASB fixed income securities totaled $85 million, cash equivalents totaled $15 million and cash, receivables and payables, net totaled $1 million. The fair value of investments measured at NAV presented in the table above is intended to permit reconciliation to the fair value of plan assets. The following table represents assets measured at NAV. Pension benefits Other benefits Measured at NAV December 31 Redemption frequency Redemption notice period December 31 Redemption frequency Redemption notice period (in millions) 2024 Private equity (a) $ 63 NA NA $ 1 NA NA Cash equivalents (b) 45 Daily 0-1 day — Daily 0-1 day $ 108 $ 1 2023 Non-U.S. equity funds (c) $ 77 Daily-Monthly 5-30 days $ 10 Daily-Monthly 5-30 days Fixed income investments (d) 250 Daily 15 days 2 Daily 15 days Private equity (a) 50 NA NA 1 NA NA Cash equivalents (b) 45 Daily 0-1 day — Daily 0-1 day $ 422 $ 13 NA Not applicable None of the investments presented in the tables above have unfunded commitments, other than private equity disclosed in (a) below. (a) Represents investment in a private equity fund. The fund is valued as reported by the General Partner, based on the valuation of the underlying investments. As of December 31, 2024 and 2023, the unfunded commitment of the private equity fund was $122 million and $138 million, respectively. A second tranche commitment of $100 million was entered into effective January 1, 2023. The fund does not allow redemptions but may be dissolved with six months written notice. The termination date of the fund is November 1, 2100, unless dissolved earlier. (b) Represents investments in cash equivalent funds. This class includes funds that invest primarily in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and may also invest in fixed income securities of investment grade issuers. (c) Represents investments in funds that primarily invest in non-U.S. emerging markets equities. Redemption frequency for pension benefits assets as of December 31, 2023 were daily, 63% and monthly, 37%. Redemption frequency for other benefits assets as of December 31, 2023 were: daily, 61% and monthly, 39%. (d) Represents investments in fixed income securities invested in a US-dollar denominated fund that seeks to exceed the Bloomberg US Long Corporate A or Better Bond Index through investments in US-dollar denominated fixed income securities and commingled vehicles. The following weighted-average assumptions were used in the accounting for the plans: Pension benefits Other benefits December 31 2024 2023 2022 2024 2023 2022 Benefit obligation Discount rate 5.77 % 5.35 % 5.67 % 5.72 % 5.39 % 5.66 % Rate of compensation increase 3.5 3.5 3.5 NA NA NA Net periodic pension/benefit cost (years ended) Discount rate 5.35 5.67 3.05 5.39 5.66 3.07 Expected return on plan assets (gross return) 7.25 7.25 7.25 7.25 7.25 7.25 Rate of compensation increase 1 3.5 3.5 3.5 NA NA NA NA Not applicable 1 HEI and the Utilities use a graded rate of compensation increase assumption based on age. The rate provided above is an average across all future years of service for the current population. The Company and the Utilities based their selection of an assumed discount rate for 2025 NPPC and NPBC and December 31, 2024 disclosure on a cash flow matching analysis that utilized bond information provided by Bloomberg for all non-callable, high quality bonds (generally rated Aa or better) as of December 31, 2024. In selecting the expected rate of return on plan assets for 2025 NPPC and NPBC, HEI and the Utilities considered economic forecasts for the types of investments held by the plans (primarily equity and fixed income investments), the Plans’ asset allocations, industry and corporate surveys and the past performance of the plans’ assets in selecting 7.25%. For 2024, retirement benefit plans’ assets of the Company and the Utilities both had a net gain of 6.7%. As of December 31, 2024, the assumed health care trend rates for 2025 and future years were as follows: medical pre-65, 7.00% grading down to 5% for 2032 and thereafter; medical post-65, 6.50%, grading down to 5% for 2030 and thereafter; dental, 5%; and vision, 4%. As of December 31, 2023, the assumed health care trend rates for 2024 and future years were as follows: medical, 6.25%, grading down to 5% for 2029 and thereafter; dental, 5%; and vision, 4%. The components of NPPC and NPBC were as follows: Pension benefits Other benefits (in thousands) 2024 2023 2022 2024 2023 2022 HEI consolidated Service cost $ 45,821 $ 45,228 $ 77,823 $ 1,112 $ 1,430 $ 2,580 Interest cost 101,882 98,606 76,817 7,365 8,497 6,488 Expected return on plan assets (138,422) (135,189) (137,160) (13,950) (13,648) (13,621) Amortization of net prior service gain — — — — (875) (928) Amortization of net actuarial losses (gains) 359 182 27,285 (2,898) (1,865) (8) Net periodic pension/benefit cost 9,640 8,827 44,765 (8,371) (6,461) (5,489) Impact of PUC D&Os 71,448 71,905 37,148 7,769 5,846 4,966 Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) $ 81,088 $ 80,732 $ 81,913 $ (602) $ (615) $ (523) Hawaiian Electric consolidated Service cost $ 44,669 $ 44,143 $ 75,845 $ 1,096 $ 1,415 $ 2,554 Interest cost 98,492 95,351 74,363 7,039 8,143 6,227 Expected return on plan assets (135,095) (131,962) (133,873) (13,742) (13,442) (13,381) Amortization of net prior service gain — — — — (872) (925) Amortization of net actuarial losses (gains) 99 28 26,358 (2,840) (1,827) — Net periodic pension/benefit cost 8,165 7,560 42,693 (8,447) (6,583) (5,525) Impact of PUC D&Os 71,448 71,905 37,148 7,769 5,846 4,966 Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) $ 79,613 $ 79,465 $ 79,841 $ (678) $ (737) $ (559) The Company recorded pension expense of $47 million, $43 million and $47 million in 2024, 2023 and 2022, respectively, and OPEB income of $(0.2) million, $(0.1) million and $(0.1) million in 2024, 2023 and 2022, respectively, and charged the remaining amounts primarily to electric utility plant. The Utilities recorded pension expense of $45 million, $42 million and $45 million, respectively, and OPEB income of $(0.3) million, $(0.3) million and $(0.1) million in 2024, 2023 and 2022, respectively, and charged the remaining amounts primarily to electric utility plant. Additional information on the defined benefit pension plans’ accumulated benefit obligations (ABOs), which do not consider projected pay increases (unlike the PBOs shown in the table above), and pension plans with ABOs and PBOs in excess of plan assets as of December 31, 2024 and 2023 were as follows: HEI consolidated Hawaiian Electric consolidated December 31 2024 2023 2024 2023 (in billions) Defined benefit pension plans - ABOs 1 $ 1.7 $ 1.8 $ 1.7 $ 1.7 Defined benefit pension plans with PBOs in excess of plan assets 2 PBOs 1.9 2.0 — 1.9 Fair value of plan assets 1.9 1.9 — 1.8 1 There are no defined benefit pension plans with ABOs in excess of fair value of plan assets. 2 Hawaiian Electric’s defined benefit pension plans do not have PBOs in excess of fair value of plan assets. HEI consolidated . The Company estimates that the cash funding for the qualified defined benefit pension plans in 2025 will be $9 million, which will fully satisfy the ERISA minimum required contribution, the requirements of the Utilities’ pension tracking mechanisms and the Plan’s funding policy. The Company’s current estimate of contributions to its other postretirement benefit plans in 2025 is nil. As of December 31, 2024, the benefits expected to be paid under all retirement benefit plans in 2025, 2026, 2027, 2028, 2029 and 2030 through 2034 amount to $111 million, $115 million, $119 million, $122 million, $126 million and $677 million, respectively. Hawaiian Electric consolidated . The Utilities estimate that the cash funding for the qualified defined benefit pension plan in 2025 will be $9 million, which will fully satisfy the ERISA minimum required contribution, the requirements of the pension tracking mechanisms and the Plan’s funding policy. The Utilities’ current estimate of contributions to its other postretirement benefit plans in 2025 is nil. As of December 31, 2024, the benefits expected to be paid under all retirement benefit plans in 2025, 2026, 2027, 2028, 2029 and 2030 through 2034 amounted to $106 million, $111 million, $114 million, $117 million, $121 million and $652 million, respectively. Defined contribution plans information. For 2024, 2023 and 2022, the Company’s expense and cash contributions for its defined contribution plans under the HEIRSP was $8 million, $6 million and $4 million, respectively. Included in the 2024, 2023 and 2022 amounts are non-elective employer contributions for the Utilities and HEI employees first hired on or after January 1, 2022, equal to 10% of those new employees’ annual compensation. For 2024, 2023 and 2022 the Utilities’ expense and cash contributions for its defined contribution plan under the HEIRSP was $7 million, $6 million and $4 million, respectively.

Share-based compensation

Share-based compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-based compensation	Note 12 · Share-based compensation As a result of the ASB sale transaction on December 31, 2024, previously recorded share-based awards to ASB participants under the EIP (defined below) were cancelled. Unless otherwise noted, amounts in the share-based compensation footnote include discontinued operations. Under the 2010 Equity and Incentive Plan, as amended and restated effective February 9, 2024 (EIP), HEI can issue shares of common stock as incentive compensation to non-employee directors and selected employees and consultants in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares and other share-based and cash-based awards. As of December 31, 2024, approximately 1.8 million shares remained available for future issuance under the terms of the EIP, assuming recycling of shares withheld to satisfy statutory tax liabilities relating to EIP awards, including an estimated 0.7 million shares that could be issued upon the vesting of outstanding restricted stock units and the achievement of performance goals for awards outstanding under long-term incentive plans (assuming that such performance goals are achieved at maximum levels). Restricted stock units awarded under the EIP in 2023 and 2022 will vest and be issued in unrestricted stock in three Stock performance awards granted under the 2024-26, 2023-25 and 2022-24 long-term incentive plans (LTIP) entitle the grantee to shares of common stock with dividend equivalent rights once service conditions and performance conditions are satisfied at the end of the three-year performance period. LTIP awards are forfeited for terminations of employment during the performance period, except that pro-rata participation is provided for terminations due to death, disability and retirement based upon completed months of service after a minimum of 12 months of service in the performance period. Compensation expense for the stock performance awards portion of the LTIP has been recognized in accordance with the fair-value-based measurement method of accounting for performance shares. Under the 2011 Nonemployee Director Stock Plan (2011 Director Plan), HEI can issue shares of common stock as compensation to nonemployee directors of HEI and its principal subsidiaries. As of December 31, 2024, there were 168,177 shares remaining available for future issuance under the 2011 Director Plan. Share-based compensation expense and the related income tax benefit from continuing operations were as follows: (in millions) 2024 2023 2022 HEI consolidated Share-based compensation expense 1 $ 3.6 $ 6.8 $ 7.5 Income tax benefit 0.3 1.4 1.5 Hawaiian Electric consolidated Share-based compensation expense 1 1.8 3.3 3.0 Income tax benefit 0.2 0.8 0.7 1 For 2024, 2023 and 2022, the Company has not capitalized any share-based compensation. Stock awards. HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows: (dollars in millions) 2024 2023 2022 Shares granted — 40,450 35,720 Fair value $ — $ 1.5 $ 1.5 Income tax benefit — 0.4 0.4 The number of shares issued to each nonemployee director of HEI and its principal subsidiaries is determined based on the closing price of HEI common stock on the grant date. Restricted stock units. Information about HEI’s grants of restricted stock units was as follows: 2024 2023 2022 Shares (1) Shares (1) Shares (1) Outstanding, January 1 189,024 $ 41.23 182,528 $ 39.75 233,448 $ 38.10 Granted — — 100,088 42.41 98,463 41.31 Vested (98,084) 40.43 (84,794) 39.41 (96,282) 37.75 Cancelled (2) (24,241) 42.06 — — — — Forfeited (1,071) 41.97 (8,798) 41.63 (53,101) 39.01 Outstanding, December 31 65,628 $ 42.09 189,024 $ 41.23 182,528 $ 39.75 Total weighted-average grant-date fair value of shares granted (in millions) $ — $ 4.2 $ 4.1 (1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant. (2) Represents activity of discontinued operations. For 2024, 2023 and 2022, total restricted stock units and related dividends that vested had a fair value of $1.4 million, $3.7 million and $4.2 million, respectively, and the related tax benefits were $0.3 million, $0.8 million and $0.6 million, respectively. As of December 31, 2024, there was $1.1 million of total unrecognized compensation cost related to the nonvested restricted stock units. The cost is expected to be recognized over a weighted-average period of 1.1 years. Long-term incentive plan payable in stock. The 2022-24, 2023-25 and 2024-26 LTIPs provide for performance awards under the EIP of shares of HEI common stock based on the satisfaction of performance goals, including a market condition goal. The number of shares of HEI common stock that may be awarded is fixed on the date the grants are made, subject to the achievement of specified performance levels and calculated dividend equivalents. The potential payout varies from 0% to 200% of the number of target shares, depending on the achievement of the goals. The market condition goal is based on HEI’s total shareholder return (TSR) compared to the Peer Group (Edison Electric Institute Index (EEI Index) for the 2022-24 performance period, and compared to the Company's compensation peer group consisting of companies in the EEI Index and approved by the Company's Compensation and Human Capital Management Committee for the 2023-25 and 2024-26 performance periods), in each case over the relevant three-year period. The other performance condition goals relate to EPS growth, cumulative EPS, return on average common equity (ROACE), carbon emissions reduction, Hawaiian Electric’s net income growth, credit rating and public safety and Pacific Current’s EBITDA growth and return on average invested capital. LTIP linked to TSR . Information about HEI’s LTIP grants linked to TSR was as follows: 2024 2023 2022 Shares (1) Shares (1) Shares (1) Outstanding, January 1 76,477 $ 50.11 71,574 $ 47.67 90,974 $ 42.86 Granted 62,152 17.28 27,123 55.98 26,469 54.92 Vested (issued or unissued and cancelled) (28,577) 41.12 (18,691) 48.62 (29,042) 41.07 Cancelled (2) (10,821) 55.46 — — — — Forfeited (790) 55.64 (3,529) 53.72 (16,827) 44.45 Outstanding, December 31 98,441 $ 31.36 76,477 $ 50.11 71,574 $ 47.67 Total weighted-average grant-date fair value of shares granted (in millions) $ 1.1 $ 1.5 $ 1.5 (1) Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model. (2) Represents activity of discontinued operations. The grant date fair values of the shares were determined using a Monte Carlo simulation model utilizing actual information for the common shares of HEI and the Peer Group for the period from the beginning of the performance period to the grant date and estimated future stock volatility of HEI and the Peer Group over the remaining three-year performance period. The expected stock volatility assumptions for HEI and the Peer Group were based on the three-year historic stock volatility. A dividend assumption is not required for the Monte Carlo simulation because the grant payout includes dividend equivalents and projected returns include the value of reinvested dividends. The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TSR and the resulting fair value of LTIP awards granted: 2024 2023 2022 Risk-free interest rate 4.25 % 4.19 % 1.71 % Expected life in years 3 3 3 Expected volatility 52.5 % 33.1 % 31.0 % Range of expected volatility for Peer Group 12.3% to 52.5% 28.7% to 38.8% 25.4% to 76.7% Grant date fair value (per share) $ 17.28 $ 55.98 $ 54.92 There were no share-based LTIP awards linked to TSR with a vesting date in 2024 and 2023. For 2022, total vested LTIP awards linked to TSR and related dividends had a fair value of $0.8 million, and the related tax benefits were $0.1 million. As of December 31, 2024, there was $1.1 million of total unrecognized compensation cost related to the nonvested performance awards payable in shares linked to TSR. The cost is expected to be recognized over a weighted-average period of 1.8 years. LTIP awards linked to other performance conditions . Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows: 2024 2023 2022 Shares (1) Shares (1) Shares (1) Outstanding, January 1 327,085 $ 39.44 309,589 $ 39.50 306,342 $ 38.42 Granted 362,963 13.09 108,499 42.41 105,860 41.31 Vested (113,118) 34.93 (62,778) 48.07 (71,807) 37.68 Increase above target/(cancelled) due to performance (91,521) 41.31 (13,153) 36.59 36,505 35.75 Cancelled (2) (43,277) 41.86 — — — — Forfeited (3,165) 42.06 (15,072) 42.19 (67,311) 37.35 Outstanding, December 31 438,967 $ 18.17 327,085 $ 39.44 309,589 $ 39.50 Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions) $ 4.8 $ 4.6 $ 4.4 (1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant. (2) Represents activity of discontinued operations. For 2024, 2023 and 2022, total vested LTIP awards linked to other performance conditions and related dividends had a fair value of $1.7 million, $2.9 million and $3.2 million, respectively, and the related tax benefits were $0.3 million, $0.6 million and $0.4 million, respectively. As of December 31, 2024, there was $3.4 million of total unrecognized compensation cost related to the nonvested shares linked to performance conditions other than TSR. The cost is expected to be recognized over a weighted-average period of 1.8 years.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income taxes	Note 13 · Income taxes The components of income taxes attributable to income (loss) from continuing operations for common stock were as follows: HEI consolidated Hawaiian Electric consolidated Years ended December 31 2024 2023 2022 2024 2023 2022 (in thousands) Federal Current $ 13,220 $ 22,206 $ 61,511 $ 34,216 $ 40,365 $ 75,118 Deferred (376,141) 1,951 (37,922) (373,316) (3,444) (39,646) Deferred tax credits, net* — 52 4,031 — 22 137 (362,921) 24,209 27,620 (339,100) 36,943 35,609 State Current 2,009 2,924 6,467 7,864 9,367 15,780 Deferred (110,050) 7,401 4,772 (108,311) 4,883 (1,769) Deferred tax credits, net* — — 56 — — 56 (108,041) 10,325 11,295 (100,447) 14,250 14,067 Total $ (470,962) $ 34,534 $ 38,915 $ (439,547) $ 51,193 $ 49,676 * In 2022, primarily represents federal tax credits related to Mauo’s solar-plus-storage project, deferred and amortized starting in 2022. A reconciliation of the amount of income taxes computed at the federal statutory rate to the amount provided in the consolidated statements of income was as follows: HEI consolidated Hawaiian Electric consolidated Years ended December 31 2024 2023 2022 2024 2023 2022 (in thousands) Amount at the federal statutory income tax rate $ (376,235) $ 38,283 $ 42,410 $ (349,423) $ 51,899 $ 50,526 Increase (decrease) resulting from: State income taxes, net of federal income tax benefit (85,483) 7,989 8,812 (79,487) 11,097 11,026 Net deferred tax asset (liability) adjustment related to the Tax Act (6,200) (7,316) (9,886) (6,200) (7,316) (9,886) Tax credits, net (2,987) (2,251) (487) (2,987) (2,251) (397) Other, net (57) (2,171) (1,934) (1,450) (2,236) (1,593) Total $ (470,962) $ 34,534 $ 38,915 $ (439,547) $ 51,193 $ 49,676 Effective income tax rate (%) 26.3 18.9 19.3 26.4 20.7 20.6 The tax effects of book and tax basis differences that give rise to deferred tax assets and liabilities were as follows: HEI consolidated Hawaiian Electric consolidated December 31 2024 2023 2024 2023 (in thousands) Deferred tax assets Wildfire tort-related claims $ 483,749 $ — $ 483,749 $ — Regulatory liabilities, excluding amounts attributable to property, plant and equipment 76,765 78,884 $ 76,765 $ 78,884 Lease liabilities 130,556 109,480 128,610 107,409 Retirement benefits 45,879 28,623 40,568 23,247 Revenue taxes 48,379 49,522 48,379 49,522 Capital loss carryforward 66,430 — — — Other 1 35,827 27,003 22,387 20,817 Total deferred income tax assets 887,585 293,512 800,458 279,879 Valuation allowances (73,459) — — — Total deferred income tax assets, net 814,126 293,512 800,458 279,879 Deferred tax liabilities Property, plant and equipment related 542,109 527,323 532,257 513,064 Lease right-of-use assets 130,483 109,420 128,610 107,409 Regulatory assets, excluding amounts attributable to property, plant and equipment 21,678 21,872 21,678 21,872 Other 47,148 37,103 46,330 36,535 Total deferred income tax liabilities 741,418 695,718 728,875 678,880 Net deferred income tax asset (liability) $ 72,708 $ (402,206) $ 71,583 $ (399,001) 1 As of December 31, 2024, HEI consolidated has deferred tax assets of $3.8 million relating to the benefit of state tax credit carryforwards of $5.2 million. These state tax credit carryforwards primarily relate to the West Loch PV project that do not expire. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences are deductible. Based upon historical taxable income and projections for future taxable income, management believes it is more likely than not the Company and the Utilities will realize substantially all of the benefits of the deferred tax assets , excluding the capital loss from the sale of ASB. As of December 31, 2024 and 2023, valuation allowances for deferred tax benefits were $73.5 million and nil, respectively, recorded on HEI consolidated related to the capital loss from the sale of ASB and the book/tax difference in equity basis of retained ASB stock. Since capital losses can only be offset against capital gains, the Company believes that it is more likely than not that the tax benefit from ASB's capital loss will not be realized. This is due to the lack of expected capital gains and no tax strategies in place to generate capital gains within the next five years before the loss expires. As a result, a valuation allowance was established in 2024. The Utilities are included in the consolidated federal and Hawaii income tax returns of HEI and are subject to the provisions of HEI’s tax sharing agreement, which determines each subsidiary’s (or subgroup’s) income tax return liabilities and refunds on a standalone basis as if it filed a separate return (or subgroup consolidated return). The following is a reconciliation of the Company’s liability for unrecognized tax benefits for 2024, 2023 and 2022. HEI consolidated Hawaiian Electric consolidated (in millions) 2024 2023 2022 2024 2023 2022 Unrecognized tax benefits, January 1 $ 27.7 $ 30.6 $ 17.1 $ 15.6 $ 11.7 $ 11.6 Additions based on tax positions taken during the year 0.7 0.5 19.0 — 0.3 0.1 Reductions based on tax positions taken during the year (0.1) — (3.5) — — — Additions for tax positions of prior years 1.5 3.8 0.6 1.5 3.7 0.2 Reductions for tax positions of prior years (4.6) (7.2) (2.6) (0.6) (0.1) (0.2) Lapses of statute of limitations (1.9) — — (0.5) — — Settlement (10.8) — — (10.8) — — Unrecognized tax benefits, December 31 $ 12.5 $ 27.7 $ 30.6 $ 5.2 $ 15.6 $ 11.7 The Internal Revenue Service began its examination of the Company’s U.S. income tax returns for 2017 and 2018 in the third quarter of 2020. As of December 31, 2024, the Company’s 2017 and 2018 IRS examination was completed and resulted in a reversal of $10.8 million of unrecognized tax benefits. At December 31, 2024 and 2023, there were $5.2 million and $13.8 million of unrecognized tax benefits, respectively, that, if recognized, would affect the Company’s and Utilities’ annual effective tax rate. Based on information currently available, the Company and the Utilities believe these accruals have adequately provided for potential income tax issues with federal and state tax authorities, and that the ultimate resolution of tax issues for all open tax periods will not have a material adverse effect on its results of operations, financial condition or liquidity. Tax years post 2020 remains open under Federal and Hawaii statues of limitations. HEI consolidated. The Company recognizes interest accrued related to unrecognized tax benefits in “Interest expense, net” and penalties, if any, in operating expenses. In 2024, 2023 and 2022, the Company recognized approximately $0.3 million, $1.3 million and $0.4 million, respectively, in interest expense. The Company had $2.3 million and $1.9 million of interest accrued as of December 31, 2024 and 2023, respectively. Hawaiian Electric consolidated. The Utilities recognize interest accrued related to unrecognized tax benefits in “Interest expense and other charges, net” and penalties, if any, in operating expenses. In each of 2024, 2023 and 2022, the Utilities recognized approximately $0.3 million, $0.1 million and $0.1 million in interest expense, respectively. The Utilities had $0.1 million and $0.4 million of interest accrued as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the disclosures above present the Company’s and the Utilities’ accruals for potential tax liabilities, which involve management’s judgment regarding the likelihood of the benefits being sustained under governmental review. Tax developments. The Inflation Reduction Act of 2022 (IRA) was signed by President Biden on August 16, 2022. Key provisions under the IRA include a 15% corporate alternative minimum tax (CAMT) imposed on certain large corporations and a 1% excise tax on stock repurchases after December 31, 2022. Based on current interpretation of the law and current guidance available we do not believe HEI will be impacted by the CAMT or stock repurchase excise tax provisions. The IRA also creates new tax credits and enhances others to stimulate investment in renewable energy sources. Certain provisions of the IRA became effective in tax year 2023. The Company is exploring clean energy tax incentives included in the IRA. However, the potential IRA tax credits would not be material to the Company’s financial statements given the current operations of the business.

Cash flows

Cash flows	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Cash flows	Note 14 · Cash flows Years ended December 31 2024 2023 2022 (in millions) Supplemental disclosures of cash flow information HEI consolidated Activities from continuing operations: Interest paid to non-affiliates, net of amounts capitalized $ 131 $ 109 $ 94 Interest paid on finance lease obligations 31 6 1 Income taxes paid (net of refundable credits) 32 24 32 Income taxes refunded (including refundable credits) — 1 2 Activities from discontinued operations: Interest paid to non-affiliates, net of amounts capitalized 121 61 12 Income taxes paid (net of refundable credits) 4 4 9 Income taxes refunded (including refundable credits) 2 — — Hawaiian Electric consolidated Interest paid to non-affiliates, net of amounts capitalized 88 74 69 Interest paid on finance lease obligations 31 6 1 Income taxes paid (net of refundable credits) 59 39 67 Income taxes refunded (including refundable credits) — 2 — Supplemental disclosures of noncash activities HEI consolidated Activities from continuing operations: Property, plant and equipment-Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) 43 43 67 Common stock dividends reinvested in HEI common stock (financing) 1 — 5 — Right-of-use assets obtained in exchange for operating lease obligations (investing) 2 — 47 Property, plant, equipment and other assets received in exchange for the assumption of debt associated with a business acquisition (investing) — — 68 Debt, lease liabilities and other liabilities assumed in business acquisition (financing) — — 68 Common stock issued (gross) for director and executive/management compensation (financing) 1 2 6 9 Right-of-use assets obtained in exchange for finance lease obligations (financing) 106 294 48 Activities from discontinued operations: Sale of ASB (investing/financing) (see Note 5) (508) — — Property, plant and equipment-Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) — — 1 Loans transferred from held for investment to held for sale (investing) 29 106 — Transfer of retail repurchase agreements to deposit liabilities (financing) — 98 — Obligations to fund low income housing investments, net (investing) — 18 9 Transfer of securities from available for sale to held to maturities (investing) — — 755 Common stock issued (gross) for director and executive/management compensation (financing) 1 1 2 1 Right-of-use assets obtained in exchange for operating lease obligations (investing) 5 1 4 Hawaiian Electric consolidated Electric utility property, plant and equipment-Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) 42 42 64 Right-of-use assets obtained in exchange for operating lease obligations (investing) 2 — 44 Right-of-use assets obtained in exchange for finance lease obligations (financing) 105 294 48 HEI Consolidated and Hawaiian Electric consolidated Electric utility property, plant and equipment Estimated fair value of noncash contributions in aid of construction (investing) 19 21 14 Increase related to an acquisition (investing) — — 15 1 The amounts shown represent the market value of common stock issued for director and executive/management compensation and withheld to satisfy statutory tax liabilities.

Regulatory restrictions on net

Regulatory restrictions on net assets	12 Months Ended
	Dec. 31, 2024
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory restrictions on net assets	Note 15 · Regulatory restrictions on net assets The ability of Hawaiian Electric to pay dividends or make other distributions to HEI are subject to contractual and regulatory restrictions. Under the PUC Agreement, in the event that the consolidated common stock equity of the electric utility subsidiaries falls below 35% of the total capitalization of the electric utilities (including the current maturities of long-term debt, but excluding short-term borrowings), the electric utility subsidiaries would, absent PUC approval, be restricted in their payment of cash dividends to 80% of the earnings available for the payment of dividends in the current fiscal year and preceding five years, less the amount of dividends paid during that period. The PUC Agreement also provides that the foregoing dividend restriction shall not be construed as relinquishing any right the PUC may have to review the dividend policies of the electric utility subsidiaries. As of December 31, 2024, the consolidated common stock equity of HEI’s electric utility subsidiaries was 33% of their total capitalization, which includes finance lease liabilities in the calculation of total capitalization. The Utilities plan to file with the PUC, a modified capitalization ratio of 37% to align with its debt covenant requirements, which excludes finance lease liabilities resulting from power purchase agreements. As of December 31, 2024, Hawaiian Electric and its subsidiaries had common stock equity of $1.2 billion, which, in total, was not available for transfer to HEI in the form of dividends, loans or advances without regulatory approval. HEI and its subsidiaries are also subject to debt covenants, preferred stock resolutions and the terms of guarantees that could limit their respective abilities to pay dividends. The Company does not expect that the regulatory and contractual restrictions applicable to HEI and/or its subsidiaries will significantly affect the operations of HEI.

Significant group concentration

Significant group concentrations of credit risk	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Significant group concentrations of credit risk	Note 16 · Significant group concentrations of credit risk Most of the Company’s business activity is with customers located in the State of Hawaii. The Utilities are regulated operating electric public utilities engaged in the generation, purchase, transmission, distribution and sale of electricity on the islands of Oahu, Hawaii, Maui, Lanai and Molokai in the State of Hawaii. The Utilities provide the only electric public utility service on the islands they serve. The Utilities extend credit to customers, all of whom reside or conduct business in the State of Hawaii. See Note 4 for a discussion of the Utilities’ major customers. The Utilities target compensation at market rates, and due to the significant increase in competitive market pay for linemen over the past few years, provided an 11.4% market rate adjustment and a 4% annual incentive effective February 1, 2024. The International Brotherhood of Electrical Workers Local 1260 represents roughly half of the Utilities’ workforce covered by a collective bargaining agreement. On January 26, 2024, a new three-year contract was ratified and is in effect from November 1, 2024 through October 31, 2027. The contract provides for a 3% general wage increase in each year of the three-year contract, double time for callouts, and a 1% incentive payment upon achievement of specified objectives. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents and restricted cash. The Company maintains its cash with what management believes to be high-credit quality financial institutions located in the U.S. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $250,000, under current regulations. At times, deposits held at these banks may exceed the insured limits. As of December 31, 2024, HEI held cash and cash equivalents and restricted cash of $2 million and $10 million, respectively, in FDIC insured accounts. As of December 31, 2024, the Utilities held cash and cash equivalents of $69 million in FDIC insured accounts. The Company has not experienced any losses in such accounts. The Company also maintains cash in highly rated taxable and tax-exempt money market mutual funds located in the U.S. The company minimizes risk by investing in money market mutual funds which invest in securities issued by U.S. Government and Government-Sponsored Enterprises and the fund has a AAA rating. Risks associated with cash and cash equivalents are mitigated by the Company’s investment policy, which limits the Company’s investing of excess cash into relatively low risk securities that meet minimum credit quality standards that are defined in the policy. As of December 31, 2024, HEI held cash and cash equivalents and restricted cash of $565 million and $482 million, respectively, in money market mutual funds. As of December 31, 2024, the Utilities held cash and cash equivalents of $116 million in money market mutual funds.

Fair value measurements

Fair value measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	Note 17 · Fair value measurements Fair value measurement and disclosure valuation methodology. The following are descriptions of the valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for financial instruments not carried at fair value: Money market mutual funds . The Company considers all liquid investments purchased with an initial maturity of three months or less and deposits in money market mutual funds that are readily convertible into cash to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. Short-term borrowings . The carrying amount of short-term borrowings approximated fair value because of the short maturity of these instruments. Long-term debt . Fair value of fixed-rate long-term debt was obtained from third-party financial services providers based on the current rates offered for debt of the same or similar remaining maturities and from discounting the future cash flows using the current rates offered for debt of the same or similar risks, terms, and remaining maturities. The carrying amount of floating rate long-term debt approximated fair value because of the short-term interest reset periods. Long-term debt is classified in Level 2 of the valuation hierarchy. Interest rate swaps . The Company measures its interest rate swaps at fair value. The fair values of the Company's interest rate swaps are based on the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair values of the Company's interest rate swaps are classified as a Level 2 measurements. The following table presents the carrying or notional amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments. Estimated fair value (in thousands) Carrying or notional Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Total December 31, 2024 Financial assets HEI consolidated Money market mutual funds $ 1,162,259 $ 1,162,259 $ — $ — $ 1,162,259 Derivative assets 29,312 — 1,629 — 1,629 Hawaiian Electric consolidated Money market mutual funds 115,599 115,599 — — 115,599 Financial liabilities HEI consolidated Short-term borrowings 48,623 — 48,623 — 48,623 Long-term debt, net 2,799,558 — 2,196,403 — 2,196,403 Hawaiian Electric consolidated Short-term borrowings 48,623 — 48,623 — 48,623 Long-term debt, net 1,901,214 — 1,446,316 — 1,446,316 December 31, 2023 Financial assets HEI consolidated Money market mutual funds $ 226,085 $ 226,085 $ — $ — $ 226,085 Derivative assets 10,634 — 972 — 972 Hawaiian Electric consolidated Money market mutual funds 85,807 85,807 — — 85,807 Financial liabilities HEI consolidated Long-term debt, net 2,842,429 — 2,133,225 — 2,133,225 Derivative liabilities 22,949 — 303 — 303 Hawaiian Electric consolidated Long-term debt, net 1,934,277 — 1,385,025 — 1,385,025 Assets and liabilities measured at fair value on a recurring basis include money market mutual funds and derivative assets and liabilities as included in the table above. Money market mutual funds are included in “Cash and cash equivalents” and “Restricted cash” in the Consolidated Balance Sheets. Derivatives are included in “Other noncurrent assets” and “Other noncurrent liabilities” in the Consolidated Balance Sheets. There were no transfers of financial assets and liabilities between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2024 and 2023.

Unaudited summarized quarterly

Unaudited summarized quarterly information	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
Unaudited summarized quarterly information	Note 18. Unaudited summarized quarterly information The unaudited quarterly financial information for the years 2024 and 2023 has been recast for discontinued operations presentation as discussed in Note 5 and is summarized below. (in thousands, except per share amounts) 1Q24 2Q24 3Q24 4Q24 2024 Revenues Electric utility $ 788,578 $ 792,331 $ 829,617 $ 796,174 $ 3,206,700 Other 3,436 3,086 3,622 3,006 13,150 Total revenues 792,014 795,417 833,239 799,180 3,219,850 Operating income (loss) Electric utility 63,355 (1,644,440) (104,564) 73,791 (1,611,858) Other (12,468) (17,149) (45,156) (20,129) (94,902) Total operating income (loss) 50,887 (1,661,589) (149,720) 53,662 (1,706,760) Income (loss) from continuing operations for common stock 21,188 (1,249,697) (123,180) 29,166 (1,322,523) Income (loss) from discontinued operations 20,934 (45,787) 18,778 (97,411) (103,486) Net income (loss) for common stock $ 42,122 $ (1,295,484) $ (104,402) $ (68,245) $ (1,426,009) Continuing operations - Basic earnings (loss) per common share $ 0.19 $ (11.33) $ (1.08) $ 0.17 $ (10.42) Discontinued operations - Basic earnings (loss) per common share 0.19 (0.42) 0.16 (0.56) (0.81) Basic earnings (loss) per common share $ 0.38 $ (11.74) $ (0.91) $ (0.40) $ (11.23) Continuing operations - Diluted earnings (loss) per common share $ 0.19 $ (11.33) $ (1.08) $ 0.17 $ (10.42) Discontinued operations - Diluted earnings (loss) per common share 0.19 (0.42) 0.16 (0.56) (0.81) Diluted earnings (loss) per common share $ 0.38 $ (11.74) $ (0.91) $ (0.40) $ (11.23) Weighted-average number of common shares outstanding 110,218 110,303 114,358 172,466 126,927 Weighted-average shares assuming dilution 110,476 110,303 114,358 172,466 126,927 (in thousands, except per share amounts) 1Q23 2Q23 3Q23 4Q23 2023 Revenues Electric utility $ 830,361 $ 794,191 $ 794,987 $ 849,982 $ 3,269,521 Other 4,019 4,609 5,912 3,442 17,982 Total revenues 834,380 798,800 800,899 853,424 3,287,503 Operating income (loss) Electric utility 75,875 73,625 71,358 81,300 302,158 Other (5,877) (5,514) (8,806) (6,969) (27,166) Total operating income (loss) 69,998 68,111 62,552 74,331 274,992 Income from continuing operations for common stock 36,159 34,406 29,753 45,558 145,876 Income from discontinued operations 18,562 20,204 11,365 3,231 53,362 Net income (loss) for common stock $ 54,721 $ 54,610 $ 41,118 $ 48,789 $ 199,238 Continuing operations - Basic earnings per common share $ 0.33 $ 0.31 $ 0.27 $ 0.41 $ 1.33 Discontinued operations - Basic earnings per common share 0.17 0.18 0.10 0.03 0.49 Basic earnings per common share $ 0.50 $ 0.50 $ 0.37 $ 0.44 $ 1.82 Continuing operations - Diluted earnings per common share $ 0.33 $ 0.31 $ 0.27 $ 0.41 $ 1.33 Discontinued operations - Diluted earnings per common share 0.17 0.18 0.10 0.03 0.48 Diluted earnings per common share $ 0.50 $ 0.50 $ 0.37 $ 0.44 $ 1.81 Weighted-average number of common shares outstanding 109,514 109,573 109,728 110,134 109,739 Weighted-average shares assuming dilution 109,825 109,780 109,917 110,301 110,038

SCHEDULE I - CONDENSED FINANCIA

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED BALANCE SHEETS December 31 2024 2023 (dollars in thousands) Assets Current assets: Cash and cash equivalents $ 564,184 $ 136,510 Restricted cash 6,320 6,216 Accounts and intercompany receivables 12,362 9,374 Notes receivable from subsidiaries 684 4,821 Other assets 8,688 8,432 Total current assets 592,238 165,353 Noncurrent assets: Property, plant and equipment, net 1,300 1,495 Deferred income tax assets 9,870 9,889 Other assets 7,477 14,510 Investments in subsidiaries, at equity - continuing operations 1,747,992 2,495,235 Total noncurrent assets 1,766,639 2,521,129 Investments in subsidiary, at equity - discontinued operations — 529,851 Total assets $ 2,358,877 $ 3,216,333 Liabilities and shareholders’ equity Liabilities Current liabilities: Accounts payable $ 4,982 $ 8,272 Interest payable 3,262 3,397 Current maturities on long-term debt 49,962 — Other 69,295 51,938 Total current liabilities 127,501 63,607 Long-term debt, net 730,598 782,005 Retirement benefits liability 19,114 21,876 Other 2,575 4,004 Total noncurrent liabilities 752,287 807,885 Total liabilities 879,788 871,492 Shareholders’ equity Preferred stock, no par value, authorized 10,000,000 shares; issued: none — — Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 172,465,608 shares and 110,151,798 shares at December 31, 2024 and 2023, respectively 2,264,544 1,707,471 Retained earnings (788,916) 926,720 Accumulated other comprehensive income (loss), net of taxes 3,461 (289,350) Total shareholders’ equity 1,479,089 2,344,841 Total liabilities and shareholders’ equity $ 2,358,877 $ 3,216,333 SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED STATEMENTS OF INCOME Years ended December 31 2024 2023 2022 (in thousands) Revenues $ 492 $ 268 $ 320 Equity in net income (loss) of subsidiaries - continuing operations (1,271,182) 186,170 193,087 Expenses Operating, administrative and general 38,853 22,962 20,850 Depreciation of property, plant and equipment 409 402 399 Taxes, other than income taxes 1,120 864 732 Total expenses 40,382 24,228 21,981 Operating income (loss) (1,311,072) 162,210 171,426 Retirement defined benefits credit—other than service costs 383 289 147 Interest expense 39,406 32,630 21,997 Interest income (12,729) (2,651) — Income (loss) from continuing operations before income tax benefits (1,338,132) 131,942 149,282 Income tax benefits 15,609 13,934 11,867 Income (loss) from continuing operations (1,322,523) 145,876 161,149 Equity in net income (loss) of subsidiaries - discontinued operations (103,486) 53,362 79,989 Net income (loss) $ (1,426,009) $ 199,238 $ 241,138 HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) STATEMENTS OF COMPREHENSIVE INCOME STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY Incorporated by reference are HEI and Subsidiaries’ Statements of Consolidated Comprehensive Income and Consolidated Statements of Changes in Shareholders’ Equity in Part II, Item 8. SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31 2024 2023 2022 (in thousands) Net cash provided by (used in) operating activities $ (9,324) $ 131,873 $ 167,150 Cash flows from investing activities Increase in note receivable from subsidiary (5,004) (3,542) (1,140) Decrease in note receivable from subsidiary — — — Capital expenditures (214) (21) (224) Dividend from subsidiary 400,950 — — Investments in subsidiaries (510,650) (12,246) (50,629) Other (1,518) 610 1,662 Net cash used in investing activities (116,436) (15,199) (50,331) Cash flows from financing activities Net decrease in short-term borrowings with original maturities of three months or less — (49,683) (4,315) Proceeds from issuance of short-term debt — 65,000 35,000 Repayment of short-term debt — (100,000) — Proceeds from issuance of long-term debt — 100,000 160,000 Repayment of long-term debt — (50,000) (150,000) Proceeds from issuance of revolving credit facility — 175,000 — Repayment of syndicated credit facility (2,000) — — Withheld shares for employee taxes on vested share-based compensation (1,074) (2,371) (3,165) Net proceeds from issuance of common stock 556,612 1,223 — Common stock dividends — (112,957) (153,229) Other — (771) (978) Net cash provided by (used in) financing activities 553,538 25,441 (116,687) Net increase in cash and equivalents 427,778 142,115 132 Cash, cash equivalents and restricted cash, January 1 142,726 611 479 Cash, cash equivalents and restricted cash December 31 570,504 142,726 611 Less: restricted cash (6,320) (6,216) — Cash and cash equivalents December 31 $ 564,184 $ 136,510 $ 611 NOTES TO CONDENSED FINANCIAL INFORMATION Basis of Presentation The “Notes to Consolidated Financial Statements” in Part II, Item 8 should be read in conjunction with the above HEI (Parent Company) financial statements. All HEI subsidiaries are reflected in the Condensed Financial Statements under the equity method. Income taxes for equity method investments are included in “Equity in net income of subsidiaries.” Long-term debt The components of long-term debt, net, were as follows: December 31 2024 2023 (dollars in thousands) HEI 4.58% senior notes, due 2025 $ 50,000 $ 50,000 HEI 4.72% senior notes, due 2028 100,000 100,000 HEI 2.82% senior notes, due 2028 24,000 24,000 HEI 2.48% senior notes, due 2028 30,000 30,000 HEI 6.04% senior notes, due 2028 39,000 39,000 HEI 2.98% senior notes, due 2030 50,000 50,000 HEI 3.15% senior notes, due 2031 51,000 51,000 HEI 2.78% senior notes, due 2031 25,000 25,000 HEI 2.98% senior notes, due 2032 30,000 30,000 HEI 5.43% senior notes, due 2032 75,000 75,000 HEI 6.10% senior notes, due 2033 61,000 61,000 HEI 5.43% senior notes, due 2034 35,000 35,000 HEI 3.74% senior notes, due 2051 20,000 20,000 HEI 3.94% senior notes, due 2052 20,000 20,000 HEI revolving credit facility SOFR + 1.80% due 2026 to 2027 1 173,000 175,000 Less unamortized debt issuance costs (2,440) (2,995) Less current portion long-term debt, net of unamortized debt issuance cost (49,962) — Long term debt, net $ 730,598 $ 782,005 1 As of December 31, 2024, the interest rate is based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment; the weighted-average interest rate was 6.89%. As of December 31, 2024, the aggregate principal payments required on long-term debt are $50 million in 2025, $16 million in 2026, $157 million in 2027, $193 million in 2028, nil for 2029, and $367 million thereafter. Income taxes The Company’s financial reporting policy for income tax allocations is based upon a separate entity concept whereby each subsidiary provides income tax expense (or benefits) as if each were a separate taxable entity. The difference between the aggregate separate tax return income tax provisions and the consolidated financial reporting income tax provision is charged or credited to HEI’s separate tax provision. Dividends from HEI subsidiaries In 2024, 2023 and 2022, cash dividends received from subsidiaries were $427 million, $168 million and $168 million, respectively. Dividends in 2024 includes $401 million from ASBH related to the proceeds from the sale of ASB. Supplemental disclosures of noncash activities In 2024, $9.6 million of HEI notes and interest receivable from Mahipapa was forgiven in connection with the impairment analysis. In 2024, 2023 and 2022, $1.6 million, $2.3 million and $1.9 million, respectively, of HEI accounts receivable from ASB Hawaii were reduced with a corresponding reduction in HEI notes payable to ASB Hawaii in noncash transactions. In 2024, 2023 and 2022, $1.6 million, $2.3 million and $1.9 million, respectively, were contributed as equity by HEI into ASB Hawaii with a corresponding increase in HEI notes payable to ASB Hawaii in noncash transactions. Under the HEI DRIP, common stock dividends reinvested by shareholders in HEI common stock in noncash transactions was nil, $5 million and nil for 2024 for 2023 and 2022, respectively. HEI satisfied the share purchase requirements of the DRIP from January 2023 through September 4, 2023, December 6 through December 31, 2023, in 2024 and 2022 through open market purchases of its common stock rather than new issuances. From September 5 through December 5. 2023, HEI satisfied the share purchase requirements of DRIP through new issuances.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years ended December 31, 2024, 2023 and 2022 Col. A Col. B Col. C Col. D Col. E (in thousands) Additions Description Balance Charged to Charged Deductions Balance at 2024 Allowance for uncollectible accounts – electric utility $ 4,560 $ 4,721 $ 1,965 (a) $ 5,684 (b) $ 5,562 2023 Allowance for uncollectible accounts – electric utility $ 6,111 $ 8,161 $ (665) (a) $ 9,047 (b) $ 4,560 2022 Allowance for uncollectible accounts – electric utility $ 26,100 $ 6,028 $ (14,626) (a) $ 11,391 (b) $ 6,111 (a) Includes $300, $2,700 and $16,200 of recoveries from previous deferred bad debt expense for 2024, 2023 and 2022, respectively. (b) Bad debts charged off.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,424,119)	$ 201,128	$ 243,028

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity risk oversight and management is a critical component of the Company’s overall enterprise risk management and top priority for the Company and its Board of Directors. The Company’s Board of Directors has delegated management of Enterprise Risk Management, which includes cybersecurity, to the HEI and Hawaiian Electric Audit and Risk Committees (collectively, the ARCs). The ARCs exercise their oversight responsibility of cybersecurity through quarterly (or more frequently if necessary) cybersecurity risk updates and reports of incidents, if any, by management (primarily the Utilities’ Chief Information Officer and Chief Information Security Officer). In early 2023, in recognition of the increased cybersecurity threats and heightened cybersecurity risks facing the Company, the ARCs formed the Cybersecurity Working Group (CWG), which is currently comprised of two directors, one from each of the HEI and Hawaiian Electric Boards of Directors. The purpose of the CWG is to oversee and conduct periodic meetings with management to discuss cyber risk, risk treatment, and operational activities relative to cyber risk treatment and to report matters to the ARCs. The CWG also evaluates cybersecurity areas highlighted by the ARCs including areas the CWG deems higher risk or topical and reports back to the ARCs on a quarterly basis. The CWG also coordinates with the Company’s management on regular trainings and tabletop exercises for the Board of Directors. Electric utility System overview . The Utilities rely on evolving and increasingly complex operational and information systems, networks and other technologies, which are interconnected with the systems and network infrastructure owned by third parties, to support a variety of business processes and activities, including procurement and supply chain, invoicing and collection of payments, customer relationship management, human resource management, the acquisition, generation and delivery of electrical service to customers, and to process financial information and results of operations for internal and external reporting and compliance with regulatory, financial reporting, legal and tax requirements. The Utilities use their systems and infrastructure to create, collect, store, and process sensitive information, including personal information regarding customers, employees and their dependents, retirees, and other individuals. Risk management and strategy . The Utilities have a cybersecurity program in place, which is integrated into the overall risk management program and includes a risk management strategy and risk assessment policy, which are disseminated and maintained by the Chief Information Security Officer (CISO), revisited annually and govern the enterprise cybersecurity risk and maturity assessment process. The program is aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF), and leverages a risk-based approach to optimize security investment and advance the security program’s maturity and security posture over time. The Utilities’ cybersecurity program adopts security measures designed to protect the confidentiality, integrity, and availability of information technology systems, network infrastructure and other assets. The Utilities’ security measures, such as awareness and training, monitoring, etc. are designed to prevent, detect, and minimize the effects of a cybersecurity incident. These measures are periodically evaluated and audited against the NIST CSF by internal audit and independent third-party cybersecurity specialists. The CISO actively monitors developments in the area of cybersecurity and is involved in various related government and industry groups and briefs the Company’s Board quarterly or as needed on relevant cybersecurity issues. The Utilities continue to make investments in their cybersecurity program, including personnel, technologies, cyber insurance and training of Utilities personnel. The Utilities have disaster recovery and incident response plans in place to protect their businesses from information technology service interruptions. The disaster recovery plans are established to help prevent the loss of customer data, service interruptions and disruptions to operations or damage to important facilities. In addition, the Utilities also maintain cyber liability insurance that covers certain damages caused by cyber incidents. Despite the Utilities’ security measures, all of their systems are vulnerable to disability, failures or unauthorized access caused by natural disasters, cybersecurity incidents, security breaches, user error, unintentional defects created by system changes, military or terrorist actions, power or communication failures or similar events. To date, the Utilities are not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Utilities, including their business strategy, results of operations or financial condition. For further information, see “The Company is subject to information technology and operational system failures, network disruptions, cyber attacks and breaches in data security that could materially and adversely affect its businesses and reputation” in Item 1A. Risk Factors. HEI does not have an information technology (IT) or cybersecurity risk management (CRM) department, including the resources or expertise, to manage IT/CRM-related matters and processes. HEI relies on Hawaiian Electric to provide most of its IT/CRM-related services pursuant to a Service Level Agreement (SLA), amended, as of November 30, 2023 between HEI and Hawaiian Electric. HEI also employs third party cybersecurity consultants to assist in managing CRM-related matters. The SLA outlines specific services that Hawaiian Electric provides to HEI, which includes support on all IT/CRM-related matters, IT service desk support, electronic file storage and backup, hardware and software installation, inventory and maintenance, standard networking and telecommunication support, and other various IT/CRM matters, including periodic reporting to HEI’s Board of Directors and CWG. Refer to Hawaiian Electric’s cybersecurity discussion for more information. The SLA services provided by Hawaiian Electric are mainly for applications and systems on Hawaiian Electric’s infrastructure, networks and servers. The SLA does not cover support for certain software applications that were procured outside of Hawaiian Electric’s procurement and IT policies and procedures. These include the HEI’s general ledger application itself, excluding the infrastructure that the general ledger application is installed on, and certain cloud-based software. Although these applications are not supported by Hawaiian Electric, security measures and internal control procedures related to user access and periodic security reviews have been implemented on these applications and are performed on an on-going basis in accordance with Hawaiian Electric’s IT policies and procedures. These controls are required to protect HEI’s financial and other sensitive information, as well as to prevent cybersecurity breaches on Hawaiian Electric’s infrastructure, networks and servers. In the event of a cybersecurity breach on these applications not supported by Hawaiian Electric, HEI employs third party cybersecurity consultants to assess and resolve issues resulting from a breach, depending on its severity. Hawaiian Electric may also provide guidance and support to assist HEI in assessing and resolving cybersecurity breaches. HEI has also formulated disaster recovery plans, which are updated on an annual basis, involving all of its applications, including those applications not supported by Hawaiian Electric. HEI’s cybersecurity governance is primarily integrated within Hawaiian Electric’s cybersecurity governance plan and processes. HEI’s Board of Directors and CWG are tasked with overseeing risks from cybersecurity threats through routine quarterly, or as needed, updates and periodic deep-dive sessions. These updates cover cybersecurity incidents, as well as overall cybersecurity risk reduction program maturity, emerging and current cybersecurity risks, and the cybersecurity threat landscape. The HEI CFO oversees all IT and cybersecurity matters at HEI, including having oversight responsibility for the services delivered under the SLA. Since the HEI CFO does not have expertise in cybersecurity, the HEI CFO works with the Hawaiian Electric CISO and, if necessary, with third-party cybersecurity consultants on assessing, identifying, and managing material cybersecurity matters impacting HEI. There were no cybersecurity incidents that have materially affected or are reasonably likely to materially affect HEI, including its business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Utilities have a cybersecurity program in place, which is integrated into the overall risk management program and includes a risk management strategy and risk assessment policy, which are disseminated and maintained by the Chief Information Security Officer (CISO), revisited annually and govern the enterprise cybersecurity risk and maturity assessment process. The program is aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF), and leverages a risk-based approach to optimize security investment and advance the security program’s maturity and security posture over time.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity governance is a critically important part of managing security and risk, and helps ensure that the Utilities’ cybersecurity program aligns with its business objectives, complies with government and industry regulations, and achieves the goals that leadership has set out for managing security and risk. The Company’s Board of Directors oversees risks from cybersecurity threats. Oversight includes quarterly or as needed reporting from the CISO on the overall cybersecurity risk reduction program maturity, emerging and current cybersecurity risks, and the cybersecurity threat landscape. The CISO has over 30 years of experience in assessing and managing cyber risks, is responsible for day-to-day management of cybersecurity risks and regularly reports to the Board of Directors through the CWG.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Oversight includes quarterly or as needed reporting from the CISO on the overall cybersecurity risk reduction program maturity, emerging and current cybersecurity risks, and the cybersecurity threat landscape.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company’s Board of Directors oversees risks from cybersecurity threats. Oversight includes quarterly or as needed reporting from the CISO on the overall cybersecurity risk reduction program maturity, emerging and current cybersecurity risks, and the cybersecurity threat landscape.
Cybersecurity Risk Role of Management [Text Block]	Cybersecurity governance is a critically important part of managing security and risk, and helps ensure that the Utilities’ cybersecurity program aligns with its business objectives, complies with government and industry regulations, and achieves the goals that leadership has set out for managing security and risk. The Company’s Board of Directors oversees risks from cybersecurity threats. Oversight includes quarterly or as needed reporting from the CISO on the overall cybersecurity risk reduction program maturity, emerging and current cybersecurity risks, and the cybersecurity threat landscape. The CISO has over 30 years of experience in assessing and managing cyber risks, is responsible for day-to-day management of cybersecurity risks and regularly reports to the Board of Directors through the CWG.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Cybersecurity governance is a critically important part of managing security and risk, and helps ensure that the Utilities’ cybersecurity program aligns with its business objectives, complies with government and industry regulations, and achieves the goals that leadership has set out for managing security and risk. The Company’s Board of Directors oversees risks from cybersecurity threats. Oversight includes quarterly or as needed reporting from the CISO on the overall cybersecurity risk reduction program maturity, emerging and current cybersecurity risks, and the cybersecurity threat landscape. The CISO has over 30 years of experience in assessing and managing cyber risks, is responsible for day-to-day management of cybersecurity risks and regularly reports to the Board of Directors through the CWG.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO has over 30 years of experience in assessing and managing cyber risks, is responsible for day-to-day management of cybersecurity risks and regularly reports to the Board of Directors through the CWG.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company’s Board of Directors has delegated management of Enterprise Risk Management, which includes cybersecurity, to the HEI and Hawaiian Electric Audit and Risk Committees (collectively, the ARCs). The ARCs exercise their oversight responsibility of cybersecurity through quarterly (or more frequently if necessary) cybersecurity risk updates and reports of incidents, if any, by management (primarily the Utilities’ Chief Information Officer and Chief Information Security Officer).
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ significantly from those estimates.
Use of estimates	Material estimates that are particularly susceptible to significant change for HEI and its subsidiaries (collectively, the Company) include the amounts reported as fair value for pension and other postretirement benefit obligations; contingencies and litigation; income taxes; regulatory assets and liabilities (Utilities only); and asset retirement obligations (Utilities only).
Consolidation	The HEI consolidated financial statements include the accounts of HEI and its subsidiaries. The Hawaiian Electric consolidated financial statements include the accounts of Hawaiian Electric and its subsidiaries. When HEI or Hawaiian Electric has a controlling financial interest in another entity (usually, majority voting interest), that entity is consolidated. Investments in companies over which the Company or the Utilities have the ability to exercise significant influence, but not control, are accounted for using the equity method. The consolidated financial statements exclude variable interest entities (VIEs) when the Company or the Utilities are not the primary beneficiaries. Significant intercompany amounts are eliminated in consolidation
Cash and cash equivalents	The Company considers cash on hand, deposits in banks, money market accounts, certificates of deposit, short-term commercial paper of non-affiliates and liquid investments (with original maturities of three months or less) to be cash and cash equivalents.
Restricted cash	The Company considers cash held by trustees, related to non-recourse loans at Pacific Current subsidiaries, and cash held by GLST1, related to the first liability installment payment pursuant to the settlement agreements to settle the tort-related legal claims in the litigation arising out of the Maui windstorm and wildfires, to be restricted cash. In addition, the Utilities consider funds on deposit with Wells Fargo, which represent collateral to secure company purchasing cards, to be restricted cash because these funds are available only to finance (or reimburse payment of) approved expenditures; however, as of December 31, 2024, such funds were released.
Property, plant and equipment	Property, plant and equipment are reported at cost. Self-constructed electric utility plant includes engineering, supervision, administrative and general costs and an allowance for the cost of funds used during the construction period. These costs are recorded in construction in progress and are transferred to utility plant when construction is completed and the facilities are either placed in service or become useful for public utility purposes. Costs for betterments that make utility plant more useful, more efficient, of greater durability or of greater capacity are also capitalized. Upon the retirement or sale of electric utility plant, generally no gain or loss is recognized. The cost of the plant retired is charged to accumulated depreciation. Amounts collected from customers for cost of removal are included in regulatory liabilities.
Depreciation	Depreciation is computed primarily using the straight-line method over the estimated lives of the assets being depreciated. Electric utility plant additions in the current year are depreciated beginning January 1 of the following year in accordance with rate-making. Electric utility plant and Pacific Current generation assets have lives ranging from 16 to 51 years for production plant, from 10 to 79 years for transmission and distribution plant, and from 5 to 50 years for general plant.
Retirement benefits	Pension and other postretirement benefit costs are charged primarily to expense and electric utility plant (in the case of the Utilities). Funding for the Company’s qualified pension plan (Plan) is based on actuarial assumptions adopted by the Pension Investment Committee administering the Plan. The participating employers contribute amounts to pension trust for the Plan in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA), including changes promulgated by the Pension Protection Act of 2006, and considering the deductibility of contributions under the Internal Revenue Code. The Company generally funds at least the net periodic pension cost during the year, subject to ERISA minimum and Internal Revenue Code limits and targeted funded status. Certain health care and/or life insurance benefits are provided to eligible retired employees and the employees’ beneficiaries and covered dependents. The Company generally funds the net periodic postretirement benefit costs other than pension (except for executive life) for postretirement benefits other than pension (OPEB), while maximizing the use of the most tax-advantaged funding vehicles, subject to cash flow requirements and reviews of the funded status with the consulting actuary.
Environmental expenditures	The Company and the Utilities are subject to numerous federal and state environmental statutes and regulations. In general, environmental contamination treatment costs are charged to expense. Environmental costs are capitalized if the costs extend the life, increase the capacity, or improve the safety or efficiency of property; the costs mitigate or prevent future environmental contamination; or the costs are incurred in preparing the property for sale. Environmental costs are either capitalized or charged to expense when environmental assessments and/or remedial efforts are probable and the cost can be reasonably estimated. The Utilities review their sites and measure the liability quarterly by assessing a range of reasonably likely costs of each identified site using currently available information, including existing technology, presently enacted laws and regulations, experience gained at similar sites, and the probable level of involvement and financial condition of other potentially responsible parties.
Contingencies and litigation	The Company and the Utilities are subject to proceedings (including PUC proceedings), lawsuits and other claims. Management assesses the likelihood of any adverse judgments in or outcomes of these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is based on an analysis of each individual case or proceeding often with the assistance of outside counsel. Loss contingencies are reviewed quarterly and estimates are adjusted to reflect the impact of all known information, such as new developments in each matter or changes in approach in dealing with these matters, including changes in settlement strategy. When a loss is probable and reasonably estimable, a liability is recorded in the amount of the estimable loss. If it is reasonably possible that a loss may have been incurred and the effect on the financial statements could be material, the Company and the Utilities disclose the nature of the loss contingency and an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made within the notes to the financial statements.
Income taxes	Deferred income tax assets and liabilities are established for the temporary differences between the financial reporting bases and the tax bases of the Company’s and the Utilities’ assets and liabilities at federal and state tax rates expected to be in effect when such deferred tax assets or liabilities are realized or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. HEI and the Utilities’ investment tax credits are deferred and amortized over the estimated useful lives of the properties to which the credits relate (and for the Utilities, this treatment is in accordance with Accounting Standards Codification (ASC) Topic 980, “Regulated Operations”). The Utilities are included in the consolidated income tax returns of HEI. However, income tax expense has been computed for financial statement purposes as if each utility filed a separate income tax return and Hawaiian Electric filed a consolidated Hawaiian Electric income tax return. Governmental tax authorities could challenge a tax return position taken by the Company. The Company and the Utilities use a “more-likely-than-not” recognition threshold and measurement standard for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
Fair value measurements	Fair value estimates are estimates of the price that would be received to sell an asset, or paid upon the transfer of a liability, in an orderly transaction between market participants at the measurement date. The fair value estimates are generally determined based on assumptions that market participants would use in pricing the asset or liability and are based on market data obtained from independent sources. However, in certain cases, the Company and the Utilities use their own assumptions about market participant assumptions based on the best information available in the circumstances. These valuations are estimates at a specific point in time, based on relevant market information, information about the financial instrument and judgments regarding future expected loss experience, economic conditions, risk characteristics of various financial instruments and other factors. These estimates do not reflect any premium or discount that could result if the Company or the Utilities were to sell its entire holdings of a particular financial instrument at one time. Because no active trading market exists for a portion of the Company’s and the Utilities’ financial instruments, fair value estimates cannot be determined with precision. Changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the estimates. In addition, the tax ramifications related to the realization of the unrealized gains and losses could have a significant effect on fair value estimates, but have not been considered in making such estimates. The Company and the Utilities group their financial assets measured at fair value in three levels outlined as follows: Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Classification in the hierarchy is based upon the lowest level input that is significant to the fair value measurement of the asset or liability. For instruments classified in Level 1 and 2 where inputs are primarily based upon observable market data, there is less judgment applied in arriving at the fair value. For instruments classified in Level 3, management judgment is more significant due to the lack of observable market data. The Company reviews and updates the fair value hierarchy classifications on a quarterly basis. Changes from one quarter to the next related to the observability of inputs in fair value measurements may result in a reclassification between the fair value hierarchy levels and are recognized based on period-end balances. Fair value is also used on a nonrecurring basis to evaluate certain assets for impairment or for disclosure purposes. Examples of nonrecurring uses of fair value include asset retirement obligations (AROs). Fair value measurement and disclosure valuation methodology. The following are descriptions of the valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for financial instruments not carried at fair value: Money market mutual funds . The Company considers all liquid investments purchased with an initial maturity of three months or less and deposits in money market mutual funds that are readily convertible into cash to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. Short-term borrowings . The carrying amount of short-term borrowings approximated fair value because of the short maturity of these instruments. Long-term debt . Fair value of fixed-rate long-term debt was obtained from third-party financial services providers based on the current rates offered for debt of the same or similar remaining maturities and from discounting the future cash flows using the current rates offered for debt of the same or similar risks, terms, and remaining maturities. The carrying amount of floating rate long-term debt approximated fair value because of the short-term interest reset periods. Long-term debt is classified in Level 2 of the valuation hierarchy. Interest rate swaps . The Company measures its interest rate swaps at fair value. The fair values of the Company's interest rate swaps are based on the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair values of the Company's interest rate swaps are classified as a Level 2 measurements.
Earnings per share (HEI only)	Basic earnings per share (EPS) and Basic EPS from continuing operations are computed by dividing net income for common stock and income from continuing operations for common stock, respectively, by the weighted-average number of common shares outstanding for the period. Diluted EPS and diluted EPS from continuing operations are computed similarly, except that dilutive common shares for stock compensation is added to the denominator.
Impairment of long-lived assets and long-lived assets to be disposed of	The Company and the Utilities review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. When the Utilities conclude that recovery of the remaining carrying amount of long-lived generation asset upon retirement is probable of recovery in future rates the carrying amount of the long-lived generation asset is recorded as a regulatory asset. Other assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell.
Recent accounting pronouncements	Segment Reporting . In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosure requirements of significant segment expenses. These amendments are effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. These amendments apply on a retrospective basis. The Company adopted this amendment as of December 31, 2024, which did not have a material impact on its disclosures. Income Taxes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. These amendments apply on a prospective basis with a retrospective option. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on the Company’s consolidated financial statements and does not expect the adoption to have a material impact on its consolidated financial statements. Climate-related disclosures . In March 2024, the SEC issued final climate-related disclosure rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors (climate disclosure rules). The rules will require annual disclosure of material greenhouse gas emissions as well as disclosure of governance, risk management and strategy related to material climate-related risks. In addition, the rules require (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and renewable energy credit balances if material to the Company’s plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. The disclosure requirements will begin phasing in for annual periods beginning with calendar year 2025. In April 2024, the SEC voluntarily stayed implementation of its climate disclosure rules pending completion of judicial review by the Court of Appeals for the Eighth Circuit. The Company is currently monitoring developments with this final rule and evaluating its impact on the Company’s consolidated financial statements.
Reclassifications	Certain prior year amounts on the Consolidated Balance Sheet have been reclassified to conform to a classified balance sheet presentation. These prior year reclassifications include presenting current and noncurrent assets and liabilities. These reclassifications did not affect net income or shareholders’ equity for the years ended December 31, 2023. Within the consolidated balance sheet for the prior period, wildfire tort-related claims amounts were reclassified from “Other current liabilities” to current “Wildfire tort-related claims” for the Company and the Utilities, and other postretirement benefit plan asset was reclassified from noncurrent “Other asset” to noncurrent “Defined benefit pension and other postretirement benefit plans asset” for the Utilities, to conform to the current year financial statement presentation. Also, consolidated statements of cash flows of prior year wildfire tort-related claims amounts were reclassified from “Change in other assets and liabilities” to “Increase in wildfire tort-related claims” for the Company and the Utilities to conform to the current year financial statement presentation. Reclassifications did not affect previously reported net income, retained earnings or net cash provided by operating activities.
Electric utility
Regulation by the Public Utilities Commission of the State of Hawaii (PUC)	The Utilities are regulated by the PUC and account for the effects of regulation under FASB ASC Topic 980, “Regulated Operations.” As a result, the Utilities’ financial statements reflect assets, liabilities, revenues and expenses based on current cost-based rate-making regulations (see Note 4—“Regulatory assets and liabilities”). Their continued accounting under ASC Topic 980 generally requires that rates are established by an independent, third-party regulator; rates are designed to recover the costs of providing service; and it is reasonable to assume that rates can be charged to, and collected from, customers. Management believes that the operations of the Utilities, including the impact of the approved PBR Framework, currently satisfy the criteria under ASC Topic 980. The rate schedules of the Utilities include energy costs recovery clauses (ECRCs) under which electric rates are adjusted for changes in the weighted-average price paid for fuel oil and certain components of purchased power, and the relative amounts of company-generated power and purchased power. The rate schedules also include purchased power adjustment clauses (PPACs) under which the remaining purchase power expenses are recovered through surcharge mechanisms. The amounts collected through the ECRCs and PPACs are required to be reconciled quarterly.
Accounts receivable	Accounts receivable are recorded at the invoiced amount. The Utilities generally assess a late payment charge on balances unpaid from the previous month. The allowance for doubtful accounts is the Utilities’ best estimate of the amount of expected credit losses in the Utilities’ existing accounts receivable.
Electric utility revenues	Revenues related to electric service are generally recorded when service is rendered and include revenues applicable to energy consumed in the accounting period but not yet billed to the customers. The Utilities also record revenue under a decoupling mechanism.
Repairs and maintenance costs	Repairs and maintenance costs for overhauls of generating units are generally expensed as they are incurred.
Allowance for funds used during construction (AFUDC)	AFUDC represents the estimated costs of debt (i.e., interest) and equity funds used to finance plant construction. AFUDC is credited on the statement of income and charged to construction in progress on the balance sheet. If a project under construction is delayed for an extended period of time, AFUDC on the delayed project may be stopped after assessing the causes of the delay and probability of recovery. The tax gross up of the allowance for equity funds used during construction is credited to income taxes on the statement of income and charged to a regulatory asset. This gross up, net of amortization of the regulatory asset, is reflected in income tax expense.
Asset retirement obligations (AROs)	AROs are accounted for in accordance with ASC 410-20 , “
Revenues	Revenue from contracts with customers. The revenues subject to ASC Topic 606 include the Utilities’ electric energy sales revenue as further described below. Electric Utilities . Electric energy sales. Electric energy sales represent revenues from the generation and transmission of electricity to customers under tariffs approved by the PUC. Transaction pricing for electricity is determined and approved by the PUC for each rate class and includes revenues from the base electric charges, which are composed of (1) the customer, demand, energy, and minimum charges, and (2) the power factor, service voltage, and other adjustments as provided in each rate and rate rider schedule. Electric energy sales also represent contract rate charge from the generation and transmission of electricity to the Army. The monthly pricing is recalculated on an annual basis based on actual costs, approved by the Army. The Utilities satisfy performance obligations of electric energy sales over time, i.e., the Utilities generate and transfer control of the electricity over time as the customer simultaneously receives and consumes the benefits provided by the Utilities’ performance. Payments from customers are generally due within 30 days from the end of the billing period. As electric bills to customers reflect the amount that corresponds directly with the value of the Utilities’ performance to date, the Utilities have elected to use the right to invoice practical expedient, which entitles them to recognize revenue in the amount they have the right to invoice. All Other . All Other sales. Other sales primarily consist of revenues from the generation and sale of renewable energy at fixed contractual prices per kWh to customers under power purchase agreements by Pacific Current subsidiaries. The performance obligation is satisfied over time as renewable energy is generated and control is transferred to the customer that simultaneously receives and consumes the benefits provided. Payments from customers are generally due within 30 days from the end of the billing period. The bill to customers reflects the amount that corresponds directly with the value of performance to date. Pacific Current has elected to use the right to invoice practical expedient, which entitles it to recognize revenue in the amount they have the right to invoice.
Revenues from other sources	Revenues from other sources. Revenues from other sources not subject to ASC Topic 606 are accounted for as follows: Electric Utilities . Regulatory revenues . Regulatory revenues primarily consist of revenues from the decoupling mechanism and cost recovery surcharges. Decoupling mechanism - Under the current decoupling mechanism, the Utilities are allowed to recover or obligated to refund the difference between actual revenue and the target revenue as determined by the PUC, collect annual revenue adjustment mechanism (ARA) and exceptional project recovery mechanism revenues, and recover or refund performance incentive mechanism penalties or rewards. These adjustments will be reflected in tariffs in future periods. Under the PBR framework, the accrued RBA revenues as of the preceding September 30 balance and the annual ARA amount are billed from January 1 through December 31 of each year, which is within 24 months following the end of the year in which they are recorded as required by the accounting standard for alternative revenue programs (see “Regulatory proceedings” in Note 4). Cost recovery surcharges - For the timely recovery of additional costs incurred, and reconciliation of costs and expenses included in tariffed rates, the Utilities recognize revenues under surcharge mechanisms approved by the PUC. These will be reflected in tariffs in future periods (e.g., ECRC and PPAC). Since revenue adjustments discussed above resulted from either agreements with the PUC or change in tax law, rather than contracts with customers, they are not subject to the scope of ASC Topic 606. Also, see Notes 1, 4 and 13 of the Consolidated Financial Statements. The Utilities have elected to present these revenue adjustments on a gross basis, which results in the amounts being billed to customers presented in revenues from contracts with customers and the amortization of the related regulatory asset/liability as revenues from other sources. Depending on whether the previous deferral balance being amortized was a regulatory asset or regulatory liability, and depending on the size and direction of the current year deferral of surcharges and/or refunds to customers, it could result in negative regulatory revenue during the year. Utility pole attachment fees . These fees primarily represent revenues from third-party companies for their access to and shared use of Utilities-owned poles through licensing agreements. As the shared portion of the utility pole is functionally dependent on the rest of the structure, no distinct goods appear to exist. Therefore, these fees are not subject to the scope of ASC Topic 606, but recognized in accordance with ASC Topic 610, Other Income . Army privatization extraordinary O&M (EOM) fees. The monthly EOM fee provides the recovery of the incremental extraordinary O&M costs not covered under the standard utility services. The nature of the work related to transitional period revenue and monthly EOM fees do not represent the Utilities’ ongoing major or central operations (i.e., generating, and transmission and distribution of electricity) and is provided specifically for the arrangement between the Utilities and the Army. Therefore, these revenues are not subject to the scope of ASC Topic 606, but recognized in accordance with ASC Topic 610, Other Income .

Maui windstorm and wildfires (T

Maui windstorm and wildfires (Tables)	12 Months Ended
	Dec. 31, 2024
Unusual or Infrequent Items, or Both [Abstract]
Schedule of Pending Contribution Expense, Offset by Probably Insurance Recovery	See table below for the incremental expenses related to the Maui windstorm and wildfires. Year ended December 31, 2024 Year ended December 31, 2023 (in thousands) Electric utility HEI Consolidated 2 Electric utility HEI Consolidated 2 Maui windstorm and wildfires related expenses: Legal expenses $ 51,406 $ 69,779 $ 24,737 $ 33,969 Wildfire tort-related claims 1,915,000 1,915,000 75,000 75,000 Other expense 52,421 61,251 15,071 18,143 Total Maui windstorm and wildfires related expenses 2,018,827 2,046,030 114,808 127,112 Insurance recoveries (85,781) (94,699) (98,613) (104,580) Deferral treatment approved by the PUC 1 (37,960) (37,960) (14,692) (14,692) Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment $ 1,895,086 $ 1,913,371 $ 1,503 $ 7,840 1 Related to the PUC’s order, received on December 27, 2023, approving deferred accounting treatment for the Utilities’ incremental non-labor expenses related to the August 2023 Maui windstorm and wildfires. Amounts were reclassified to a regulatory asset. 2 Excludes expenses related to discontinued operations amounting to $1.3 million and $11.3 million for the years ended December 31, 2024 and 2023, respectively.

Segment financial information (

Segment financial information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Financial Information	Electric utility reportable segment and All Other information were as follows: (in thousands) Electric utility All Other Total 2024 Revenues $ 3,206,700 $ 13,150 $ 3,219,850 Depreciation and amortization 282,970 10,563 293,533 Interest income 6,633 12,729 19,362 Interest expense, net 82,082 45,125 127,207 Loss from continuing operations before income taxes (1,663,914) (127,681) (1,791,595) Income tax benefit (439,547) (31,415) (470,962) Loss from continuing operations (1,224,367) (96,266) (1,320,633) Preferred stock dividends of subsidiaries 1,995 (105) 1,890 Loss from continuing operations for common stock (1,226,362) (96,161) (1,322,523) Capital expenditures 1 329,479 14,772 344,251 Assets (at December 31, 2024) 7,613,604 1,317,812 8,931,416 2023 Revenues $ 3,269,521 $ 17,982 $ 3,287,503 Depreciation and amortization 270,195 12,111 282,306 Interest income 6,454 2,651 9,105 Interest expense, net 86,140 39,392 125,532 Income (loss) from continuing operations before income taxes 247,140 (64,840) 182,300 Income tax expense (benefit) 51,193 (16,659) 34,534 Income (loss) from continuing operations 195,947 (48,181) 147,766 Preferred stock dividends of subsidiaries 1,995 (105) 1,890 Income (loss) from continuing operations for common stock 193,952 (48,076) 145,876 Capital expenditures 1 438,775 3,952 442,727 Assets (at December 31, 2023) 7,283,554 393,818 7,677,372 2022 Revenues from external customers $ 3,408,583 $ 12,334 $ 3,420,917 Intersegment revenues (eliminations) 4 (4) — Revenues 3,408,587 12,330 3,420,917 Depreciation and amortization 260,744 9,661 270,405 Interest expense, net 76,416 26,986 103,402 Income (loss) from continuing operations before income taxes 240,600 (38,646) 201,954 Income tax expense (benefit) 49,676 (10,761) 38,915 Income (loss) from continuing operations 190,924 (27,885) 163,039 Preferred stock dividends of subsidiaries 1,995 (105) 1,890 Income (loss) from continuing operations for common stock 188,929 (27,780) 161,149 Capital expenditures 1 329,457 9,876 339,333 1

Electric utility segment (Table

Electric utility segment (Tables)	12 Months Ended
	Dec. 31, 2024
Electric Utility Subsidiary [Abstract]
Schedule of Regulatory Assets	Regulatory assets were as follows: December 31 2024 2023 (in thousands) Income taxes (1-35 years) $ 81,102 $ 81,620 Retirement benefit plans (balance primarily varies with plans’ funded statuses) 13,755 70,616 Maui windstorm and wildfire related costs (to be determined by PUC) 52,652 14,692 Retirement of generating units (10 years) 40,953 29,930 Right-Of-Use (ROU) assets (25 years remaining) 19,105 9,067 ECRC/PPAC (1 year) 17,418 24,691 Vacation earned, but not yet taken (1 year) 13,950 14,585 Decoupling revenue balancing account and RAM (1 year) 9,829 19,002 Performance Incentive Mechanisms (PIMs) (1 year) 6,783 2,923 COVID-19 related costs (3 years) 6,715 8,715 Other (1-35 years remaining) 19,057 18,963 Total regulatory assets $ 281,319 $ 294,804 Included in: Current assets $ 53,895 $ 68,453 Long-term assets 227,424 226,351 Total regulatory assets $ 281,319 $ 294,804
Schedule of Regulatory Liabilities	Regulatory liabilities were as follows: December 31 2024 2023 (in thousands) Cost of removal in excess of salvage value (1-79 years) $ 601,741 $ 591,298 Income taxes (1-35 years) 292,036 303,225 Retirement benefit plans (balance primarily varies with plans’ funded statuses) 279,553 171,421 Solar tax credits (1-17 years) 46,661 49,507 Enterprise Resource Planning (ERP) Benefits (to be determined by PUC) 12,549 12,409 Decoupling revenue balancing account and RAM (1 year) 5,498 5,995 ECRC/PPAC (1 year) 4,296 15,169 Other (1 year remaining) 1,749 1,666 Total regulatory liabilities $ 1,244,083 $ 1,150,690 Included in: Current liabilities $ 26,568 $ 36,559 Long-term liabilities 1,217,515 1,114,131 Total regulatory liabilities $ 1,244,083 $ 1,150,690
Schedule of Voluntary Liquidation and Redemption Prices of Cumulative Preferred Stock	The following series of cumulative preferred stock are redeemable only at the option of the respective company at the following prices in the event of voluntary liquidation or redemption: December 31, 2024 Voluntary Redemption Series C, D, E, H, J and K (Hawaiian Electric) $ 20 $ 21 I (Hawaiian Electric) 20 20 G (Hawaii Electric Light) 100 100 H (Maui Electric) 100 100
Schedule of Purchase Commitments	As of December 31, 2024, the Utilities’ estimated future minimum payments pursuant to purchase obligations related to material contracts for the following five years and thereafter are as follows: Payments Due (in millions) 2025 2026 2027 2028 2029 Thereafter Total Firm capacity PPAs $ 75 $ 75 $ 75 $ 70 $ 70 $ 225 $ 590 Renewable dispatchable generation plus energy storage and energy storage PPAs 77 77 77 77 77 1,174 1,559 Other renewable PPA — 1 4 4 4 69 82 Fuel transportation 7 7 2 — — — 16 Total $ 159 $ 160 $ 158 $ 151 $ 151 $ 1,468 $ 2,247
Schedule of Purchases From All IPPs	Purchases from all IPPs were as follows: Years ended December 31 2024 2023 2022 (in millions) Kalaeloa $ 291 $ 298 $ 342 AES Hawaii 1 — — 82 HPOWER 74 70 73 Hamakua Energy 35 71 66 Puna Geothermal Venture 56 38 48 Kapolei Energy Storage 24 — — Wind IPPs 130 125 119 Solar IPPs 84 72 57 Other IPPs 2 9 (2) 7 Total IPPs $ 703 $ 672 $ 794 1 The term of the PPA with AES Hawaii expired on September 1, 2022 and the AES Hawaii coal plant ceased operations. 2 Includes hydro power and other PPAs.
Schedule of Changes in Asset Retirement Obligation	Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows: (in thousands) 2024 2023 Balance, January 1 $ 12,009 $ 11,548 Accretion expense 484 463 Liabilities incurred — — Liabilities settled (1) (2) Balance, December 31 $ 12,492 $ 12,009
Schedule of Net Annual Incremental Amounts Proposed to be Collected (Refunded)	The filing reflected ARA revenues for 2025 to be collected from January 1 through December 31, 2025, as follows: (in millions) Hawaiian Electric Hawaii Electric Light Maui Electric Total 2025 ARA revenues $ 15.4 $ 3.8 $ 3.7 $ 22.9 Management Audit savings commitment (4.6) (1.0) (1.0) (6.6) Net 2025 ARA revenues $ 10.8 $ 2.8 $ 2.7 $ 16.3 The net incremental amounts between the 2024 spring and fall revenue reports are shown in the following table. The amounts are to be collected (refunded) from January 1 through December 31, 2025 under the RBA rate tariffs, which were included in the 2024 fall revenue report filing. (in millions) Hawaiian Electric Hawaii Electric Light Maui Electric Total 2025 ARA revenues $ 15.4 $ 3.8 $ 3.7 $ 22.9 Annual change in accrued RBA balance through September 30, 2024 (and associated revenue taxes) (7.0) (1.3) 6.4 (1.9) Incremental Performance Incentive Mechanisms (net) (0.1) 0.1 — — Net incremental amount to be collected under the RBA rate tariffs $ 8.3 $ 2.6 $ 10.1 $ 21.0
Schedule of Consolidating Statements of Income	Consolidating statement of income Year ended December 31, 2024 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Consolidated Revenues $ 2,283,148 483,715 440,432 5,570 (6,165) [1] $ 3,206,700 Expenses Fuel oil 790,004 121,719 166,322 — — 1,078,045 Purchased power 517,583 132,086 53,702 — — 703,371 Other operation and maintenance 390,111 102,883 121,693 1,150 (6,165) [1] 609,672 Wildfire tort-related claims, net (Note 2) 1,500,000 187,500 187,500 — — 1,875,000 Depreciation 167,909 43,855 39,378 — — 251,142 Taxes, other than income taxes 215,137 45,025 41,166 — — 301,328 Total expenses 3,580,744 633,068 609,761 1,150 (6,165) 4,818,558 Operating income (loss) (1,297,596) (149,353) (169,329) 4,420 — (1,611,858) Allowance for equity funds used during construction 10,853 1,189 1,744 — — 13,786 Equity in earnings of subsidiaries (248,004) — — — 248,004 [2] — Retirement defined benefits credit (expense)—other than service costs 3,574 665 (102) — — 4,137 Interest expense and other charges, net (59,906) (11,422) (16,688) — 5,934 [1] (82,082) Allowance for borrowed funds used during construction 4,300 355 815 — — 5,470 Interest Income 11,136 1,062 369 — (5,934) [1] 6,633 Income (loss) before income taxes (1,575,643) (157,504) (183,191) 4,420 248,004 (1,663,914) Income tax expense (benefit) (350,361) (41,624) (48,700) 1,138 — (439,547) Net income (loss) (1,225,282) (115,880) (134,491) 3,282 248,004 (1,224,367) Preferred stock dividends of subsidiaries — 534 381 — — 915 Net income (loss) attributable to Hawaiian Electric (1,225,282) (116,414) (134,872) 3,282 248,004 (1,225,282) Preferred stock dividends of Hawaiian Electric 1,080 — — — — 1,080 Net income (loss) for common stock $ (1,226,362) (116,414) (134,872) 3,282 248,004 $ (1,226,362) Consolidating statement of income Year ended December 31, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Consolidating adjustments Hawaiian Electric Consolidated Revenues $ 2,356,478 464,161 448,882 — $ 3,269,521 Expenses Fuel oil 913,801 105,009 192,610 — 1,211,420 Purchased power 486,067 142,837 42,865 — 671,769 Other operation and maintenance 343,462 85,261 104,834 — 533,557 Depreciation 164,150 42,541 37,014 — 243,705 Taxes, other than income taxes 221,664 43,095 42,153 — 306,912 Total expenses 2,129,144 418,743 419,476 — 2,967,363 Operating income 227,334 45,418 29,406 — 302,158 Allowance for equity funds used during construction 11,721 1,411 2,032 — 15,164 Equity in earnings of subsidiaries 44,809 — — (44,809) [2] — Retirement defined benefits credit (expense)—other than service costs 3,735 667 (99) — 4,303 Interest expense and other charges, net (62,362) (11,650) (12,933) 805 [1] (86,140) Allowance for borrowed funds used during construction 4,081 451 669 — 5,201 Interest Income 5,113 1,071 1,075 (805) [1] 6,454 Income before income taxes 234,431 37,368 20,150 (44,809) 247,140 Income taxes 39,399 8,327 3,467 — 51,193 Net income 195,032 29,041 16,683 (44,809) 195,947 Preferred stock dividends of subsidiaries — 534 381 — 915 Net income attributable to Hawaiian Electric 195,032 28,507 16,302 (44,809) 195,032 Preferred stock dividends of Hawaiian Electric 1,080 — — — 1,080 Net income for common stock $ 193,952 28,507 16,302 (44,809) $ 193,952 Consolidating statement of income Year ended December 31, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Consolidating adjustments Hawaiian Electric Consolidated Revenues $ 2,452,969 485,590 470,355 (327) [1] $ 3,408,587 Expenses Fuel oil 917,801 133,238 214,575 — 1,265,614 Purchased power 601,235 143,636 48,713 — 793,584 Other operation and maintenance 326,785 85,110 85,706 — 497,601 Depreciation 158,725 41,404 35,295 — 235,424 Taxes, other than income taxes 228,843 44,685 43,645 — 317,173 Total expenses 2,233,389 448,073 427,934 — 3,109,396 Operating income 219,580 37,517 42,421 (327) 299,191 Allowance for equity funds used during construction 8,464 898 1,212 — 10,574 Equity in earnings of subsidiaries 47,493 — — (47,493) [2] — Retirement defined benefits credit (expense)—other than service costs 3,296 666 (127) — 3,835 Interest expense and other charges, net (55,260) (10,659) (10,824) 327 [1] (76,416) Allowance for borrowed funds used during construction 2,769 277 370 — 3,416 Income before income taxes 226,342 28,699 33,052 (47,493) 240,600 Income taxes 36,333 6,349 6,994 — 49,676 Net income 190,009 22,350 26,058 (47,493) 190,924 Preferred stock dividends of subsidiaries — 534 381 — 915 Net income attributable to Hawaiian Electric 190,009 21,816 25,677 (47,493) 190,009 Preferred stock dividends of Hawaiian Electric 1,080 — — — 1,080 Net income for common stock $ 188,929 21,816 25,677 (47,493) $ 188,929
Schedule of Consolidating Statements of Comprehensive Income	Consolidating statement of comprehensive income Year ended December 31, 2024 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating Hawaiian Electric Net income (loss) for common stock $ (1,226,362) (116,414) (134,872) 3,282 248,004 $ (1,226,362) Other comprehensive loss, net of taxes: Retirement benefit plans: Net gains arising during the period, net of taxes 65,680 8,108 7,342 — (15,450) [1] 65,680 Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes (2,035) (159) (243) — 402 [1] (2,035) Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes (63,708) (7,895) (7,076) — 14,971 [1] (63,708) Other comprehensive loss, net of taxes (63) 54 23 — (77) (63) Comprehensive income (loss) attributable to common shareholder $ (1,226,425) (116,360) (134,849) 3,282 247,927 $ (1,226,425) Consolidating statement of comprehensive income Year ended December 31, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Consolidating adjustments Hawaiian Electric Net income for common stock $ 193,952 28,507 16,302 (44,809) $ 193,952 Other comprehensive income (loss), net of taxes: Retirement benefit plans: Net gains arising during the period, net of taxes 10,175 961 1,275 (2,236) [1] 10,175 Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes (1,983) (221) (266) 487 [1] (1,983) Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes (8,204) (752) (978) 1,730 [1] (8,204) Other comprehensive income (loss), net of taxes (12) (12) 31 (19) (12) Comprehensive income attributable to common shareholder $ 193,940 28,495 16,333 (44,828) $ 193,940 Consolidating statement of comprehensive income Year ended December 31, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Consolidating adjustments Hawaiian Electric Net income for common stock $ 188,929 21,816 25,677 (47,493) $ 188,929 Other comprehensive income, net of taxes: Retirement benefit plans: Net gains arising during the period, net of taxes 187,193 44,411 44,386 (88,797) [1] 187,193 Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes 18,884 2,811 2,584 (5,395) [1] 18,884 Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes (199,936) (46,841) (46,694) 93,535 [1] (199,936) Other comprehensive income, net of tax benefits 6,141 381 276 (657) 6,141 Comprehensive income attributable to common shareholder $ 195,070 22,197 25,953 (48,150) $ 195,070
Schedule of Consolidating Balance Sheets	Consolidating balance sheet December 31, 2024 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating Hawaiian Electric Assets Property, plant and equipment Utility property, plant and equipment Land $ 42,860 5,645 3,514 — — $ 52,019 Plant and equipment 5,502,198 1,501,947 1,417,356 — — 8,421,501 Right-of-use assets - finance lease 360,270 36,074 50,757 — — 447,101 Less accumulated depreciation (2,029,719) (691,161) (605,744) — — (3,326,624) Construction in progress 282,150 31,341 52,218 — — 365,709 Utility property, plant and equipment, net 4,157,759 883,846 918,101 — — 5,959,706 Nonutility property, plant and equipment, less accumulated depreciation 1,145 115 1,532 — — 2,792 Total property, plant and equipment, net 4,158,904 883,961 919,633 — — 5,962,498 Investment in wholly-owned subsidiaries, at equity 680,414 — — — (680,414) [2] — Current assets Cash and cash equivalents 118,367 31,534 16,456 17,791 — 184,148 Advances to affiliates 62,200 — — — (62,200) [1] — Customer accounts receivable, net 19,050 7,245 8,941 164,662 — 199,898 Accrued unbilled revenues, net 12,738 4,046 1,890 160,047 — 178,721 Other accounts receivable, net 209,752 58,366 51,465 — (249,946) [1] 69,637 Fuel oil stock, at average cost 70,800 13,764 14,339 — — 98,903 Materials and supplies, at average cost 69,602 15,506 33,358 — — 118,466 Prepayments and other 110,516 16,662 30,747 — (6,705) [1] 151,220 Regulatory assets 36,520 8,211 9,164 — — 53,895 Total current assets 709,545 155,334 166,360 342,500 (318,851) 1,054,888 Other long-term assets Operating lease right-of-use assets 29,868 22,672 6,741 — — 59,281 Regulatory assets 172,257 18,875 36,292 — — 227,424 Defined benefit pension and other postretirement benefit plans asset 66,292 30,397 24,128 — (11,998) [1] 108,819 Other 194,006 18,612 21,702 — (33,626) [1] 200,694 Total other long-term assets 462,423 90,556 88,863 — (45,624) 596,218 Total assets $ 6,011,286 1,129,851 1,174,856 342,500 (1,044,889) $ 7,613,604 (continued) Consolidating balance sheet (continued) December 31, 2024 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating Hawaiian Electric Capitalization and liabilities Capitalization Common stock equity $ 1,156,955 243,964 282,876 153,574 (680,414) [2] $ 1,156,955 Cumulative preferred stock–not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 1,353,173 244,466 256,575 — — 1,854,214 Total capitalization 2,532,421 495,430 544,451 153,574 (680,414) 3,045,462 Current liabilities Current portion of operating lease liabilities 4,430 7,802 2,970 — — 15,202 Current portion of long-term debt, net 40,000 5,000 2,000 — — 47,000 Short-term borrowings-non-affiliate 48,623 — — — — 48,623 Short-term borrowings-affiliate — — 62,200 — (62,200) [1] — Accounts payable 137,837 27,077 32,066 — — 196,980 Interest and preferred dividends payable 15,994 3,191 2,701 — (350) [1] 21,536 Taxes accrued, including revenue taxes 197,768 42,692 37,108 1,138 (6,705) [1] 272,001 Regulatory liabilities 11,701 10,039 4,828 — — 26,568 Wildfire tort-related claims (Note 2) 383,000 47,875 47,875 — — 478,750 Other 103,415 35,492 43,913 187,788 (249,597) [1] 121,011 Total current liabilities 942,768 179,168 235,661 188,926 (318,852) 1,227,671 Deferred credits and other liabilities Operating lease liabilities 29,830 15,230 4,075 — — 49,135 Finance lease liabilities 341,364 34,370 49,891 — — 425,625 Deferred income taxes — 5,368 28,257 — (33,625) [1] — Regulatory liabilities 864,259 222,834 130,422 — — 1,217,515 Unamortized tax credits 54,950 10,757 10,969 — — 76,676 Defined benefit pension plan liability 18,301 125 — — (11,998) [1] 6,428 Wildfire tort-related claims (Note 2) 1,149,000 143,625 143,625 — — 1,436,250 Other 78,393 22,944 27,505 — — [1] 128,842 Total deferred credits and other liabilities 2,536,097 455,253 394,744 — (45,623) 3,340,471 Total capitalization and liabilities $ 6,011,286 1,129,851 1,174,856 342,500 (1,044,889) $ 7,613,604 Consolidating balance sheet December 31, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating Hawaiian Electric Assets Property, plant and equipment Utility property, plant and equipment Land $ 42,859 5,645 3,594 — — $ 52,098 Plant and equipment 5,398,281 1,459,639 1,374,890 — — 8,232,810 Finance lease right-of-use assets 306,099 36,075 — — — 342,174 Less accumulated depreciation (1,925,660) (666,581) (605,273) — — (3,197,514) Construction in progress 247,836 33,488 38,899 — — 320,223 Utility property, plant and equipment, net 4,069,415 868,266 812,110 — — 5,749,791 Nonutility property, plant and equipment, less accumulated depreciation 5,295 115 1,532 — — 6,942 Total property, plant and equipment, net 4,074,710 868,381 813,642 — — 5,756,733 Investment in wholly-owned subsidiaries, at equity 722,211 — — — (722,211) [2] — Current assets Cash and cash equivalents 89,755 10,658 5,587 77 — 106,077 Restricted cash 2,000 — — — — 2,000 Advances to affiliates 70,500 — — — (70,500) [1] — Customer accounts receivable, net 172,747 38,216 33,346 — — 244,309 Accrued unbilled revenues, net 136,367 25,102 24,175 — — 185,644 Other accounts receivable, net 143,160 13,318 32,521 — (77,480) [1] 111,519 Fuel oil stock, at average cost 108,228 17,968 22,041 — — 148,237 Materials and supplies, at average cost 64,334 14,397 35,702 — — 114,433 Prepayments and other 40,767 7,724 11,638 — (1,638) [1] 58,491 Regulatory assets 58,920 5,771 3,762 — — 68,453 Total current assets 886,778 133,154 168,772 77 (149,618) 1,039,163 Other long-term assets Operating lease right-of-use assets 34,856 27,470 9,551 — — 71,877 Regulatory assets 189,417 13,575 23,359 — — 226,351 Other postretirement benefit plan asset 50,743 17,827 13,169 — (14,171) [1] 67,568 Other 83,290 18,612 19,960 — — 121,862 Total other long-term assets 358,306 77,484 66,039 — (14,171) 487,658 Total assets $ 6,042,005 1,079,019 1,048,453 77 (886,000) $ 7,283,554 Consolidating balance sheet (continued) December 31, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating Hawaiian Electric Capitalization and liabilities Capitalization Common stock equity $ 2,409,110 359,790 362,344 77 (722,211) [2] $ 2,409,110 Cumulative preferred stock–not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 1,426,516 249,339 258,422 — — 1,934,277 Total capitalization 3,857,919 616,129 625,766 77 (722,211) 4,377,680 Current liabilities Current portion of operating lease liabilities 6,788 7,025 2,804 — — 16,617 Short-term borrowings-affiliate — — 70,500 — (70,500) [1] — Accounts payable 136,102 29,418 25,520 — — 191,040 Interest and preferred dividends payable 17,085 3,098 3,074 — (375) [1] 22,882 Taxes accrued, including revenue taxes 211,840 43,932 37,808 — (1,638) [1] 291,942 Regulatory liabilities 20,013 8,508 8,038 — — 36,559 Wildfire tort-related claims (Note 2) 75,000 — — — — 75,000 Other 90,131 33,240 50,170 — (77,105) [1] 96,436 Total current liabilities 556,959 125,221 197,914 — (149,618) 730,476 Deferred credits and other liabilities Operating lease liabilities 34,262 20,792 7,044 — — 62,098 Finance lease liabilities 295,935 35,043 — — — 330,978 Deferred income taxes 280,029 51,661 67,311 — — 399,001 Regulatory liabilities 803,404 199,173 111,554 — — 1,114,131 Unamortized tax credits 61,130 11,650 11,532 — — 84,312 Defined benefit pension plan liability 74,842 — — — (14,171) [1] 60,671 Other 77,525 19,350 27,332 — — 124,207 Total deferred credits and other liabilities 1,627,127 337,669 224,773 — (14,171) 2,175,398 Total capitalization and liabilities $ 6,042,005 1,079,019 1,048,453 77 (886,000) $ 7,283,554
Schedule of Consolidating Statements of Changes in Common Stock Equity	Consolidating statements of changes in common stock equity (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating Hawaiian Electric Balance, December 31, 2021 $ 2,261,899 332,900 343,260 77 (676,237) $ 2,261,899 Net income for common stock 188,929 21,816 25,677 — (47,493) 188,929 Other comprehensive income, net of taxes 6,141 381 276 — (657) 6,141 Issuance of common stock, net of expenses 13,101 6,023 3,023 — (9,046) 13,101 Common stock dividends (125,900) (16,400) (15,200) — 31,600 (125,900) Balance, December 31, 2022 2,344,170 344,720 357,036 77 (701,833) 2,344,170 Net income for common stock 193,952 28,507 16,302 — (44,809) 193,952 Other comprehensive income (loss), net of taxes (12) (12) 31 — (19) (12) Common stock dividends (129,000) (13,425) (11,025) — 24,450 (129,000) Balance, December 31, 2023 2,409,110 359,790 362,344 77 (722,211) 2,409,110 Net income (loss) for common stock (1,226,362) (116,414) (134,872) 3,282 248,004 (1,226,362) Other comprehensive income (loss), net of taxes (63) 54 23 — (77) (63) Issuance of common stock, net of expenses — — 55,000 150,215 (205,215) — Common stock dividends (26,000) — — — — (26,000) Additional paid-in capital 270 534 381 — (915) 270 Balance, December 31, 2024 $ 1,156,955 243,964 282,876 153,574 (680,414) $ 1,156,955
Schedule of Consolidating Statements of Cash Flows	Consolidating statement of cash flows Year ended December 31, 2024 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating Hawaiian Electric Cash flows from operating activities Net income (loss) $ (1,225,282) (115,880) (134,491) 3,282 248,004 [2] $ (1,224,367) Adjustments to reconcile net income to net cash provided by operating activities Equity in earnings of subsidiaries 248,004 — — — (248,004) [2] — Depreciation of property, plant and equipment 167,909 43,855 39,378 — — 251,142 Other amortization 23,606 4,958 3,264 — — 31,828 Deferred income tax benefit (393,025) (47,550) (41,049) — — (481,624) Gain/Loss on sale of receivables to affiliate 4,079 821 670 (5,570) — — State refundable credit (7,914) (1,848) (2,152) — — (11,914) Bad debt expense 2,838 476 1,406 — — 4,720 Allowance for equity funds used during construction (10,853) (1,189) (1,744) — — (13,786) Other (6,270) (50) 9 — — (6,311) Changes in assets and liabilities: Decrease (increase) in accounts receivable 22,897 (13,175) 1,570 (95,382) 172,466 [1] 88,376 Decrease (increase) in accrued unbilled revenues 57,281 20,989 22,633 (93,342) — 7,561 Decrease in fuel oil stock 37,427 4,205 7,702 — — 49,334 Decrease (increase) in materials and supplies (5,269) (1,109) 2,345 — — (4,033) Increase in regulatory assets (4,608) (5,346) (12,789) — — (22,743) Increase in regulatory liabilities 38,413 6,597 3,423 — — 48,433 Increase (decrease) in accounts payable 9,879 (1,687) 1,452 — — 9,644 Change in prepaid and accrued income taxes, tax credits and revenue taxes (14,192) (2,325) (8,614) 1,138 (2,549) [1] (26,542) Change in defined benefit pension and other postretirement benefit plans asset/liability (6,334) (1,521) (1,363) — — (9,218) Increase in wildfire tort-related claims 1,457,000 191,500 191,500 — — 1,840,000 Change in other assets and liabilities (52,774) (4,035) (23,280) 187,788 (172,466) [1] (64,767) Net cash provided by (used in) operating activities 342,812 77,686 49,870 (2,086) (2,549) 465,733 Cash flows from investing activities Capital expenditures (197,142) (51,209) (81,128) — — (329,479) Advances to affiliates (46,700) — — — 46,700 [1] — Other (10,169) 679 (1,011) — 22,349 [1][2] 11,848 Net cash used in investing activities (254,011) (50,530) (82,139) — 69,049 (317,631) Cash flows from financing activities Common stock dividends (26,000) — — — — (26,000) Preferred stock dividends of Hawaiian Electric and subsidiaries (1,995) — — — — (1,995) Proceeds from issuance of common stock/capital contribution from parent 270 — — 19,800 (19,800) [2] 270 Repayment of long-term debt and funds transferred for repayment of long-term debt (74,000) (5,000) (2,000) — — (81,000) Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less — — 46,700 — (46,700) [1] — Payments of obligations under finance leases (3,487) (632) — — — (4,119) Proceeds from issuance of short-term debt 50,000 — — — — 50,000 Other (6,977) (648) (1,562) — — (9,187) Net cash provided by (used in) financing activities (62,189) (6,280) 43,138 19,800 (66,500) (72,031) Net increase in cash and cash equivalents 26,612 20,876 10,869 17,714 — 76,071 Cash, cash equivalents and restricted cash, January 1 91,755 10,658 5,587 77 — 108,077 Cash and cash equivalents, December 31 $ 118,367 31,534 16,456 17,791 — $ 184,148 Consolidating statement of cash flows Year ended December 31, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating Hawaiian Electric Cash flows from operating activities Net income $ 195,032 29,041 16,683 — (44,809) [2] $ 195,947 Adjustments to reconcile net income to net cash provided by operating activities Equity in earnings of subsidiaries (44,809) — — — 44,809 [2] — Common stock dividends received from subsidiaries 24,450 — — — (24,450) [2] — Depreciation of property, plant and equipment 164,150 42,541 37,014 — — 243,705 Other amortization 17,692 5,003 3,795 — — 26,490 Deferred income tax expense (benefit) (851) (296) 2,586 — — 1,439 State refundable credit (7,577) (1,782) (1,966) — — (11,325) Bad debt expense 5,565 1,353 1,243 — — 8,161 Allowance for equity funds used during construction (11,721) (1,411) (2,032) — — (15,164) Other 380 (46) 126 — — 460 Changes in assets and liabilities: Increase in accounts receivable (83,401) (7,398) (29,301) — 55,096 [1] (65,004) Decrease (increase) in accrued unbilled revenues 8 (1,308) (1,748) — — (3,048) Decrease (increase) in fuel oil stock 45,114 (1,004) (817) — — 43,293 Increase in materials and supplies (16,204) (4,614) (14,047) — — (34,865) Decrease (increase) in regulatory assets (6,616) 5,501 (9,498) — — (10,613) Increase (decrease) in regulatory liabilities 48,833 (1,176) 6,813 — — 54,470 Increase in accounts payable 13,988 5,998 468 — — 20,454 Change in prepaid and accrued income taxes, tax credits and revenue taxes 4,314 2,407 (4,843) — — 1,878 Change in defined benefit pension and other postretirement benefit plans asset/liability (5,653) (1,348) (1,185) — — (8,186) Increase in wildfire tort-related claims 75,000 — — — — 75,000 Change in other assets and liabilities (12,990) 2,056 17,305 — (55,096) [1] (48,725) Net cash provided by operating activities 404,704 73,517 20,596 — (24,450) 474,367 Cash flows from investing activities Capital expenditures (276,600) (63,889) (98,286) — — (438,775) Advances from (to) affiliates (70,500) 4,500 21,700 — 44,300 [1] — Other 4,118 932 1,126 — — 6,176 Net cash used in investing activities (342,982) (58,457) (75,460) — 44,300 (432,599) Cash flows from financing activities Common stock dividends (129,000) (13,425) (11,025) — 24,450 [2] (129,000) Preferred stock dividends of Hawaiian Electric and subsidiaries (1,080) (534) (381) — — (1,995) Proceeds from issuance of long-term debt 300,000 25,000 25,000 — — 350,000 Repayment of long-term debt (50,000) (20,000) (30,000) — — (100,000) Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less (114,167) — 70,500 — (44,300) [1] (87,967) Payments of obligations under finance leases (2,728) (400) — — — (3,128) Other (571) (135) (137) — — (843) Net cash provided by (used in) financing activities 2,454 (9,494) 53,957 — (19,850) 27,067 Net increase (decrease) in cash, cash equivalents and restricted cash 64,176 5,566 (907) — — 68,835 Cash, cash equivalents and restricted cash, January 1 27,579 5,092 6,494 77 — 39,242 Cash, cash equivalents and restricted cash, December 31 91,755 10,658 5,587 77 — 108,077 Less: Restricted cash (2,000) — — — — (2,000) Cash and cash equivalents, December 31 $ 89,755 10,658 5,587 77 — $ 106,077 Consolidating statement of cash flows Year ended December 31, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating Hawaiian Electric Cash flows from operating activities Net income $ 190,009 22,350 26,058 — (47,493) [2] $ 190,924 Adjustments to reconcile net income to net cash provided by operating activities Equity in earnings of subsidiaries (47,493) — — — 47,493 [2] — Common stock dividends received from subsidiaries 31,600 — — — (31,600) [2] — Depreciation of property, plant and equipment 158,725 41,404 35,295 — — 235,424 Other amortization 16,708 4,996 3,616 — — 25,320 Deferred income taxes (33,648) (4,040) (3,727) — — (41,415) State refundable credit (7,375) (1,734) (1,890) — — (10,999) Bad debt expense 4,175 1,073 779 — — 6,027 Allowance for equity funds used during construction (8,464) (898) (1,212) — — (10,574) Other (65) (50) (24) — — (139) Changes in assets and liabilities: Increase in accounts receivable (74,067) (11,644) (10,680) — 4,649 [1] (91,742) Increase in accrued unbilled revenues (43,972) (4,289) (5,762) — — (54,023) Increase in fuel oil stock (82,158) (4,150) (1,144) — — (87,452) Increase in materials and supplies (6,124) (56) (1,511) — — (7,691) Decrease in regulatory assets 28,076 1,546 4,978 — — 34,600 Increase in regulatory liabilities 28,621 7,977 8,290 — 44,888 Increase in accounts payable 18,657 3,294 404 — — 22,355 Change in prepaid and accrued income taxes, tax credits and revenue taxes 77,903 11,117 14,178 — — 103,198 Decrease in defined benefit pension and other postretirement benefit plans liability (3,545) (626) (657) — — (4,828) Change in other assets and liabilities (17,884) 213 (3,623) — (4,649) [1] (25,943) Net cash provided by operating activities 229,679 66,483 63,368 — (31,600) 327,930 Cash flows from investing activities Capital expenditures (223,223) (49,004) (57,230) — — (329,457) Advances from (to) affiliates 1,000 (4,500) (21,700) — 25,200 [1] — Other (5,687) 760 1,253 — 9,046 [1][2] 5,372 Net cash used in investing activities (227,910) (52,744) (77,677) — 34,246 (324,085) Cash flows from financing activities Common stock dividends (125,900) (16,400) (15,200) — 31,600 [2] (125,900) Preferred stock dividends of Hawaiian Electric and subsidiaries (1,080) (534) (381) — — (1,995) Proceeds from the issuance of common stock 13,101 6,023 3,023 — (9,046) [2] 13,101 Proceeds from the issuance of long-term debt 40,000 10,000 10,000 — — 60,000 Repayment of long-term debt (40,000) (12,000) — — — (52,000) Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less 114,167 (1,000) — — (25,200) [1] 87,967 Payments of obligations under finance leases (670) — — — — (670) Other (241) (62) (61) — — (364) Net cash used in financing activities (623) (13,973) (2,619) — (2,646) (19,861) Net increase (decrease) in cash and cash equivalents 1,146 (234) (16,928) — — (16,016) Cash and cash equivalents, January 1 26,433 5,326 23,422 77 — 55,258 Cash and cash equivalents, December 31 $ 27,579 5,092 6,494 77 — $ 39,242 Explanation of consolidating adjustments on consolidating schedules: [1] Eliminations of intercompany receivables and payables and other intercompany transactions [2] Elimination of investment in subsidiaries, carried at equity

Discontinued operations (Tables

Discontinued operations (Tables)	12 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of ASB Sale Transaction	A summary of the ASB sale transaction as of December 31, 2024 is as follows: (in thousands) December 31, 2024 Sale proceeds received $ 400,950 Sale proceeds not yet received 4,500 Investment retained in ASB 44,550 Transaction costs (21,735) Net assets derecognized (546,458) Loss from the sale of ASB (118,193) Income taxes 68,820 Income taxes - valuation allowance (66,430) Income taxes, net 2,390 Net loss on the sale transaction (115,803) Net income from operations of discontinued bank segment 12,317 Loss from discontinued operations $ (103,486)
Summary of Discontinued Operations	The following table summarizes the income (loss) from discontinued operations included in the Consolidated Statements of Income for the periods presented: Years ended December 31 2024 2023 2022 (in thousands) Interest and dividend income Interest and fees on loans $ 293,100 $ 276,688 $ 207,830 Interest and dividends on investment securities 55,944 58,095 58,044 Total interest and dividend income 349,044 334,783 265,874 Interest expense Interest on deposit liabilities 72,727 48,905 7,327 Interest on other borrowings 27,442 33,892 5,974 Total interest expense 100,169 82,797 13,301 Net interest income 248,875 251,986 252,573 Provision for credit losses (1,963) 10,357 2,037 Net interest income after provision for credit losses 250,838 241,629 250,536 Noninterest income Fees from other financial services 20,797 19,034 19,830 Fee income on deposit liabilities 19,900 19,131 18,762 Fee income on other financial products 11,798 10,616 10,291 Bank-owned life insurance 13,079 7,390 2,533 Mortgage banking income 1,419 910 1,692 Gain on sale of real estate — 495 1,778 Loss on sale of investment securities, net — (14,965) — Other income, net 2,535 2,799 2,086 Total noninterest income 69,528 45,410 56,972 Noninterest expense Compensation and employee benefits 126,936 118,297 113,839 Occupancy 21,382 21,703 24,026 Data processing 19,612 20,545 17,681 Services 17,485 13,943 10,679 Equipment 9,914 11,842 10,100 Office supplies, printing and postage 4,085 4,315 4,398 Marketing 3,506 4,001 3,968 Goodwill impairment 82,190 — — FDIC insurance 5,992 6,230 3,591 Other expense 15,907 22,762 16,985 Total noninterest expense 307,009 223,638 205,267 Income before income taxes 13,357 63,401 102,241 Income taxes 1,040 10,039 22,252 Net income from operations of discontinued bank segment 12,317 53,362 79,989 Loss from the sale of ASB (118,193) — — Income tax benefit 2,390 — — Income (loss) from discontinued operations $ (103,486) $ 53,362 $ 79,989 The following table summarizes the assets and liabilities of discontinued operations on a stand alone basis as of December 31, 2023: (in thousands) 2023 Assets Cash and due from banks $ 184,383 Interest-bearing deposits 251,072 Cash and cash equivalents 435,455 Investment securities Available-for-sale, at fair value 1,136,439 Held-to-maturity, at amortized cost 1,201,314 Stock in Federal Home Loan Bank, at cost 14,728 Loans held for investment 6,180,810 Allowance for credit losses (74,372) Net loans 6,106,438 Loans held for sale, at lower of cost or fair value 15,168 Other 681,460 Goodwill 82,190 Total assets of discontinued operations 1 $ 9,673,192 Liabilities and shareholder’s equity Deposit liabilities–noninterest-bearing $ 2,599,762 Deposit liabilities–interest-bearing 5,546,016 Other borrowings 750,000 Other 247,563 Total liabilities of discontinued operations 1 $ 9,143,341 1 The total assets and liabilities of discontinued operations on a stand alone basis in the table above does not agree to the total assets and liabilities of discontinued operations included in the Consolidated Balance Sheet, as totals per the Consolidated Balance sheet include reclassifying entries required for consolidation purposes.

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	December 31 2024 2023 (dollars in thousands) Long-term debt of Utilities, net of unamortized debt issuance costs 1 $ 1,901,214 $ 1,934,277 HEI 4.58% senior notes, due 2025 50,000 50,000 HEI 4.72% senior notes, due 2028 100,000 100,000 HEI 2.82% senior notes, due 2028 24,000 24,000 HEI 2.48% senior notes, due 2028 30,000 30,000 HEI 6.04% senior notes, due 2028 39,000 39,000 HEI 2.98% senior notes, due 2030 50,000 50,000 HEI 3.15% senior notes, due 2031 51,000 51,000 HEI 2.78% senior notes, due 2031 25,000 25,000 HEI 2.98% senior notes, due 2032 30,000 30,000 HEI 5.43% senior notes, due 2032 75,000 75,000 HEI 6.10% senior notes, due 2033 61,000 61,000 HEI 5.43% senior notes, due 2034 35,000 35,000 HEI 3.74% senior notes, due 2051 20,000 20,000 HEI 3.94% senior notes, due 2052 20,000 20,000 Hamakua Energy 4.02% non-recourse notes, due 2030 2 39,026 44,855 Mauo SOFR + 1.475% loan, paid in 2024 3 — 5,384 Mauo 5.07% non-recourse term loan, due 2034 to 2035 2, 4 20,795 16,962 Kaʻieʻie Waho 2.79% non-recourse loan, due 2031 2 8,517 9,727 Mahipapa 2.14% non-recourse loan, due 2034 to 2036 2, 5 53,263 53,743 Mahipapa 5.625% non-recourse loan, due 2027 2 424 578 HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027 6 173,000 175,000 Less unamortized debt issuance costs and debt discount (6,681) (8,097) Less current portion long-term debt, net of unamortized debt issuance cost (109,171) (16,496) Long term debt, net $ 2,690,387 $ 2,825,933 1 See components of “Total long-term debt” and unamortized debt issuance costs in Hawaiian Electric and subsidiaries’ Consolidated Statements of Capitalization. 2 Secured by real and personal property of the respective entity, including various land parcels, a 60-MW combined cycle facility, photovoltaic and battery storage infrastructure, and a biomass plant. The aggregate net book value of the collateralized property, plant & equipment is approximately $165 million as of December 31, 2024. 3 As of July 1, 2023, LIBOR was replaced by the term SOFR plus the applicable margin of 1.375%, plus an additional 0.10% replacement rate adjustment. On February 8, 2024, the outstanding loan balance was fully paid and the loan was terminated. 4 In February 2024, the final tranche of the non-recourse loan was drawn. The notes bear interest at SOFR plus 1.7%. In connection with the non-recourse notes drawn under the credit agreement, Mauo entered into interest rate swaps that effectively convert the rate on the floating rate notes to fixed rates of 4.91% and 5.10%. As of December 31, 2024, the weighted-average interest rate was 5.07%, and as of December 31, 2023, the fixed rate was 4.91%. 5 As of December 31, 2024 and 2023, the weighted-average interest rate was 2.14% and 1.90%, respectively. 6 The interest rate is based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment. As of December 31, 2024 and 2023, the weighted-average interest rate was 6.89% and 7.19%, respectively.

Shareholders' equity (Tables)

Shareholders' equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	Changes in the balances of each component of AOCI were as follows: HEI Consolidated Hawaiian Electric Consolidated (in thousands) Net unrealized gains (losses) on securities Unrealized gains (losses) on derivatives Retirement benefit plans AOCI AOCI-Retirement benefit plans Balance, December 31, 2021 $ (32,037) $ (3,638) $ (16,858) $ (52,533) $ (3,280) Current period other comprehensive income (loss) and reclassifications, net of taxes (296,867) 5,629 7,743 (283,495) 6,141 Balance, December 31, 2022 (328,904) 1,991 (9,115) (336,028) 2,861 Current period other comprehensive income (loss) and reclassifications, net of taxes 45,941 (353) 1,090 46,678 (12) Balance, December 31, 2023 (282,963) 1,638 (8,025) (289,350) 2,849 Current period other comprehensive income (loss) and reclassifications, net of taxes 1,785 482 917 3,184 (63) Discontinued operations 281,178 — 8,449 289,627 — Balance, December 31, 2024 $ — $ 2,120 $ 1,341 $ 3,461 $ 2,786
Schedule of Reclassifications Out of AOCI	Reclassifications out of AOCI were as follows: Amount reclassified from AOCI Affected line item in the Statement of Years ended December 31 2024 2023 2022 (in thousands) HEI consolidated Available-for sale investment securities: Net realized losses on securities included in net income $ — $ 10,954 $ — Assets of discontinued operations Amortization of unrealized holding losses on held-to-maturity securities 13,012 14,398 3,993 Income (loss) from discontinued operations Net realized losses (gains) on derivatives qualifying as cash flow hedges (201) (186) 172 Interest expense Retirement benefit plans: Amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost (1,730) (1,560) 19,659 See Note 11 for additional details Impact of D&Os of the PUC included in regulatory assets (63,708) (8,204) (199,936) See Note 11 for additional details Total reclassifications $ (52,627) $ 15,402 $ (176,112) Hawaiian Electric consolidated Retirement benefit plans: Amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost $ (2,035) $ (1,983) $ 18,884 See Note 11 for additional details Impact of D&Os of the PUC included in regulatory assets (63,708) (8,204) (199,936) See Note 11 for additional details Total reclassifications $ (65,743) $ (10,187) $ (181,052)

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Lease Cost	Amounts related to the Company’s total lease cost and cash flows arising from lease transactions are as follows: HEI consolidated Hawaiian Electric consolidated Year ended December 31, 2024 Other leases PPAs classified as leases Total Other leases PPAs classified as leases Total (dollars in thousands) Operating lease cost $ 13,736 $ 4,163 $ 17,899 $ 12,821 $ 4,163 $ 16,984 Variable lease cost 5,378 222,189 227,567 5,191 222,189 227,380 Sublease income (3,280) — (3,280) (3,280) — (3,280) Total operating lease cost $ 15,834 $ 226,352 $ 242,186 $ 14,732 $ 226,352 $ 241,084 Finance lease costs: Amortization of right-of-use assets $ 574 $ 19,498 $ 20,072 $ — $ 19,498 $ 19,498 Interest on lease liabilities 33 32,344 32,377 — 32,344 32,344 Total finance lease cost $ 607 $ 51,842 $ 52,449 $ — $ 51,842 $ 51,842 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 15,604 $ 3,871 $ 19,475 $ 14,739 $ 3,871 $ 18,610 Operating cash flows from finance leases 33 30,939 30,972 — 30,939 30,939 Financing cash flows from finance leases 559 4,119 4,678 — 4,119 4,119 Weighted-average remaining lease term (in years): Operating leases 8.2 3.0 7.2 6.4 3.0 5.6 Finance leases 3.7 19.9 19.9 — 19.9 19.9 Weighted-average discount rate: Operating leases 3.08 % 8.78 % 4.11 % 2.95 % 8.78 % 4.21 % Finance leases 2.23 % 8.50 % 8.49 % — 8.50 % 8.50 % HEI consolidated Hawaiian Electric consolidated Year ended December 31, 2023 Other leases PPAs classified as leases Total Other leases PPAs classified as leases Total (dollars in thousands) Operating lease cost $ 16,853 $ 4,071 $ 20,924 $ 15,947 $ 4,071 $ 20,018 Variable lease cost 5,813 202,556 208,369 5,605 202,556 208,161 Sublease income (3,031) — (3,031) (3,031) — (3,031) Total operating lease cost $ 19,635 $ 206,627 $ 226,262 $ 18,521 $ 206,627 $ 225,148 Finance lease costs: Amortization of right-of-use assets $ 390 $ 5,591 $ 5,981 $ — $ 5,591 $ 5,591 Interest on lease liabilities 32 6,350 6,382 — 6,350 6,350 Total finance lease cost $ 422 $ 11,941 $ 12,363 $ — $ 11,941 $ 11,941 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18,560 $ 4,071 $ 22,631 $ 17,729 $ 4,071 $ 21,800 Operating cash flows from finance leases 32 6,350 6,382 — 6,350 6,350 Financing cash flows from finance leases 391 3,128 3,519 — 3,128 3,128 Weighted-average remaining lease term (in years): Operating leases 8.3 4.0 7.5 6.8 4.0 6.3 Finance leases 1.5 20.1 20.0 — 20.1 20.1 Weighted-average discount rate: Operating leases 3.03 % 3.50 % 3.11 % 2.92 % 3.50 % 3.03 % Finance leases 3.77 % 8.18 % 8.18 % — 8.18 % 8.18 %
Schedule of Maturity of Operating Lease Liabilities	The following table summarizes the maturity of our operating lease liabilities as of December 31, 2024: HEI consolidated Hawaiian Electric consolidated (in millions) Other leases PPAs classified as leases Total Other leases PPAs classified as leases Total 2025 $ 13 $ 5 $ 18 $ 12 $ 5 $ 17 2026 13 5 18 12 5 17 2027 7 5 12 6 5 11 2028 5 — 5 5 — 5 2029 5 — 5 5 — 5 Thereafter 24 — 24 16 — 16 Total lease payments 67 15 82 56 15 71 Less: Imputed interest (9) (2) (11) (5) (2) (7) Total present value of lease payments 1 $ 58 $ 13 $ 71 $ 51 $ 13 $ 64 1 The fixed capacity payment related to the existing PPA with PGV, which will expire on December 31, 2027, is included as a lease liability as of December 31, 2024. The annual capacity payment based on the most recent accepted output is approximately $5.2 million for 2025. The lease liability will be remeasured when PGV ramps back up to the original contracted firm capacity. The following table summarizes the maturity of our finance lease liabilities for PPAs as of December 31, 2024: HEI consolidated Hawaiian Electric consolidated (in millions) PPAs classified as leases PPAs classified as leases 2025 $ 45 $ 45 2026 45 45 2027 45 45 2028 45 45 2029 45 45 Thereafter 672 672 Total lease payments 897 897 Less: Imputed interest (462) (462) Total present value of lease payments $ 435 $ 435 Note: Other finance leases are not material.

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables disaggregate revenues by major source, timing of revenue recognition, and segment: Year ended December 31, 2024 Year ended December 31, 2023 (in thousands) Electric utility Other Total Electric utility Other Total Revenues from contracts with customers Electric energy sales - residential $ 1,012,620 $ — $ 1,012,620 $ 1,026,321 $ — $ 1,026,321 Electric energy sales - commercial 1,013,189 — 1,013,189 1,044,045 — 1,044,045 Electric energy sales - large light and power 1,123,884 — 1,123,884 1,141,128 — 1,141,128 Electric energy sales - other 18,682 — 18,682 19,471 — 19,471 Other sales — 11,923 11,923 — 17,540 17,540 Total revenues from contracts with customers 3,168,375 11,923 3,180,298 3,230,965 17,540 3,248,505 Revenues from other sources Regulatory revenue (2,566) — (2,566) 3,708 — 3,708 Other 40,891 1,227 42,118 34,848 442 35,290 Total revenues from other sources 38,325 1,227 39,552 38,556 442 38,998 Total revenues $ 3,206,700 $ 13,150 $ 3,219,850 $ 3,269,521 $ 17,982 $ 3,287,503 Timing of revenue recognition Total revenues from contracts with customers - services/goods transferred over time $ 3,168,375 $ 11,923 $ 3,180,298 $ 3,230,965 $ 17,540 $ 3,248,505

Retirement benefits (Tables)

Retirement benefits (Tables)	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Schedule of Changes in the Obligations and Assets of the Company's Retirement Benefit Plans and the Changes in AOCI (Gross) and the Funded Status	The changes in the obligations and assets of the Company’s and Utilities’ retirement benefit plans and the changes in AOCI (gross) for 2024 and 2023 (ASB included in AOCI debit/credit except for December 31, 2024) and the funded status of these plans and amounts related to these plans reflected in the Company’s and Utilities’ consolidated balance sheets as of December 31, 2024 and 2023 were as follows: 2024 2023 (in thousands) Pension Other Pension Other HEI consolidated Benefit obligation, January 1- continuing operations $ 1,951,821 $ 142,909 $ 1,776,060 $ 157,021 Benefit obligation, January 1- discontinued operations 81,157 434 80,705 415 Benefit obligation, January 1 2,032,978 143,343 1,856,765 157,436 Service cost 45,821 1,112 45,228 1,430 Interest cost 101,882 7,365 98,606 8,497 Actuarial loss (gain) (106,453) (9,913) 130,280 (13,863) Participants contributions — 4,024 — 3,542 Benefits paid and expenses (99,494) (13,594) (98,353) (13,718) Change in projected benefit obligations - discontinued operations (81,157) (434) 452 19 Benefit obligation from continuing operations 1,893,577 131,903 1,951,821 142,909 Benefit obligation from discontinued operations — — 81,157 434 Benefit obligation, December 31 1,893,577 131,903 2,032,978 143,343 Fair value of plan, January 1 - continuing operations 1,871,872 207,372 1,707,267 190,547 Fair value of plan, January 1 - discontinued operations 101,667 — 99,112 — Fair value of plan assets, January 1 1,973,539 207,372 1,806,379 190,547 Actual return on plan assets 105,938 19,438 252,998 25,926 Employer contributions 8,778 — 8,274 — Participants contributions — 4,024 — 3,542 Benefits paid and expenses (97,735) (12,944) (96,667) (12,643) Change in plan assets - discontinued operations (101,667) — 2,555 — Fair value of plan assets from continuing operations 1,888,853 217,890 1,871,872 207,372 Fair value of plan assets from discontinued operations — — 101,667 — Fair value of plan assets, December 31 1,888,853 217,890 1,973,539 207,372 Accrued benefit asset (liability) from continuing operations (4,724) 85,987 (79,949) 64,463 Accrued benefit asset (liability) from discontinued operations — — 20,510 (434) Accrued benefit asset (liability), December 31 $ (4,724) $ 85,987 $ (59,439) $ 64,029 Other assets (long-term) $ 20,269 $ 87,066 $ — $ 65,527 Other liabilities (short-term) (1,780) (1,079) (1,757) (1,064) Defined benefit plans liability (23,213) — (78,192) — Accrued benefit asset (liability) from continuing operations (4,724) 85,987 (79,949) 64,463 Accrued benefit asset (liability) from discontinued operations — — 20,510 (434) Accrued benefit asset (liability), December 31 $ (4,724) $ 85,987 $ (59,439) $ 64,029 AOCI debit/(credit), January 1 (excluding impact of PUC D&Os) $ 85,262 $ (49,618) $ 74,418 $ (26,238) Recognized during year – prior service credit — — — 875 Recognized during year – net actuarial gain (loss) (359) 2,898 (182) 1,865 Occurring during year – net actuarial loss (gain) (73,969) (15,401) 12,471 (26,140) Adjustment from discontinued operations (11,897) 142 (1,445) 20 AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 (963) (61,979) 85,262 (49,618) Cumulative impact of PUC D&Os 5,999 55,140 (67,732) 43,066 AOCI debit/(credit), December 31 $ 5,036 $ (6,839) $ 17,530 $ (6,552) Net actuarial loss (gain) $ (963) $ (61,979) $ 85,262 $ (49,618) Prior service gain — — — — AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 (963) (61,979) 85,262 (49,618) Cumulative impact of PUC D&Os 5,999 55,140 (67,732) 43,066 AOCI debit/(credit), December 31 5,036 (6,839) 17,530 (6,552) Income taxes (benefits) (1,297) 1,761 (4,639) 1,689 AOCI debit/(credit), net of taxes (benefits), December 31 $ 3,739 $ (5,078) $ 12,891 $ (4,863) 2024 2023 (in thousands) Pension Other Pension Other Hawaiian Electric consolidated Benefit obligation, January 1 $ 1,888,463 $ 136,572 $ 1,716,125 $ 150,534 Service cost 44,669 1,096 44,143 1,415 Interest cost 98,492 7,039 95,351 8,143 Actuarial loss (gain) (104,692) (9,688) 126,846 (13,721) Participants contributions — 3,951 — 3,473 Benefits paid and expenses (95,785) (12,835) (94,783) (13,272) Transfers (693) (47) 781 — Benefit obligation, December 31 1,830,454 126,088 1,888,463 136,572 Fair value of plan assets, January 1 1,827,285 204,140 1,665,880 187,494 Actual return on plan assets 103,457 19,299 246,976 25,529 Employer contributions 8,733 — 8,252 — Participants contributions — 3,951 — 3,473 Benefits paid and expenses (95,261) (12,600) (94,332) (12,356) Other (538) (47) 509 — Fair value of plan assets, December 31 1,843,676 214,743 1,827,285 204,140 Accrued benefit asset (liability), December 31 $ 13,222 $ 88,655 $ (61,178) $ 67,568 Defined benefit pension and other postretirement benefit plans asset $ 20,164 $ 88,655 $ — $ 67,568 Other liabilities (short-term) (514) — (507) — Defined benefit plans liability (6,428) — (60,671) — Accrued benefit asset (liability), December 31 $ 13,222 $ 88,655 $ (61,178) $ 67,568 AOCI debit/(credit), January 1 (excluding impact of PUC D&Os) $ 69,339 $ (48,510) $ 57,264 $ (25,402) Recognized during year – prior service credit — — — 872 Recognized during year – net actuarial gain (loss) (99) 2,840 (28) 1,827 Occurring during year – net actuarial loss (gain) (73,215) (15,245) 12,103 (25,807) AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 (3,975) (60,915) 69,339 (48,510) Cumulative impact of PUC D&Os 5,999 55,140 (67,732) 43,066 AOCI debit/(credit), December 31 $ 2,024 $ (5,775) $ 1,607 $ (5,444) Net actuarial loss (gain) $ (3,975) $ (60,915) $ 69,339 $ (48,510) Prior service gain — — — — AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 (3,975) (60,915) 69,339 (48,510) Cumulative impact of PUC D&Os 5,999 55,140 (67,732) 43,066 AOCI debit/(credit), December 31 2,024 (5,775) 1,607 (5,444) Income taxes (benefits) (522) 1,487 (414) 1,402 AOCI debit/(credit), net of taxes (benefits), December 31 $ 1,502 $ (4,288) $ 1,193 $ (4,042)
Schedule of Asset Allocation of Plan Assets	The asset allocation of defined benefit retirement plans to equity and fixed income securities (excluding cash) and related investment policy targets and ranges were as follows: Pension benefits Other benefits Investment policy 1 Investment policy 1 December 31, 2024 % Target Range 2 % Target Range 2 Assets held by category U.S. equity securities 48 % 46 % 8-100% 54 % 54 % 14-100% Non-U.S equity securities 19 17 0-37% 21 20 0-40% Fixed income securities 30 32 11-51% 25 26 6-46% Private equity 3 5 0-10% — — — 100 % 100 % 100 % 100 % Pension benefits Other benefits Investment policy Investment policy December 31, 2023 % Target Range 3 % Target Range 3 Assets held by category U.S. equity securities 56 % 50 % 40-65% 58 % 50 % 40-65% Non-U.S equity securities 13 15 5-25% 15 15 5-25% Fixed income securities 28 30 20-60% 27 30 20-60% Private equity 3 5 0-10% — 5 0-10% 100 % 100 % 100 % 100 % 1 Effective December 31, 2024, the investment policy statement was updated to reflect the 2024 transition from separately active investment managers to an outsourced chief investment officer model. 2 As of December 31, 2024, the broad range for equity securities is a minimum of 43% and a maximum of 83%, for pension benefits and a minimum of 54% and maximum of 94%, for other benefits. 3 As of December 31, 2023, the broad range for equity securities is a minimum of 60% and a maximum of 80% for pension benefits and other benefits. Assets held in various trusts for the retirement benefit plans are measured at fair value on a recurring basis and were as follows: Pension benefits Other benefits Fair value measurements using Fair value measurements using (in millions) December 31 Quoted prices in active markets for identical assets Significant other observable inputs December 31 Quoted prices in active markets for identical assets Significant other observable inputs 2024 U.S. equity securities $ 403 $ 403 $ — $ 48 $ 48 $ — Non-U.S. equity securities 20 20 — 2 2 — U.S. equity index and exchange-traded funds (ETFs) 484 484 — 63 63 — Non-U.S. equity index and ETFs 326 326 — 41 41 — Total equity investments 1,233 1,233 — 154 154 — Fixed income securities 546 401 145 52 22 30 Private equity at net asset value (NAV) 63 — — 1 — — Cash equivalents, fund and at NAV 45 — — 10 10 — Total 1,887 $ 1,634 $ 145 217 $ 186 $ 30 Cash, receivables and payables, net 2 1 Fair value of plan assets $ 1,889 $ 218 2023 U.S. equity securities $ 449 $ 449 $ — $ 54 $ 54 $ — Non-U.S. equity securities 165 165 — 20 20 — U.S. equity index and ETFs 584 584 — 64 64 — Non-U.S. equity investments at NAV 77 — — 10 — — Total equity investments 1,275 1,198 — 148 138 — Fixed income securities 1 85 13 72 — — — Fixed income mutual and ETFs 264 264 — 53 53 — Fixed income investments at NAV 250 — — 2 — — Total fixed income investments 599 277 72 55 53 — Private equity at NAV 50 — — 1 — — Cash equivalents, fund and at NAV 1 60 15 — 3 3 — Total 1,984 $ 1,490 $ 72 207 $ 194 $ — Cash, receivables and payables, net 1 (10) — Fair value of plan assets $ 1,974 $ 207 1 Includes ASB assets held within the pension trust. As of December 31, 2023, ASB fixed income securities totaled $85 million, cash equivalents totaled $15 million and cash, receivables and payables, net totaled $1 million. The following table represents assets measured at NAV. Pension benefits Other benefits Measured at NAV December 31 Redemption frequency Redemption notice period December 31 Redemption frequency Redemption notice period (in millions) 2024 Private equity (a) $ 63 NA NA $ 1 NA NA Cash equivalents (b) 45 Daily 0-1 day — Daily 0-1 day $ 108 $ 1 2023 Non-U.S. equity funds (c) $ 77 Daily-Monthly 5-30 days $ 10 Daily-Monthly 5-30 days Fixed income investments (d) 250 Daily 15 days 2 Daily 15 days Private equity (a) 50 NA NA 1 NA NA Cash equivalents (b) 45 Daily 0-1 day — Daily 0-1 day $ 422 $ 13 NA Not applicable None of the investments presented in the tables above have unfunded commitments, other than private equity disclosed in (a) below. (a) Represents investment in a private equity fund. The fund is valued as reported by the General Partner, based on the valuation of the underlying investments. As of December 31, 2024 and 2023, the unfunded commitment of the private equity fund was $122 million and $138 million, respectively. A second tranche commitment of $100 million was entered into effective January 1, 2023. The fund does not allow redemptions but may be dissolved with six months written notice. The termination date of the fund is November 1, 2100, unless dissolved earlier. (b) Represents investments in cash equivalent funds. This class includes funds that invest primarily in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and may also invest in fixed income securities of investment grade issuers. (c) Represents investments in funds that primarily invest in non-U.S. emerging markets equities. Redemption frequency for pension benefits assets as of December 31, 2023 were daily, 63% and monthly, 37%. Redemption frequency for other benefits assets as of December 31, 2023 were: daily, 61% and monthly, 39%.
Schedule of Weighted-Average Assumptions Used in Accounting for Plans	The following weighted-average assumptions were used in the accounting for the plans: Pension benefits Other benefits December 31 2024 2023 2022 2024 2023 2022 Benefit obligation Discount rate 5.77 % 5.35 % 5.67 % 5.72 % 5.39 % 5.66 % Rate of compensation increase 3.5 3.5 3.5 NA NA NA Net periodic pension/benefit cost (years ended) Discount rate 5.35 5.67 3.05 5.39 5.66 3.07 Expected return on plan assets (gross return) 7.25 7.25 7.25 7.25 7.25 7.25 Rate of compensation increase 1 3.5 3.5 3.5 NA NA NA NA Not applicable 1 HEI and the Utilities use a graded rate of compensation increase assumption based on age. The rate provided above is an average across all future years of service for the current population.
Schedule of Components of Net Periodic Benefit Cost for Consolidated HEI	The components of NPPC and NPBC were as follows: Pension benefits Other benefits (in thousands) 2024 2023 2022 2024 2023 2022 HEI consolidated Service cost $ 45,821 $ 45,228 $ 77,823 $ 1,112 $ 1,430 $ 2,580 Interest cost 101,882 98,606 76,817 7,365 8,497 6,488 Expected return on plan assets (138,422) (135,189) (137,160) (13,950) (13,648) (13,621) Amortization of net prior service gain — — — — (875) (928) Amortization of net actuarial losses (gains) 359 182 27,285 (2,898) (1,865) (8) Net periodic pension/benefit cost 9,640 8,827 44,765 (8,371) (6,461) (5,489) Impact of PUC D&Os 71,448 71,905 37,148 7,769 5,846 4,966 Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) $ 81,088 $ 80,732 $ 81,913 $ (602) $ (615) $ (523) Hawaiian Electric consolidated Service cost $ 44,669 $ 44,143 $ 75,845 $ 1,096 $ 1,415 $ 2,554 Interest cost 98,492 95,351 74,363 7,039 8,143 6,227 Expected return on plan assets (135,095) (131,962) (133,873) (13,742) (13,442) (13,381) Amortization of net prior service gain — — — — (872) (925) Amortization of net actuarial losses (gains) 99 28 26,358 (2,840) (1,827) — Net periodic pension/benefit cost 8,165 7,560 42,693 (8,447) (6,583) (5,525) Impact of PUC D&Os 71,448 71,905 37,148 7,769 5,846 4,966 Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) $ 79,613 $ 79,465 $ 79,841 $ (678) $ (737) $ (559)
Schedule of Projected Benefit Obligations and Assets	Additional information on the defined benefit pension plans’ accumulated benefit obligations (ABOs), which do not consider projected pay increases (unlike the PBOs shown in the table above), and pension plans with ABOs and PBOs in excess of plan assets as of December 31, 2024 and 2023 were as follows: HEI consolidated Hawaiian Electric consolidated December 31 2024 2023 2024 2023 (in billions) Defined benefit pension plans - ABOs 1 $ 1.7 $ 1.8 $ 1.7 $ 1.7 Defined benefit pension plans with PBOs in excess of plan assets 2 PBOs 1.9 2.0 — 1.9 Fair value of plan assets 1.9 1.9 — 1.8 1 There are no defined benefit pension plans with ABOs in excess of fair value of plan assets. 2 Hawaiian Electric’s defined benefit pension plans do not have PBOs in excess of fair value of plan assets.

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense and Related Income Tax Benefit	Share-based compensation expense and the related income tax benefit from continuing operations were as follows: (in millions) 2024 2023 2022 HEI consolidated Share-based compensation expense 1 $ 3.6 $ 6.8 $ 7.5 Income tax benefit 0.3 1.4 1.5 Hawaiian Electric consolidated Share-based compensation expense 1 1.8 3.3 3.0 Income tax benefit 0.2 0.8 0.7 1 For 2024, 2023 and 2022, the Company has not capitalized any share-based compensation.
Schedule of Common Stock Granted to Non-employee Directors	HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows: (dollars in millions) 2024 2023 2022 Shares granted — 40,450 35,720 Fair value $ — $ 1.5 $ 1.5 Income tax benefit — 0.4 0.4
Schedule of Restricted Stock Units	Information about HEI’s grants of restricted stock units was as follows: 2024 2023 2022 Shares (1) Shares (1) Shares (1) Outstanding, January 1 189,024 $ 41.23 182,528 $ 39.75 233,448 $ 38.10 Granted — — 100,088 42.41 98,463 41.31 Vested (98,084) 40.43 (84,794) 39.41 (96,282) 37.75 Cancelled (2) (24,241) 42.06 — — — — Forfeited (1,071) 41.97 (8,798) 41.63 (53,101) 39.01 Outstanding, December 31 65,628 $ 42.09 189,024 $ 41.23 182,528 $ 39.75 Total weighted-average grant-date fair value of shares granted (in millions) $ — $ 4.2 $ 4.1 (1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant. (2) Represents activity of discontinued operations.
Schedule of Long-Term Incentive Plan (LTIP) Linked to Total Return to Shareholders	Information about HEI’s LTIP grants linked to TSR was as follows: 2024 2023 2022 Shares (1) Shares (1) Shares (1) Outstanding, January 1 76,477 $ 50.11 71,574 $ 47.67 90,974 $ 42.86 Granted 62,152 17.28 27,123 55.98 26,469 54.92 Vested (issued or unissued and cancelled) (28,577) 41.12 (18,691) 48.62 (29,042) 41.07 Cancelled (2) (10,821) 55.46 — — — — Forfeited (790) 55.64 (3,529) 53.72 (16,827) 44.45 Outstanding, December 31 98,441 $ 31.36 76,477 $ 50.11 71,574 $ 47.67 Total weighted-average grant-date fair value of shares granted (in millions) $ 1.1 $ 1.5 $ 1.5 (1) Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model. (2) Represents activity of discontinued operations.
Schedule of Assumptions Used to Determine the Fair Value of Long-Term Incentive Plan (LTIP) Linked to Total Return to Shareholders (TRS)	The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TSR and the resulting fair value of LTIP awards granted: 2024 2023 2022 Risk-free interest rate 4.25 % 4.19 % 1.71 % Expected life in years 3 3 3 Expected volatility 52.5 % 33.1 % 31.0 % Range of expected volatility for Peer Group 12.3% to 52.5% 28.7% to 38.8% 25.4% to 76.7% Grant date fair value (per share) $ 17.28 $ 55.98 $ 54.92
Schedule of Long-Term Incentive Plan (LTIP) Linked to Other Performance Conditions	Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows: 2024 2023 2022 Shares (1) Shares (1) Shares (1) Outstanding, January 1 327,085 $ 39.44 309,589 $ 39.50 306,342 $ 38.42 Granted 362,963 13.09 108,499 42.41 105,860 41.31 Vested (113,118) 34.93 (62,778) 48.07 (71,807) 37.68 Increase above target/(cancelled) due to performance (91,521) 41.31 (13,153) 36.59 36,505 35.75 Cancelled (2) (43,277) 41.86 — — — — Forfeited (3,165) 42.06 (15,072) 42.19 (67,311) 37.35 Outstanding, December 31 438,967 $ 18.17 327,085 $ 39.44 309,589 $ 39.50 Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions) $ 4.8 $ 4.6 $ 4.4 (1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant. (2) Represents activity of discontinued operations.

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Taxes Attributable to Net Income for Common Stock	The components of income taxes attributable to income (loss) from continuing operations for common stock were as follows: HEI consolidated Hawaiian Electric consolidated Years ended December 31 2024 2023 2022 2024 2023 2022 (in thousands) Federal Current $ 13,220 $ 22,206 $ 61,511 $ 34,216 $ 40,365 $ 75,118 Deferred (376,141) 1,951 (37,922) (373,316) (3,444) (39,646) Deferred tax credits, net* — 52 4,031 — 22 137 (362,921) 24,209 27,620 (339,100) 36,943 35,609 State Current 2,009 2,924 6,467 7,864 9,367 15,780 Deferred (110,050) 7,401 4,772 (108,311) 4,883 (1,769) Deferred tax credits, net* — — 56 — — 56 (108,041) 10,325 11,295 (100,447) 14,250 14,067 Total $ (470,962) $ 34,534 $ 38,915 $ (439,547) $ 51,193 $ 49,676 * In 2022, primarily represents federal tax credits related to Mauo’s solar-plus-storage project, deferred and amortized starting in 2022.
Schedule of Reconciliation of Amount of Income Taxes Computed at Federal Statutory Rate	A reconciliation of the amount of income taxes computed at the federal statutory rate to the amount provided in the consolidated statements of income was as follows: HEI consolidated Hawaiian Electric consolidated Years ended December 31 2024 2023 2022 2024 2023 2022 (in thousands) Amount at the federal statutory income tax rate $ (376,235) $ 38,283 $ 42,410 $ (349,423) $ 51,899 $ 50,526 Increase (decrease) resulting from: State income taxes, net of federal income tax benefit (85,483) 7,989 8,812 (79,487) 11,097 11,026 Net deferred tax asset (liability) adjustment related to the Tax Act (6,200) (7,316) (9,886) (6,200) (7,316) (9,886) Tax credits, net (2,987) (2,251) (487) (2,987) (2,251) (397) Other, net (57) (2,171) (1,934) (1,450) (2,236) (1,593) Total $ (470,962) $ 34,534 $ 38,915 $ (439,547) $ 51,193 $ 49,676 Effective income tax rate (%) 26.3 18.9 19.3 26.4 20.7 20.6
Schedule of Deferred Tax Assets and Liabilities	The tax effects of book and tax basis differences that give rise to deferred tax assets and liabilities were as follows: HEI consolidated Hawaiian Electric consolidated December 31 2024 2023 2024 2023 (in thousands) Deferred tax assets Wildfire tort-related claims $ 483,749 $ — $ 483,749 $ — Regulatory liabilities, excluding amounts attributable to property, plant and equipment 76,765 78,884 $ 76,765 $ 78,884 Lease liabilities 130,556 109,480 128,610 107,409 Retirement benefits 45,879 28,623 40,568 23,247 Revenue taxes 48,379 49,522 48,379 49,522 Capital loss carryforward 66,430 — — — Other 1 35,827 27,003 22,387 20,817 Total deferred income tax assets 887,585 293,512 800,458 279,879 Valuation allowances (73,459) — — — Total deferred income tax assets, net 814,126 293,512 800,458 279,879 Deferred tax liabilities Property, plant and equipment related 542,109 527,323 532,257 513,064 Lease right-of-use assets 130,483 109,420 128,610 107,409 Regulatory assets, excluding amounts attributable to property, plant and equipment 21,678 21,872 21,678 21,872 Other 47,148 37,103 46,330 36,535 Total deferred income tax liabilities 741,418 695,718 728,875 678,880 Net deferred income tax asset (liability) $ 72,708 $ (402,206) $ 71,583 $ (399,001) 1
Schedule of Changes in Total Unrecognized Tax Benefits	The following is a reconciliation of the Company’s liability for unrecognized tax benefits for 2024, 2023 and 2022. HEI consolidated Hawaiian Electric consolidated (in millions) 2024 2023 2022 2024 2023 2022 Unrecognized tax benefits, January 1 $ 27.7 $ 30.6 $ 17.1 $ 15.6 $ 11.7 $ 11.6 Additions based on tax positions taken during the year 0.7 0.5 19.0 — 0.3 0.1 Reductions based on tax positions taken during the year (0.1) — (3.5) — — — Additions for tax positions of prior years 1.5 3.8 0.6 1.5 3.7 0.2 Reductions for tax positions of prior years (4.6) (7.2) (2.6) (0.6) (0.1) (0.2) Lapses of statute of limitations (1.9) — — (0.5) — — Settlement (10.8) — — (10.8) — — Unrecognized tax benefits, December 31 $ 12.5 $ 27.7 $ 30.6 $ 5.2 $ 15.6 $ 11.7

Cash flows (Tables)

Cash flows (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Disclosures of Cash and Noncash Activity	Years ended December 31 2024 2023 2022 (in millions) Supplemental disclosures of cash flow information HEI consolidated Activities from continuing operations: Interest paid to non-affiliates, net of amounts capitalized $ 131 $ 109 $ 94 Interest paid on finance lease obligations 31 6 1 Income taxes paid (net of refundable credits) 32 24 32 Income taxes refunded (including refundable credits) — 1 2 Activities from discontinued operations: Interest paid to non-affiliates, net of amounts capitalized 121 61 12 Income taxes paid (net of refundable credits) 4 4 9 Income taxes refunded (including refundable credits) 2 — — Hawaiian Electric consolidated Interest paid to non-affiliates, net of amounts capitalized 88 74 69 Interest paid on finance lease obligations 31 6 1 Income taxes paid (net of refundable credits) 59 39 67 Income taxes refunded (including refundable credits) — 2 — Supplemental disclosures of noncash activities HEI consolidated Activities from continuing operations: Property, plant and equipment-Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) 43 43 67 Common stock dividends reinvested in HEI common stock (financing) 1 — 5 — Right-of-use assets obtained in exchange for operating lease obligations (investing) 2 — 47 Property, plant, equipment and other assets received in exchange for the assumption of debt associated with a business acquisition (investing) — — 68 Debt, lease liabilities and other liabilities assumed in business acquisition (financing) — — 68 Common stock issued (gross) for director and executive/management compensation (financing) 1 2 6 9 Right-of-use assets obtained in exchange for finance lease obligations (financing) 106 294 48 Activities from discontinued operations: Sale of ASB (investing/financing) (see Note 5) (508) — — Property, plant and equipment-Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) — — 1 Loans transferred from held for investment to held for sale (investing) 29 106 — Transfer of retail repurchase agreements to deposit liabilities (financing) — 98 — Obligations to fund low income housing investments, net (investing) — 18 9 Transfer of securities from available for sale to held to maturities (investing) — — 755 Common stock issued (gross) for director and executive/management compensation (financing) 1 1 2 1 Right-of-use assets obtained in exchange for operating lease obligations (investing) 5 1 4 Hawaiian Electric consolidated Electric utility property, plant and equipment-Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) 42 42 64 Right-of-use assets obtained in exchange for operating lease obligations (investing) 2 — 44 Right-of-use assets obtained in exchange for finance lease obligations (financing) 105 294 48 HEI Consolidated and Hawaiian Electric consolidated Electric utility property, plant and equipment Estimated fair value of noncash contributions in aid of construction (investing) 19 21 14 Increase related to an acquisition (investing) — — 15 1 The amounts shown represent the market value of common stock issued for director and executive/management compensation and withheld to satisfy statutory tax liabilities.

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Values of Certain of the Company's Financial Instruments	The following table presents the carrying or notional amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments. Estimated fair value (in thousands) Carrying or notional Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Total December 31, 2024 Financial assets HEI consolidated Money market mutual funds $ 1,162,259 $ 1,162,259 $ — $ — $ 1,162,259 Derivative assets 29,312 — 1,629 — 1,629 Hawaiian Electric consolidated Money market mutual funds 115,599 115,599 — — 115,599 Financial liabilities HEI consolidated Short-term borrowings 48,623 — 48,623 — 48,623 Long-term debt, net 2,799,558 — 2,196,403 — 2,196,403 Hawaiian Electric consolidated Short-term borrowings 48,623 — 48,623 — 48,623 Long-term debt, net 1,901,214 — 1,446,316 — 1,446,316 December 31, 2023 Financial assets HEI consolidated Money market mutual funds $ 226,085 $ 226,085 $ — $ — $ 226,085 Derivative assets 10,634 — 972 — 972 Hawaiian Electric consolidated Money market mutual funds 85,807 85,807 — — 85,807 Financial liabilities HEI consolidated Long-term debt, net 2,842,429 — 2,133,225 — 2,133,225 Derivative liabilities 22,949 — 303 — 303 Hawaiian Electric consolidated Long-term debt, net 1,934,277 — 1,385,025 — 1,385,025

Unaudited summarized quarterl_2

Unaudited summarized quarterly information (Tables)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract]
Schedule of Selected Quarterly Information	The unaudited quarterly financial information for the years 2024 and 2023 has been recast for discontinued operations presentation as discussed in Note 5 and is summarized below. (in thousands, except per share amounts) 1Q24 2Q24 3Q24 4Q24 2024 Revenues Electric utility $ 788,578 $ 792,331 $ 829,617 $ 796,174 $ 3,206,700 Other 3,436 3,086 3,622 3,006 13,150 Total revenues 792,014 795,417 833,239 799,180 3,219,850 Operating income (loss) Electric utility 63,355 (1,644,440) (104,564) 73,791 (1,611,858) Other (12,468) (17,149) (45,156) (20,129) (94,902) Total operating income (loss) 50,887 (1,661,589) (149,720) 53,662 (1,706,760) Income (loss) from continuing operations for common stock 21,188 (1,249,697) (123,180) 29,166 (1,322,523) Income (loss) from discontinued operations 20,934 (45,787) 18,778 (97,411) (103,486) Net income (loss) for common stock $ 42,122 $ (1,295,484) $ (104,402) $ (68,245) $ (1,426,009) Continuing operations - Basic earnings (loss) per common share $ 0.19 $ (11.33) $ (1.08) $ 0.17 $ (10.42) Discontinued operations - Basic earnings (loss) per common share 0.19 (0.42) 0.16 (0.56) (0.81) Basic earnings (loss) per common share $ 0.38 $ (11.74) $ (0.91) $ (0.40) $ (11.23) Continuing operations - Diluted earnings (loss) per common share $ 0.19 $ (11.33) $ (1.08) $ 0.17 $ (10.42) Discontinued operations - Diluted earnings (loss) per common share 0.19 (0.42) 0.16 (0.56) (0.81) Diluted earnings (loss) per common share $ 0.38 $ (11.74) $ (0.91) $ (0.40) $ (11.23) Weighted-average number of common shares outstanding 110,218 110,303 114,358 172,466 126,927 Weighted-average shares assuming dilution 110,476 110,303 114,358 172,466 126,927 (in thousands, except per share amounts) 1Q23 2Q23 3Q23 4Q23 2023 Revenues Electric utility $ 830,361 $ 794,191 $ 794,987 $ 849,982 $ 3,269,521 Other 4,019 4,609 5,912 3,442 17,982 Total revenues 834,380 798,800 800,899 853,424 3,287,503 Operating income (loss) Electric utility 75,875 73,625 71,358 81,300 302,158 Other (5,877) (5,514) (8,806) (6,969) (27,166) Total operating income (loss) 69,998 68,111 62,552 74,331 274,992 Income from continuing operations for common stock 36,159 34,406 29,753 45,558 145,876 Income from discontinued operations 18,562 20,204 11,365 3,231 53,362 Net income (loss) for common stock $ 54,721 $ 54,610 $ 41,118 $ 48,789 $ 199,238 Continuing operations - Basic earnings per common share $ 0.33 $ 0.31 $ 0.27 $ 0.41 $ 1.33 Discontinued operations - Basic earnings per common share 0.17 0.18 0.10 0.03 0.49 Basic earnings per common share $ 0.50 $ 0.50 $ 0.37 $ 0.44 $ 1.82 Continuing operations - Diluted earnings per common share $ 0.33 $ 0.31 $ 0.27 $ 0.41 $ 1.33 Discontinued operations - Diluted earnings per common share 0.17 0.18 0.10 0.03 0.48 Diluted earnings per common share $ 0.50 $ 0.50 $ 0.37 $ 0.44 $ 1.81 Weighted-average number of common shares outstanding 109,514 109,573 109,728 110,134 109,739 Weighted-average shares assuming dilution 109,825 109,780 109,917 110,301 110,038

Summary of significant accoun_3

Summary of significant accounting policies - General, Cash, and PPE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 30, 2024
Significant Accounting Policies [Line Items]
Restricted cash	$ 492,317	$ 15,028
Hawaiian Electric Company, Inc. and Subsidiaries
Significant Accounting Policies [Line Items]
Composite annual depreciation rate (as percent)	3.20%	3.20%	3.20%
Allowance for customer accounts receivable, accrued unbilled revenues and other accounts receivable	$ 5,600	$ 4,600
Weighted average AFUDC rate	7.30%	7.20%	7.10%
Minimum
Significant Accounting Policies [Line Items]
Estimated useful life under production plant (in years)	16 years
Estimated useful life under transmission and distribution plant (in years)	10 years
Estimated useful life under general plant (in years)	5 years
Maximum
Significant Accounting Policies [Line Items]
Estimated useful life under production plant (in years)	51 years
Estimated useful life under transmission and distribution plant (in years)	79 years
Estimated useful life under general plant (in years)	50 years
Hawaiian Electric Company, Inc. and Subsidiaries
Significant Accounting Policies [Line Items]
Restricted cash	$ 0	$ 2,000
GLST1, LLC
Significant Accounting Policies [Line Items]
Restricted cash held	$ 478,800
American Savings Bank (ASB) | ASB Hawaii, Inc
Significant Accounting Policies [Line Items]
Minority ownership percentage	9.90%			9.90%
Noncontrolling ownership interest	$ 44,600

Summary of significant accoun_4

Summary of significant accounting policies - Earnings Per Share (HEI only) (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities outstanding (in shares)	0		0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities outstanding (in shares)		65,078

Maui windstorm and wildfires -

Maui windstorm and wildfires - Narrative (Details) $ in Thousands				1 Months Ended	2 Months Ended	12 Months Ended
	Feb. 14, 2025 claim plaintiff	Nov. 01, 2024 USD ($) claim installment lawyer	May 04, 2024 USD ($)	Feb. 08, 2024 claim	Jun. 08, 2024 claim	Dec. 31, 2024 USD ($) installment	Dec. 31, 2023 USD ($)	Dec. 09, 2024 subrogation_action	Oct. 25, 2024 claim	Oct. 21, 2024 subrogation_action	Nov. 08, 2023 USD ($)
Public Utilities, General Disclosures [Line Items]
Property insurance policy limit						$ 500,000
Retention for property damages						1,000
Property insurance coverage						499,000
Installment payments						478,750	$ 75,000
Installment, noncurrent liability						1,436,250	0
Number of subrogation actions | subrogation_action								3		3
Excess liability insurance						13,000
Miscellaneous professional liability						0
Directors and officers liability insurance						122,000
Natural Disasters and Other Casualty Events
Public Utilities, General Disclosures [Line Items]
Expected funding amount											$ 175,000
Expected beneficiary amount											$ 1,500
Number of claim forms | claim									36
Number of physical injury related claim forms | claim									12
Hawaiian Electric Company, Inc. and Subsidiaries
Public Utilities, General Disclosures [Line Items]
Regulatory assets						281,319	294,804
Insurance recoveries						1,000
Installment payments		$ 479,000				478,750	75,000
Settlement payments reserved						500,000
Installment, noncurrent liability						1,436,250	0
Hawaiian Electric Company, Inc. and Subsidiaries | Natural Disasters and Other Casualty Events
Public Utilities, General Disclosures [Line Items]
Regulatory assets						52,700
Committed contribution to humanitarian fund		$ 75,000				75,000
Shareholder Derivative Actions, Northern District Of California
Public Utilities, General Disclosures [Line Items]
Lawsuit claim filed | claim				3
Shareholder Derivative Actions, District Of Hawaii
Public Utilities, General Disclosures [Line Items]
Lawsuit claim filed | claim					2
Maui Windstorm and Wildfires | Natural Disasters and Other Casualty Events
Public Utilities, General Disclosures [Line Items]
Insurance recoveries						94,699	104,580
Maui Windstorm and Wildfires | Hawaiian Electric Company, Inc. and Subsidiaries | Natural Disasters and Other Casualty Events
Public Utilities, General Disclosures [Line Items]
Insurance recoveries						85,781	98,613
Capital costs						8,700	$ 18,000
Maui Windstorm and Wildfires | Tort-Related Legal Claims
Public Utilities, General Disclosures [Line Items]
Number of settlement agreements | claim		2
Number of lawyers representing individual plaintiffs | lawyer		30
Litigation settlement, fee expense accrued						$ 3,500
Maui Windstorm and Wildfires | Tort-Related Legal Claims | Subsequent Event
Public Utilities, General Disclosures [Line Items]
Lawsuit claim filed | claim	783
Maui Windstorm and Wildfires | Tort-Related Legal Claims | Natural Disasters and Other Casualty Events
Public Utilities, General Disclosures [Line Items]
Amount agreed to contribute		$ 1,990,000
Number of installments | installment		4				4
Discount rate		5.50%
Maui Windstorm and Wildfires | Tort-Related Legal Claims | Natural Disasters and Other Casualty Events | Hawaiian Electric Company, Inc And Other Defendants
Public Utilities, General Disclosures [Line Items]
Amount agreed to contribute		$ 4,040,000
Maui Windstorm and Wildfires | Tort-Related Legal Claims | Hawaiian Electric Company, Inc. and Subsidiaries | Natural Disasters and Other Casualty Events
Public Utilities, General Disclosures [Line Items]
Insurance receivable						$ 40,000
Maui Windstorm and Wildfires | Maui Wildfire Negligence
Public Utilities, General Disclosures [Line Items]
Excess liability insurance						165,000
Miscellaneous professional liability						25,000
Excess liability insurance, retention amount						300
Miscellaneous liability insurance, retention amount						1,000
Directors and officers liability insurance						145,000
Directors and officers liability insurance, retention						1,000
Maui Windstorm and Wildfires | Maui Wildfire Negligence | Subsequent Event
Public Utilities, General Disclosures [Line Items]
Number of pending claims | claim	1
Maui Windstorm and Wildfires | Maui Wildfire Negligence | County Of Maui | Subsequent Event
Public Utilities, General Disclosures [Line Items]
Lawsuit claim filed | claim	1
Maui Windstorm and Wildfires | Maui Wildfire Negligence | Spectrum Oceanic LLC | Subsequent Event
Public Utilities, General Disclosures [Line Items]
Lawsuit claim filed | claim	1
Maui Windstorm and Wildfires | Maui Wildfire Negligence | Subrogation Insurers | Subsequent Event
Public Utilities, General Disclosures [Line Items]
Number of cases filed by subrogation insurers | plaintiff	160
Insurance Claims, Legal-Related Recoveries
Public Utilities, General Disclosures [Line Items]
Insurance reimbursement receivable						57,000
Insurance Claims, Legal-Related Recoveries | Hawaiian Electric Company, Inc. and Subsidiaries
Public Utilities, General Disclosures [Line Items]
Insurance reimbursement receivable						55,000
Indemnification Agreement
Public Utilities, General Disclosures [Line Items]
Amount agreed to contribute			$ 18,400
Indemnification Agreement | Hawaiian Electric Company, Inc. and Subsidiaries
Public Utilities, General Disclosures [Line Items]
Costs accrued						$ 18,400

Maui windstorm and wildfires _2

Maui windstorm and wildfires - Utilities Charged (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Hawaiian Electric Company, Inc. and Subsidiaries
Public Utilities, General Disclosures [Line Items]
Insurance recoveries	$ (1,000)
Natural Disasters and Other Casualty Events | Maui Windstorm and Wildfires
Public Utilities, General Disclosures [Line Items]
Total Maui windstorm and wildfires related expenses	2,046,030	$ 127,112
Insurance recoveries	(94,699)	(104,580)
Deferral treatment approved by the PUC	(37,960)	(14,692)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment	1,913,371	7,840
Natural Disasters and Other Casualty Events | Legal expenses
Public Utilities, General Disclosures [Line Items]
Total Maui windstorm and wildfires related expenses	69,779	33,969
Natural Disasters and Other Casualty Events | Wildfire tort-related claims
Public Utilities, General Disclosures [Line Items]
Total Maui windstorm and wildfires related expenses	1,915,000	75,000
Natural Disasters and Other Casualty Events | Other expense
Public Utilities, General Disclosures [Line Items]
Total Maui windstorm and wildfires related expenses	61,251	18,143
Natural Disasters and Other Casualty Events | Hawaiian Electric Company, Inc. and Subsidiaries | Maui Windstorm and Wildfires
Public Utilities, General Disclosures [Line Items]
Total Maui windstorm and wildfires related expenses	2,018,827	114,808
Insurance recoveries	(85,781)	(98,613)
Deferral treatment approved by the PUC	(37,960)	(14,692)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment	1,895,086	1,503
Discontinued operation expenses	1,300	11,300
Natural Disasters and Other Casualty Events | Hawaiian Electric Company, Inc. and Subsidiaries | Legal expenses
Public Utilities, General Disclosures [Line Items]
Total Maui windstorm and wildfires related expenses	51,406	24,737
Natural Disasters and Other Casualty Events | Hawaiian Electric Company, Inc. and Subsidiaries | Wildfire tort-related claims
Public Utilities, General Disclosures [Line Items]
Total Maui windstorm and wildfires related expenses	1,915,000	75,000
Natural Disasters and Other Casualty Events | Hawaiian Electric Company, Inc. and Subsidiaries | Other expense
Public Utilities, General Disclosures [Line Items]
Total Maui windstorm and wildfires related expenses	$ 52,421	$ 15,071

Segment financial information -

Segment financial information - Narrative (Details) $ in Millions			1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2024 segment subsidiary	Dec. 30, 2024	Sep. 30, 2020 a MW	Sep. 30, 2024 USD ($)	Dec. 31, 2024 segment subsidiary	Dec. 30, 2024 segment	Dec. 31, 2018 MWh MW	Dec. 31, 2017 MW	Jul. 31, 2022 MW
Segment financial information
Number of reportable segments | segment	1					2
Hamakua Energy
Segment financial information
Power produced by power plants (in megawatts)								60
Mauo, LLC
Segment financial information
Power produced by power plants (in megawatts)							8.1
Power storage capacity (in megawatt hours) | MWh							42.6
Power purchase agreement term (in years)							15 years
Power purchase agreement extension term (in years)							5 years
Ka‘ie‘ie Waho Company, LLC
Segment financial information
Photovoltaic system power amount (in megawatts)			6
Area of land (in acres) | a			20
Mahipapa, LLC | Green Energy Team, LLC
Segment financial information
Unit of renewable energy (in mega watts)									7.5
HEI and Pacific
Segment financial information
Asset impairment charges | $				$ 35.2
Hamakua Holdings, LLC
Segment financial information
Number of wholly-owned subsidiaries | subsidiary	2				2
Hawaiian Electric Company, Inc. and Subsidiaries
Segment financial information
Number of reportable segments | segment					1
American Savings Bank (ASB) | ASB Hawaii, Inc
Segment financial information
Minority ownership percentage	9.90%	9.90%			9.90%	9.90%
Discontinued Operations, Disposed of by Sale | American Savings Bank (ASB)
Segment financial information
Ownership percentage disposed		90.10%

Segment financial information_2

Segment financial information - Schedule (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment financial information
Revenues	$ 799,180	$ 833,239	$ 795,417	$ 792,014	$ 853,424	$ 800,899	$ 798,800	$ 834,380	$ 3,219,850	$ 3,287,503	$ 3,420,917
Depreciation and amortization									293,533	282,306	270,405
Interest income									19,362	9,105	0
Interest expense									127,207	125,532	103,402
Income (loss) from continuing operations before income taxes									(1,791,595)	182,300	201,954
Income tax benefit									(470,962)	34,534	38,915
Income (loss) from continuing operations									(1,320,633)	147,766	163,039
Preferred stock dividends of subsidiaries									1,890	1,890	1,890
Income (loss) from continuing operations for common stock	29,166	(123,180)	(1,249,697)	21,188	45,558	29,753	34,406	36,159	(1,322,523)	145,876	161,149
Capital expenditures									344,251	442,727	339,333
Assets	8,931,416				17,243,821				8,931,416	17,243,821
Assets					7,677,372					7,677,372
Electric utility
Segment financial information
Revenues											3,408,583
Operating Segments
Segment financial information
Revenues											3,420,917
Operating Segments | Electric utility
Segment financial information
Revenues	796,174	829,617	792,331	788,578	849,982	794,987	794,191	830,361	3,206,700	3,269,521	3,408,587
Depreciation and amortization									282,970	270,195	260,744
Interest income									6,633	6,454
Interest expense									82,082	86,140	76,416
Income (loss) from continuing operations before income taxes									(1,663,914)	247,140	240,600
Income tax benefit									(439,547)	51,193	49,676
Income (loss) from continuing operations									(1,224,367)	195,947	190,924
Preferred stock dividends of subsidiaries									1,995	1,995	1,995
Income (loss) from continuing operations for common stock									(1,226,362)	193,952	188,929
Capital expenditures									329,479	438,775	329,457
Assets	7,613,604								7,613,604
Assets					7,283,554					7,283,554
All Other
Segment financial information
Revenues	3,006	$ 3,622	$ 3,086	$ 3,436	3,442	$ 5,912	$ 4,609	$ 4,019	13,150	17,982	12,330
Depreciation and amortization									10,563	12,111	9,661
Interest income									12,729	2,651
Interest expense									45,125	39,392	26,986
Income (loss) from continuing operations before income taxes									(127,681)	(64,840)	(38,646)
Income tax benefit									(31,415)	(16,659)	(10,761)
Income (loss) from continuing operations									(96,266)	(48,181)	(27,885)
Preferred stock dividends of subsidiaries									(105)	(105)	(105)
Income (loss) from continuing operations for common stock									(96,161)	(48,076)	(27,780)
Capital expenditures									14,772	3,952	9,876
Assets	$ 1,317,812								1,317,812
Assets					$ 393,818					$ 393,818
Asset impairment charges									$ 35,000
Intersegment eliminations
Segment financial information
Revenues											(4)
Intersegment eliminations | Electric utility
Segment financial information
Revenues											4
Corporate And Eliminations
Segment financial information
Revenues											$ 12,334

Electric utility segment - Regu

Electric utility segment - Regulatory Assets and Liabilities (Details) - Hawaiian Electric Company, Inc. and Subsidiaries - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Regulatory assets
Regulatory assets	$ 281,319	$ 294,804
Regulatory liabilities
Regulatory Liability	1,244,083	1,150,690
Cost of removal in excess of salvage value
Regulatory liabilities
Regulatory Liability	601,741	591,298
Income taxes
Regulatory liabilities
Regulatory Liability	292,036	303,225
Decoupling revenue balancing account and RAM
Regulatory liabilities
Regulatory Liability	5,498	5,995
Retirement benefit plans
Regulatory liabilities
Regulatory Liability	279,553	171,421
Solar tax credits
Regulatory liabilities
Regulatory Liability	46,661	49,507
ECRC and PPAC
Regulatory liabilities
Regulatory Liability	4,296	15,169
Enterprise Resource Planning (ERP) Benefits
Regulatory liabilities
Regulatory Liability	12,549	12,409
Other
Regulatory liabilities
Regulatory Liability	$ 1,749	1,666
Minimum | Cost of removal in excess of salvage value
Regulatory liabilities
Authorized amortization or recovery periods (in years)	1 year
Minimum | Income taxes
Regulatory liabilities
Authorized amortization or recovery periods (in years)	35 years
Minimum | Decoupling revenue balancing account and RAM
Regulatory liabilities
Authorized amortization or recovery periods (in years)	1 year
Minimum | Solar tax credits
Regulatory liabilities
Authorized amortization or recovery periods (in years)	1 year
Minimum | Other
Regulatory liabilities
Remaining amortization or recovery periods (in years)	1 year
Maximum | Cost of removal in excess of salvage value
Regulatory liabilities
Authorized amortization or recovery periods (in years)	79 years
Maximum | Income taxes
Regulatory liabilities
Authorized amortization or recovery periods (in years)	1 year
Maximum | Solar tax credits
Regulatory liabilities
Authorized amortization or recovery periods (in years)	17 years
Current assets
Regulatory assets
Regulatory assets	$ 53,895	68,453
Long-term assets
Regulatory assets
Regulatory assets	227,424	226,351
Current liabilities
Regulatory liabilities
Regulatory Liability	26,568	36,559
Long-term liabilities
Regulatory liabilities
Regulatory Liability	1,217,515	1,114,131
Income taxes
Regulatory assets
Regulatory assets	$ 81,102	81,620
Income taxes | Minimum
Regulatory assets
Authorized amortization or recovery periods (in years)	1 year
Income taxes | Maximum
Regulatory assets
Authorized amortization or recovery periods (in years)	35 years
Retirement benefit plans (balance primarily varies with plans’ funded statuses)
Regulatory assets
Regulatory assets	$ 13,755	70,616
Maui windstorm and wildfire related costs (to be determined by PUC)
Regulatory assets
Regulatory assets	52,652	14,692
Retirement of Generating Units
Regulatory assets
Regulatory assets	$ 40,953	29,930
Authorized amortization or recovery periods (in years)	10 years
Right-Of-Use Assets
Regulatory assets
Regulatory assets	$ 19,105	9,067
Remaining amortization or recovery periods (in years)	25 years
ECRC and PPAC
Regulatory assets
Regulatory assets	$ 17,418	24,691
Authorized amortization or recovery periods (in years)	1 year
Regulatory liabilities
Remaining amortization or recovery periods (in years)	1 year
Vacation earned, but not yet taken
Regulatory assets
Regulatory assets	$ 13,950	14,585
Authorized amortization or recovery periods (in years)	1 year
Decoupling revenue balancing account and RAM
Regulatory assets
Regulatory assets	$ 9,829	19,002
Authorized amortization or recovery periods (in years)	1 year
Performance Incentive Mechanisms
Regulatory assets
Regulatory assets	$ 6,783	2,923
Authorized amortization or recovery periods (in years)	1 year
COVID-19 related costs (3 years)
Regulatory assets
Regulatory assets	$ 6,715	8,715
Authorized amortization or recovery periods (in years)	3 years
Other
Regulatory assets
Regulatory assets	$ 19,057	$ 18,963
Other | Minimum
Regulatory assets
Remaining amortization or recovery periods (in years)	1 year
Other | Maximum
Regulatory assets
Remaining amortization or recovery periods (in years)	35 years

Electric utility segment - Re_2

Electric utility segment - Regulatory Assets and Liability Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 29, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 10, 2019	Oct. 31, 2018
Hawaiian Electric Company, Inc. and Subsidiaries
Regulatory Projects and Legal Obligations [Line Items]
Regulatory assets		$ 281,319	$ 294,804
Recovery of deferral costs period (in years)	3 years
Hawaiian Electric Company, Inc. and Subsidiaries | ERP/EAM Implementation Project
Regulatory Projects and Legal Obligations [Line Items]
ERP/EAM project service period (in years)		12 years
ERP/EAM required pass-through savings					$ 246,000
ERP/EAM implementation project, expected future O&M expense reductions				$ 150,000
ERP/EAM implementation project, future cost avoidance related to capital costs and tax costs				$ 96,000
Regulatory liability, amortization period		5 years
ERP/EAM regulatory liability for operation and maintenance expense reductions		$ 12,500
Hawaiian Electric Company, Inc. and Subsidiaries | Natural Disasters and Other Casualty Events
Regulatory Projects and Legal Obligations [Line Items]
Regulatory assets		52,700
Hawaiian Electric Company, Inc. and Subsidiaries | COVID-19
Regulatory Projects and Legal Obligations [Line Items]
Regulatory assets		6,700
Public utilities in regulatory assets	$ 8,800
Hawaiian Electric | ERP/EAM Implementation Project
Regulatory Projects and Legal Obligations [Line Items]
ERP/EAM regulatory liability for operation and maintenance expense reductions		1,200
Hawaii Electric Light | ERP/EAM Implementation Project
Regulatory Projects and Legal Obligations [Line Items]
ERP/EAM regulatory liability for operation and maintenance expense reductions		4,500
Maui Electric | ERP/EAM Implementation Project
Regulatory Projects and Legal Obligations [Line Items]
ERP/EAM regulatory liability for operation and maintenance expense reductions		$ 6,800
Honolulu Generating Units 8 and 9 | Hawaiian Electric Company, Inc. and Subsidiaries
Regulatory Projects and Legal Obligations [Line Items]
Regulatory asset amortization period		9 years
Regulatory assets		$ 26,700
Waiau Generating Units 3 and 4 | Hawaiian Electric Company, Inc. and Subsidiaries
Regulatory Projects and Legal Obligations [Line Items]
Regulatory asset amortization period		9 years
Regulatory assets		$ 14,300
Suspension Of Disconnections | Hawaiian Electric Company, Inc. and Subsidiaries
Regulatory Projects and Legal Obligations [Line Items]
Regulatory assets		$ 2,800

Electric utility segment - Majo

Electric utility segment - Major Customers (Details) - Various federal government agencies - Operating revenues - Customer concentration - Hawaiian Electric Company, Inc. and Subsidiaries - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Major customers
Operating revenues percentage	11%	12%	12%
Operating revenues amount	$ 369	$ 376	$ 393

Electric utility segment - Cumu

Electric utility segment - Cumulative Preferred Stock (Details)	Dec. 31, 2024 $ / shares
Series C, D, E, H, J and K Preferred Stock | Hawaiian Electric
Class of Stock [Line Items]
Voluntary liquidation price (in dollars per share)	$ 20
Redemption price (in dollars per share)	21
Series I Preferred Stock | Hawaiian Electric
Class of Stock [Line Items]
Voluntary liquidation price (in dollars per share)	20
Redemption price (in dollars per share)	20
Series G Preferred Stock | Hawaii Electric Light Company, Inc. (HELCO)
Class of Stock [Line Items]
Voluntary liquidation price (in dollars per share)	100
Redemption price (in dollars per share)	100
Series H Preferred Stock | Maui Electric Company, Limited (MECO)
Class of Stock [Line Items]
Voluntary liquidation price (in dollars per share)	100
Redemption price (in dollars per share)	$ 100

Electric utility segment - Rela

Electric utility segment - Related-Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Hawaiian Electric Company, Inc. and Subsidiaries
Related Party Transaction [Line Items]
Amount charged to subsidiaries for general management and administrative services	$ 5,500,000	$ 5,200,000	$ 5,600,000
Hawaiian Electric Company, Inc. and Subsidiaries | Interest Charged
Related Party Transaction [Line Items]
Amount charged to subsidiaries for general management and administrative services	0	0
Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric
Related Party Transaction [Line Items]
Short-term borrowings	0	0
Hawaii Electric Light | Hamakua Energy
Related Party Transaction [Line Items]
Amount charged to subsidiaries for general management and administrative services	$ 35,000,000	$ 71,000,000	$ 66,000,000

Electric utility segment - Cons

Electric utility segment - Consolidated and Unconsolidated Variable Interest Entities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) entity agreement
Variable Interest Entity [Line Items]
Number of consolidation VIEs | entity	2
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Accounts receivable and unbilled revenues, net | $	$ 324.7
Subsidiaries
Variable Interest Entity [Line Items]
Number of power purchase agreements (PPAs) | agreement	4

Electric utility segment - Comm

Electric utility segment - Commitments and Contingencies (Details) $ in Millions		1 Months Ended			12 Months Ended
	Nov. 16, 2023 defendant	Jan. 31, 2024	Jul. 31, 2018 MW	May 31, 2012 MW	Dec. 31, 2024 USD ($) agreement contract MW
Regulatory Projects and Legal Obligations [Line Items]
Valuation allowances and reserves, statement of financial position, not disclosed					reserve account balance
Maui Electric
Regulatory Projects and Legal Obligations [Line Items]
Additional accrued investigation and estimated cleanup costs | $					$ 2.5
Hawaiian Electric | PCB Contamination
Regulatory Projects and Legal Obligations [Line Items]
Valuation allowances and reserves | $					$ 9.5
Hawaiian Electric Company, Inc. and Subsidiaries
Regulatory Projects and Legal Obligations [Line Items]
Purchase commitment, minimum power volume required to be purchased					10.56
Notice period		60 days
Number of power purchase agreements (PPAs) | agreement					4
Power purchase capacity excluding agreements with smaller IPPs					368.7
Hu Honua Bioenergy
Regulatory Projects and Legal Obligations [Line Items]
Purchase commitment, minimum power volume required to be purchased				21.5
Number of defendants | defendant	3
Molokai New Energy Partners
Regulatory Projects and Legal Obligations [Line Items]
Total contracted PV capacity (in megawatts)			4.88
Total contracted battery energy storage system capacity			3
Maximum power volume to be delivered (in megawatts)			2.64
Stage 1 And 2 Renewable PPAs | Hawaiian Electric Company, Inc. and Subsidiaries
Regulatory Projects and Legal Obligations [Line Items]
Purchase commitment, minimum power volume required to be purchased					219.5
Total contracted PV capacity (in megawatts)					1,443
Number of power purchase agreements (PPAs) | agreement					7
Long-term contract for purchase of electric power, estimated annual cost | $					$ 28
PPAs beginning commercial operations | contract					3

Electric utility segment - Purc

Electric utility segment - Purchase Commitments (Details) - Hawaiian Electric Company, Inc. and Subsidiaries $ in Millions	Dec. 31, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
2025	$ 159
2026	160
2027	158
2028	151
2029	151
Thereafter	1,468
Total	2,247
Firm capacity PPAs
Long-term Purchase Commitment [Line Items]
2025	75
2026	75
2027	75
2028	70
2029	70
Thereafter	225
Total	590
Renewable dispatchable generation plus energy storage and energy storage PPAs
Long-term Purchase Commitment [Line Items]
2025	77
2026	77
2027	77
2028	77
2029	77
Thereafter	1,174
Total	1,559
Other renewable PPA
Long-term Purchase Commitment [Line Items]
2025	0
2026	1
2027	4
2028	4
2029	4
Thereafter	69
Total	82
Fuel transportation
Long-term Purchase Commitment [Line Items]
2025	7
2026	7
2027	2
2028	0
2029	0
Thereafter	0
Total	$ 16

Electric utility segment - Powe

Electric utility segment - Power Purchase Agreements (Details) - Hawaiian Electric - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Regulatory Projects and Legal Obligations [Line Items]
Purchased power	$ 703	$ 672	$ 794
Kalaeloa
Regulatory Projects and Legal Obligations [Line Items]
Purchased power	291	298	342
AES Hawaii
Regulatory Projects and Legal Obligations [Line Items]
Purchased power	0	0	82
HPOWER
Regulatory Projects and Legal Obligations [Line Items]
Purchased power	74	70	73
Hamakua Energy
Regulatory Projects and Legal Obligations [Line Items]
Purchased power	35	71	66
Puna Geothermal Venture
Regulatory Projects and Legal Obligations [Line Items]
Purchased power	56	38	48
Kapolei Energy Storage
Regulatory Projects and Legal Obligations [Line Items]
Purchased power	24	0	0
Wind IPPs
Regulatory Projects and Legal Obligations [Line Items]
Purchased power	130	125	119
Solar IPPs
Regulatory Projects and Legal Obligations [Line Items]
Purchased power	84	72	57
Other IPPs
Regulatory Projects and Legal Obligations [Line Items]
Purchased power			$ 7
Other Independent Power Producers, Including Netting
Regulatory Projects and Legal Obligations [Line Items]
Purchased power	$ 9	$ (2)

Electric utility segment - Util

Electric utility segment - Utility Projects (Details) $ in Millions		1 Months Ended	12 Months Ended
	Jan. 31, 2024 USD ($)	Sep. 30, 2020 MW	Dec. 31, 2024 USD ($)	Aug. 07, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2021 USD ($)	Oct. 31, 2020 generationUnit transmission_line kV
Hawaiian Electric Company, Inc. and Subsidiaries
Public Utilities, General Disclosures [Line Items]
Project cost recovery cap				$ 95
Project costs incurred			$ 9.7
Waena Switchyard/Synchronous Condenser Project | Hawaiian Electric Company, Inc. and Subsidiaries
Public Utilities, General Disclosures [Line Items]
Number of extended transmission lines | transmission_line							2
Number of kilovolts | kV							69
Number of generating units converting to synchronous condensers | generationUnit							2
Renewable energy generation project, approved funds						$ 38.8
Renewable energy generation project, incurred cost			$ 25.5
Waena Switchyard/Synchronous Condenser Project | Maui Electric
Public Utilities, General Disclosures [Line Items]
Mandatory retirement extension period			1 year
Waena Battery Energy Storage System Project
Public Utilities, General Disclosures [Line Items]
Total contracted battery energy storage system capacity | MW		40
Waena Battery Energy Storage System Project | Hawaiian Electric Company, Inc. and Subsidiaries
Public Utilities, General Disclosures [Line Items]
Renewable energy generation project, approved funds					$ 82.1
Renewable energy generation project, incurred cost			$ 6.7
Climate Adaptation Transmission And Distribution Resilience Program | Hawaiian Electric Company, Inc. and Subsidiaries
Public Utilities, General Disclosures [Line Items]
Electric grid project, approved funds	$ 189.7
Electric grid project, period (in years)	5 years

Electric utility segment - Asse

Electric utility segment - Asset Retirement Obligations (Details) - Hawaiian Electric Company, Inc. and Subsidiaries - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Regulatory Projects and Legal Obligations [Line Items]
ARO, recognition impact on earnings	$ 0
Changes in the asset retirement obligation liability
Balance at the beginning of the period	12,009,000	$ 11,548,000
Accretion expense	484,000	463,000
Liabilities incurred	0	0
Liabilities settled	(1,000)	(2,000)
Balance at the end of the period	$ 12,492,000	$ 12,009,000

Electric utility segment - Re_3

Electric utility segment - Regulatory Proceedings (Details) $ in Thousands			12 Months Ended
	Dec. 04, 2024	Dec. 23, 2020 USD ($)	Dec. 31, 2024 USD ($) MWh project	Dec. 31, 2021 contract	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) agreement	Mar. 11, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 17, 2022 mechanism	Dec. 31, 2020 USD ($)
Regulatory Projects and Legal Obligations [Line Items]
PUC proposal period (in days)		45 days
Public utilities, modified pilot process proposal period (in days)			15 days
Pilot process annual cap			$ 10,000
Pilot processes, deferred and recovered annual expenditures, period			12 months
Low-to-moderate income energy efficiency PIM, accrued award									$ 10
Hawaiian Electric Company, Inc. and Subsidiaries
Regulatory Projects and Legal Obligations [Line Items]
Number of performance incentive mechanisms | mechanism										2
Multi-year rate period (in years)		5 years
Customer dividend, negative adjustment percentage		0.22%
Savings commitment liability, annual rate		$ 6,600
Actual return on equity, dead band percentage, above or below target			3%
Authorized ROE			9.50%
Percentage sharing between customers and utilities			0.50
Actual earnings, above or below dead band			1.50%
Percentage sharing for any further difference			0.90
MPIR and EPRM requested amount			$ 38,000
EPRM number of projects approved | project			4
EPRM project costs			$ 218,500
EPRM number of projects | project			2
EPRM total project costs			$ 294,200
Deferred cost recovery approved							$ 3,000
Request period	12 months
Target performance historical measurement period (in years)			10 years
Service reliability, maximum penalty, percent of return on equity			20%
Maximum penalty, pending adjusted amount			$ 3,600
Service reliability, estimated penalties			$ 1,000
Dead band percentage above or below target			3%
Call center performance, maximum penalty, percent			8%
Call center performance, maximum penalty, pending adjusted amount			$ 1,400
Number of contracts which qualified for incentives | contract				7
Public utility, incentives accrued											$ 1,700
Number of incentive earned power purchase agreements | agreement						2
Interpolated statutory RPS goal rate | MWh			20
Interpolated statutory RPS goal rate, year three | MWh			15
Interpolated statutory RPS goal rate, remainder of MRP | MWh			10
Penalty rate for failure to meet RPS targets | MWh			20
Public utilities, renewable portfolio standard performance incentive mechanism, accrued estimated rewards			$ 1,900
Interconnection approval PIM, annual maximum reward			3,000
Interconnection approval PIM, annual maximum penalty			900
Interconnection approval PIM, accrued estimated rewards			2,400
Low-to-moderate income energy efficiency PIM, rewards cap			$ 2,000
Target performance historical measurement period (in years)			10 years
Maximum penalty, percent of return on equity			0.03%
Pending adjusted amount			$ 1,000
Target performance period (in months)			10 months
Target deadband period (in months)			2 months
Accrued estimated rewards, net of penalties			$ 6,200
Hawaiian Electric Company, Inc. and Subsidiaries | Schofield Generation Station
Regulatory Projects and Legal Obligations [Line Items]
Major project interim recovery requested amount			16,100
Hawaiian Electric Company, Inc. and Subsidiaries | West Loch PV Project
Regulatory Projects and Legal Obligations [Line Items]
Major project interim recovery requested amount			3,200
Hawaiian Electric Company, Inc. and Subsidiaries | Grid Modernization Strategy Phase 1 Project
Regulatory Projects and Legal Obligations [Line Items]
Major project interim recovery requested amount			16,100
Hawaiian Electric Company, Inc. and Subsidiaries | Waiawa UFLS Project
Regulatory Projects and Legal Obligations [Line Items]
EPRM requested amount			100
Hawaiian Electric Company, Inc. and Subsidiaries | Waena Switchyard/Synchronous Project
Regulatory Projects and Legal Obligations [Line Items]
EPRM requested amount			$ 2,500
Hawaiian Electric
Regulatory Projects and Legal Obligations [Line Items]
Public utility, incentives accrued						$ 100		$ 100
Public utilities retained percentage			20%
Accrued estimated rewards, net of penalties			$ 2,500
Hawaii Electric Light
Regulatory Projects and Legal Obligations [Line Items]
Public utility, incentives accrued					$ 100
Interconnection approval PIM, accrued estimated rewards			2,800
Accrued penalties			100
Accrued estimated rewards, net of penalties			3,400
Maui Electric
Regulatory Projects and Legal Obligations [Line Items]
Accrued estimated rewards, net of penalties			$ 300

Electric utility segment - Annu

Electric utility segment - Annual Decoupling Filings (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 28, 2024	Dec. 31, 2024
Regulatory Projects and Legal Obligations [Line Items]
2025 ARA revenues	$ 22.9
Management Audit savings commitment	(6.6)
Net 2025 ARA revenues	16.3
2025 ARA revenues		$ 22.9
Annual change in accrued RBA balance through September 30, 2024 (and associated revenue taxes)		(1.9)
Incremental Performance Incentive Mechanisms (net)		0
Net incremental amount to be collected under the RBA rate tariffs		21
Hawaiian Electric
Regulatory Projects and Legal Obligations [Line Items]
2025 ARA revenues	15.4
Management Audit savings commitment	(4.6)
Net 2025 ARA revenues	10.8
2025 ARA revenues		15.4
Annual change in accrued RBA balance through September 30, 2024 (and associated revenue taxes)		(7)
Incremental Performance Incentive Mechanisms (net)		(0.1)
Net incremental amount to be collected under the RBA rate tariffs		8.3
Hawaii Electric Light
Regulatory Projects and Legal Obligations [Line Items]
2025 ARA revenues	3.8
Management Audit savings commitment	(1)
Net 2025 ARA revenues	2.8
2025 ARA revenues		3.8
Annual change in accrued RBA balance through September 30, 2024 (and associated revenue taxes)		(1.3)
Incremental Performance Incentive Mechanisms (net)		0.1
Net incremental amount to be collected under the RBA rate tariffs		2.6
Maui Electric
Regulatory Projects and Legal Obligations [Line Items]
2025 ARA revenues	3.7
Management Audit savings commitment	(1)
Net 2025 ARA revenues	$ 2.7
2025 ARA revenues		3.7
Annual change in accrued RBA balance through September 30, 2024 (and associated revenue taxes)		6.4
Incremental Performance Incentive Mechanisms (net)		0
Net incremental amount to be collected under the RBA rate tariffs		$ 10.1

Electric utility segment - Co_2

Electric utility segment - Consolidating Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Income Statements, Captions [Line Items]
Revenues	$ 799,180	$ 833,239	$ 795,417	$ 792,014	$ 853,424	$ 800,899	$ 798,800	$ 834,380	$ 3,219,850	$ 3,287,503	$ 3,420,917
Expenses
Total expenses									4,926,610	3,012,511	3,141,362
Operating income (loss)	53,662	(149,720)	(1,661,589)	50,887	74,331	62,552	68,111	69,998	(1,706,760)	274,992	279,555
Allowance for equity funds used during construction									13,786	15,164	10,574
Retirement defined benefits credit—other than service costs									3,754	4,014	3,688
Allowance for borrowed funds used during construction									5,470	5,201	3,416
Interest income									19,362	9,105	0
Income (loss) from continuing operations before income taxes									(1,791,595)	182,300	201,954
Income tax expense (benefit)									(470,962)	34,534	38,915
Income (loss) from continuing operations									(1,424,119)	201,128	243,028
Preferred stock dividends of Hawaiian Electric									1,890	1,890	1,890
Net income (loss) for common stock	$ (68,245)	$ (104,402)	$ (1,295,484)	$ 42,122	$ 48,789	$ 41,118	$ 54,610	$ 54,721	(1,426,009)	199,238	241,138
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenues									3,206,700	3,269,521	3,408,587
Expenses
Fuel oil									1,078,045	1,211,420	1,265,614
Purchased power									703,371	671,769	793,584
Other operation and maintenance									609,672	533,557	497,601
Wildfire tort-related claims, net (Note 2)									1,875,000	0	0
Depreciation									251,142	243,705	235,424
Taxes, other than income taxes									301,328	306,912	317,173
Total expenses									4,818,558	2,967,363	3,109,396
Operating income (loss)									(1,611,858)	302,158	299,191
Allowance for equity funds used during construction									13,786	15,164	10,574
Equity in earnings of subsidiaries									0	0	0
Retirement defined benefits credit—other than service costs									4,137	4,303	3,835
Interest expense and other charges, net									(82,082)	(86,140)	(76,416)
Allowance for borrowed funds used during construction									5,470	5,201	3,416
Interest income									6,633	6,454	0
Income (loss) from continuing operations before income taxes									(1,663,914)	247,140	240,600
Income tax expense (benefit)									(439,547)	51,193	49,676
Loss from continuing operations									(1,224,367)	195,947	190,924
Preferred stock dividends of subsidiaries									915	915	915
Income (loss) from continuing operations									(1,225,282)	195,032	190,009
Preferred stock dividends of Hawaiian Electric									1,080	1,080	1,080
Net income (loss) for common stock									(1,226,362)	193,952	188,929
Consolidating adjustments | Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenues									(6,165)	0	(327)
Expenses
Fuel oil									0	0	0
Purchased power									0	0	0
Other operation and maintenance									(6,165)	0	0
Wildfire tort-related claims, net (Note 2)									0
Depreciation									0	0	0
Taxes, other than income taxes									0	0	0
Total expenses									(6,165)	0	0
Operating income (loss)									0	0	(327)
Allowance for equity funds used during construction									0	0	0
Equity in earnings of subsidiaries									248,004	(44,809)	(47,493)
Retirement defined benefits credit—other than service costs									0	0	0
Interest expense and other charges, net									5,934	805	327
Allowance for borrowed funds used during construction									0	0	0
Interest income									(5,934)	(805)
Income (loss) from continuing operations before income taxes									248,004	(44,809)	(47,493)
Income tax expense (benefit)									0	0	0
Loss from continuing operations									248,004	(44,809)	(47,493)
Preferred stock dividends of subsidiaries									0	0	0
Income (loss) from continuing operations									248,004	(44,809)	(47,493)
Preferred stock dividends of Hawaiian Electric									0	0	0
Net income (loss) for common stock									248,004	(44,809)	(47,493)
Hawaiian Electric
Condensed Income Statements, Captions [Line Items]
Revenues									492	268	320
Expenses
Total expenses									40,382	24,228	21,981
Operating income (loss)									(1,311,072)	162,210	171,426
Retirement defined benefits credit—other than service costs									(383)	(289)	(147)
Interest income									12,729	2,651	0
Income (loss) from continuing operations before income taxes									(1,338,132)	131,942	149,282
Income tax expense (benefit)									(15,609)	(13,934)	(11,867)
Net income (loss) for common stock									(1,426,009)	199,238	241,138
Hawaiian Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenues									2,283,148	2,356,478	2,452,969
Expenses
Fuel oil									790,004	913,801	917,801
Purchased power									517,583	486,067	601,235
Other operation and maintenance									390,111	343,462	326,785
Wildfire tort-related claims, net (Note 2)									1,500,000
Depreciation									167,909	164,150	158,725
Taxes, other than income taxes									215,137	221,664	228,843
Total expenses									3,580,744	2,129,144	2,233,389
Operating income (loss)									(1,297,596)	227,334	219,580
Allowance for equity funds used during construction									10,853	11,721	8,464
Equity in earnings of subsidiaries									(248,004)	44,809	47,493
Retirement defined benefits credit—other than service costs									3,574	3,735	3,296
Interest expense and other charges, net									(59,906)	(62,362)	(55,260)
Allowance for borrowed funds used during construction									4,300	4,081	2,769
Interest income									11,136	5,113
Income (loss) from continuing operations before income taxes									(1,575,643)	234,431	226,342
Income tax expense (benefit)									(350,361)	39,399	36,333
Loss from continuing operations									(1,225,282)	195,032	190,009
Preferred stock dividends of subsidiaries									0	0	0
Income (loss) from continuing operations									(1,225,282)	195,032	190,009
Preferred stock dividends of Hawaiian Electric									1,080	1,080	1,080
Net income (loss) for common stock									(1,226,362)	193,952	188,929
Hawaii Electric Light | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenues									483,715	464,161	485,590
Expenses
Fuel oil									121,719	105,009	133,238
Purchased power									132,086	142,837	143,636
Other operation and maintenance									102,883	85,261	85,110
Wildfire tort-related claims, net (Note 2)									187,500
Depreciation									43,855	42,541	41,404
Taxes, other than income taxes									45,025	43,095	44,685
Total expenses									633,068	418,743	448,073
Operating income (loss)									(149,353)	45,418	37,517
Allowance for equity funds used during construction									1,189	1,411	898
Equity in earnings of subsidiaries									0	0	0
Retirement defined benefits credit—other than service costs									665	667	666
Interest expense and other charges, net									(11,422)	(11,650)	(10,659)
Allowance for borrowed funds used during construction									355	451	277
Interest income									1,062	1,071
Income (loss) from continuing operations before income taxes									(157,504)	37,368	28,699
Income tax expense (benefit)									(41,624)	8,327	6,349
Loss from continuing operations									(115,880)	29,041	22,350
Preferred stock dividends of subsidiaries									534	534	534
Income (loss) from continuing operations									(116,414)	28,507	21,816
Preferred stock dividends of Hawaiian Electric									0	0	0
Net income (loss) for common stock									(116,414)	28,507	21,816
Maui Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenues									440,432	448,882	470,355
Expenses
Fuel oil									166,322	192,610	214,575
Purchased power									53,702	42,865	48,713
Other operation and maintenance									121,693	104,834	85,706
Wildfire tort-related claims, net (Note 2)									187,500
Depreciation									39,378	37,014	35,295
Taxes, other than income taxes									41,166	42,153	43,645
Total expenses									609,761	419,476	427,934
Operating income (loss)									(169,329)	29,406	42,421
Allowance for equity funds used during construction									1,744	2,032	1,212
Equity in earnings of subsidiaries									0	0	0
Retirement defined benefits credit—other than service costs									(102)	(99)	(127)
Interest expense and other charges, net									(16,688)	(12,933)	(10,824)
Allowance for borrowed funds used during construction									815	669	370
Interest income									369	1,075
Income (loss) from continuing operations before income taxes									(183,191)	20,150	33,052
Income tax expense (benefit)									(48,700)	3,467	6,994
Loss from continuing operations									(134,491)	16,683	26,058
Preferred stock dividends of subsidiaries									381	381	381
Income (loss) from continuing operations									(134,872)	16,302	25,677
Preferred stock dividends of Hawaiian Electric									0	0	0
Net income (loss) for common stock									(134,872)	16,302	25,677
Other subsidiaries | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenues									5,570
Expenses
Fuel oil									0
Purchased power									0
Other operation and maintenance									1,150
Wildfire tort-related claims, net (Note 2)									0
Depreciation									0
Taxes, other than income taxes									0
Total expenses									1,150
Operating income (loss)									4,420
Allowance for equity funds used during construction									0	0	0
Equity in earnings of subsidiaries									0
Retirement defined benefits credit—other than service costs									0
Interest expense and other charges, net									0
Allowance for borrowed funds used during construction									0
Interest income									0
Income (loss) from continuing operations before income taxes									4,420
Income tax expense (benefit)									1,138
Loss from continuing operations									3,282	$ 0	$ 0
Preferred stock dividends of subsidiaries									0
Income (loss) from continuing operations									3,282
Preferred stock dividends of Hawaiian Electric									0
Net income (loss) for common stock									$ 3,282

Electric utility segment - Co_3

Electric utility segment - Consolidating Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Statement of Income Captions [Line Items]
Net income (loss) for common stock	$ (68,245)	$ (104,402)	$ (1,295,484)	$ 42,122	$ 48,789	$ 41,118	$ 54,610	$ 54,721	$ (1,426,009)	$ 199,238	$ 241,138
Retirement benefit plans:
Net gains (losses) arising during the period, net of (taxes) benefits									66,355	10,854	188,020
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes									(1,730)	(1,560)	19,659
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of (taxes) benefits									(63,708)	(8,204)	(199,936)
Other comprehensive income (loss), net of taxes									3,184	46,678	(283,495)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.									(1,422,825)	245,916	(42,357)
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income (loss) for common stock									(1,226,362)	193,952	188,929
Retirement benefit plans:
Net gains (losses) arising during the period, net of (taxes) benefits									65,680	10,175	187,193
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes									(2,035)	(1,983)	18,884
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of (taxes) benefits									(63,708)	(8,204)	(199,936)
Other comprehensive income (loss), net of taxes									(63)	(12)	6,141
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.									(1,226,425)	193,940	195,070
Consolidating adjustments | Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income (loss) for common stock									248,004	(44,809)	(47,493)
Retirement benefit plans:
Net gains (losses) arising during the period, net of (taxes) benefits									(15,450)	(2,236)	(88,797)
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes									402	487	(5,395)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of (taxes) benefits									14,971	1,730	93,535
Other comprehensive income (loss), net of taxes									(77)	(19)	(657)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.									247,927	(44,828)	(48,150)
Hawaiian Electric
Condensed Statement of Income Captions [Line Items]
Net income (loss) for common stock									(1,426,009)	199,238	241,138
Hawaiian Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income (loss) for common stock									(1,226,362)	193,952	188,929
Retirement benefit plans:
Net gains (losses) arising during the period, net of (taxes) benefits									65,680	10,175	187,193
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes									(2,035)	(1,983)	18,884
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of (taxes) benefits									(63,708)	(8,204)	(199,936)
Other comprehensive income (loss), net of taxes									(63)	(12)	6,141
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.									(1,226,425)	193,940	195,070
Hawaii Electric Light | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income (loss) for common stock									(116,414)	28,507	21,816
Retirement benefit plans:
Net gains (losses) arising during the period, net of (taxes) benefits									8,108	961	44,411
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes									(159)	(221)	2,811
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of (taxes) benefits									(7,895)	(752)	(46,841)
Other comprehensive income (loss), net of taxes									54	(12)	381
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.									(116,360)	28,495	22,197
Maui Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income (loss) for common stock									(134,872)	16,302	25,677
Retirement benefit plans:
Net gains (losses) arising during the period, net of (taxes) benefits									7,342	1,275	44,386
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes									(243)	(266)	2,584
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of (taxes) benefits									(7,076)	(978)	(46,694)
Other comprehensive income (loss), net of taxes									23	31	276
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.									(134,849)	$ 16,333	$ 25,953
Other subsidiaries | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income (loss) for common stock									3,282
Retirement benefit plans:
Net gains (losses) arising during the period, net of (taxes) benefits									0
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes									0
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of (taxes) benefits									0
Other comprehensive income (loss), net of taxes									0
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.									$ 3,282

Electric utility segment - Co_4

Electric utility segment - Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Nov. 01, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Utility property, plant and equipment
Right-of-use assets - finance lease	$ 448,527		$ 342,834
Total property, plant and equipment, net	6,134,318		5,963,084
Current assets
Cash and cash equivalents	750,535		244,091	$ 43,728
Restricted cash	492,317		15,028
Accounts receivable and unbilled revenues, net	457,171		546,704
Regulatory assets	53,895		68,453
Other long-term assets
Operating lease right-of-use-assets	66,553		79,686
Regulatory assets	227,424		226,351
Other	368,795		202,358
Total assets	8,931,416		17,243,821
Capitalization
Total shareholders’ equity	1,479,089		2,344,841	2,202,499	$ 2,390,884
Cumulative preferred stock – not subject to mandatory redemption	34,293		34,293
Current liabilities
Current portion of long-term debt, net	109,171		16,496
Accounts payable	203,452		198,885
Regulatory liabilities	26,568		36,559
Wildfire tort-related claims	478,750		75,000
Other	430,824		403,414
Noncurrent liabilities:
Operating lease liabilities	56,523		69,972
Finance lease liabilities	426,598		331,262
Deferred income taxes	0		402,246
Regulatory liabilities	1,217,515		1,114,131
Defined benefit plans liability	23,213		78,200
Wildfire tort-related claims (Note 2)	1,436,250		0
Other	242,957		247,637
Total capitalization and liabilities	8,931,416		17,243,821
Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Land	52,019		52,098
Plant and equipment	8,421,501		8,232,810
Right-of-use assets - finance lease	447,101		342,174
Less accumulated depreciation	(3,326,624)		(3,197,514)
Construction in progress	365,709		320,223
Utility property, plant and equipment, net	5,959,706		5,749,791
Nonutility property, plant and equipment, less accumulated depreciation	2,792		6,942
Total property, plant and equipment, net	5,962,498		5,756,733
Investment in wholly-owned subsidiaries, at equity	0		0
Current assets
Cash and cash equivalents	184,148		106,077	39,242
Restricted cash	0		2,000
Advances to affiliates	0		0
Accounts receivable and unbilled revenues, net	199,898		244,309
Accrued unbilled revenues, net	178,721		185,644
Other accounts receivable, net	69,637		111,519
Fuel oil stock, at average cost	98,903		148,237
Materials and supplies, at average cost	118,466		114,433
Prepayments and other	151,220		58,491
Regulatory assets	53,895		68,453
Total current assets	1,054,888		1,039,163
Other long-term assets
Operating lease right-of-use-assets	59,281		71,877
Regulatory assets	227,424		226,351
Defined benefit pension and other postretirement benefit plans asset	108,819		67,568
Other	200,694		121,862
Total other long-term assets	596,218		487,658
Total assets	7,613,604		7,283,554
Capitalization
Total shareholders’ equity	1,156,955		2,409,110	2,344,170	2,261,899
Cumulative preferred stock – not subject to mandatory redemption	34,293		34,293
Long-term debt, net	1,854,214		1,934,277
Total capitalization	3,045,462		4,377,680
Current liabilities
Current portion of operating lease liabilities	15,202		16,617
Current portion of long-term debt, net	47,000		0
Accounts payable	196,980		191,040
Interest and preferred dividends payable	21,536		22,882
Taxes accrued, including revenue taxes	272,001		291,942
Regulatory liabilities	26,568		36,559
Wildfire tort-related claims	478,750	$ 479,000	75,000
Other	121,011		96,436
Total current liabilities	1,227,671		730,476
Noncurrent liabilities:
Operating lease liabilities	49,135		62,098
Finance lease liabilities	425,625		330,978
Deferred income taxes	0		399,001
Regulatory liabilities	1,217,515		1,114,131
Unamortized tax credits	76,676		84,312
Defined benefit plans liability	6,428		60,671
Wildfire tort-related claims (Note 2)	1,436,250		0
Other	128,842		124,207
Total deferred credits and other liabilities	3,340,471		2,175,398
Total capitalization and liabilities	7,613,604		7,283,554
Hawaiian Electric Company, Inc. and Subsidiaries | Nonrelated Party
Current liabilities
Short-term borrowings	48,623		0
Hawaiian Electric Company, Inc. and Subsidiaries | Affiliated Entity
Current liabilities
Short-term borrowings	0		0
Consolidating adjustments | Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Land	0		0
Plant and equipment	0		0
Right-of-use assets - finance lease	0		0
Less accumulated depreciation	0		0
Construction in progress	0		0
Utility property, plant and equipment, net	0		0
Nonutility property, plant and equipment, less accumulated depreciation	0		0
Total property, plant and equipment, net	0		0
Investment in wholly-owned subsidiaries, at equity	(680,414)		(722,211)
Current assets
Cash and cash equivalents	0		0	0
Restricted cash			0
Advances to affiliates	(62,200)		(70,500)
Accounts receivable and unbilled revenues, net	0		0
Accrued unbilled revenues, net	0		0
Other accounts receivable, net	(249,946)		(77,480)
Fuel oil stock, at average cost	0		0
Materials and supplies, at average cost	0		0
Prepayments and other	(6,705)		(1,638)
Regulatory assets	0		0
Total current assets	(318,851)		(149,618)
Other long-term assets
Operating lease right-of-use-assets	0		0
Regulatory assets	0		0
Defined benefit pension and other postretirement benefit plans asset	(11,998)		(14,171)
Other	(33,626)		0
Total other long-term assets	(45,624)		(14,171)
Total assets	(1,044,889)		(886,000)
Capitalization
Total shareholders’ equity	(680,414)		(722,211)	(701,833)	(676,237)
Cumulative preferred stock – not subject to mandatory redemption	0		0
Long-term debt, net	0		0
Total capitalization	(680,414)		(722,211)
Current liabilities
Current portion of operating lease liabilities	0		0
Current portion of long-term debt, net	0
Accounts payable	0		0
Interest and preferred dividends payable	(350)		(375)
Taxes accrued, including revenue taxes	(6,705)		(1,638)
Regulatory liabilities	0		0
Wildfire tort-related claims	0		0
Other	(249,597)		(77,105)
Total current liabilities	(318,852)		(149,618)
Noncurrent liabilities:
Operating lease liabilities	0		0
Finance lease liabilities	0		0
Deferred income taxes	(33,625)		0
Regulatory liabilities	0		0
Unamortized tax credits	0		0
Defined benefit plans liability	(11,998)		(14,171)
Wildfire tort-related claims (Note 2)	0
Other	0		0
Total deferred credits and other liabilities	(45,623)		(14,171)
Total capitalization and liabilities	(1,044,889)		(886,000)
Consolidating adjustments | Hawaiian Electric Company, Inc. and Subsidiaries | Nonrelated Party
Current liabilities
Short-term borrowings	0
Consolidating adjustments | Hawaiian Electric Company, Inc. and Subsidiaries | Affiliated Entity
Current liabilities
Short-term borrowings	(62,200)		(70,500)
Hawaiian Electric
Utility property, plant and equipment
Total property, plant and equipment, net	1,300		1,495
Current assets
Cash and cash equivalents	564,184		136,510	611
Total current assets	592,238		165,353
Other long-term assets
Total assets	2,358,877		3,216,333
Capitalization
Total shareholders’ equity	1,479,089		2,344,841
Current liabilities
Current portion of long-term debt, net	49,962		0
Accounts payable	4,982		8,272
Other	69,295		51,938
Total current liabilities	127,501		63,607
Noncurrent liabilities:
Other	2,575		4,004
Total capitalization and liabilities	2,358,877		3,216,333
Hawaiian Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Land	42,860		42,859
Plant and equipment	5,502,198		5,398,281
Right-of-use assets - finance lease	360,270		306,099
Less accumulated depreciation	(2,029,719)		(1,925,660)
Construction in progress	282,150		247,836
Utility property, plant and equipment, net	4,157,759		4,069,415
Nonutility property, plant and equipment, less accumulated depreciation	1,145		5,295
Total property, plant and equipment, net	4,158,904		4,074,710
Investment in wholly-owned subsidiaries, at equity	680,414		722,211
Current assets
Cash and cash equivalents	118,367		89,755	27,579
Restricted cash			2,000
Advances to affiliates	62,200		70,500
Accounts receivable and unbilled revenues, net	19,050		172,747
Accrued unbilled revenues, net	12,738		136,367
Other accounts receivable, net	209,752		143,160
Fuel oil stock, at average cost	70,800		108,228
Materials and supplies, at average cost	69,602		64,334
Prepayments and other	110,516		40,767
Regulatory assets	36,520		58,920
Total current assets	709,545		886,778
Other long-term assets
Operating lease right-of-use-assets	29,868		34,856
Regulatory assets	172,257		189,417
Defined benefit pension and other postretirement benefit plans asset	66,292		50,743
Other	194,006		83,290
Total other long-term assets	462,423		358,306
Total assets	6,011,286		6,042,005
Capitalization
Total shareholders’ equity	1,156,955		2,409,110	2,344,170	2,261,899
Cumulative preferred stock – not subject to mandatory redemption	22,293		22,293
Long-term debt, net	1,353,173		1,426,516
Total capitalization	2,532,421		3,857,919
Current liabilities
Current portion of operating lease liabilities	4,430		6,788
Current portion of long-term debt, net	40,000
Accounts payable	137,837		136,102
Interest and preferred dividends payable	15,994		17,085
Taxes accrued, including revenue taxes	197,768		211,840
Regulatory liabilities	11,701		20,013
Wildfire tort-related claims	383,000		75,000
Other	103,415		90,131
Total current liabilities	942,768		556,959
Noncurrent liabilities:
Operating lease liabilities	29,830		34,262
Finance lease liabilities	341,364		295,935
Deferred income taxes	0		280,029
Regulatory liabilities	864,259		803,404
Unamortized tax credits	54,950		61,130
Defined benefit plans liability	18,301		74,842
Wildfire tort-related claims (Note 2)	1,149,000
Other	78,393		77,525
Total deferred credits and other liabilities	2,536,097		1,627,127
Total capitalization and liabilities	6,011,286		6,042,005
Hawaiian Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries | Nonrelated Party
Current liabilities
Short-term borrowings	48,623
Hawaiian Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries | Affiliated Entity
Current liabilities
Short-term borrowings	0		0
Hawaii Electric Light | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Land	5,645		5,645
Plant and equipment	1,501,947		1,459,639
Right-of-use assets - finance lease	36,074		36,075
Less accumulated depreciation	(691,161)		(666,581)
Construction in progress	31,341		33,488
Utility property, plant and equipment, net	883,846		868,266
Nonutility property, plant and equipment, less accumulated depreciation	115		115
Total property, plant and equipment, net	883,961		868,381
Investment in wholly-owned subsidiaries, at equity	0		0
Current assets
Cash and cash equivalents	31,534		10,658	5,092
Restricted cash			0
Advances to affiliates	0		0
Accounts receivable and unbilled revenues, net	7,245		38,216
Accrued unbilled revenues, net	4,046		25,102
Other accounts receivable, net	58,366		13,318
Fuel oil stock, at average cost	13,764		17,968
Materials and supplies, at average cost	15,506		14,397
Prepayments and other	16,662		7,724
Regulatory assets	8,211		5,771
Total current assets	155,334		133,154
Other long-term assets
Operating lease right-of-use-assets	22,672		27,470
Regulatory assets	18,875		13,575
Defined benefit pension and other postretirement benefit plans asset	30,397		17,827
Other	18,612		18,612
Total other long-term assets	90,556		77,484
Total assets	1,129,851		1,079,019
Capitalization
Total shareholders’ equity	243,964		359,790	344,720	332,900
Cumulative preferred stock – not subject to mandatory redemption	7,000		7,000
Long-term debt, net	244,466		249,339
Total capitalization	495,430		616,129
Current liabilities
Current portion of operating lease liabilities	7,802		7,025
Current portion of long-term debt, net	5,000
Accounts payable	27,077		29,418
Interest and preferred dividends payable	3,191		3,098
Taxes accrued, including revenue taxes	42,692		43,932
Regulatory liabilities	10,039		8,508
Wildfire tort-related claims	47,875		0
Other	35,492		33,240
Total current liabilities	179,168		125,221
Noncurrent liabilities:
Operating lease liabilities	15,230		20,792
Finance lease liabilities	34,370		35,043
Deferred income taxes	5,368		51,661
Regulatory liabilities	222,834		199,173
Unamortized tax credits	10,757		11,650
Defined benefit plans liability	125		0
Wildfire tort-related claims (Note 2)	143,625
Other	22,944		19,350
Total deferred credits and other liabilities	455,253		337,669
Total capitalization and liabilities	1,129,851		1,079,019
Hawaii Electric Light | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries | Nonrelated Party
Current liabilities
Short-term borrowings	0
Hawaii Electric Light | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries | Affiliated Entity
Current liabilities
Short-term borrowings	0		0
Maui Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Land	3,514		3,594
Plant and equipment	1,417,356		1,374,890
Right-of-use assets - finance lease	50,757		0
Less accumulated depreciation	(605,744)		(605,273)
Construction in progress	52,218		38,899
Utility property, plant and equipment, net	918,101		812,110
Nonutility property, plant and equipment, less accumulated depreciation	1,532		1,532
Total property, plant and equipment, net	919,633		813,642
Investment in wholly-owned subsidiaries, at equity	0		0
Current assets
Cash and cash equivalents	16,456		5,587	6,494
Restricted cash			0
Advances to affiliates	0		0
Accounts receivable and unbilled revenues, net	8,941		33,346
Accrued unbilled revenues, net	1,890		24,175
Other accounts receivable, net	51,465		32,521
Fuel oil stock, at average cost	14,339		22,041
Materials and supplies, at average cost	33,358		35,702
Prepayments and other	30,747		11,638
Regulatory assets	9,164		3,762
Total current assets	166,360		168,772
Other long-term assets
Operating lease right-of-use-assets	6,741		9,551
Regulatory assets	36,292		23,359
Defined benefit pension and other postretirement benefit plans asset	24,128		13,169
Other	21,702		19,960
Total other long-term assets	88,863		66,039
Total assets	1,174,856		1,048,453
Capitalization
Total shareholders’ equity	282,876		362,344	357,036	343,260
Cumulative preferred stock – not subject to mandatory redemption	5,000		5,000
Long-term debt, net	256,575		258,422
Total capitalization	544,451		625,766
Current liabilities
Current portion of operating lease liabilities	2,970		2,804
Current portion of long-term debt, net	2,000
Accounts payable	32,066		25,520
Interest and preferred dividends payable	2,701		3,074
Taxes accrued, including revenue taxes	37,108		37,808
Regulatory liabilities	4,828		8,038
Wildfire tort-related claims	47,875		0
Other	43,913		50,170
Total current liabilities	235,661		197,914
Noncurrent liabilities:
Operating lease liabilities	4,075		7,044
Finance lease liabilities	49,891		0
Deferred income taxes	28,257		67,311
Regulatory liabilities	130,422		111,554
Unamortized tax credits	10,969		11,532
Defined benefit plans liability	0		0
Wildfire tort-related claims (Note 2)	143,625
Other	27,505		27,332
Total deferred credits and other liabilities	394,744		224,773
Total capitalization and liabilities	1,174,856		1,048,453
Maui Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries | Nonrelated Party
Current liabilities
Short-term borrowings	0
Maui Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries | Affiliated Entity
Current liabilities
Short-term borrowings	62,200		70,500
Other subsidiaries | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Land	0		0
Plant and equipment	0		0
Right-of-use assets - finance lease	0		0
Less accumulated depreciation	0		0
Construction in progress	0		0
Utility property, plant and equipment, net	0		0
Nonutility property, plant and equipment, less accumulated depreciation	0		0
Total property, plant and equipment, net	0		0
Investment in wholly-owned subsidiaries, at equity	0		0
Current assets
Cash and cash equivalents	17,791		77	77
Restricted cash			0
Advances to affiliates	0		0
Accounts receivable and unbilled revenues, net	164,662		0
Accrued unbilled revenues, net	160,047		0
Other accounts receivable, net	0		0
Fuel oil stock, at average cost	0		0
Materials and supplies, at average cost	0		0
Prepayments and other	0		0
Regulatory assets	0		0
Total current assets	342,500		77
Other long-term assets
Operating lease right-of-use-assets	0		0
Regulatory assets	0		0
Defined benefit pension and other postretirement benefit plans asset	0		0
Other	0		0
Total other long-term assets	0		0
Total assets	342,500		77
Capitalization
Total shareholders’ equity	153,574		77	$ 77	$ 77
Cumulative preferred stock – not subject to mandatory redemption	0		0
Long-term debt, net	0		0
Total capitalization	153,574		77
Current liabilities
Current portion of operating lease liabilities	0		0
Current portion of long-term debt, net	0
Accounts payable	0		0
Interest and preferred dividends payable	0		0
Taxes accrued, including revenue taxes	1,138		0
Regulatory liabilities	0		0
Wildfire tort-related claims	0		0
Other	187,788		0
Total current liabilities	188,926		0
Noncurrent liabilities:
Operating lease liabilities	0		0
Finance lease liabilities	0		0
Deferred income taxes	0		0
Regulatory liabilities	0		0
Unamortized tax credits	0		0
Defined benefit plans liability	0		0
Wildfire tort-related claims (Note 2)	0
Other	0		0
Total deferred credits and other liabilities	0		0
Total capitalization and liabilities	342,500		77
Other subsidiaries | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries | Nonrelated Party
Current liabilities
Short-term borrowings	0
Other subsidiaries | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries | Affiliated Entity
Current liabilities
Short-term borrowings	$ 0		$ 0

Electric utility segment - Co_5

Electric utility segment - Consolidating Statements of Changes in Common Stock Equity (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (decrease) in stockholders' equity
Beginning balance				$ 2,344,841				$ 2,202,499	$ 2,344,841	$ 2,202,499	$ 2,390,884
Net income for common stock	$ (68,245)	$ (104,402)	$ (1,295,484)	42,122	$ 48,789	$ 41,118	$ 54,610	54,721	(1,426,009)	199,238	241,138
Other comprehensive income (loss), net of taxes									3,184	46,678	(283,495)
Common stock dividends										(118,348)	(153,229)
Additional paid-in capital									270
Ending balance	1,479,089				2,344,841				1,479,089	2,344,841	2,202,499
Hawaiian Electric Company, Inc. and Subsidiaries
Increase (decrease) in stockholders' equity
Beginning balance				2,409,110				2,344,170	2,409,110	2,344,170	2,261,899
Net income for common stock									(1,226,362)	193,952	188,929
Other comprehensive income (loss), net of taxes									(63)	(12)	6,141
Issuance of common stock, net of expenses									0		13,101
Common stock dividends									(26,000)	(129,000)	(125,900)
Additional paid-in capital									270
Ending balance	1,156,955				2,409,110				1,156,955	2,409,110	2,344,170
Consolidating adjustments | Hawaiian Electric Company, Inc. and Subsidiaries
Increase (decrease) in stockholders' equity
Beginning balance				(722,211)				(701,833)	(722,211)	(701,833)	(676,237)
Net income for common stock									248,004	(44,809)	(47,493)
Other comprehensive income (loss), net of taxes									(77)	(19)	(657)
Issuance of common stock, net of expenses									(205,215)		(9,046)
Common stock dividends										24,450	31,600
Additional paid-in capital									(915)
Ending balance	(680,414)				(722,211)				(680,414)	(722,211)	(701,833)
Hawaiian Electric
Increase (decrease) in stockholders' equity
Beginning balance				2,344,841					2,344,841
Net income for common stock									(1,426,009)	199,238	241,138
Ending balance	1,479,089				2,344,841				1,479,089	2,344,841
Hawaiian Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Increase (decrease) in stockholders' equity
Beginning balance				2,409,110				2,344,170	2,409,110	2,344,170	2,261,899
Net income for common stock									(1,226,362)	193,952	188,929
Other comprehensive income (loss), net of taxes									(63)	(12)	6,141
Issuance of common stock, net of expenses											13,101
Common stock dividends									(26,000)	(129,000)	(125,900)
Additional paid-in capital									270
Ending balance	1,156,955				2,409,110				1,156,955	2,409,110	2,344,170
Hawaii Electric Light | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Increase (decrease) in stockholders' equity
Beginning balance				359,790				344,720	359,790	344,720	332,900
Net income for common stock									(116,414)	28,507	21,816
Other comprehensive income (loss), net of taxes									54	(12)	381
Issuance of common stock, net of expenses											6,023
Common stock dividends										(13,425)	(16,400)
Additional paid-in capital									534
Ending balance	243,964				359,790				243,964	359,790	344,720
Maui Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Increase (decrease) in stockholders' equity
Beginning balance				362,344				357,036	362,344	357,036	343,260
Net income for common stock									(134,872)	16,302	25,677
Other comprehensive income (loss), net of taxes									23	31	276
Issuance of common stock, net of expenses									55,000		3,023
Common stock dividends										(11,025)	(15,200)
Additional paid-in capital									381
Ending balance	282,876				362,344				282,876	362,344	357,036
Other subsidiaries | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Increase (decrease) in stockholders' equity
Beginning balance				$ 77				$ 77	77	77	77
Net income for common stock									3,282
Other comprehensive income (loss), net of taxes									0
Issuance of common stock, net of expenses									150,215
Ending balance	$ 153,574				$ 77				$ 153,574	$ 77	$ 77

Electric utility segment - Co_6

Electric utility segment - Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations
Depreciation of property, plant and equipment	$ 261,701	$ 254,990	$ 244,477
Other amortization	31,832	27,316	25,928
Deferred income tax expense (benefit)	(486,188)	9,352	(33,157)
Allowance for equity funds used during construction	(13,786)	(15,164)	(10,574)
Other	(13,790)	(2,989)	(5,323)
Changes in assets and liabilities
Decrease in fuel oil stock	49,361	43,388	(87,569)
Increase in regulatory assets	(22,743)	(10,613)	34,600
Increase in regulatory liabilities	48,433	54,470	44,888
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(25,525)	(9,858)	120,738
Change in defined benefit pension and other postretirement benefit plans asset/liability	(9,358)	(8,215)	(4,564)
Increase in wildfire tort-related claims	1,840,000	75,000	0
Change in other assets and liabilities	(53,812)	(57,255)	(25,924)
Net cash provided by operating activities	487,481	551,471	454,476
Cash flows from investing activities
Capital expenditures	(344,251)	(442,727)	(339,333)
Other	10,330	6,558	14,184
Net cash used in investing activities	258,318	(257,399)	(1,128,682)
Cash flows from financing activities
Common stock dividends	0	(73,957)	(111,229)
Proceeds from issuance of common stock/capital contribution from parent	556,612	1,223	0
Proceeds from issuance of long-term debt	5,475	625,000	227,312
Repayment of long-term debt and funds transferred for repayment of long-term debt	(97,698)	(167,080)	(221,910)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	0	(137,650)	83,652
Payments of obligations under finance leases	(4,678)	(3,519)
Proceeds from issuance of short-term debt	50,000	65,000	35,000
Other	(13,867)	(5,133)	(2,041)
Net cash provided by (used in) financing activities	154,705	195,575	567,671
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	900,504	489,647	(106,535)
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	694,574	204,927	311,462
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31	1,595,078	694,574	204,927
Less: Restricted cash	(492,317)	(15,028)	(5,050)
Cash and cash equivalents	750,535	244,091	43,728
Hawaiian Electric Company, Inc. and Subsidiaries
Cash flows from operating activities
Net income (loss)	(1,224,367)	195,947	190,924
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations
Equity in earnings of subsidiaries	0	0	0
Common stock dividends received from subsidiaries		0	0
Depreciation of property, plant and equipment	251,142	243,705	235,424
Other amortization	31,828	26,490	25,320
Deferred income tax expense (benefit)	(481,624)	1,439	(41,415)
Gain/Loss on sale of receivables to BRWR	0
State refundable credit	(11,914)	(11,325)	(10,999)
Bad debt expense	4,720	8,161	6,027
Allowance for equity funds used during construction	(13,786)	(15,164)	(10,574)
Other	(6,311)	460	(139)
Changes in assets and liabilities
Decrease (increase) in accounts receivable	88,376	(65,004)	(91,742)
Decrease (increase) in accrued unbilled revenues	7,561	(3,048)	(54,023)
Decrease in fuel oil stock	49,334	43,293	(87,452)
Decrease (increase) in materials and supplies	(4,033)	(34,865)	(7,691)
Increase in regulatory assets	(22,743)	(10,613)	34,600
Increase in regulatory liabilities	48,433	54,470	44,888
Increase (decrease) in accounts payable	9,644	20,454	22,355
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(26,542)	1,878	103,198
Change in defined benefit pension and other postretirement benefit plans asset/liability	(9,218)	(8,186)	(4,828)
Increase in wildfire tort-related claims	1,840,000	75,000	0
Change in other assets and liabilities	(64,767)	(48,725)	(25,943)
Net cash provided by operating activities	465,733	474,367	327,930
Cash flows from investing activities
Capital expenditures	(329,479)	(438,775)	(329,457)
Advances from (to) affiliates	0	0	0
Other	11,848	6,176	5,372
Net cash used in investing activities	(317,631)	(432,599)	(324,085)
Cash flows from financing activities
Common stock dividends	(26,000)	(129,000)	(125,900)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,995)	(1,995)	(1,995)
Proceeds from issuance of common stock/capital contribution from parent	270	0	13,101
Proceeds from issuance of long-term debt	0	350,000	60,000
Repayment of long-term debt and funds transferred for repayment of long-term debt	(81,000)	(100,000)	(52,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	0	(87,967)	87,967
Payments of obligations under finance leases	(4,119)	(3,128)	(670)
Proceeds from issuance of short-term debt	50,000	0	0
Other	(9,187)	(843)	(364)
Net cash provided by (used in) financing activities	(72,031)	27,067	(19,861)
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	76,071	68,835	(16,016)
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	108,077	39,242	55,258
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31	184,148	108,077	39,242
Less: Restricted cash	0	(2,000)	0
Cash and cash equivalents	184,148	106,077	39,242
Consolidating adjustments | Hawaiian Electric Company, Inc. and Subsidiaries
Cash flows from operating activities
Net income (loss)	248,004	(44,809)	(47,493)
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations
Equity in earnings of subsidiaries	(248,004)	44,809	47,493
Common stock dividends received from subsidiaries		(24,450)	(31,600)
Depreciation of property, plant and equipment	0	0	0
Other amortization	0	0	0
Deferred income tax expense (benefit)	0	0	0
Gain/Loss on sale of receivables to BRWR	0
State refundable credit	0	0	0
Bad debt expense	0	0	0
Allowance for equity funds used during construction	0	0	0
Other	0	0	0
Changes in assets and liabilities
Decrease (increase) in accounts receivable	172,466	55,096	4,649
Decrease (increase) in accrued unbilled revenues	0	0	0
Decrease in fuel oil stock	0	0	0
Decrease (increase) in materials and supplies	0	0	0
Increase in regulatory assets	0	0	0
Increase in regulatory liabilities	0	0	0
Increase (decrease) in accounts payable	0	0	0
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(2,549)	0	0
Change in defined benefit pension and other postretirement benefit plans asset/liability	0	0	0
Increase in wildfire tort-related claims	0	0
Change in other assets and liabilities	(172,466)	(55,096)	(4,649)
Net cash provided by operating activities	(2,549)	(24,450)	(31,600)
Cash flows from investing activities
Capital expenditures	0	0	0
Advances from (to) affiliates	46,700	44,300	25,200
Other	22,349	0	9,046
Net cash used in investing activities	69,049	44,300	34,246
Cash flows from financing activities
Common stock dividends	0	24,450	31,600
Preferred stock dividends of Hawaiian Electric and subsidiaries	0	0	0
Proceeds from issuance of common stock/capital contribution from parent	(19,800)		(9,046)
Proceeds from issuance of long-term debt		0	0
Repayment of long-term debt and funds transferred for repayment of long-term debt	0	0	0
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(46,700)	(44,300)	(25,200)
Payments of obligations under finance leases	0	0	0
Proceeds from issuance of short-term debt	0
Other	0	0	0
Net cash provided by (used in) financing activities	(66,500)	(19,850)	(2,646)
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	0	0	0
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	0	0	0
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31		0	0
Less: Restricted cash		0
Cash and cash equivalents	0	0	0
Hawaiian Electric
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations
Depreciation of property, plant and equipment	409	402	399
Changes in assets and liabilities
Net cash provided by operating activities	(9,324)	131,873	167,150
Cash flows from investing activities
Capital expenditures	(214)	(21)	(224)
Other	(1,518)	610	1,662
Net cash used in investing activities	(116,436)	(15,199)	(50,331)
Cash flows from financing activities
Common stock dividends	0	(112,957)	(153,229)
Proceeds from issuance of common stock/capital contribution from parent	556,612	1,223	0
Proceeds from issuance of long-term debt	0	100,000	160,000
Repayment of long-term debt and funds transferred for repayment of long-term debt	0	(50,000)	(150,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	0	(49,683)	(4,315)
Proceeds from issuance of short-term debt	0	65,000	35,000
Other	0	(771)	(978)
Net cash provided by (used in) financing activities	553,538	25,441	(116,687)
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	427,778	142,115	132
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	142,726	611	479
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31	570,504	142,726	611
Less: Restricted cash	(6,320)	(6,216)	0
Cash and cash equivalents	564,184	136,510	611
Hawaiian Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Cash flows from operating activities
Net income (loss)	(1,225,282)	195,032	190,009
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations
Equity in earnings of subsidiaries	248,004	(44,809)	(47,493)
Common stock dividends received from subsidiaries		24,450	31,600
Depreciation of property, plant and equipment	167,909	164,150	158,725
Other amortization	23,606	17,692	16,708
Deferred income tax expense (benefit)	(393,025)	(851)	(33,648)
Gain/Loss on sale of receivables to BRWR	4,079
State refundable credit	(7,914)	(7,577)	(7,375)
Bad debt expense	2,838	5,565	4,175
Allowance for equity funds used during construction	(10,853)	(11,721)	(8,464)
Other	(6,270)	380	(65)
Changes in assets and liabilities
Decrease (increase) in accounts receivable	22,897	(83,401)	(74,067)
Decrease (increase) in accrued unbilled revenues	57,281	8	(43,972)
Decrease in fuel oil stock	37,427	45,114	(82,158)
Decrease (increase) in materials and supplies	(5,269)	(16,204)	(6,124)
Increase in regulatory assets	(4,608)	(6,616)	28,076
Increase in regulatory liabilities	38,413	48,833	28,621
Increase (decrease) in accounts payable	9,879	13,988	18,657
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(14,192)	4,314	77,903
Change in defined benefit pension and other postretirement benefit plans asset/liability	(6,334)	(5,653)	(3,545)
Increase in wildfire tort-related claims	1,457,000	75,000
Change in other assets and liabilities	(52,774)	(12,990)	(17,884)
Net cash provided by operating activities	342,812	404,704	229,679
Cash flows from investing activities
Capital expenditures	(197,142)	(276,600)	(223,223)
Advances from (to) affiliates	(46,700)	(70,500)	1,000
Other	(10,169)	4,118	(5,687)
Net cash used in investing activities	(254,011)	(342,982)	(227,910)
Cash flows from financing activities
Common stock dividends	(26,000)	(129,000)	(125,900)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,995)	(1,080)	(1,080)
Proceeds from issuance of common stock/capital contribution from parent	270		13,101
Proceeds from issuance of long-term debt		300,000	40,000
Repayment of long-term debt and funds transferred for repayment of long-term debt	(74,000)	(50,000)	(40,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	0	(114,167)	114,167
Payments of obligations under finance leases	(3,487)	(2,728)	(670)
Proceeds from issuance of short-term debt	50,000
Other	(6,977)	(571)	(241)
Net cash provided by (used in) financing activities	(62,189)	2,454	(623)
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	26,612	64,176	1,146
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	91,755	27,579	26,433
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31		91,755	27,579
Less: Restricted cash		(2,000)
Cash and cash equivalents	118,367	89,755	27,579
Hawaii Electric Light | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Cash flows from operating activities
Net income (loss)	(115,880)	29,041	22,350
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations
Equity in earnings of subsidiaries	0	0	0
Common stock dividends received from subsidiaries		0	0
Depreciation of property, plant and equipment	43,855	42,541	41,404
Other amortization	4,958	5,003	4,996
Deferred income tax expense (benefit)	(47,550)	(296)	(4,040)
Gain/Loss on sale of receivables to BRWR	821
State refundable credit	(1,848)	(1,782)	(1,734)
Bad debt expense	476	1,353	1,073
Allowance for equity funds used during construction	(1,189)	(1,411)	(898)
Other	(50)	(46)	(50)
Changes in assets and liabilities
Decrease (increase) in accounts receivable	(13,175)	(7,398)	(11,644)
Decrease (increase) in accrued unbilled revenues	20,989	(1,308)	(4,289)
Decrease in fuel oil stock	4,205	(1,004)	(4,150)
Decrease (increase) in materials and supplies	(1,109)	(4,614)	(56)
Increase in regulatory assets	(5,346)	5,501	1,546
Increase in regulatory liabilities	6,597	(1,176)	7,977
Increase (decrease) in accounts payable	(1,687)	5,998	3,294
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(2,325)	2,407	11,117
Change in defined benefit pension and other postretirement benefit plans asset/liability	(1,521)	(1,348)	(626)
Increase in wildfire tort-related claims	191,500	0
Change in other assets and liabilities	(4,035)	2,056	213
Net cash provided by operating activities	77,686	73,517	66,483
Cash flows from investing activities
Capital expenditures	(51,209)	(63,889)	(49,004)
Advances from (to) affiliates	0	4,500	(4,500)
Other	679	932	760
Net cash used in investing activities	(50,530)	(58,457)	(52,744)
Cash flows from financing activities
Common stock dividends	0	(13,425)	(16,400)
Preferred stock dividends of Hawaiian Electric and subsidiaries	0	(534)	(534)
Proceeds from issuance of common stock/capital contribution from parent	0		6,023
Proceeds from issuance of long-term debt		25,000	10,000
Repayment of long-term debt and funds transferred for repayment of long-term debt	(5,000)	(20,000)	(12,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	0	0	(1,000)
Payments of obligations under finance leases	(632)	(400)	0
Proceeds from issuance of short-term debt	0
Other	(648)	(135)	(62)
Net cash provided by (used in) financing activities	(6,280)	(9,494)	(13,973)
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	20,876	5,566	(234)
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	10,658	5,092	5,326
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31		10,658	5,092
Less: Restricted cash		0
Cash and cash equivalents	31,534	10,658	5,092
Maui Electric | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Cash flows from operating activities
Net income (loss)	(134,491)	16,683	26,058
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations
Equity in earnings of subsidiaries	0	0	0
Common stock dividends received from subsidiaries		0	0
Depreciation of property, plant and equipment	39,378	37,014	35,295
Other amortization	3,264	3,795	3,616
Deferred income tax expense (benefit)	(41,049)	2,586	(3,727)
Gain/Loss on sale of receivables to BRWR	670
State refundable credit	(2,152)	(1,966)	(1,890)
Bad debt expense	1,406	1,243	779
Allowance for equity funds used during construction	(1,744)	(2,032)	(1,212)
Other	9	126	(24)
Changes in assets and liabilities
Decrease (increase) in accounts receivable	1,570	(29,301)	(10,680)
Decrease (increase) in accrued unbilled revenues	22,633	(1,748)	(5,762)
Decrease in fuel oil stock	7,702	(817)	(1,144)
Decrease (increase) in materials and supplies	2,345	(14,047)	(1,511)
Increase in regulatory assets	(12,789)	(9,498)	4,978
Increase in regulatory liabilities	3,423	6,813	8,290
Increase (decrease) in accounts payable	1,452	468	404
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(8,614)	(4,843)	14,178
Change in defined benefit pension and other postretirement benefit plans asset/liability	(1,363)	(1,185)	(657)
Increase in wildfire tort-related claims	191,500	0
Change in other assets and liabilities	(23,280)	17,305	(3,623)
Net cash provided by operating activities	49,870	20,596	63,368
Cash flows from investing activities
Capital expenditures	(81,128)	(98,286)	(57,230)
Advances from (to) affiliates	0	21,700	(21,700)
Other	(1,011)	1,126	1,253
Net cash used in investing activities	(82,139)	(75,460)	(77,677)
Cash flows from financing activities
Common stock dividends	0	(11,025)	(15,200)
Preferred stock dividends of Hawaiian Electric and subsidiaries	0	(381)	(381)
Proceeds from issuance of common stock/capital contribution from parent	0		3,023
Proceeds from issuance of long-term debt		25,000	10,000
Repayment of long-term debt and funds transferred for repayment of long-term debt	(2,000)	(30,000)	0
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	46,700	70,500	0
Payments of obligations under finance leases	0	0	0
Proceeds from issuance of short-term debt	0
Other	(1,562)	(137)	(61)
Net cash provided by (used in) financing activities	43,138	53,957	(2,619)
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	10,869	(907)	(16,928)
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	5,587	6,494	23,422
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31		5,587	6,494
Less: Restricted cash		0
Cash and cash equivalents	16,456	5,587	6,494
Other subsidiaries | Reportable Legal Entities | Hawaiian Electric Company, Inc. and Subsidiaries
Cash flows from operating activities
Net income (loss)	3,282	0	0
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations
Equity in earnings of subsidiaries	0	0	0
Common stock dividends received from subsidiaries		0	0
Depreciation of property, plant and equipment	0	0	0
Other amortization	0	0	0
Deferred income tax expense (benefit)	0	0	0
Gain/Loss on sale of receivables to BRWR	(5,570)
State refundable credit	0	0	0
Bad debt expense	0	0	0
Allowance for equity funds used during construction	0	0	0
Other	0	0	0
Changes in assets and liabilities
Decrease (increase) in accounts receivable	(95,382)	0	0
Decrease (increase) in accrued unbilled revenues	(93,342)	0	0
Decrease in fuel oil stock	0	0	0
Decrease (increase) in materials and supplies	0	0	0
Increase in regulatory assets	0	0	0
Increase in regulatory liabilities	0	0
Increase (decrease) in accounts payable	0	0	0
Change in prepaid and accrued income taxes, tax credits and revenue taxes	1,138	0	0
Change in defined benefit pension and other postretirement benefit plans asset/liability	0	0	0
Increase in wildfire tort-related claims	0	0
Change in other assets and liabilities	187,788	0	0
Net cash provided by operating activities	(2,086)	0	0
Cash flows from investing activities
Capital expenditures	0	0	0
Advances from (to) affiliates	0	0	0
Other	0	0	0
Net cash used in investing activities	0	0	0
Cash flows from financing activities
Common stock dividends	0	0	0
Preferred stock dividends of Hawaiian Electric and subsidiaries	0	0	0
Proceeds from issuance of common stock/capital contribution from parent	19,800		0
Proceeds from issuance of long-term debt		0	0
Repayment of long-term debt and funds transferred for repayment of long-term debt	0	0	0
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	0	0	0
Payments of obligations under finance leases	0	0	0
Proceeds from issuance of short-term debt	0
Other	0	0	0
Net cash provided by (used in) financing activities	19,800	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	17,714	0	0
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	77	77	77
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31		77	77
Less: Restricted cash		0
Cash and cash equivalents	$ 17,791	$ 77	$ 77

Discontinued operations - Narra

Discontinued operations - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 31, 2024	Dec. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
American Savings Bank (ASB) | ASB Hawaii, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Minority ownership percentage	9.90%	9.90%	9.90%
Noncontrolling ownership interest	$ 44,600		$ 44,600
Discontinued Operations, Disposed of by Sale | American Savings Bank (ASB)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage disposed		90.10%
Consideration amount		$ 405,500
Net loss on sale	(115,803)
Income tax benefit	2,390		2,390	$ 0	$ 0
Deferred tax asset, valuation allowance	$ 66,430
Noncash transaction			$ 507,800

Discontinued operations - Sched

Discontinued operations - Schedule of ASB Sale Transaction (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss)		$ (1,424,119)	$ 201,128	$ 243,028
Discontinued operations		(103,486)	53,362	79,989
American Savings Bank (ASB) | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale proceeds received	$ 400,950
Sale proceeds not yet received	4,500
Investment retained in ASB	44,550
Transaction costs	(21,735)
Net assets derecognized	(546,458)
Loss from the sale of ASB	(118,193)
Income taxes	68,820
Income taxes - valuation allowance	(66,430)
Net deferred income tax asset (liability)	2,390	2,390	0	0
Net loss on the sale transaction	(115,803)
Net income (loss)	12,317	12,317	53,362	79,989
Discontinued operations	$ (103,486)	$ (103,486)	$ 53,362	$ 79,989

Discontinued operations - State

Discontinued operations - Statements of Income Data (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest expense
Total interest expense		$ 127,207	$ 125,532	$ 103,402
Net interest income		19,362	9,105	0
Noninterest income
Noninterest income		3,180,298	3,248,505
Noninterest expense
Income (loss) from continuing operations before income taxes		(1,791,595)	182,300	201,954
Income tax expense (benefit)		(470,962)	34,534	38,915
Income (loss) from continuing operations		(1,424,119)	201,128	243,028
Discontinued operations		(103,486)	53,362	79,989
American Savings Bank (ASB) | Discontinued Operations, Disposed of by Sale
Interest and dividend income
Interest and fees on loans		293,100	276,688	207,830
Interest and dividends on investment securities		55,944	58,095	58,044
Total interest and dividend income		349,044	334,783	265,874
Interest expense
Interest on deposit liabilities		72,727	48,905	7,327
Interest on other borrowings		27,442	33,892	5,974
Total interest expense		100,169	82,797	13,301
Net interest income		248,875	251,986	252,573
Provision for credit losses		(1,963)	10,357	2,037
Net interest income after provision for credit losses		250,838	241,629	250,536
Noninterest income
Gain on sale of real estate		0	495	1,778
Loss on sale of investment securities, net		0	(14,965)	0
Total noninterest income		69,528	45,410	56,972
Noninterest expense
Compensation and employee benefits		126,936	118,297	113,839
Occupancy		21,382	21,703	24,026
Data processing		19,612	20,545	17,681
Services		17,485	13,943	10,679
Equipment		9,914	11,842	10,100
Office supplies, printing and postage		4,085	4,315	4,398
Marketing		3,506	4,001	3,968
Goodwill impairment		82,190	0	0
FDIC insurance		5,992	6,230	3,591
Other expense		15,907	22,762	16,985
Total noninterest expense		307,009	223,638	205,267
Income (loss) from continuing operations before income taxes		13,357	63,401	102,241
Income tax expense (benefit)		1,040	10,039	22,252
Income (loss) from continuing operations	$ 12,317	12,317	53,362	79,989
Loss from the sale of ASB		(118,193)	0	0
Income tax benefit	2,390	2,390	0	0
Discontinued operations	$ (103,486)	(103,486)	53,362	79,989
American Savings Bank (ASB) | Discontinued Operations, Disposed of by Sale | Fees from other financial services
Noninterest income
Noninterest income		20,797	19,034	19,830
American Savings Bank (ASB) | Discontinued Operations, Disposed of by Sale | Fee income on deposit liabilities
Noninterest income
Noninterest income		19,900	19,131	18,762
American Savings Bank (ASB) | Discontinued Operations, Disposed of by Sale | Fee income on other financial products
Noninterest income
Noninterest income		11,798	10,616	10,291
American Savings Bank (ASB) | Discontinued Operations, Disposed of by Sale | Bank-owned life insurance
Noninterest income
Noninterest income		13,079	7,390	2,533
American Savings Bank (ASB) | Discontinued Operations, Disposed of by Sale | Mortgage banking income
Noninterest income
Noninterest income		1,419	910	1,692
American Savings Bank (ASB) | Discontinued Operations, Disposed of by Sale | Other income, net
Noninterest income
Noninterest income		$ 2,535	$ 2,799	$ 2,086

Discontinued operations - Balan

Discontinued operations - Balance Sheet Data (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 750,535	$ 244,091	$ 43,728
Investment securities
Total assets	8,931,416	17,243,821
Liabilities and shareholder’s equity
Total liabilities	$ 7,418,034	14,864,687
Discontinued Operations, Disposed of by Sale
Assets
Cash and due from banks		184,383
Interest-bearing deposits		251,072
Cash and cash equivalents		435,455
Investment securities
Available-for-sale investment securities		1,136,439
Held-to-maturity investment securities, at amortized cost		1,201,314
Stock in Federal Home Loan Bank, at cost		14,728
Loans held for investment		6,180,810
Allowance for credit losses		(74,372)
Total loans, net		6,106,438
Loans held for sale, at lower of cost or fair value		15,168
Other		681,460
Goodwill		82,190
Total assets		9,673,192
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing		2,599,762
Deposit liabilities–interest-bearing		5,546,016
Other borrowings		750,000
Other		247,563
Total liabilities		$ 9,143,341

Short-term borrowings (Details)

Short-term borrowings (Details)

12 Months Ended

May 17, 2024 USD ($) extensionOption

May 14, 2023 USD ($) institution

Feb. 18, 2022 USD ($) extensionOption

May 14, 2021 USD ($) institution

Dec. 31, 2024 USD ($) contract

Dec. 31, 2023 USD ($) contract

Dec. 30, 2024 USD ($)

Jun. 27, 2024 USD ($)

Dec. 08, 2023 USD ($)

Aug. 31, 2023 USD ($)

Mar. 31, 2023 USD ($)

Dec. 28, 2022 USD ($)

Oct. 20, 2022 USD ($)

Short-term borrowings

Short-term borrowings from non-affiliate

$ 48,623,000

$ 0

HEI Facility

Short-term borrowings

Credit agreement

$ 175,000,000

$ 175,000,000

$ 175,000,000

Remaining borrowing capacity

157,000,000

Short-term borrowings from non-affiliate

$ 173,000,000

175,000,000

Commitment fee percentage

0.30%

HEI Facility | Maximum

Short-term borrowings

Capitalization ratio required to be maintained as per the debt covenant

50%

Hawaiian Electric Facility

Short-term borrowings

Remaining borrowing capacity

$ 180,000,000

Short-term borrowings from non-affiliate

$ 166,000,000

200,000,000

Hawaiian Electric | Term Loan

Short-term borrowings

Line of credit outstanding

$ 65,000,000

$ 35,000,000

Debt instrument, interest rate, effective percentage (as percent)

5.81%

Hawaiian Electric Company, Inc. and Subsidiaries | Credit Facilities

Short-term borrowings

Number of financial institutions | institution

9

Number of financial institutions with extended termination date | institution

8

Hawaiian Electric Company, Inc. and Subsidiaries | HEI Facility

Short-term borrowings

Ratio of consolidated capitalization required to be maintained as per the debt covenant

35%

Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Facility

Short-term borrowings

Credit agreement

$ 200,000,000

$ 275,000,000

$ 200,000,000

$ 200,000,000

Number of extension options | extensionOption

2

Extension period (in years)

1 year

1 year

Hawaiian Electric Company, Inc. and Subsidiaries | Credit Facilities Effective July 2017

Short-term borrowings

Ratio of consolidated subsidiary debt to total consolidated capitalization required to be maintained as per the debt covenant

65%

Term Loan | Hawaiian Electric

Short-term borrowings

Debt instrument, face amount

$ 100,000,000

Term Loan | Hawaiian Electric Company, Inc. and Subsidiaries

Short-term borrowings

Debt instrument, face amount

$ 50,000,000

Line of credit outstanding

$ 50,000,000

Debt instrument, interest rate, effective percentage (as percent)

7.50%

Line of credit facility | Credit Facilities Effective July 2017

Short-term borrowings

Line of credit facility basis point spread

1.75%

Letter of Credit | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Facility

Short-term borrowings

Credit agreement

$ 75,000,000

Commercial paper

Short-term borrowings

Short-term borrowings

$ 0

0

Commercial paper | Hawaiian Electric Company, Inc. and Subsidiaries

Short-term borrowings

Short-term borrowings

0

$ 0

Revolving Credit Facility | Hawaiian Electric Company, Inc. and Subsidiaries | ABL Credit Facility Agreement | Line of credit facility

Short-term borrowings

Credit agreement

$ 250,000,000

Number of extension options | extensionOption

3

Extension period (in years)

1 year

Short-term borrowings from non-affiliate

$ 250,000,000

Line of credit facility, expiration period

364 days

Expiration period

3 years

Draw down of debt

$ 150,000,000

Mauo, LLC and Hamakua Energy, LLC | Letter of Credit

Short-term borrowings

Number of letters of credit entered into during the period | contract

4

5

Letters of credit outstanding

$ 6,000,000

$ 8,000,000

Long-term debt - Schedule of Lo

Long-term debt - Schedule of Long-Term Debt and Maturities (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 01, 2023	Feb. 29, 2024	Dec. 31, 2024 USD ($) MW	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Less unamortized debt issuance costs and debt discount			$ (6,681)	$ (8,097)
Less current portion long-term debt, net of unamortized debt issuance cost			(109,171)	(16,496)
Long-term debt, net—other than bank			2,690,387	2,825,933
Hawaiian Electric Company, Inc. and Subsidiaries
Debt Instrument [Line Items]
Gross long-term debt			1,908,000	1,942,000
Less current portion long-term debt, net of unamortized debt issuance cost			(47,000)	0
Long-term debt of Utilities, net of unamortized debt issuance costs
Debt Instrument [Line Items]
Long-term debt, net—other than bank			1,901,214	1,934,277
Senior notes | Hawaiian Electric Company, Inc. and Subsidiaries
Debt Instrument [Line Items]
Gross long-term debt			1,200,000	1,200,000
Senior notes | HEI 4.58% senior notes, due 2025
Debt Instrument [Line Items]
Gross long-term debt			$ 50,000	50,000
Debt instrument, stated interest rate (as percent)			4.58%
Senior notes | HEI 4.72% senior notes, due 2028
Debt Instrument [Line Items]
Gross long-term debt			$ 100,000	100,000
Debt instrument, stated interest rate (as percent)			4.72%
Senior notes | HEI 2.82% senior notes, due 2028
Debt Instrument [Line Items]
Gross long-term debt			$ 24,000	24,000
Debt instrument, stated interest rate (as percent)			2.82%
Senior notes | HEI 2.48% senior notes, due 2028
Debt Instrument [Line Items]
Gross long-term debt			$ 30,000	30,000
Debt instrument, stated interest rate (as percent)			2.48%
Senior notes | HEI 6.04% senior notes, due 2028
Debt Instrument [Line Items]
Gross long-term debt			$ 39,000	39,000
Debt instrument, stated interest rate (as percent)			6.04%
Senior notes | HEI 2.98% senior notes, due 2030
Debt Instrument [Line Items]
Gross long-term debt			$ 50,000	50,000
Debt instrument, stated interest rate (as percent)			2.98%
Senior notes | HEI 3.15% senior notes, due 2031
Debt Instrument [Line Items]
Gross long-term debt			$ 51,000	51,000
Debt instrument, stated interest rate (as percent)			3.15%
Senior notes | HEI 2.78% senior notes, due 2031
Debt Instrument [Line Items]
Gross long-term debt			$ 25,000	25,000
Debt instrument, stated interest rate (as percent)			2.78%
Senior notes | HEI 2.98% senior notes, due 2032
Debt Instrument [Line Items]
Gross long-term debt			$ 30,000	30,000
Debt instrument, stated interest rate (as percent)			2.98%
Senior notes | HEI 5.43% senior notes, due 2032
Debt Instrument [Line Items]
Gross long-term debt			$ 75,000	75,000
Debt instrument, stated interest rate (as percent)			5.43%
Senior notes | HEI 6.10% senior notes, due 2033
Debt Instrument [Line Items]
Gross long-term debt			$ 61,000	61,000
Debt instrument, stated interest rate (as percent)			6.10%
Senior notes | HEI 5.43% senior notes, due 2034
Debt Instrument [Line Items]
Gross long-term debt			$ 35,000	35,000
Debt instrument, stated interest rate (as percent)			5.43%
Senior notes | HEI 3.74% senior notes, due 2051
Debt Instrument [Line Items]
Gross long-term debt			$ 20,000	20,000
Debt instrument, stated interest rate (as percent)			3.74%
Senior notes | HEI 3.94% senior notes, due 2052
Debt Instrument [Line Items]
Gross long-term debt			$ 20,000	20,000
Debt instrument, stated interest rate (as percent)			3.94%
Senior notes | Hāmākua Energy 4.02% non-recourse notes, due 2030
Debt Instrument [Line Items]
Gross long-term debt			$ 39,026	44,855
Debt instrument, stated interest rate (as percent)			4.02%
Power produced by power plants (in megawatts) | MW			60
Debt collateralized by property, plant and equipment			$ 165,000
Term Loan | Mauō 5.07% non-recourse loan, due 2034 to 2035
Debt Instrument [Line Items]
Gross long-term debt			$ 20,795	16,962
Debt instrument, stated interest rate (as percent)			5.07%
Term Loan | Ka`ie`ie Waho 2.79% non-recourse loan, due 2031
Debt Instrument [Line Items]
Gross long-term debt			$ 8,517	9,727
Debt instrument, stated interest rate (as percent)			2.79%
Term Loan | Mahipapa 1.90% non-recourse loan, due 2034 to 2036
Debt Instrument [Line Items]
Gross long-term debt			$ 53,263	$ 53,743
Debt instrument, stated interest rate (as percent)			2.14%	1.90%
Term Loan | Mahipapa 5.625% non-recourse loan, due 2027
Debt Instrument [Line Items]
Gross long-term debt			$ 424	$ 578
Debt instrument, stated interest rate (as percent)			5.625%
Unsecured Debt | Hawaiian Electric Company, Inc. and Subsidiaries
Debt Instrument [Line Items]
Gross long-term debt			$ 1,366,000	1,400,000
Unsecured Debt | Mauo SOFR + 1.475% loan, due 2024
Debt Instrument [Line Items]
Gross long-term debt			$ 0	$ 5,384
Line of credit facility basis point spread		1.70%
Unsecured Debt | Mauo SOFR + 1.475% loan, due 2024 | SOFR
Debt Instrument [Line Items]
Line of credit facility basis point spread			1.475%
Unsecured Debt | Mauo SOFR + 1.475% loan, due 2024 | Secured Overnight Financing Rate (SOFR), Excluding Replacement Rate Adjustment
Debt Instrument [Line Items]
Line of credit facility basis point spread	1.375%
Unsecured Debt | Mauo SOFR + 1.475% loan, due 2024 | Secured Overnight Financing Rate (SOFR), Replacement Rate Adjustment
Debt Instrument [Line Items]
Line of credit facility basis point spread	0.10%
Unsecured Debt | Floating Rate Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage (as percent)			4.91%	4.91%
Unsecured Debt | Fixed Rate Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage (as percent)			5.10%
Line of credit facility | HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027
Debt Instrument [Line Items]
Gross long-term debt			$ 173,000	$ 175,000
Weighted average interest rate (as percent)			6.89%	7.19%
Line of credit facility | HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027 | SOFR
Debt Instrument [Line Items]
Line of credit facility basis point spread			1.80%
Line of credit facility | HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027 | Secured Overnight Financing Rate (SOFR) Excluding Sustainability Margin And Additional Adjustments
Debt Instrument [Line Items]
Line of credit facility basis point spread			1.75%
Line of credit facility | HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027 | Secured Overnight Financing Rate (SOFR), Sustainability Margin Adjustment
Debt Instrument [Line Items]
Line of credit facility basis point spread			0.05%
Line of credit facility | HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027 | Secured Overnight Financing Rate (SOFR), Additional Adjustment
Debt Instrument [Line Items]
Line of credit facility basis point spread			0.10%

Long-term debt - Narrative (Det

Long-term debt - Narrative (Details) $ in Millions	Jun. 26, 2024 USD ($) payment	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Long-term debt payments, year one		$ 110
Long-term debt payments, year two		153
Long-term debt payments, year three		435
Long-term debt payments, year four		274
Long-term debt payments, year five		51
Hawaiian Electric Company, Inc. and Subsidiaries
Debt Instrument [Line Items]
Long-term debt payments, year one		47
Long-term debt payments, year two		125
Long-term debt payments, year three		266
Long-term debt payments, year four		68
Long-term debt payments, year five		$ 35
Mahipapa, LLC
Debt Instrument [Line Items]
Number of deferred payments | payment	3
Deferred payments	$ 5

Shareholders' equity - Narrativ

Shareholders' equity - Narrative (Details) shares in Millions	Dec. 31, 2024 shares
Equity [Abstract]
Common stock reserved for future issuance (in shares)	27.5

Shareholders' equity - Schedule

Shareholders' equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent [Roll Forward]
Beginning balance	$ 2,344,841	$ 2,202,499	$ 2,390,884
Current period other comprehensive income (loss) and reclassifications, net of taxes	3,184	46,678	(283,495)
Discontinued operations	289,627
Ending balance	1,479,089	2,344,841	2,202,499
Hawaiian Electric Company, Inc. and Subsidiaries
AOCI Attributable to Parent [Roll Forward]
Beginning balance	2,409,110	2,344,170	2,261,899
Current period other comprehensive income (loss) and reclassifications, net of taxes	(63)	(12)	6,141
Ending balance	1,156,955	2,409,110	2,344,170
AOCI
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(289,350)	(336,028)	(52,533)
Current period other comprehensive income (loss) and reclassifications, net of taxes	3,184	46,678	(283,495)
Ending balance	3,461	(289,350)	(336,028)
AOCI | Hawaiian Electric Company, Inc. and Subsidiaries
AOCI Attributable to Parent [Roll Forward]
Beginning balance	2,849	2,861	(3,280)
Current period other comprehensive income (loss) and reclassifications, net of taxes	(63)	(12)	6,141
Ending balance	2,786	2,849	2,861
Net unrealized gains (losses) on securities
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(282,963)	(328,904)	(32,037)
Current period other comprehensive income (loss) and reclassifications, net of taxes	1,785	45,941	(296,867)
Discontinued operations	281,178
Ending balance	0	(282,963)	(328,904)
Unrealized gains (losses) on derivatives
AOCI Attributable to Parent [Roll Forward]
Beginning balance	1,638	1,991	(3,638)
Current period other comprehensive income (loss) and reclassifications, net of taxes	482	(353)	5,629
Discontinued operations	0
Ending balance	2,120	1,638	1,991
Retirement benefit plans
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(8,025)	(9,115)	(16,858)
Current period other comprehensive income (loss) and reclassifications, net of taxes	917	1,090	7,743
Discontinued operations	8,449
Ending balance	1,341	(8,025)	(9,115)
Retirement benefit plans | Hawaiian Electric Company, Inc. and Subsidiaries
AOCI Attributable to Parent [Roll Forward]
Beginning balance	2,849	2,861	(3,280)
Current period other comprehensive income (loss) and reclassifications, net of taxes	(63)	(12)	6,141
Discontinued operations	0
Ending balance	$ 2,786	$ 2,849	$ 2,861

Shareholders' equity - Schedu_2

Shareholders' equity - Schedule of Reclassification Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items]
Assets of discontinued operations	$ 0				$ 9,566,449				$ 0	$ 9,566,449
Income (loss) from discontinued operations	(97,411)	$ 18,778	$ (45,787)	$ 20,934	3,231	$ 11,365	$ 20,204	$ 18,562	(103,486)	53,362	$ 79,989
Interest expense									127,207	125,532	103,402
Hawaiian Electric Company, Inc. and Subsidiaries
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)									1,224,367	(195,947)	(190,924)
Amount reclassified from AOCI
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)									(52,627)	15,402	(176,112)
Amount reclassified from AOCI | Hawaiian Electric Company, Inc. and Subsidiaries
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)									(65,743)	(10,187)	(181,052)
Amount reclassified from AOCI | Net unrealized gains (losses) on securities
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items]
Assets of discontinued operations	$ 0				$ 10,954				0	10,954	0
Amount reclassified from AOCI | Amortization of unrealized holding losses on held-to-maturity securities
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) from discontinued operations									13,012	14,398	3,993
Amount reclassified from AOCI | Net realized losses (gains) on derivatives qualifying as cash flow hedges
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items]
Interest expense									(201)	(186)	172
Amount reclassified from AOCI | Amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)									(1,730)	(1,560)	19,659
Amount reclassified from AOCI | Amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost | Hawaiian Electric Company, Inc. and Subsidiaries
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)									(2,035)	(1,983)	18,884
Amount reclassified from AOCI | Impact of D&Os of the PUC included in regulatory assets
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)									(63,708)	(8,204)	(199,936)
Amount reclassified from AOCI | Impact of D&Os of the PUC included in regulatory assets | Hawaiian Electric Company, Inc. and Subsidiaries
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)									$ (63,708)	$ (8,204)	$ (199,936)

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Renewal option (up to) (in years)	10 years
Lease payments basis increase for impact of collateral	5%
Right-of-use assets - finance lease	$ 448,527	$ 342,834
AES West Oahu Solar, AES Kuihelani Solar And Kupono Solar Projects
Lessee, Lease, Description [Line Items]
Right-of-use assets - finance lease	104,900
Finance Lease, Liability	$ 104,900

Leases - Amounts Related to Lea

Leases - Amounts Related to Lease Cost and Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Lease Cost [Abstract]
Operating lease cost	$ 17,899	$ 20,924
Variable lease cost	227,567	208,369
Sublease income	(3,280)	(3,031)
Total operating lease cost	242,186	226,262
Finance lease costs:
Amortization of right-of-use assets	20,072	5,981
Interest on lease liabilities	32,377	6,382
Total finance lease cost	52,449	12,363
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	19,475	22,631
Operating cash flows from finance leases	30,972	6,382
Financing cash flows from finance leases	$ 4,678	$ 3,519
Weighted-average remaining lease term (in years):
Operating leases	7 years 2 months 12 days	7 years 6 months
Finance leases	19 years 10 months 24 days	20 years
Weighted-average discount rate:
Operating leases	4.11%	3.11%
Finance leases	8.49%	8.18%
Other leases
Operating Lease Cost [Abstract]
Operating lease cost	$ 13,736	$ 16,853
Variable lease cost	5,378	5,813
Sublease income	(3,280)	(3,031)
Total operating lease cost	15,834	19,635
Finance lease costs:
Amortization of right-of-use assets	574	390
Interest on lease liabilities	33	32
Total finance lease cost	607	422
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	15,604	18,560
Operating cash flows from finance leases	33	32
Financing cash flows from finance leases	$ 559	$ 391
Weighted-average remaining lease term (in years):
Operating leases	8 years 2 months 12 days	8 years 3 months 18 days
Finance leases	3 years 8 months 12 days	1 year 6 months
Weighted-average discount rate:
Operating leases	3.08%	3.03%
Finance leases	2.23%	3.77%
PPAs classified as leases
Operating Lease Cost [Abstract]
Operating lease cost	$ 4,163	$ 4,071
Variable lease cost	222,189	202,556
Sublease income	0	0
Total operating lease cost	226,352	206,627
Finance lease costs:
Amortization of right-of-use assets	19,498	5,591
Interest on lease liabilities	32,344	6,350
Total finance lease cost	51,842	11,941
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3,871	4,071
Operating cash flows from finance leases	30,939	6,350
Financing cash flows from finance leases	$ 4,119	$ 3,128
Weighted-average remaining lease term (in years):
Operating leases	3 years	4 years
Finance leases	19 years 10 months 24 days	20 years 1 month 6 days
Weighted-average discount rate:
Operating leases	8.78%	3.50%
Finance leases	8.50%	8.18%
Hawaiian Electric Company, Inc. and Subsidiaries
Operating Lease Cost [Abstract]
Operating lease cost	$ 16,984	$ 20,018
Variable lease cost	227,380	208,161
Sublease income	(3,280)	(3,031)
Total operating lease cost	241,084	225,148
Finance lease costs:
Amortization of right-of-use assets	19,498	5,591
Interest on lease liabilities	32,344	6,350
Total finance lease cost	51,842	11,941
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	18,610	21,800
Operating cash flows from finance leases	30,939	6,350
Financing cash flows from finance leases	$ 4,119	$ 3,128	$ 670
Weighted-average remaining lease term (in years):
Operating leases	5 years 7 months 6 days	6 years 3 months 18 days
Finance leases	19 years 10 months 24 days	20 years 1 month 6 days
Weighted-average discount rate:
Operating leases	4.21%	3.03%
Finance leases	8.50%	8.18%
Hawaiian Electric Company, Inc. and Subsidiaries | Other leases
Operating Lease Cost [Abstract]
Operating lease cost	$ 12,821	$ 15,947
Variable lease cost	5,191	5,605
Sublease income	(3,280)	(3,031)
Total operating lease cost	14,732	18,521
Finance lease costs:
Amortization of right-of-use assets	0	0
Interest on lease liabilities	0	0
Total finance lease cost	0	0
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	14,739	17,729
Operating cash flows from finance leases	0	0
Financing cash flows from finance leases	$ 0	$ 0
Weighted-average remaining lease term (in years):
Operating leases	6 years 4 months 24 days	6 years 9 months 18 days
Finance leases	0 years	0 years
Weighted-average discount rate:
Operating leases	2.95%	2.92%
Finance leases	0%	0%
Hawaiian Electric Company, Inc. and Subsidiaries | PPAs classified as leases
Operating Lease Cost [Abstract]
Operating lease cost	$ 4,163	$ 4,071
Variable lease cost	222,189	202,556
Sublease income	0	0
Total operating lease cost	226,352	206,627
Finance lease costs:
Amortization of right-of-use assets	19,498	5,591
Interest on lease liabilities	32,344	6,350
Total finance lease cost	51,842	11,941
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3,871	4,071
Operating cash flows from finance leases	30,939	6,350
Financing cash flows from finance leases	$ 4,119	$ 3,128
Weighted-average remaining lease term (in years):
Operating leases	3 years	4 years
Finance leases	19 years 10 months 24 days	20 years 1 month 6 days
Weighted-average discount rate:
Operating leases	8.78%	3.50%
Finance leases	8.50%	8.18%

Leases - Maturity of Operating

Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025		$ 18
2026		18
2027		12
2028		5
2029		5
Thereafter		24
Total lease payments		82
Less: Imputed interest		(11)
Total present value of lease payments		71
Forecast
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Operating lease, not in service, annual capacity payment	$ 5.2
Other leases
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025		13
2026		13
2027		7
2028		5
2029		5
Thereafter		24
Total lease payments		67
Less: Imputed interest		(9)
Total present value of lease payments		58
PPAs classified as leases
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025		5
2026		5
2027		5
2028		0
2029		0
Thereafter		0
Total lease payments		15
Less: Imputed interest		(2)
Total present value of lease payments		13
Finance Lease, Liability, to be Paid [Abstract]
2025		45
2026		45
2027		45
2028		45
2029		45
Thereafter		672
Total lease payments		897
Less: Imputed interest		(462)
Finance Lease, Liability		435
Hawaiian Electric Company, Inc. and Subsidiaries
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025		17
2026		17
2027		11
2028		5
2029		5
Thereafter		16
Total lease payments		71
Less: Imputed interest		(7)
Total present value of lease payments		64
Hawaiian Electric Company, Inc. and Subsidiaries | Other leases
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025		12
2026		12
2027		6
2028		5
2029		5
Thereafter		16
Total lease payments		56
Less: Imputed interest		(5)
Total present value of lease payments		51
Hawaiian Electric Company, Inc. and Subsidiaries | PPAs classified as leases
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025		5
2026		5
2027		5
2028		0
2029		0
Thereafter		0
Total lease payments		15
Less: Imputed interest		(2)
Total present value of lease payments		13
Finance Lease, Liability, to be Paid [Abstract]
2025		45
2026		45
2027		45
2028		45
2029		45
Thereafter		672
Total lease payments		897
Less: Imputed interest		(462)
Finance Lease, Liability		$ 435

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
General payment period (in days)									30 days
Revenues from contracts with customers									$ 3,180,298	$ 3,248,505
Revenues from other sources									39,552	38,998
Total revenues	$ 799,180	$ 833,239	$ 795,417	$ 792,014	$ 853,424	$ 800,899	$ 798,800	$ 834,380	3,219,850	3,287,503	$ 3,420,917
Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues											3,420,917
Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									11,923	17,540
Revenues from other sources									1,227	442
Total revenues	3,006	3,622	3,086	3,436	3,442	5,912	4,609	4,019	13,150	17,982	12,330
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									3,180,298	3,248,505
Transferred over Time | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									11,923	17,540
Electric utility
Disaggregation of Revenue [Line Items]
Revenue taxes, other than income tax expense									285,000	291,000	303,000
Revenue taxes accrued	178,000				182,000				178,000	182,000
Total revenues											3,408,583
Electric utility | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									3,168,375	3,230,965
Revenues from other sources									38,325	38,556
Total revenues	$ 796,174	$ 829,617	$ 792,331	$ 788,578	$ 849,982	$ 794,987	$ 794,191	$ 830,361	3,206,700	3,269,521	$ 3,408,587
Electric utility | Transferred over Time | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									3,168,375	3,230,965
Electric energy sales - residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									1,012,620	1,026,321
Electric energy sales - residential | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									0	0
Electric energy sales - residential | Electric utility | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									1,012,620	1,026,321
Electric energy sales - commercial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									1,013,189	1,044,045
Electric energy sales - commercial | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									0	0
Electric energy sales - commercial | Electric utility | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									1,013,189	1,044,045
Electric energy sales - large light and power
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									1,123,884	1,141,128
Electric energy sales - large light and power | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									0	0
Electric energy sales - large light and power | Electric utility | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									1,123,884	1,141,128
Electric energy sales - other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									18,682	19,471
Electric energy sales - other | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									0	0
Electric energy sales - other | Electric utility | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									18,682	19,471
Other sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									11,923	17,540
Other sales | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									11,923	17,540
Other sales | Electric utility | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									0	0
Regulatory revenue
Disaggregation of Revenue [Line Items]
Revenues from other sources									(2,566)	3,708
Regulatory revenue | Other
Disaggregation of Revenue [Line Items]
Revenues from other sources									0	0
Regulatory revenue | Electric utility | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from other sources									(2,566)	3,708
Other
Disaggregation of Revenue [Line Items]
Revenues from other sources									42,118	35,290
Other | Other
Disaggregation of Revenue [Line Items]
Revenues from other sources									1,227	442
Other | Electric utility | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues from other sources									$ 40,891	$ 34,848

Retirement benefits - Narrative

Retirement benefits - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Vested percentage of interest of each affected participant after participating employer terminates participation	100%
Number of years for which regulatory asset/liability for each utility will be amortized, beginning with respective utility's next rate case	5 years
Executive life and nonqualified pension plan expenses	$ 900,000	$ 700,000
Regulatory asset charges pretax	(85,800,000)	(11,100,000)
Expected cash funding for qualified defined benefit plans
Defined contribution plan, expenses recognized	8,000,000	6,000,000	$ 4,000,000
Hawaiian Electric Company, Inc. and Subsidiaries
Expected cash funding for qualified defined benefit plans
Defined contribution plan, expenses recognized	$ 7,000,000	6,000,000	4,000,000
Employer contribution, percent of annual compensation	10%
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Expected rate of return on plan assets	7.25%
Actual net return on plan assets	6.70%
Pension expense	$ 47,000,000	43,000,000	47,000,000
Expected cash funding for qualified defined benefit plans
Estimate of contributions to postretirement benefit plans in next fiscal year	9,000,000
Expected benefits to be paid, year one	111,000,000
Expected benefits to be paid, year two	115,000,000
Expected benefits to be paid, year three	119,000,000
Expected benefits to be paid, year four	122,000,000
Expected benefits to be paid, year five	126,000,000
Expected benefits to be paid, after year five for next five years	677,000,000
Pension benefits | Hawaiian Electric Company, Inc. and Subsidiaries
Defined Benefit Plan Disclosure [Line Items]
Pension expense	45,000,000	$ 42,000,000	45,000,000
Expected cash funding for qualified defined benefit plans
Estimate of contributions to postretirement benefit plans in next fiscal year	9,000,000
Expected benefits to be paid, year one	106,000,000
Expected benefits to be paid, year two	111,000,000
Expected benefits to be paid, year three	114,000,000
Expected benefits to be paid, year four	117,000,000
Expected benefits to be paid, year five	121,000,000
Expected benefits to be paid, after year five for next five years	$ 652,000,000
Other benefits
Defined Benefit Plan Disclosure [Line Items]
Assumed health care trend rate for medical in next fiscal year	7%	6.25%
Assumed health care trend rate for grading down in next eight fiscal years thereafter	5%
Assumed health care trend rate for medical, post-65 in next fiscal year	6.50%
Assumed health care trend rate for grading down plan in six fiscal years thereafter	5%	5%
Assumed health care trend rate for dental in next fiscal year	5%	5%
Assumed health care trend rate for vision in next fiscal year	4%	4%
Postretirement benefits other than pension expense	$ (200,000)	$ (100,000)	(100,000)
Expected cash funding for qualified defined benefit plans
Estimate of contributions to postretirement benefit plans in next fiscal year	0
Other benefits | Hawaiian Electric Company, Inc. and Subsidiaries
Defined Benefit Plan Disclosure [Line Items]
Postretirement benefits other than pension expense	(300,000)	$ (300,000)	$ (100,000)
Expected cash funding for qualified defined benefit plans
Estimate of contributions to postretirement benefit plans in next fiscal year	$ 0

Retirement benefits - Changes i

Retirement benefits - Changes in Projected Benefit Obligations and Fair Value of Plan Assets and Amounts Recognized in OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Defined benefit plans liability	$ 23,213	$ 78,200
Defined benefit plans liability	(23,213)	(78,200)
Hawaiian Electric Company, Inc. and Subsidiaries
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Other assets (long-term)	108,819	67,568
Defined benefit plans liability	6,428	60,671
Defined benefit plans liability	(6,428)	(60,671)
Pension benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, balance at the beginning of the period	2,032,978	1,856,765
Service cost	45,821	45,228	$ 77,823
Interest cost	101,882	98,606	76,817
Actuarial loss (gain)	(106,453)	130,280
Participants contributions	0	0
Benefits paid and expenses	(99,494)	(98,353)
Benefit obligation, balance at the end of the period	1,893,577	2,032,978	1,856,765
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, balance at the beginning of the period	1,973,539	1,806,379
Actual return on plan assets	105,938	252,998
Employer contributions	8,778	8,274
Participants contributions	0	0
Benefits paid and expenses	(97,735)	(96,667)
Fair value of plan assets, balance at the end of the period	1,888,853	1,973,539	1,806,379
Accrued benefit asset (liability), balance	(4,724)	(59,439)
Accrued benefit asset (liability), December 31	(4,724)	(59,439)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income [Roll Forward]
AOCI debit/(credit), balance at beginning of the period (excluding impact of PUC D&Os)	85,262	74,418
Recognized during year – prior service credit	0	0
Recognized during year – net actuarial gain (loss)	(359)	(182)
Occurring during year – net actuarial loss (gain)	(73,969)	12,471
Adjustment from discontinued operations	(11,897)	(1,445)
AOCI debit/(credit), balance at end of the period (excluding impact of PUC D&Os)	(963)	85,262	74,418
Cumulative impact of PUC D&Os	5,999	(67,732)
AOCI debit/(credit), balance at end of the period	5,036	17,530
Net actuarial loss (gain)	(963)	85,262
Prior service gain	0	0
AOCI debit/(credit), balance at end of the period (excluding impact of PUC D&Os)	(963)	85,262	74,418
Income taxes (benefits)	(1,297)	(4,639)
AOCI debit/(credit), net of taxes (benefits) balance at the end of the period	3,739	12,891
Pension benefits | Continuing Operations
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, balance at the beginning of the period	1,951,821	1,776,060
Benefit obligation, balance at the end of the period	1,893,577	1,951,821	1,776,060
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, balance at the beginning of the period	1,871,872	1,707,267
Fair value of plan assets, balance at the end of the period	1,888,853	1,871,872	1,707,267
Accrued benefit asset (liability), balance	(4,724)	(79,949)
Other assets (long-term)	20,269	0
Other liabilities (short-term)	(1,780)	(1,757)
Defined benefit plans liability	23,213	78,192
Accrued benefit asset (liability), December 31	(4,724)	(79,949)
Defined benefit plans liability	(23,213)	(78,192)
Pension benefits | Discontinued Operations
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, balance at the beginning of the period	81,157	80,705
Change in projected benefit obligations - discontinued operations	(81,157)	452
Benefit obligation, balance at the end of the period	0	81,157	80,705
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, balance at the beginning of the period	101,667	99,112
Change in plan assets - discontinued operations	(101,667)	2,555
Fair value of plan assets, balance at the end of the period	0	101,667	99,112
Accrued benefit asset (liability), balance	0	20,510
Accrued benefit asset (liability), December 31	0	20,510
Pension benefits | Hawaiian Electric Company, Inc. and Subsidiaries
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, balance at the beginning of the period	1,888,463	1,716,125
Service cost	44,669	44,143	75,845
Interest cost	98,492	95,351	74,363
Actuarial loss (gain)	(104,692)	126,846
Participants contributions	0	0
Benefits paid and expenses	(95,785)	(94,783)
Transfers	(693)	781
Benefit obligation, balance at the end of the period	1,830,454	1,888,463	1,716,125
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, balance at the beginning of the period	1,827,285	1,665,880
Actual return on plan assets	103,457	246,976
Employer contributions	8,733	8,252
Participants contributions	0	0
Benefits paid and expenses	(95,261)	(94,332)
Other	(538)	509
Fair value of plan assets, balance at the end of the period	1,843,676	1,827,285	1,665,880
Accrued benefit asset (liability), balance	13,222	(61,178)
Other assets (long-term)	20,164	0
Other liabilities (short-term)	(514)	(507)
Defined benefit plans liability	6,428	60,671
Accrued benefit asset (liability), December 31	13,222	(61,178)
Defined benefit plans liability	(6,428)	(60,671)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income [Roll Forward]
AOCI debit/(credit), balance at beginning of the period (excluding impact of PUC D&Os)	69,339	57,264
Recognized during year – prior service credit	0	0
Recognized during year – net actuarial gain (loss)	(99)	(28)
Occurring during year – net actuarial loss (gain)	(73,215)	12,103
AOCI debit/(credit), balance at end of the period (excluding impact of PUC D&Os)	(3,975)	69,339	57,264
Cumulative impact of PUC D&Os	5,999	(67,732)
AOCI debit/(credit), balance at end of the period	2,024	1,607
Net actuarial loss (gain)	(3,975)	69,339
Prior service gain	0	0
AOCI debit/(credit), balance at end of the period (excluding impact of PUC D&Os)	(3,975)	69,339	57,264
Income taxes (benefits)	(522)	(414)
AOCI debit/(credit), net of taxes (benefits) balance at the end of the period	1,502	1,193
Other benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, balance at the beginning of the period	143,343	157,436
Service cost	1,112	1,430	2,580
Interest cost	7,365	8,497	6,488
Actuarial loss (gain)	(9,913)	(13,863)
Participants contributions	4,024	3,542
Benefits paid and expenses	(13,594)	(13,718)
Benefit obligation, balance at the end of the period	131,903	143,343	157,436
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, balance at the beginning of the period	207,372	190,547
Actual return on plan assets	19,438	25,926
Employer contributions	0	0
Participants contributions	4,024	3,542
Benefits paid and expenses	(12,944)	(12,643)
Fair value of plan assets, balance at the end of the period	217,890	207,372	190,547
Accrued benefit asset (liability), balance	85,987	64,029
Accrued benefit asset (liability), December 31	85,987	64,029
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income [Roll Forward]
AOCI debit/(credit), balance at beginning of the period (excluding impact of PUC D&Os)	(49,618)	(26,238)
Recognized during year – prior service credit	0	875
Recognized during year – net actuarial gain (loss)	2,898	1,865
Occurring during year – net actuarial loss (gain)	(15,401)	(26,140)
Adjustment from discontinued operations	142	20
AOCI debit/(credit), balance at end of the period (excluding impact of PUC D&Os)	(61,979)	(49,618)	(26,238)
Cumulative impact of PUC D&Os	55,140	43,066
AOCI debit/(credit), balance at end of the period	(6,839)	(6,552)
Net actuarial loss (gain)	(61,979)	(49,618)
Prior service gain	0	0
AOCI debit/(credit), balance at end of the period (excluding impact of PUC D&Os)	(61,979)	(49,618)	(26,238)
Income taxes (benefits)	1,761	1,689
AOCI debit/(credit), net of taxes (benefits) balance at the end of the period	(5,078)	(4,863)
Other benefits | Continuing Operations
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, balance at the beginning of the period	142,909	157,021
Benefit obligation, balance at the end of the period	131,903	142,909	157,021
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, balance at the beginning of the period	207,372	190,547
Fair value of plan assets, balance at the end of the period	217,890	207,372	190,547
Accrued benefit asset (liability), balance	85,987	64,463
Other assets (long-term)	87,066	65,527
Other liabilities (short-term)	(1,079)	(1,064)
Defined benefit plans liability	0	0
Accrued benefit asset (liability), December 31	85,987	64,463
Defined benefit plans liability	0	0
Other benefits | Discontinued Operations
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, balance at the beginning of the period	434	415
Change in projected benefit obligations - discontinued operations	(434)	19
Benefit obligation, balance at the end of the period	0	434	415
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, balance at the beginning of the period	0	0
Change in plan assets - discontinued operations	0	0
Fair value of plan assets, balance at the end of the period	0	0	0
Accrued benefit asset (liability), balance	0	(434)
Accrued benefit asset (liability), December 31	0	(434)
Other benefits | Hawaiian Electric Company, Inc. and Subsidiaries
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, balance at the beginning of the period	136,572	150,534
Service cost	1,096	1,415	2,554
Interest cost	7,039	8,143	6,227
Actuarial loss (gain)	(9,688)	(13,721)
Participants contributions	3,951	3,473
Benefits paid and expenses	(12,835)	(13,272)
Transfers	(47)	0
Benefit obligation, balance at the end of the period	126,088	136,572	150,534
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, balance at the beginning of the period	204,140	187,494
Actual return on plan assets	19,299	25,529
Employer contributions	0	0
Participants contributions	3,951	3,473
Benefits paid and expenses	(12,600)	(12,356)
Other	(47)	0
Fair value of plan assets, balance at the end of the period	214,743	204,140	187,494
Accrued benefit asset (liability), balance	88,655	67,568
Other assets (long-term)	88,655	67,568
Other liabilities (short-term)	0	0
Defined benefit plans liability	0	0
Accrued benefit asset (liability), December 31	88,655	67,568
Defined benefit plans liability	0	0
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income [Roll Forward]
AOCI debit/(credit), balance at beginning of the period (excluding impact of PUC D&Os)	(48,510)	(25,402)
Recognized during year – prior service credit	0	872
Recognized during year – net actuarial gain (loss)	2,840	1,827
Occurring during year – net actuarial loss (gain)	(15,245)	(25,807)
AOCI debit/(credit), balance at end of the period (excluding impact of PUC D&Os)	(60,915)	(48,510)	(25,402)
Cumulative impact of PUC D&Os	55,140	43,066
AOCI debit/(credit), balance at end of the period	(5,775)	(5,444)
Net actuarial loss (gain)	(60,915)	(48,510)
Prior service gain	0	0
AOCI debit/(credit), balance at end of the period (excluding impact of PUC D&Os)	(60,915)	(48,510)	$ (25,402)
Income taxes (benefits)	1,487	1,402
AOCI debit/(credit), net of taxes (benefits) balance at the end of the period	$ (4,288)	$ (4,042)

Retirement benefits - Asset All

Retirement benefits - Asset Allocation Target and Actual Percentage (Details)	Dec. 31, 2024	Dec. 31, 2023
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	100%	100%
Target	100%	100%
Pension benefits | U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	48%	56%
Target	46%	50%
Pension benefits | U.S. equity securities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target	8%	40%
Broad range allocation	43%	60%
Pension benefits | U.S. equity securities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target	100%	65%
Broad range allocation	83%
Pension benefits | Non-U.S equity securities
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	19%	13%
Target	17%	15%
Pension benefits | Non-U.S equity securities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target	0%	5%
Pension benefits | Non-U.S equity securities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target	37%	25%
Pension benefits | Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	30%	28%
Target	32%	30%
Pension benefits | Fixed income securities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target	11%	20%
Pension benefits | Fixed income securities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target	51%	60%
Pension benefits | Private equity
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	3%	3%
Target	5%	5%
Pension benefits | Private equity | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target	0%	0%
Pension benefits | Private equity | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target	10%	10%
Other benefits
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	100%	100%
Target	100%	100%
Other benefits | U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	54%	58%
Target	54%	50%
Other benefits | U.S. equity securities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target	14%	40%
Broad range allocation	54%
Other benefits | U.S. equity securities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target	100%	65%
Broad range allocation	94%	80%
Other benefits | Non-U.S equity securities
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	21%	15%
Target	20%	15%
Other benefits | Non-U.S equity securities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target	0%	5%
Other benefits | Non-U.S equity securities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target	40%	25%
Other benefits | Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	25%	27%
Target	26%	30%
Other benefits | Fixed income securities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target	6%	20%
Other benefits | Fixed income securities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target	46%	60%
Other benefits | Private equity
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	0%	0%
Target	0%	5%
Other benefits | Private equity | Minimum
Defined Benefit Plan Disclosure [Line Items]
Target		0%
Other benefits | Private equity | Maximum
Defined Benefit Plan Disclosure [Line Items]
Target	0%	10%

Retirement benefits - Assets He

Retirement benefits - Assets Held In Retirement Benefit Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension benefits
Fair value measurements on a recurring basis
Fair value of plan assets	$ 1,888,853	$ 1,973,539	$ 1,806,379
Other benefits
Fair value measurements on a recurring basis
Fair value of plan assets	217,890	207,372	$ 190,547
Fair value measurements on a recurring basis | Pension benefits
Fair value measurements on a recurring basis
Fair value of plan assets	1,889,000	1,974,000
Fair value measurements on a recurring basis | Pension benefits | Total, excluding cash, receivables and payables, net
Fair value measurements on a recurring basis
Fair value of plan assets	1,887,000	1,984,000
Fair value measurements on a recurring basis | Pension benefits | Equity investments
Fair value measurements on a recurring basis
Fair value of plan assets	1,233,000	$ 1,275,000
Fair value measurements on a recurring basis | Pension benefits | Non-U.S equity securities
Fair value measurements on a recurring basis
Redemption frequency, daily		63%
Redemption frequency, monthly		37%
Fair value measurements on a recurring basis | Pension benefits | Total fixed income investments
Fair value measurements on a recurring basis
Fair value of plan assets		$ 599,000
Fair value measurements on a recurring basis | Pension benefits | Cash, receivables and payables, net
Fair value measurements on a recurring basis
Fair value of plan assets	2,000	(10,000)
Fair value measurements on a recurring basis | Pension benefits | Cash, receivables and payables, net | American Savings Bank (ASB)
Fair value measurements on a recurring basis
Fair value of plan assets		1,000
Fair value measurements on a recurring basis | Other benefits
Fair value measurements on a recurring basis
Fair value of plan assets	218,000	207,000
Fair value measurements on a recurring basis | Other benefits | Total, excluding cash, receivables and payables, net
Fair value measurements on a recurring basis
Fair value of plan assets	217,000	207,000
Fair value measurements on a recurring basis | Other benefits | Equity investments
Fair value measurements on a recurring basis
Fair value of plan assets	154,000	$ 148,000
Fair value measurements on a recurring basis | Other benefits | Non-U.S equity securities
Fair value measurements on a recurring basis
Redemption frequency, daily		61%
Redemption frequency, monthly		39%
Fair value measurements on a recurring basis | Other benefits | Total fixed income investments
Fair value measurements on a recurring basis
Fair value of plan assets		$ 55,000
Fair value measurements on a recurring basis | Other benefits | Cash, receivables and payables, net
Fair value measurements on a recurring basis
Fair value of plan assets	1,000	0
Fair value measurements on a recurring basis | Fair Value, Inputs, Level 1, 2 and 3 | Pension benefits | U.S. equity securities
Fair value measurements on a recurring basis
Fair value of plan assets	403,000	449,000
Fair value measurements on a recurring basis | Fair Value, Inputs, Level 1, 2 and 3 | Pension benefits | Non-U.S equity securities
Fair value measurements on a recurring basis
Fair value of plan assets	20,000	165,000
Fair value measurements on a recurring basis | Fair Value, Inputs, Level 1, 2 and 3 | Pension benefits | U.S. equity index and exchange-traded funds (ETFs)
Fair value measurements on a recurring basis
Fair value of plan assets	484,000	584,000
Fair value measurements on a recurring basis | Fair Value, Inputs, Level 1, 2 and 3 | Pension benefits | Fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets	546,000	85,000
Fair value measurements on a recurring basis | Fair Value, Inputs, Level 1, 2 and 3 | Pension benefits | Fixed income securities | American Savings Bank (ASB)
Fair value measurements on a recurring basis
Fair value of plan assets		85,000
Fair value measurements on a recurring basis | Fair Value, Inputs, Level 1, 2 and 3 | Pension benefits | Fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets		264,000
Fair value measurements on a recurring basis | Fair Value, Inputs, Level 1, 2 and 3 | Other benefits | U.S. equity securities
Fair value measurements on a recurring basis
Fair value of plan assets	48,000	54,000
Fair value measurements on a recurring basis | Fair Value, Inputs, Level 1, 2 and 3 | Other benefits | Non-U.S equity securities
Fair value measurements on a recurring basis
Fair value of plan assets	2,000	20,000
Fair value measurements on a recurring basis | Fair Value, Inputs, Level 1, 2 and 3 | Other benefits | U.S. equity index and exchange-traded funds (ETFs)
Fair value measurements on a recurring basis
Fair value of plan assets	63,000	64,000
Fair value measurements on a recurring basis | Fair Value, Inputs, Level 1, 2 and 3 | Other benefits | Fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets	52,000	0
Fair value measurements on a recurring basis | Fair Value, Inputs, Level 1, 2 and 3 | Other benefits | Fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets		53,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Pension benefits | Total, excluding cash, receivables and payables, net
Fair value measurements on a recurring basis
Fair value of plan assets	1,634,000	1,490,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Pension benefits | Equity investments
Fair value measurements on a recurring basis
Fair value of plan assets	1,233,000	1,198,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Pension benefits | U.S. equity securities
Fair value measurements on a recurring basis
Fair value of plan assets	403,000	449,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Pension benefits | Non-U.S equity securities
Fair value measurements on a recurring basis
Fair value of plan assets	20,000	165,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Pension benefits | U.S. equity index and exchange-traded funds (ETFs)
Fair value measurements on a recurring basis
Fair value of plan assets	484,000	584,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Pension benefits | Non-U.S. equity index and ETFs
Fair value measurements on a recurring basis
Fair value of plan assets	326,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Pension benefits | Total fixed income investments
Fair value measurements on a recurring basis
Fair value of plan assets		277,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Pension benefits | Fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets	401,000	13,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Pension benefits | Fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets		264,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Pension benefits | Private equity at net asset value (NAV)
Fair value measurements on a recurring basis
Fair value of plan assets	0	0
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Pension benefits | Cash equivalents, fund and at NAV
Fair value measurements on a recurring basis
Fair value of plan assets	0	15,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Other benefits | Total, excluding cash, receivables and payables, net
Fair value measurements on a recurring basis
Fair value of plan assets	186,000	194,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Other benefits | Equity investments
Fair value measurements on a recurring basis
Fair value of plan assets	154,000	138,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Other benefits | U.S. equity securities
Fair value measurements on a recurring basis
Fair value of plan assets	48,000	54,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Other benefits | Non-U.S equity securities
Fair value measurements on a recurring basis
Fair value of plan assets	2,000	20,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Other benefits | U.S. equity index and exchange-traded funds (ETFs)
Fair value measurements on a recurring basis
Fair value of plan assets	63,000	64,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Other benefits | Non-U.S. equity index and ETFs
Fair value measurements on a recurring basis
Fair value of plan assets	41,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Other benefits | Total fixed income investments
Fair value measurements on a recurring basis
Fair value of plan assets		53,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Other benefits | Fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets	22,000	0
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Other benefits | Fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets		53,000
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Other benefits | Private equity at net asset value (NAV)
Fair value measurements on a recurring basis
Fair value of plan assets	0	0
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Other benefits | Cash equivalents, fund and at NAV
Fair value measurements on a recurring basis
Fair value of plan assets	10,000	3,000
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Pension benefits | Total, excluding cash, receivables and payables, net
Fair value measurements on a recurring basis
Fair value of plan assets	145,000	72,000
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Pension benefits | Equity investments
Fair value measurements on a recurring basis
Fair value of plan assets	0	0
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Pension benefits | U.S. equity securities
Fair value measurements on a recurring basis
Fair value of plan assets	0	0
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Pension benefits | Non-U.S equity securities
Fair value measurements on a recurring basis
Fair value of plan assets	0	0
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Pension benefits | U.S. equity index and exchange-traded funds (ETFs)
Fair value measurements on a recurring basis
Fair value of plan assets	0	0
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Pension benefits | Total fixed income investments
Fair value measurements on a recurring basis
Fair value of plan assets		72,000
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Pension benefits | Fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets	145,000	72,000
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Pension benefits | Private equity at net asset value (NAV)
Fair value measurements on a recurring basis
Fair value of plan assets	0	0
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Other benefits | Total, excluding cash, receivables and payables, net
Fair value measurements on a recurring basis
Fair value of plan assets	30,000	0
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Other benefits | Equity investments
Fair value measurements on a recurring basis
Fair value of plan assets	0	0
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Other benefits | U.S. equity securities
Fair value measurements on a recurring basis
Fair value of plan assets	0	0
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Other benefits | Non-U.S equity securities
Fair value measurements on a recurring basis
Fair value of plan assets	0	0
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Other benefits | U.S. equity index and exchange-traded funds (ETFs)
Fair value measurements on a recurring basis
Fair value of plan assets	0	0
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Other benefits | Total fixed income investments
Fair value measurements on a recurring basis
Fair value of plan assets		0
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Other benefits | Fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets	30,000	0
Fair value measurements on a recurring basis | Significant other observable inputs (Level 2) | Other benefits | Private equity at net asset value (NAV)
Fair value measurements on a recurring basis
Fair value of plan assets	0	0
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits
Fair value measurements on a recurring basis
Fair value of plan assets	108,000	422,000
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits | Non-U.S equity securities
Fair value measurements on a recurring basis
Fair value of plan assets		$ 77,000
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits | Non-U.S equity securities | Minimum
Fair value measurements on a recurring basis
Redemption notice period		5 days
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits | Non-U.S equity securities | Maximum
Fair value measurements on a recurring basis
Redemption notice period		30 days
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits | Non-U.S. equity index and ETFs
Fair value measurements on a recurring basis
Fair value of plan assets	326,000	$ 77,000
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits | Fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets		$ 250,000
Redemption notice period		15 days
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits | Non-U.S. fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets		$ 250,000
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits | Private equity at net asset value (NAV)
Fair value measurements on a recurring basis
Fair value of plan assets	63,000	50,000
Unfunded commitments	122,000	138,000
Unfunded commitments, entered into	$ 100,000
Dissolution written notice period (in months)	6 months
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits | Cash equivalents, fund and at NAV
Fair value measurements on a recurring basis
Fair value of plan assets	$ 45,000	60,000
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits | Cash equivalents, fund and at NAV | American Savings Bank (ASB)
Fair value measurements on a recurring basis
Fair value of plan assets		15,000
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits | Cash equivalents
Fair value measurements on a recurring basis
Fair value of plan assets	$ 45,000	$ 45,000
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits | Cash equivalents | Minimum
Fair value measurements on a recurring basis
Redemption notice period	0 days	0 days
Fair value measurements on a recurring basis | Net Asset Value | Pension benefits | Cash equivalents | Maximum
Fair value measurements on a recurring basis
Redemption notice period	1 day	1 day
Fair value measurements on a recurring basis | Net Asset Value | Other benefits
Fair value measurements on a recurring basis
Fair value of plan assets	$ 1,000	$ 13,000
Fair value measurements on a recurring basis | Net Asset Value | Other benefits | Non-U.S equity securities
Fair value measurements on a recurring basis
Fair value of plan assets		$ 10,000
Fair value measurements on a recurring basis | Net Asset Value | Other benefits | Non-U.S equity securities | Minimum
Fair value measurements on a recurring basis
Redemption notice period		5 days
Fair value measurements on a recurring basis | Net Asset Value | Other benefits | Non-U.S equity securities | Maximum
Fair value measurements on a recurring basis
Redemption notice period		30 days
Fair value measurements on a recurring basis | Net Asset Value | Other benefits | Non-U.S. equity index and ETFs
Fair value measurements on a recurring basis
Fair value of plan assets	41,000	$ 10,000
Fair value measurements on a recurring basis | Net Asset Value | Other benefits | Fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets		$ 2,000
Redemption notice period		15 days
Fair value measurements on a recurring basis | Net Asset Value | Other benefits | Non-U.S. fixed income securities
Fair value measurements on a recurring basis
Fair value of plan assets		$ 2,000
Fair value measurements on a recurring basis | Net Asset Value | Other benefits | Private equity at net asset value (NAV)
Fair value measurements on a recurring basis
Fair value of plan assets	1,000	1,000
Fair value measurements on a recurring basis | Net Asset Value | Other benefits | Cash equivalents, fund and at NAV
Fair value measurements on a recurring basis
Fair value of plan assets	10,000	3,000
Fair value measurements on a recurring basis | Net Asset Value | Other benefits | Cash equivalents
Fair value measurements on a recurring basis
Fair value of plan assets	$ 0	$ 0
Fair value measurements on a recurring basis | Net Asset Value | Other benefits | Cash equivalents | Minimum
Fair value measurements on a recurring basis
Redemption notice period	0 days	0 days
Fair value measurements on a recurring basis | Net Asset Value | Other benefits | Cash equivalents | Maximum
Fair value measurements on a recurring basis
Redemption notice period	1 day	1 day

Retirement benefits - Weighted

Retirement benefits - Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension benefits
Benefit obligation
Discount rate	5.77%	5.35%	5.67%
Rate of compensation increase	3.50%	3.50%	3.50%
Net periodic pension/benefit cost (years ended)
Discount rate	5.35%	5.67%	3.05%
Expected return on plan assets (gross return)	7.25%	7.25%	7.25%
Rate of compensation increase	3.50%	3.50%	3.50%
Other benefits
Benefit obligation
Discount rate	5.72%	5.39%	5.66%
Net periodic pension/benefit cost (years ended)
Discount rate	5.39%	5.66%	3.07%
Expected return on plan assets (gross return)	7.25%	7.25%	7.25%

Retirement benefits - Component

Retirement benefits - Components of NPPC and NPBC (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 45,821	$ 45,228	$ 77,823
Interest cost	101,882	98,606	76,817
Expected return on plan assets	(138,422)	(135,189)	(137,160)
Amortization of net prior service gain	0	0	0
Amortization of net actuarial losses (gains)	359	182	27,285
Net periodic pension/benefit cost	9,640	8,827	44,765
Impact of PUC D&Os	71,448	71,905	37,148
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	81,088	80,732	81,913
Pension benefits | Hawaiian Electric Company, Inc. and Subsidiaries
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	44,669	44,143	75,845
Interest cost	98,492	95,351	74,363
Expected return on plan assets	(135,095)	(131,962)	(133,873)
Amortization of net prior service gain	0	0	0
Amortization of net actuarial losses (gains)	99	28	26,358
Net periodic pension/benefit cost	8,165	7,560	42,693
Impact of PUC D&Os	71,448	71,905	37,148
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	79,613	79,465	79,841
Other benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1,112	1,430	2,580
Interest cost	7,365	8,497	6,488
Expected return on plan assets	(13,950)	(13,648)	(13,621)
Amortization of net prior service gain	0	(875)	(928)
Amortization of net actuarial losses (gains)	(2,898)	(1,865)	(8)
Net periodic pension/benefit cost	(8,371)	(6,461)	(5,489)
Impact of PUC D&Os	7,769	5,846	4,966
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	(602)	(615)	(523)
Other benefits | Hawaiian Electric Company, Inc. and Subsidiaries
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1,096	1,415	2,554
Interest cost	7,039	8,143	6,227
Expected return on plan assets	(13,742)	(13,442)	(13,381)
Amortization of net prior service gain	0	(872)	(925)
Amortization of net actuarial losses (gains)	(2,840)	(1,827)	0
Net periodic pension/benefit cost	(8,447)	(6,583)	(5,525)
Impact of PUC D&Os	7,769	5,846	4,966
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	$ (678)	$ (737)	$ (559)

Retirement benefits - ABO and P

Retirement benefits - ABO and PBO in Excess of Plan Assets (Details) - Pension benefits - USD ($) $ in Billions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans - ABOs	$ 1.7	$ 1.8
Defined benefit pension plans with PBOs in excess of plan assets2
PBOs	1.9	2
Fair value of plan assets	1.9	1.9
Hawaiian Electric Company, Inc. and Subsidiaries
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans - ABOs	1.7	1.7
Defined benefit pension plans with PBOs in excess of plan assets2
PBOs	0	1.9
Fair value of plan assets	$ 0	$ 1.8

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Income tax benefit	$ 0.3	$ 1.4	$ 1.5
Long-term incentive plan (LTIP)
Share-based compensation
Performance period (in years)	3 years
Exception to forfeiture, minimum requisite service period (in months)	12 months
Payout low end of range (as percent)	0%
Payout high end of range (as percent)	200%
Restricted stock units
Share-based compensation
Fair value	$ 1.4	3.7	4.2
Income tax benefit	0.3	0.8	0.6
Unrecognized compensation cost	$ 1.1
Weighted-average period over which unrecognized compensation cost expected to be recognized (in years)	1 year 1 month 6 days
LTIP linked to TRS
Share-based compensation
Fair value	$ 0	0	0.8
Income tax benefit			0.1
Unrecognized compensation cost	$ 1.1
Weighted-average period over which unrecognized compensation cost expected to be recognized (in years)	1 year 9 months 18 days
LTIP awards linked to other performance conditions
Share-based compensation
Fair value	$ 1.7	2.9	3.2
Income tax benefit	0.3	$ 0.6	$ 0.4
Unrecognized compensation cost	$ 3.4
Weighted-average period over which unrecognized compensation cost expected to be recognized (in years)	1 year 9 months 18 days
Equity and Incentive Plan (EIP)
Share-based compensation
Shares remaining available for future issuance (in shares)	1,800,000
Shares that can be issued upon vesting of outstanding units and achievement of performance goals (in shares)	700,000
Equity and Incentive Plan (EIP) | Restricted shares
Share-based compensation
Vesting period		3 years	3 years
Equity and Incentive Plan (EIP) | Restricted shares | Share-based Payment Arrangement, Tranche One
Share-based compensation
Vesting percentage	33.33%	33.33%	25%	25%
Equity and Incentive Plan (EIP) | Restricted shares | Share-based Payment Arrangement, Tranche Two
Share-based compensation
Vesting percentage	33.33%	33.33%	25%	25%
Equity and Incentive Plan (EIP) | Restricted shares | Share-based Payment Arrangement, Tranche Three
Share-based compensation
Vesting percentage	33.33%	33.33%	25%	25%
Equity and Incentive Plan (EIP) | Restricted shares | Share-Based Payment Arrangement, Tranche Four
Share-based compensation
Vesting percentage			25%	25%
Nonemployee Director Stock Plan
Share-based compensation
Shares remaining available for future issuance (in shares)	168,177

Share-based compensation - Sche

Share-based compensation - Schedule of Share-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3.6	$ 6.8	$ 7.5
Income tax benefit	0.3	1.4	1.5
Hawaiian Electric Company, Inc. and Subsidiaries
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1.8	3.3	3
Income tax benefit	$ 0.2	$ 0.8	$ 0.7

Share-based compensation - Sc_2

Share-based compensation - Schedule of Common Stock Granted to Non-employee Directors (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit	$ 0.3	$ 1.4	$ 1.5
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	0	40,450	35,720
Fair value	$ 0	$ 1.5	$ 1.5
Income tax benefit	$ 0	$ 0.4	$ 0.4

Share-based compensation - Sc_3

Share-based compensation - Schedule of Restricted Stock Units (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Outstanding, beginning of period (in shares)	189,024	182,528	233,448
Granted (in shares)	0	100,088	98,463
Vested (in shares)	(98,084)	(84,794)	(96,282)
Cancelled (in shares)	(24,241)	0	0
Forfeited (in shares)	(1,071)	(8,798)	(53,101)
Outstanding, end of period (in shares)	65,628	189,024	182,528
Weighted-Average Grant-Date Fair Value Per Share
Outstanding, beginning of period (in dollars per share)	$ 41.23	$ 39.75	$ 38.10
Granted (in dollars per share)	0	42.41	41.31
Vested (in dollars per share)	40.43	39.41	37.75
Cancelled (in dollars per share)	42.06	0	0
Forfeited (in dollars per share)	41.97	41.63	39.01
Outstanding, end of period (in dollars per share)	$ 42.09	$ 41.23	$ 39.75
Total weighted-average grant-date fair value of shares granted (in millions)	$ 0	$ 4.2	$ 4.1

Share-based compensation - Sc_4

Share-based compensation - Schedule of Long-Term Incentive Plan (LTIP) Linked to Total Return to Shareholders (Details) - LTIP linked to TRS - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Outstanding, beginning of period (in shares)	76,477	71,574	90,974
Granted (in shares)	62,152	27,123	26,469
Vested (issued or unissued and cancelled) (in shares)	(28,577)	(18,691)	(29,042)
Cancelled (in shares)	(10,821)	0	0
Forfeited (in shares)	(790)	(3,529)	(16,827)
Outstanding, end of period (in shares)	98,441	76,477	71,574
Weighted-Average Grant-Date Fair Value Per Share
Outstanding, beginning of period (in dollars per share)	$ 50.11	$ 47.67	$ 42.86
Granted (in dollars per share)	17.28	55.98	54.92
Vested (issued or unissued and cancelled) (in dollars per share)	41.12	48.62	41.07
Cancelled (in dollars per share)	55.46	0	0
Forfeited (in dollars per share)	55.64	53.72	44.45
Outstanding, end of period (in dollars per share)	$ 31.36	$ 50.11	$ 47.67
Total weighted-average grant-date fair value of shares granted (in millions)	$ 1.1	$ 1.5	$ 1.5

Share-based compensation - Sc_5

Share-based compensation - Schedule of Assumptions Used to Determine the Fair Value of Long-Term Incentive Plan (LTIP) Linked to Total Return to Shareholders (TRS) (Details) - LTIP linked to TRS - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.25%	4.19%	1.71%
Expected life in years	3 years	3 years	3 years
Expected volatility	52.50%	33.10%	31%
Range of expected volatility for Peer Group, minimum	12.30%	28.70%	25.40%
Range of expected volatility for Peer Group, maximum	52.50%	38.80%	76.70%
Grant date fair value (in dollars per share)	$ 17.28	$ 55.98	$ 54.92

Share-based compensation - Sc_6

Share-based compensation - Schedule of Long-Term Incentive Plan (LTIP) Linked to Other Performance Conditions (Details) - LTIP awards linked to other performance conditions - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Outstanding, beginning of period (in shares)	327,085	309,589	306,342
Granted (in shares)	362,963	108,499	105,860
Vested (in shares)	(113,118)	(62,778)	(71,807)
Increased above target (cancelled) due to performance (in shares)	(91,521)	(13,153)	36,505
Cancelled (in shares)	(43,277)	0	0
Forfeited (in shares)	(3,165)	(15,072)	(67,311)
Outstanding, end of period (in shares)	438,967	327,085	309,589
Weighted-Average Grant-Date Fair Value Per Share
Outstanding, beginning of period (in dollars per share)	$ 39.44	$ 39.50	$ 38.42
Granted (in dollars per share)	13.09	42.41	41.31
Vested (in dollars per share)	34.93	48.07	37.68
Increased above target (cancelled) due to performance (in dollars per share)	41.31	36.59	35.75
Cancelled (in dollars per share)	41.86	0	0
Forfeited (in dollars per share)	42.06	42.19	37.35
Outstanding, end of period (in dollars per share)	$ 18.17	$ 39.44	$ 39.50
Total weighted-average grant-date fair value of shares granted (in millions)	$ 4.8	$ 4.6	$ 4.4

Income taxes - Schedule of Comp

Income taxes - Schedule of Components of Income Taxes Attributable to Net Income for Common Stock (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Federal
Current	$ 13,220	$ 22,206	$ 61,511
Deferred	(376,141)	1,951	(37,922)
Deferred tax credits, net	0	52	4,031
Federal taxes	(362,921)	24,209	27,620
State
Current	2,009	2,924	6,467
Deferred	(110,050)	7,401	4,772
Deferred tax credits, net	0	0	56
State taxes	(108,041)	10,325	11,295
Total	(470,962)	34,534	38,915
Hawaiian Electric Company, Inc. and Subsidiaries
Federal
Current	34,216	40,365	75,118
Deferred	(373,316)	(3,444)	(39,646)
Deferred tax credits, net	0	22	137
Federal taxes	(339,100)	36,943	35,609
State
Current	7,864	9,367	15,780
Deferred	(108,311)	4,883	(1,769)
Deferred tax credits, net	0	0	56
State taxes	(100,447)	14,250	14,067
Total	$ (439,547)	$ 51,193	$ 49,676

Income taxes - Schedule of Reco

Income taxes - Schedule of Reconciliation of Amount of Income Taxes Computed at Federal Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Expense (Benefit) [Line Items]
Amount at the federal statutory income tax rate	$ (376,235)	$ 38,283	$ 42,410
Increase (decrease) resulting from:
State income taxes, net of federal income tax benefit	(85,483)	7,989	8,812
Net deferred tax asset (liability) adjustment related to the Tax Act	(6,200)	(7,316)	(9,886)
Tax credits, net	(2,987)	(2,251)	(487)
Other, net	(57)	(2,171)	(1,934)
Total	$ (470,962)	$ 34,534	$ 38,915
Effective income tax rate (%)	26.30%	18.90%	19.30%
Hawaiian Electric Company, Inc. and Subsidiaries
Income Tax Expense (Benefit) [Line Items]
Amount at the federal statutory income tax rate	$ (349,423)	$ 51,899	$ 50,526
Increase (decrease) resulting from:
State income taxes, net of federal income tax benefit	(79,487)	11,097	11,026
Net deferred tax asset (liability) adjustment related to the Tax Act	(6,200)	(7,316)	(9,886)
Tax credits, net	(2,987)	(2,251)	(397)
Other, net	(1,450)	(2,236)	(1,593)
Total	$ (439,547)	$ 51,193	$ 49,676
Effective income tax rate (%)	26.40%	20.70%	20.60%

Income taxes - Schedule of Defe

Income taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Wildfire tort-related claims	$ 483,749	$ 0
Regulatory liabilities, excluding amounts attributable to property, plant and equipment	76,765	78,884
Lease liabilities	130,556	109,480
Retirement benefits	45,879	28,623
Revenue taxes	48,379	49,522
Capital loss carryforward	66,430	0
Other	35,827	27,003
Total deferred income tax assets	887,585	293,512
Valuation allowances	(73,459)	0
Total deferred income tax assets, net	814,126	293,512
Deferred tax liabilities
Property, plant and equipment related	542,109	527,323
Lease right-of-use assets	130,483	109,420
Regulatory assets, excluding amounts attributable to property, plant and equipment	21,678	21,872
Other	47,148	37,103
Total deferred income tax liabilities	741,418	695,718
Net deferred income tax asset (liability)	72,708
Net deferred income tax asset (liability)		(402,206)
Deferred tax assets, tax credit carryforwards	3,800
Hawaiian Electric Company, Inc. and Subsidiaries
Deferred tax assets
Wildfire tort-related claims	483,749	0
Regulatory liabilities, excluding amounts attributable to property, plant and equipment	76,765	78,884
Lease liabilities	128,610	107,409
Retirement benefits	40,568	23,247
Revenue taxes	48,379	49,522
Capital loss carryforward	0	0
Other	22,387	20,817
Total deferred income tax assets	800,458	279,879
Valuation allowances	0	0
Total deferred income tax assets, net	800,458	279,879
Deferred tax liabilities
Property, plant and equipment related	532,257	513,064
Lease right-of-use assets	128,610	107,409
Regulatory assets, excluding amounts attributable to property, plant and equipment	21,678	21,872
Other	46,330	36,535
Total deferred income tax liabilities	728,875	678,880
Net deferred income tax asset (liability)	71,583
Net deferred income tax asset (liability)		$ (399,001)
State and Local Jurisdiction
Deferred tax liabilities
Tax credit carryforward	$ 5,200

Income taxes - Narrative (Detai

Income taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Expense (Benefit) [Line Items]
Deferred tax assets, valuation allowance	$ 73,459	$ 0
Settlement from IRS examination	10,800	0	$ 0
Unrecognized tax benefits that would impact effective tax rate	5,200	13,800
Credit adjustments to interest expense on income taxes	300	1,300	400
Amount of accrued interest related to uncertain tax positions	2,300	1,900
Capital Loss From Sale Of Discontinued Operation
Income Tax Expense (Benefit) [Line Items]
Deferred tax assets, valuation allowance	73,500	0
Hawaiian Electric Company, Inc. and Subsidiaries
Income Tax Expense (Benefit) [Line Items]
Deferred tax assets, valuation allowance	0	0
Settlement from IRS examination	10,800	0	0
Credit adjustments to interest expense on income taxes	300	100	$ 100
Amount of accrued interest related to uncertain tax positions	$ 100	$ 400

Income taxes - Schedule of Chan

Income taxes - Schedule of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in total unrecognized tax benefits
Unrecognized tax benefits, at the beginning of the period	$ 27.7	$ 30.6	$ 17.1
Additions based on tax positions taken during the year	0.7	0.5	19
Reductions based on tax positions taken during the year	(0.1)	0	(3.5)
Additions for tax positions of prior years	1.5	3.8	0.6
Reductions for tax positions of prior years	(4.6)	(7.2)	(2.6)
Lapses of statute of limitations	(1.9)	0	0
Settlement	(10.8)	0	0
Unrecognized tax benefits, at the end of the period	12.5	27.7	30.6
Hawaiian Electric Company, Inc. and Subsidiaries
Changes in total unrecognized tax benefits
Unrecognized tax benefits, at the beginning of the period	15.6	11.7	11.6
Additions based on tax positions taken during the year	0	0.3	0.1
Reductions based on tax positions taken during the year	0	0	0
Additions for tax positions of prior years	1.5	3.7	0.2
Reductions for tax positions of prior years	(0.6)	(0.1)	(0.2)
Lapses of statute of limitations	(0.5)	0	0
Settlement	(10.8)	0	0
Unrecognized tax benefits, at the end of the period	$ 5.2	$ 15.6	$ 11.7

Cash flows (Details)

Cash flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Continuing Operations
Supplemental disclosures of cash flow information
Interest paid to non-affiliates, net of amounts capitalized	$ 131	$ 109	$ 94
Interest paid on finance lease obligations	31	6	1
Income taxes paid (net of refundable credits)	32	24	32
Income taxes refunded (including refundable credits)	0	1	2
Supplemental disclosures of noncash activities
Electric utility property, plant and equipment-Unpaid invoices and accruals for capital expenditures, balance, end of period (investing)	43	43	67
Common stock dividends reinvested in HEI common stock (financing)	0	5	0
Right-of-use assets obtained in exchange for operating lease obligations (investing)	2	0	47
Property, plant, equipment and other assets received in exchange for the assumption of debt associated with a business acquisition (investing)	0	0	68
Debt, lease liabilities and other liabilities assumed in business acquisition (financing)	0	0	68
Common stock issued (gross) for director and executive/management compensation (financing)	2	6	9
Right-of-use assets obtained in exchange for finance lease obligations (financing)	106	294	48
Discontinued Operations
Supplemental disclosures of cash flow information
Interest paid to non-affiliates, net of amounts capitalized	121	61	12
Income taxes paid (net of refundable credits)	4	4	9
Income taxes refunded (including refundable credits)	2	0	0
Supplemental disclosures of noncash activities
Electric utility property, plant and equipment-Unpaid invoices and accruals for capital expenditures, balance, end of period (investing)	0	0	1
Right-of-use assets obtained in exchange for operating lease obligations (investing)	5	1	4
Common stock issued (gross) for director and executive/management compensation (financing)	1	2	1
Sale of ASB (investing/financing)	(508)	0	0
Loans transferred from held for investment to held for sale (investing)	29	106	0
Transfer of retail repurchase agreements to deposit liabilities (financing)	0	98	0
Obligations to fund low income housing investments, net (investing)	0	18	9
Transfer of securities from available for sale to held to maturities (investing)	0	0	755
Hawaiian Electric Company, Inc. and Subsidiaries
Supplemental disclosures of cash flow information
Interest paid to non-affiliates, net of amounts capitalized	88	74	69
Interest paid on finance lease obligations	31	6	1
Income taxes paid (net of refundable credits)	59	39	67
Income taxes refunded (including refundable credits)	0	2	0
Supplemental disclosures of noncash activities
Electric utility property, plant and equipment-Unpaid invoices and accruals for capital expenditures, balance, end of period (investing)	42	42	64
Right-of-use assets obtained in exchange for operating lease obligations (investing)	2	0	44
Right-of-use assets obtained in exchange for finance lease obligations (financing)	105	294	48
Estimated fair value of noncash contributions in aid of construction (investing)	19	21	14
Increase related to an acquisition (investing)	$ 0	$ 0	$ 15

Regulatory restrictions on ne_2

Regulatory restrictions on net assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Regulatory restrictions on net assets
Common stock equity	$ 1,479,089	$ 2,344,841	$ 2,202,499	$ 2,390,884
Hawaiian Electric Company, Inc. and Subsidiaries
Regulatory restrictions on net assets
Total capitalization, percentage	35%
Distribution restrictions, percent of earnings in current year and 5 preceding years if capitalization rate is less than 35%	80%
Total capitalization rate of HEI's electric utility subsidiaries	33%
Modified capitalization ratio	0.37
Common stock equity	$ 1,156,955	$ 2,409,110	$ 2,344,170	$ 2,261,899

Significant group concentrati_2

Significant group concentrations of credit risk (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 26, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Major customers
Percentage of workforce covered by collective bargaining arrangement		50%
Cash insured		$ 2,000
Restricted cash insured		10,000
Cash and cash equivalents		750,535	$ 244,091	$ 43,728
Restricted cash		492,317	15,028
Money market mutual funds
Major customers
Cash and cash equivalents		565,000
Restricted cash		482,000
Hawaiian Electric Company, Inc. and Subsidiaries
Major customers
Market rate adjustment percentage	11.40%
Annual incentive percentage	4%
Contract term	3 years
General wage increase percentage	3%
Incentive payment percentage	1%
Cash insured		69,000
Cash and cash equivalents		184,148	106,077	$ 39,242
Restricted cash		0	$ 2,000
Hawaiian Electric Company, Inc. and Subsidiaries | Money market mutual funds
Major customers
Cash and cash equivalents		$ 116,000

Fair value measurements - Fair

Fair value measurements - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial assets
Derivative asset, statement of financial position	Other	Other
Financial liabilities
Derivative liability, statement of financial position		Other
Carrying or notional amount
Financial assets
Derivative assets	$ 29,312	$ 10,634
Financial liabilities
Short-term borrowings	48,623
Derivative liabilities		22,949
Long-term debt, net	2,799,558	2,842,429
Carrying or notional amount | Money market mutual funds
Financial assets
Money market mutual funds	1,162,259	226,085
Carrying or notional amount | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Short-term borrowings	48,623
Long-term debt, net	1,901,214	1,934,277
Carrying or notional amount | Hawaiian Electric Company, Inc. and Subsidiaries | Money market mutual funds
Financial assets
Money market mutual funds	115,599	85,807
Estimated fair value
Financial assets
Derivative assets	1,629	972
Financial liabilities
Short-term borrowings	48,623
Derivative liabilities		303
Long-term debt, net	2,196,403	2,133,225
Estimated fair value | Money market mutual funds
Financial assets
Money market mutual funds	1,162,259	226,085
Estimated fair value | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Short-term borrowings	48,623
Long-term debt, net	1,446,316	1,385,025
Estimated fair value | Hawaiian Electric Company, Inc. and Subsidiaries | Money market mutual funds
Financial assets
Money market mutual funds	115,599	85,807
Estimated fair value | Quoted prices in active markets for identical assets (Level 1)
Financial assets
Derivative assets	0	0
Financial liabilities
Short-term borrowings	0
Derivative liabilities		0
Long-term debt, net	0	0
Estimated fair value | Quoted prices in active markets for identical assets (Level 1) | Money market mutual funds
Financial assets
Money market mutual funds	1,162,259	226,085
Estimated fair value | Quoted prices in active markets for identical assets (Level 1) | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Short-term borrowings	0
Long-term debt, net	0	0
Estimated fair value | Quoted prices in active markets for identical assets (Level 1) | Hawaiian Electric Company, Inc. and Subsidiaries | Money market mutual funds
Financial assets
Money market mutual funds	115,599	85,807
Estimated fair value | Significant other observable inputs (Level 2)
Financial assets
Derivative assets	1,629	972
Financial liabilities
Short-term borrowings	48,623
Derivative liabilities		303
Long-term debt, net	2,196,403	2,133,225
Estimated fair value | Significant other observable inputs (Level 2) | Money market mutual funds
Financial assets
Money market mutual funds	0	0
Estimated fair value | Significant other observable inputs (Level 2) | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Short-term borrowings	48,623
Long-term debt, net	1,446,316	1,385,025
Estimated fair value | Significant other observable inputs (Level 2) | Hawaiian Electric Company, Inc. and Subsidiaries | Money market mutual funds
Financial assets
Money market mutual funds	0	0
Estimated fair value | Significant unobservable inputs (Level 3)
Financial assets
Derivative assets	0	0
Financial liabilities
Short-term borrowings	0
Derivative liabilities		0
Long-term debt, net	0	0
Estimated fair value | Significant unobservable inputs (Level 3) | Money market mutual funds
Financial assets
Money market mutual funds	0	0
Estimated fair value | Significant unobservable inputs (Level 3) | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Short-term borrowings	0
Long-term debt, net	0	0
Estimated fair value | Significant unobservable inputs (Level 3) | Hawaiian Electric Company, Inc. and Subsidiaries | Money market mutual funds
Financial assets
Money market mutual funds	$ 0	$ 0

Unaudited summarized quarterl_3

Unaudited summarized quarterly information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Revenues	$ 799,180	$ 833,239	$ 795,417	$ 792,014	$ 853,424	$ 800,899	$ 798,800	$ 834,380	$ 3,219,850	$ 3,287,503	$ 3,420,917
Operating income (loss)
Operating income (loss)	53,662	(149,720)	(1,661,589)	50,887	74,331	62,552	68,111	69,998	(1,706,760)	274,992	279,555
Income (loss) from continuing operations for common stock	29,166	(123,180)	(1,249,697)	21,188	45,558	29,753	34,406	36,159	(1,322,523)	145,876	161,149
Income (loss) from discontinued operations	(97,411)	18,778	(45,787)	20,934	3,231	11,365	20,204	18,562	(103,486)	53,362	79,989
Net income (loss) for common stock	$ (68,245)	$ (104,402)	$ (1,295,484)	$ 42,122	$ 48,789	$ 41,118	$ 54,610	$ 54,721	$ (1,426,009)	$ 199,238	$ 241,138
Continuing operations - Basic earnings (loss) per common share (in dollars per share)	$ 0.17	$ (1.08)	$ (11.33)	$ 0.19	$ 0.41	$ 0.27	$ 0.31	$ 0.33	$ (10.42)	$ 1.33	$ 1.47
Discontinued operations - Basic earnings (loss) per common share (in dollars per share)	(0.56)	0.16	(0.42)	0.19	0.03	0.10	0.18	0.17	(0.81)	0.49	0.73
Basic earnings (loss) per common share (in dollars per share)	(0.40)	(0.91)	(11.74)	0.38	0.44	0.37	0.50	0.50	(11.23)	1.82	2.20
Continuing operations - Diluted earnings (loss) per common share (in dollars per share)	0.17	(1.08)	(11.33)	0.19	0.41	0.27	0.31	0.33	(10.42)	1.33	1.47
Discontinued operations - Diluted earnings (loss) per common share (in dollars per share)	(0.56)	0.16	(0.42)	0.19	0.03	0.10	0.18	0.17	(0.81)	0.48	0.73
Diluted earnings (loss) per common share (in dollars per share)	$ (0.40)	$ (0.91)	$ (11.74)	$ 0.38	$ 0.44	$ 0.37	$ 0.50	$ 0.50	$ (11.23)	$ 1.81	$ 2.20
Weighted-average number of common shares outstanding (in shares)	172,466	114,358	110,303	110,218	110,134	109,728	109,573	109,514	126,927	109,739	109,434
Weighted-average shares assuming dilution (in shares)	172,466	114,358	110,303	110,476	110,301	109,917	109,780	109,825	126,927	110,038	109,778
Operating Segments
Revenues
Revenues											$ 3,420,917
Other
Revenues
Revenues	$ 3,006	$ 3,622	$ 3,086	$ 3,436	$ 3,442	$ 5,912	$ 4,609	$ 4,019	$ 13,150	$ 17,982	12,330
Operating income (loss)
Operating income (loss)	(20,129)	(45,156)	(17,149)	(12,468)	(6,969)	(8,806)	(5,514)	(5,877)	(94,902)	(27,166)	(19,636)
Income (loss) from continuing operations for common stock									(96,161)	(48,076)	(27,780)
Electric utility
Revenues
Revenues											3,408,583
Electric utility | Operating Segments
Revenues
Revenues	796,174	829,617	792,331	788,578	849,982	794,987	794,191	830,361	3,206,700	3,269,521	3,408,587
Operating income (loss)
Operating income (loss)	$ 73,791	$ (104,564)	$ (1,644,440)	$ 63,355	$ 81,300	$ 71,358	$ 73,625	$ 75,875	(1,611,858)	302,158	299,191
Income (loss) from continuing operations for common stock									$ (1,226,362)	$ 193,952	$ 188,929

SCHEDULE I - CONDENSED FINANC_2

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - BALANCE SHEETS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets
Restricted cash	$ 492,317	$ 15,028	$ 5,050
Other	380,408	331,617
Noncurrent assets:
Property, plant and equipment, net	6,134,318	5,963,084
Total noncurrent assets	6,797,090	6,471,479
Total assets	8,931,416	17,243,821
Current liabilities:
Accounts payable	203,452	198,885
Current portion of long-term debt, net	109,171	16,496
Other	430,824	403,414
Total liabilities	7,418,034	14,864,687
Noncurrent liabilities:
Long-term debt, net	2,690,387	2,825,933
Other	242,957	247,637
Shareholders’ equity
Preferred stock, no par value, authorized 10,000,000 shares; issued: none	0	0
Common stock equity	2,264,544	1,707,471
Retained earnings	(788,916)	926,720
Accumulated other comprehensive income (loss), net of taxes	3,461	(289,350)
Total shareholders’ equity	1,479,089	2,344,841	2,202,499	$ 2,390,884
Total capitalization and liabilities	$ 8,931,416	$ 17,243,821
Preferred stock, authorized shares (in shares)	10,000,000	10,000,000
Preferred stock, issued shares (in shares)	0	0
Common stock, authorized shares (in shares)	200,000,000	200,000,000
Common stock, issued shares (in shares)	172,465,608	110,151,798
Common stock, outstanding shares (in shares)	172,465,608	110,151,798
Hawaiian Electric
Current assets
Cash and cash equivalents	$ 564,184	$ 136,510
Restricted cash	6,320	6,216	$ 0
Accounts and intercompany receivables	12,362	9,374
Notes receivable from subsidiaries	684	4,821
Other	8,688	8,432
Total current assets	592,238	165,353
Noncurrent assets:
Property, plant and equipment, net	1,300	1,495
Deferred income tax assets	9,870	9,889
Other assets	7,477	14,510
Investments in subsidiary, at equity - discontinued operations	1,747,992	2,495,235
Total noncurrent assets	1,766,639	2,521,129
Investments in subsidiary, at equity - discontinued operations	0	529,851
Total assets	2,358,877	3,216,333
Current liabilities:
Accounts payable	4,982	8,272
Interest payable	3,262	3,397
Current portion of long-term debt, net	49,962	0
Other	69,295	51,938
Total liabilities	879,788	871,492
Noncurrent liabilities:
Long-term debt, net	730,598	782,005
Retirement benefits liability	19,114	21,876
Other	2,575	4,004
Total noncurrent liabilities	752,287	807,885
Total current liabilities	127,501	63,607
Shareholders’ equity
Preferred stock, no par value, authorized 10,000,000 shares; issued: none	0	0
Common stock equity	2,264,544	1,707,471
Retained earnings	(788,916)	926,720
Accumulated other comprehensive income (loss), net of taxes	3,461	(289,350)
Total shareholders’ equity	1,479,089	2,344,841
Total capitalization and liabilities	$ 2,358,877	$ 3,216,333
Preferred stock, authorized shares (in shares)	10,000,000	10,000,000
Common stock, authorized shares (in shares)	200,000,000	200,000,000
Common stock, issued shares (in shares)	172,465,608	110,151,798
Common stock, outstanding shares (in shares)	172,465,608	110,151,798

SCHEDULE I - CONDENSED FINANC_3

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - STATEMENTS OF INCOME (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Income Statements, Captions [Line Items]
Revenues	$ 799,180	$ 833,239	$ 795,417	$ 792,014	$ 853,424	$ 800,899	$ 798,800	$ 834,380	$ 3,219,850	$ 3,287,503	$ 3,420,917
Expenses
Depreciation of property, plant and equipment									261,701	254,990	244,477
Total expenses									4,926,610	3,012,511	3,141,362
Operating income (loss)	53,662	(149,720)	(1,661,589)	50,887	74,331	62,552	68,111	69,998	(1,706,760)	274,992	279,555
Less: Retirement defined benefits expense (credit)—other than service costs									(3,754)	(4,014)	(3,688)
Interest expense									127,207	125,532	103,402
Interest income									(19,362)	(9,105)	0
Income (loss) from continuing operations before income taxes									(1,791,595)	182,300	201,954
Income tax benefits									470,962	(34,534)	(38,915)
Income (loss) from continuing operations									(1,320,633)	147,766	163,039
Income (loss) from discontinued operations	(97,411)	18,778	(45,787)	20,934	3,231	11,365	20,204	18,562	(103,486)	53,362	79,989
Net income (loss) for common stock	$ (68,245)	$ (104,402)	$ (1,295,484)	$ 42,122	$ 48,789	$ 41,118	$ 54,610	$ 54,721	(1,426,009)	199,238	241,138
Hawaiian Electric
Condensed Income Statements, Captions [Line Items]
Revenues									492	268	320
Equity in net income (loss) of subsidiaries - continuing operations									(1,271,182)	186,170	193,087
Expenses
Operating, administrative and general									38,853	22,962	20,850
Depreciation of property, plant and equipment									409	402	399
Taxes, other than income taxes									1,120	864	732
Total expenses									40,382	24,228	21,981
Operating income (loss)									(1,311,072)	162,210	171,426
Less: Retirement defined benefits expense (credit)—other than service costs									383	289	147
Interest expense									39,406	32,630	21,997
Interest income									(12,729)	(2,651)	0
Income (loss) from continuing operations before income taxes									(1,338,132)	131,942	149,282
Income tax benefits									15,609	13,934	11,867
Income (loss) from continuing operations									(1,322,523)	145,876	161,149
Income (loss) from discontinued operations									(103,486)	53,362	79,989
Net income (loss) for common stock									$ (1,426,009)	$ 199,238	$ 241,138

SCHEDULE I - CONDENSED FINANC_4

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net cash provided by (used in) operating activities	$ 487,481	$ 551,471	$ 454,476
Cash flows from investing activities
Capital expenditures	(344,251)	(442,727)	(339,333)
Other, net	10,330	6,558	14,184
Net cash used in investing activities	258,318	(257,399)	(1,128,682)
Cash flows from financing activities
Net decrease in short-term borrowings with original maturities of three months or less	0	(137,650)	83,652
Proceeds from issuance of short-term debt	50,000	65,000	35,000
Repayment of short-term debt	0	(100,000)	0
Proceeds from issuance of long-term debt	5,475	625,000	227,312
Repayment of long-term debt and funds transferred for repayment of long-term debt	(97,698)	(167,080)	(221,910)
Withheld shares for employee taxes on vested share-based compensation	(1,074)	(2,371)	(3,165)
Net proceeds from issuance of common stock	556,612	1,223	0
Common stock dividends	0	(73,957)	(111,229)
Other	(13,867)	(5,133)	(2,041)
Net cash provided by (used in) financing activities	154,705	195,575	567,671
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	900,504	489,647	(106,535)
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	694,574	204,927	311,462
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31	1,595,078	694,574	204,927
Less: Restricted cash	(492,317)	(15,028)	(5,050)
Cash and cash equivalents from continuing operations, December 31	750,535	244,091	43,728
Hawaiian Electric
Cash flows from operating activities
Net cash provided by (used in) operating activities	(9,324)	131,873	167,150
Cash flows from investing activities
Increase in note receivable from subsidiary	(5,004)	(3,542)	(1,140)
Decrease in note receivable from subsidiary	0	0	0
Capital expenditures	(214)	(21)	(224)
Dividend from subsidiary	400,950	0	0
Investments in subsidiaries	(510,650)	(12,246)	(50,629)
Other, net	(1,518)	610	1,662
Net cash used in investing activities	(116,436)	(15,199)	(50,331)
Cash flows from financing activities
Net decrease in short-term borrowings with original maturities of three months or less	0	(49,683)	(4,315)
Proceeds from issuance of short-term debt	0	65,000	35,000
Repayment of short-term debt	0	(100,000)	0
Proceeds from issuance of long-term debt	0	100,000	160,000
Repayment of long-term debt and funds transferred for repayment of long-term debt	0	(50,000)	(150,000)
Proceeds from issuance of revolving credit facility	0	175,000	0
Repayment of syndicated credit facility	(2,000)	0	0
Withheld shares for employee taxes on vested share-based compensation	(1,074)	(2,371)	(3,165)
Net proceeds from issuance of common stock	556,612	1,223	0
Common stock dividends	0	(112,957)	(153,229)
Other	0	(771)	(978)
Net cash provided by (used in) financing activities	553,538	25,441	(116,687)
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	427,778	142,115	132
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	142,726	611	479
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31	570,504	142,726	611
Less: Restricted cash	(6,320)	(6,216)	0
Cash and cash equivalents from continuing operations, December 31	$ 564,184	$ 136,510	$ 611

SCHEDULE I - CONDENSED FINANC_5

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Less unamortized debt issuance costs and debt discount	$ (6,681)	$ (8,097)
Less current portion long-term debt, net of unamortized debt issuance cost	(109,171)	(16,496)
Long-term debt, net—other than bank	2,690,387	2,825,933
Aggregate principal payments, fiscal year maturity:
2024	110,000
2025	153,000
2026	435,000
2027	274,000
2028	51,000
Line of credit facility | HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 173,000	$ 175,000
Weighted average interest rate (as percent)	6.89%	7.19%
Line of credit facility | HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027 | SOFR
Condensed Financial Statements, Captions [Line Items]
Line of credit facility basis point spread	1.80%
Line of credit facility | HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027 | Secured Overnight Financing Rate (SOFR) Excluding Sustainability Margin And Additional Adjustments
Condensed Financial Statements, Captions [Line Items]
Line of credit facility basis point spread	1.75%
Line of credit facility | HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027 | Secured Overnight Financing Rate (SOFR), Sustainability Margin Adjustment
Condensed Financial Statements, Captions [Line Items]
Line of credit facility basis point spread	0.05%
Line of credit facility | HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027 | Secured Overnight Financing Rate (SOFR), Additional Adjustment
Condensed Financial Statements, Captions [Line Items]
Line of credit facility basis point spread	0.10%
Hawaiian Electric
Condensed Financial Statements, Captions [Line Items]
Less unamortized debt issuance costs and debt discount	$ (2,440)	$ (2,995)
Less current portion long-term debt, net of unamortized debt issuance cost	(49,962)	0
Long-term debt, net—other than bank	730,598	782,005
Aggregate principal payments, fiscal year maturity:
2024	50,000
2025	16,000
2026	157,000
2027	193,000
2028	0
Thereafter	367,000
Cash dividends paid	427,000	168,000	$ 168,000
HEI DRIP transaction	0	5,000	0
Hawaiian Electric | American Savings Bank (ASB)
Aggregate principal payments, fiscal year maturity:
Cash dividends paid	401,000
Hawaiian Electric | ASB Hawaii, Inc. | Consolidated subsidiary
Aggregate principal payments, fiscal year maturity:
Accounts receivable reduction	1,600	2,300	1,900
HEI notes payable increase to ASHI	1,600	2,300	$ 1,900
Hawaiian Electric | Mahipapa, LLC
Aggregate principal payments, fiscal year maturity:
Notes and interest receivable forgiven	9,600
Hawaiian Electric | HEI 4.58% senior notes, due 2025
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 50,000	50,000
Debt instrument, stated interest rate (as percent)	4.58%
Hawaiian Electric | HEI 4.72% senior notes, due 2028
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 100,000	100,000
Debt instrument, stated interest rate (as percent)	4.72%
Hawaiian Electric | HEI 2.82% senior notes, due 2028
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 24,000	24,000
Debt instrument, stated interest rate (as percent)	2.82%
Hawaiian Electric | HEI 2.48% senior notes, due 2028
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 30,000	30,000
Debt instrument, stated interest rate (as percent)	2.48%
Hawaiian Electric | HEI 6.04% senior notes, due 2028
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 39,000	39,000
Debt instrument, stated interest rate (as percent)	6.04%
Hawaiian Electric | HEI 2.98% senior notes, due 2030
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 50,000	50,000
Debt instrument, stated interest rate (as percent)	2.98%
Hawaiian Electric | HEI 3.15% senior notes, due 2031
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 51,000	51,000
Debt instrument, stated interest rate (as percent)	3.15%
Hawaiian Electric | HEI 2.78% senior notes, due 2031
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 25,000	25,000
Debt instrument, stated interest rate (as percent)	2.78%
Hawaiian Electric | HEI 2.98% senior notes, due 2032
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 30,000	30,000
Debt instrument, stated interest rate (as percent)	2.98%
Hawaiian Electric | HEI 5.43% senior notes, due 2032
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 75,000	75,000
Debt instrument, stated interest rate (as percent)	5.43%
Hawaiian Electric | HEI 6.10% senior notes, due 2033
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 61,000	61,000
Hawaiian Electric | HEI 5.43% senior notes, due 2034
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 35,000	35,000
Debt instrument, stated interest rate (as percent)	5.43%
Hawaiian Electric | HEI 3.74% senior notes, due 2051
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 20,000	20,000
Debt instrument, stated interest rate (as percent)	3.74%
Hawaiian Electric | HEI 3.94% senior notes, due 2052
Condensed Financial Statements, Captions [Line Items]
Gross long-term debt	$ 20,000	$ 20,000
Debt instrument, stated interest rate (as percent)	3.94%

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Valuation and qualifying accounts
Bad debt expenses deferred to regulatory assets	$ 300	$ 2,700	$ 16,200
Allowance for uncollectible accounts – electric utility | Hawaiian Electric Company, Inc. and Subsidiaries
Valuation and qualifying accounts
Balance at beginning of period	4,560	6,111	26,100
Charged to costs and expenses	4,721	8,161	6,028
Charged to other accounts	1,965	(665)	(14,626)
Deductions	5,684	9,047	11,391
Balance at end of period	$ 5,562	$ 4,560	$ 6,111