UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 16, 2012
Exact Name of Registrant |
| Commission |
| I.R.S. Employer |
as Specified in Its Charter |
| File Number |
| Identification No. |
Hawaiian Electric Industries, Inc. |
| 1-8503 |
| 99-0208097 |
Hawaiian Electric Company, Inc. |
| 1-4955 |
| 99-0040500 |
State of Hawaii
(State or other jurisdiction of incorporation)
1001 Bishop Street, Suite 2900, Honolulu, Hawaii 96813 – Hawaiian Electric Industries, Inc. (HEI)
900 Richards Street, Honolulu, Hawaii 96813 – Hawaiian Electric Company, Inc. (HECO)
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code:
(808) 543-5662 - HEI
(808) 543-7771 - HECO
None
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
The following is an update to the disclosure on rate requests in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Electric utility” under “Most recent rate proceedings,” which is incorporated herein by reference to pages 58-61, of HEI’s and HECO’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.
Hawaii Electric Light Company, Inc. (HELCO) 2013 Test Year Rate Case
On August 16, 2012, HELCO filed a request with the Public Utilities Commission of the State of Hawaii (PUC) for a general rate increase of $19.8 million, or 4.2% over the electric rates currently in effect, based on a 2013 test year. HELCO’s electric rates currently in effect are rates as a result of HELCO’s 2010 test year rate case. The proposed rate increase is required to cover expenses and additional investments to maintain and improve system reliability and to support the integration of more renewable energy generation.
The request is based on the following:
Return on average common equity (ROACE) |
| 10.25% |
Common equity capitalization (%) |
| 57.05% |
Return on average rate base (RORB) |
| 8.30% |
Average rate base amount |
| $455 million |
The PUC may grant an interim increase within 10 to 11 months following the filing of an application, but there is no guarantee of such an interim increase and interim amounts collected are subject to refund with interest.
HEI and HECO intend to continue to use HEI’s website, www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI’s website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI’s website, in addition to following HEI’s, HECO’s and American Savings Bank, F.S.B.’s press releases, SEC filings and public conference calls and webcasts. The information on HEI’s website is not incorporated by reference in this document or in HEI’s and HECO’s SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the PUC website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI’s and HECO’s other SEC filings.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.
HAWAIIAN ELECTRIC INDUSTRIES, INC. |
| HAWAIIAN ELECTRIC COMPANY, INC. |
(Registrant) |
| (Registrant) |
|
|
|
|
|
|
/s/ James A. Ajello |
| /s/ Tayne S. Y. Sekimura |
James A. Ajello |
| Tayne S. Y. Sekimura |
Executive Vice President, |
| Senior Vice President and |
Chief Financial Officer and Treasurer |
| Chief Financial Officer |
(Principal Financial Officer of HEI) |
| (Principal Financial Officer of HECO) |
Date: August 17, 2012 |
| Date: August 17, 2012 |