Scott W. Seu
Welcome, everyone.
today's start For of who touch I'll and accomplishments then through Scott over of we've year the walk recent our to over overview open then priorities We'll important financial an and financial the our for implications going discuss forward. questions. the up past it on I'll made it results. announcements with turn will call, DeChetto,
guided us financial healthy was what August of told actions company, past wake serve communities of the measured strength wildfires. operate. the the objective in in I'm proud throughout enterprise, our objective to accomplish. and that Maui you the positioned has months we a of the The history in financially of remain best our taken as which XX year we've maintain past to prudent we've This strong, to pivotal able we've been our Since XXXX, to is
to expedited agreements wildfire together a final basis, the approved settlement -- significantly parties recovery for by the provide company's an months clarity an and the did culmination path we toward Money In ahead. accomplishment in other of accelerated our so sign with on We November will enhancing by fires. XXXX, impacted path came of the negotiations, the court, milestone to litigation. settlement was for This those once fully
actions successful and in Throughout numerous The work position the proceeds, first took in million finalizing September fully offering settlement. financial settlement. net our the in closed the the toward we as $XXX year, payment bolster HEI we equity ensure we our strongest is resulted to possible under in funding liquidity
million liquidity by $XXX our strengthened the facility million holding in the at credit backed also a at utility. We $XXX ATM place accounts putting company and program receivable a
liquidity in collective With these strongest position XXXX history. our the company's actions, in we ended
American numerous including strategic In Board investors December, our we best buyers. was Savings completed a selling late was range transaction regulatory a to a the impacts, process and group proceeds, of review certainty, of potential transaction factors, the evaluating stakeholder forward. considerations potential process that and the deliberate thoughtful involving the for bank of After concluded Bank. result This independent step
strengthening core will sale bank and our of proceeds to Our balance debt, holding reduce us position regulatory strategy going and business. forward. to HEI and XX.X% The flexibility used simplifies our focus on be of financial company sheet increasing our utility allows
safety grid. the develop on last wildfire just the in XX% impactful progress integrating XXXX, renewable Following safety achievements increasing and measures, wildfire standard another utility progress I'll expedited of amounts from made were add utilities XX% the also in long-term portfolio long-term up strategy an key would a utility its safety to which the The initiative, XXXX, renewables while achieved shortly. continuing that XXXX. strategic I'd the This its other decreased reach measures reducing we closely discuss working interim in residential Maui to was bill utilities Electric by safety Hawaiian with the in rates utility quickly wildfire implement stakeholders while average XXXX. milestone able implemented wildfires, customer In month, an this XX% made goal strategy. said strategy, enhanced the community while more the The to wildfire submitted on track RPS updated X% that to to detail basis and and of keeps utility achieve XXXX. updated on
mechanism our and the continuing producer number the of utility legislature emphasize I'd independent it's complicated wildfire is is our finally, still at fund juggling State its this legislature had power pursue a energy recovery clean projects. creation of early financing legislative in And process, efforts to Hawaii of support a year. issues that a to
Hawaii of in to However, I'm address the high engagement issues. level so critical among these many pleased that
risk remain of are next the approximately of utility wildfires wake Turning service able the weather launched upgraded reflect the safety and our XXXX, and These electrical rapidly utility such XXXX the reduce safety equipment. poles, strides ignited safety thousands and high-definition to make near I'm In of invested territories. by in utility of has risk safety wildfire miles the increasingly make launching stations overhead We in AI-assisted vegetation initiatives to reduce wildfires. video utility million shutoff ongoing utility dedication the Maui our that an severe power efforts lines; resilience to of intrusive of tested since supporting program, to And efforts. equipment to alone, advanced weather In mitigation face wildfire cameras improvements. XXXX installed the strategy wildfires, replaced $XXX in wildfire Hawaii's advancing pleased events. slide. deeply public to substantial to we cleared power and across a committed our expanded
for with updated balancing an communities. to upon detailed the In immediate approach on establishes response builds risk and updated X. plan accomplish be in $XXX strategy XXXX. taken August approximately through and safety The to of utilities the plan about The capital affordability wildfires $XXX X-year XXXX a while this measures to XXXX cost for at accomplish action January, of objective plan is reduction is filed implement our Slide with identify ultimate expenditures. to is actions can the the expected utility the million million, estimated reliability and that greatest strategy The wildfire PUC. the The
note that will and will measures PUC strategy I'd process include conditions. assessments an the risk, be of and annual the environmental which of evolving mitigation Wildfire ongoing updates wildfire Safety to implementation
that Lastly, the February on arguments to XXXX Court filed outstanding I'll Hawai wildfires. issues who subrogation insurers Maui Supreme to note the X, proceeding the resolve heard the claims related oral with in
separately from few becomes insurers paid a final, a recover line. arguments Just while court's sue cannot settling settlement. the favor. decision decision aligns decision on clarity issued defendants. more our the Maui accelerated path bringing The February time decision in in financial XX, We're It for on arose with stability. later, forward, our to the clarifies toward challenges issued settlement to increased to pleased position settlement aligns the move loss amounts to wildfires, on court helps the our reestablishing an that seeking court's The was once company's those unanimous key providing insurers that questions plaintiffs certainty our suffered that the who with and days
step settlement in now approval. circuit This in judicial court for the the agreements second and settlement the finalizing final Maui consider can was a key
become due We payment the settlement this late early first next. expect our under to or year obligation
are in weather events our liquidity believe model, focused well more of protect simpler, forward, business on measures our with going priorities. we continue summary, and position positioned we catastrophic executing strong to place against In to risk the
Looking supportive wildfire settlement ahead, and to agreement grade. finalizing returning legislation, implementing in focus Maui continue and litigation we'll on ultimately obtaining the the investment tort to
DeGhetto. the now over I'll turn Scott that, call to With
