Conservation, cooler weather help cut HEI's net income
Advertiser Staff
Hawaiian Electric Industries Inc. said third-quarter net income slipped 12.1 percent to $37.5 million because of increased utility operations and maintenance costs. HEI is the parent of American Savings Bank, Hawaiian Electric Co., Hawaii Electric Light Co. Inc. and Maui Electric Co.
THE NUMBERS
Revenue: $491.3 million, up 19.8 percent from a year ago
Net income: $37.5 million, down 12.1 percent from a year ago
Earnings per share: 46 cents, down 13.2 percent from a year ago
HECO net income: $22.6 million, down 13.7 percent from a year ago
American Savings net income: $15.9 million, up 3.3 percent from a year ago
REASONS
WHAT THEY ARE SAYING
"We saw demand levels increase significantly last year, so we are comparing sales against a high bar. (There was) lower usage due to less-humid weather and more energy conservation."
Robert ClarkeHawaiian Electric Industries Inc. chief executive
WHAT'S NEXT
HECO, which received a 3.3 percent interim rate increase in September from the state Public Utilities Commission, is waiting for the commission to rule on a 1.9 percent rate increase to pay for the expansion of its energy-efficiency and energy- conservation programs.
Under a 20-year plan, the utility is considering building a 100-megawatt power plant at Campbell Industrial Park to handle peak loads and a 180-megawatt coal-burning plant.
