MEDIA RELEASE

The state Public Utilities Commission has approved a settlement between the Hawaiian Electric Companies and the sate Division of Consumer Advocacy resolving several pending regulatory proceedings.

The settlement, originally filed with the PUC in January, called for Hawaii Electric Light Company to withdraw its 2013 rate case.

As part of the settlement, Hawaiian Electric Company, Maui Electric Company and Hawaii Electric Light Company also agreed to write off $40 million in costs for two major projects: the 110-megawatt biofuel generating station at Campbell Industrial Park and the companies’ new customer information system.

This write-off has already been reflected in the utilities’ financial results for 2012.

In addition, Hawaiian Electric agreed to delay the filing of its next rate case, which was originally scheduled for this year under the current regulatory schedule for periodically evaluating electric rates.

“We recognize these are difficult times for our customers,” said Robbie Alm, Hawaiian Electric executive vice president. “As the PUC noted in its decision, this will allow everyone to move forward and focus even more on our state’s clean energy priorities and on reducing our dependence on oil.”

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