Hawaiian Electric Industries, Inc. (HEI) reported a slight increase in total revenues for the first quarter of 2026, reaching $746.4 million, compared to $744.1 million in the same period of 2025. The electric utility segment generated $744 million in revenues, up from $738.4 million year-over-year. However, operating income decreased to $53.4 million from $62.4 million, primarily due to higher operating expenses, which rose to $693.1 million from $681.7 million. Net income for common stock increased by 14% to $30.5 million, compared to $26.7 million in the prior year, attributed to a lower net loss in the all other segment following the sale of Hamakua Holdings in March 2025.
The company experienced notable changes in its operational metrics, with kilowatt-hour sales increasing by 0.4% compared to the same quarter in 2025. This growth was driven by cloudier weather conditions that reduced solar energy production. The average fuel oil cost per barrel rose to $95.53, a decrease from $104.55 in the previous year, reflecting the impact of fluctuating crude oil prices. The effective tax rate for the quarter was 21%, up from 19% in the prior year, primarily due to the non-recurrence of a discrete tax benefit recognized in the previous period.
Strategically, HEI has been focusing on divesting its non-utility subsidiaries, with plans to integrate all employees into Hawaiian Electric. The Public Utilities Commission (PUC) approved the suspension of certain affiliate transaction requirements, allowing for a more streamlined corporate structure. Additionally, the company is actively pursuing its 2025-2027 Wildfire Safety Strategy, which includes measures to mitigate wildfire risks and enhance grid resilience. The PUC has also approved several projects aimed at increasing renewable energy capacity, including a significant battery energy storage system.
As of March 31, 2026, Hawaiian Electric had approximately 475,556 customer accounts, reflecting a slight increase from the previous year. The company continues to face challenges related to the Maui windstorm and wildfires, with liabilities related to tort claims estimated at $1.92 billion. The first installment of $479 million for the settlement of these claims was paid on April 10, 2026. Looking ahead, HEI anticipates ongoing liquidity challenges due to the remaining settlement payments and the impact of credit rating downgrades on its ability to access low-cost capital. The company remains committed to achieving its renewable energy goals and enhancing its operational resilience in the face of climate-related challenges.
About HAWAIIAN ELECTRIC CO INC
Hawaiian Electric Industries, Inc. is a holding company primarily engaged in electric utility operations in Hawaii. Its subsidiaries provide electricity to most of the state's population through regulated utilities on multiple islands. The company focuses on renewable energy, grid modernization, and sustainability, serving residential, commercial, and industrial customers. It emphasizes safety, employee development, and environmental compliance within its integrated energy and infrastructure business model.
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