State approves first HECO rate increase in six years

State approves first HECO rate increase in six years

HONOLULU (HawaiiNewsNow) - Oahu residents: Your power bill is about to go up.

The state's Public Utilities Commission on Friday issued an order that approves the revised tariffs for a 2.3-percent rate increase by the Hawaiian Electric Company.

The revised rate, which is much lower than the 7 percent increase that HECO had initially sought to impose upon Oahu customers, will go into effect on February 16. A company spokesperson says the new rate would increase the bill of a residential customer who uses 500 kilowatt hours by about $2.60 per month.

The rate increase, which is expected to generate around $36 million in annual revenue, is aimed at helping to pay for key initiatives that will increase the reliability and resilience of the island's power grid.

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