HONOLULU (KHNL) - The state Public Utilities Commission approved an interim rate increase for Hawaiian Electric Company Monday.
HECO says the nearly 5 percent increase for Oahu electric customers will generate just under $70 million in annual net revenues.
The impact of the increase will vary by type of customer and actual electricity usage. "We know any rate increase isn't easy for our customers," said Robbie Alm, Hawaiian Electric's Senior Vice President, Public Affairs, "but we have a responsibility to maintain the electric system, and the fact is those costs are going up."
The company says the amount reflects a previously announced settlement agreement involving HECO, the state consumer advocate and the U.S. Department of Defense.
The PUC will continue to review details of the request and later issue a final decision. If, at that time, a lower final increase is approved, the difference would be refunded to customers with interest.