WAILUKU, Hawaii (AP) - The Hawaii Public Utilities Commission has approved the first base-rate increase in six years by Maui Electric Company Ltd.
The Maui News reported Sunday that the power company announced the 3.7% increase Friday and expects the change to generate $12.1 million in annual revenue.
The commission approved the base-rate increase last month, but totals had not been finalized. The final tariff and rate schedules and effective date remain subject to commission approval.
The company says the updated rate filed April 17 would help pay for operational improvements, including system upgrades, improved customer service and integration of more renewable energy.
The utility says it will no longer pass on all fossil fuel costs. Instead, customers will pay 98%, with the remaining 2% paid by Maui Electric, up to a $633,000 cap.