HECO: Power bills in Hawaii could soar by up to 20% with rising price of fuel
HONOLULU (HawaiiNewsNow) - With oil prices rising, expect your electricity bill to go up, too.
That’s the message from Hawaiian Electric, which is forecasting that Oahu customers could see their residential bills rise by about 10% in next several months amid the ongoing Ukraine crisis and inflation.
Hawaii Island and Maui County customers will see bills rise by an estimated 20%.
“The increases we’re anticipating are more abrupt than we’ve seen before and, on top of the inflation we’ve all experienced in recent months, I know they will impact the budgets of many households,” said Joe Viola, senior vice president of customer, legal and regulatory affairs.
“We hope that by letting customers know what’s coming this helps households and businesses plan budgets and reduce energy use.”
Hawaii already pays the most in the nation for household electricity.
HECO said the formula for rates is regulated by the Public Utilities Commission and includes fuel costs that fluctuate with world markets.
Hawaiian Electric said it makes no profit on the fuel used to generate electricity.
The utility said if you’re having trouble paying your bill, click here for payment arrangement options.
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