Approved HECO rate increase far lower than what utility asked for
HONOLULU (HawaiiNewsNow) - Oahu residents: Your power bill is about to go up.
The Public Utilities Commission has issued an interim decision approving a 2.5 percent rate increase for Hawaiian Electric Company.
That's far lower than the 7 percent increase to base rates that HECO had sought.
Officials said the increase will raise the typical Oahu monthly residential bill for 500 kilowatt hours by about $2.82.
The rate increase is aimed at helping to pay for key initiatives that will increase the reliability and resilience of the power grid.
The PUC has not yet determined the effective date of the rate increase.
Alan Oshima, president and CEO of Hawaiian Electric, said he's "extremely disappointed" with the lower increase.
"It's especially disappointing because we worked for months to achieve what we believed was a fair negotiated settlement with the Consumer Advocate that was in the best interest of customers," he said, in a news release.
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