Annual Report
to Shareholders
2024
Provides electricity and related
services for 95% of Hawai‘i’s
population and operates 3 utilities
and 5 separate island grids
Invests in sustainable infrastructure
as part of HEI’s strategy to be a
catalyst for a better Hawai‘i
Financial Highlights
Unaudited
YEARS ENDED DECEMBER 31
(in millions, except per share amounts)
2024
2023
2022
Operating income
($1,707)
$275
$280
Net income (loss) for common stock by segment
Income (loss) from continuing operations for common stock
(1,323)
146
161
Income (loss) from discontinued operations1
(103)
53
80
Net Income (loss) for common stock
(1,426)
199
241
Diluted earnings (loss) per share
($11.23)
$1.81
$2.20
Net income (loss) by segment
Electric Utility
(1,226)
194
189
Other
(96)
(48)
(28)
Income (loss) from continuing operations for common stock
(1,323)
146
161
Core2 income from continuing operations for common stock
124
152
155
Continuing operations – Diluted earnings (loss) per common share
($10.42)
$1.33
$1.47
Continuing operations – Core2 diluted earnings (loss) per common share
$0.98
$1.38
$1.41
Core2 income from discontinued operations for common stock
79
73
80
Discontinued operations – Diluted earnings (loss) per common share
($0.81)
$0.48
$0.73
Discontinued operations – Core2 diluted earnings (loss) per common share
$0.63
$0.66
$0.73
Common shares (in millions)
December 31
172.5
110.2
109.5
Weighted-average – basic
126.9
109.7
109.4
Weighted-average – diluted
126.9
110.0
109.8
1 Discontinued operations include the results of ASB’s operations through the date of the sale and the loss on the sale of ASB.
2 Measures described as “Core” are non-GAAP measures. See the “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation in
Appendix B.
* Hawaiian Electric Company, Inc. is a subsidiary of HEI. As a holding company, HEI does not sell products or services and therefore is not regulated by the state Public Utilities
Commission.
*
1
FELLOW SHAREHOLDERS
Aloha mai kākou,
HEI continues to be guided by our common purpose:
To create a better Hawai‘i that’s thriving economically,
environmentally, culturally and socially, where everyone
in our community enjoys an abundance of resources and
opportunities that enable them to achieve their hopes
and dreams.
The tragic events of August 2023 left everlasting impacts on
our Maui community and our company. 2024 was a story
of working as quickly as possible to resolve the Maui wildfire
tort litigation, reduce wildfire risk, and enable our operating
companies to be financially healthy in order to serve their
customers well into the future. As I reflect on this pivotal
moment in our company’s history, I’m proud of the significant
progress we’ve made to address the challenges before us
and build a foundation for long-term success.
2
Regaining Financial Strength and Focus
A key milestone in our journey forward was the sale of
over 90% of American Savings Bank (ASB) in December.
Our decision to sell ASB hinged on enabling the bank to
operate independently and strengthen its relationships with
customers while also allowing HEI to eventually transition
to a “pure-play” utility holding company solely focused on
supporting Hawaiian Electric. It’s not lost on me that since
HEI was created in 1983, our longest lasting diversified
business venture was ownership of ASB, which HEI acquired
in 1988. All of us at HEI wish our former colleagues at ASB
much success.
This transaction was the result of a deliberate and thoughtful
process involving numerous potential buyers. After evaluating
a range of factors—including transaction certainty, proceeds,
regulatory considerations and potential stakeholder
impacts—our Board concluded that selling the bank to
independent investors was the best next step.
We are pleased to have completed the sale expeditiously,
with simultaneous signing and closing. Importantly, the
proceeds from this transaction support our efforts to rebuild
our financial strength, while creating flexibility for how we
finance Maui wildfire-related obligations and key utility
initiatives, such as wildfire risk reduction.
Settlement Agreement Reached in
Maui Wildfire Tort Litigation
In early November, HEI and Hawaiian Electric joined
numerous other defendants in the Maui wildfire tort litigation
to sign definitive settlement agreements with plaintiffs.
This milestone outcome was the culmination of months of
negotiations, and once final court approval is obtained, the
settlements will provide an accelerated path to recovery
for those impacted by the fires. Just as importantly, the
settlements reflect our values of accountability and care for
our community. Our Board and management are pleased to
have reached the agreements on an expedited basis, and
in the coming months we will be focused on executing the
steps required to finalize the agreements.
One of these key steps was achieved in early 2025, when
the Hawai‘i Supreme Court issued a unanimous decision
resolving an issue of Hawai‘i State law that had challenged
the viability of the settlement. The Court’s decision not only
aligned with our arguments, but was also issued on an
accelerated timeline—helping to move the settlement forward
and provide more clarity for our company’s path toward
reestablishing financial stability.
3
Commitment to Wildfire Safety
and Resilience
We are deeply committed to advancing our wildfire
mitigation efforts, and since launching an expanded Wildfire
Safety Strategy in the wake of the Maui wildfires, Hawaiian
Electric has rapidly advanced efforts to reduce the risk
of wildfires ignited by its equipment. In 2024, our utility
launched a Public Safety Power Shutoff program, tested
and replaced thousands of utility poles, upgraded miles
of overhead power lines, cleared intrusive vegetation near
electrical equipment and installed weather stations and
A.I.-assisted high-definition video cameras across its service
territories. These initiatives have led to substantial strides
in wildfire risk reduction, and reflect our ongoing dedication
to supporting Hawai‘i’s resilience and safety in the face of
increasingly severe weather events.
While making these advancements in wildfire mitigation,
the utility also continued to progress another key strategic
initiative: integrating increasing amounts of renewables on the
utility’s grid. The utility achieved a 36% renewable portfolio
standard in 2024, up from 33% in 2023.
This keeps Hawaiian Electric on track to reach its interim goal
of 40% RPS by 2030. The utility was able to achieve this
milestone while reducing customer rates, and the average
residential bill decreased 7% in 2024.
Hawaiian Electric plans to continue deploying new
technology, fortifying infrastructure, minimizing fire hazards
and expanding community partnerships to reduce the risk of
a wildfire started by its equipment even further. These actions
have been detailed in an updated Wildfire Safety Strategy
announced in January of this year. The enhanced plan
underscores that the increase in extreme weather events
requires a coordinated effort by many organizations—
accompanied by supportive public policy—to keep our
communities safe. We will continuously refine the program in
collaboration with the community and other stakeholders, as
we continue to respond and adapt to a changing climate.
4
A Clear Path Forward
We believe these collective actions, coupled with the
dedication of our employees and partners, position our
company to emerge stronger, more focused and more
resilient in the wake of the Maui wildfires. Our actions will
continue to be driven by our objective to remain a strong,
financially healthy enterprise best positioned to serve the
communities in which we operate. This objective will guide us
as we continue to strengthen our community’s resilience to
wildfires and other extreme weather events, while supporting
Hawai‘i’s transition to a clean energy future.
On behalf of our Board, leadership and employees, thank
you for your confidence and partnership as we continue to
navigate this transformative period.
Me ke aloha pumehana – with my warm regards,
Scott W. H. Seu
President and Chief Executive Officer
Hawaiian Electric Industries, Inc.
2024 Annual Report to Shareholders
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