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Hawaiian Electric Q2 Power Sales Slip, Plans $1.3 Billion Grid Investment Through 2035

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Hawaiian Electric Industries (HE) reported Q2 earnings Friday, showing total electricity sales of 2,015 gigawatt-hours, down from 2,032 GWh a year earlier.

Hawaiian Electric reported sales of 1,496 GWh for the quarter ended June 30, down from 1,509 GWh a year earlier.

Hawaii Electric Light increased sales to 260 GWh in Q2, up from 257 GWh for the same quarter last year.

Maui Electric sales declined to 259 GWh for the quarter, down from 266 GWh a year earlier.

The company said it submitted its Integrated Grid Plan Request for Proposals to Hawaii regulators in July, seeking nearly 1,650 GWh of variable renewable energy, 465 MW of grid-forming resources and 111 MW of firm generating capacity.

"The proposed procurement is one of our largest ever, and would help us build a portfolio that meets the requirements of reliability and lower carbon emissions at the least cost to customers," said Scott Seu, HEI president and CEO.

Hawaiian Electric said it plans to invest about $1.3 billion through 2035 to build or expand renewable energy interconnection points, alongside about $60 million in distribution upgrades over the next 10 years and $190 million for climate adaptation over the next five years.

The company expects capital expenditures of $700 million to $750 million in 2026, about $700 million to $800 million in 2027 and about $750 million to $850 million in 2028 to strengthen grid resilience, reduce wildfire risk and repower firm generation.

Key projects include the Waiau Repower project, with forecast spending of $158 million in 2026, $150 million in 2027 and $243 million in 2028. Hawaiian Electric also plans to invest $80 million, $93 million and $73 million, respectively, in its Wildfire Mitigation Plan over the same period.

The company also expects to spend $62 million on the Waena battery energy storage and solar project in 2026 and $16 million in 2027, while the Army Privatization project carries planned investments of $29 million, $66 million and $36 million across 2026-2028.

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