- Represents significant progress toward 100% renewable energy

- One of state’s largest energy procurements ever

- Additional 500 MW of firm generation on O‘ahu to be sought

Hawaiian Electric Company, Inc. (Hawaiian Electric), a subsidiary of Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE), today submitted its Integrated Grid Planning Request for Proposals (IGP RFP), seeking plans for competitively priced renewable energy and storage for Oʻahu, Hawaiʻi Island and Maui to meet customers’ growing energy needs and modernize the generation fleet to drive down costs by reducing the use of oil for power generation.

Collectively, these projects comprise one of Hawaiian Electric’s largest-ever energy solicitations. When completed, these projects will make significant progress toward the state’s goal of using 100% renewable energy for power generation by 2045. Today is the deadline for submittal of the RFP solicitation as part of the company’s planning process overseen by the Public Utilities Commission (PUC).

“Hawai‘i needs to move faster and we think our expedited procurement plan is the best way to drive competition, evaluate all options and more rapidly build a portfolio that meets the requirements of efficiency, reliability and lower carbon emissions and does it at the least cost,” said Scott Seu, CEO of Hawaiian Electric. “This is one of the actions we’re taking that will benefit our customers and our state sooner, not on some faraway horizon.”

Hawaiian Electric is proposing four immediate action steps:

• Retiring aging power plants sooner by accelerating the addition of modern firm generation that can efficiently produce electricity 24/7 when variable resources like wind and solar aren’t available.
• Launching one of the largest generation resource procurements in state history in a competitive bidding process to seek nearly 1,650 gigawatt-hours (GWh) of variable renewable energy (i.e. solar, wind,) 465 megawatts (MW) of grid forming resources (i.e. solar generation plus battery storage) and 111 MW of firm generating capacity, resources that can be available 24/7. Projects would be in service between 2031-2034.
• Seeking separate, expedited regulatory approval to expand the procurement for fuel-flexible firm generation resources on O‘ahu by up to an additional 500 MW. In a letter to the Public Utilities Commission, the company said it was seeking a “transparent, Commission-supervised forum” to evaluate the firm generation component within the broader portfolio of new resources without pre-determining its size or fuel requirement.
• Launching a request for proposals for all fuels by the end of 2026, including liquid and gaseous fuels, to provide a competitive evaluation of such measures as price, sourcing and environmental impact.

Oʻahu, home to nearly one million residents, uses more than 70% of the electricity generated in Hawaiʻi. Electricity demand is growing at its fastest pace in two decades as transportation and industrial processes become increasingly electrified.

Hawaiian Electric emphasized that it remains open to a range of solutions to meet Hawaiʻi’s energy needs, including liquefied natural gas (LNG) for power generation.

“We believe natural gas could be a beneficial option for Hawaiʻi if it can deliver value to our customers,” Seu said. “At the same time, any such pathway must be evaluated transparently, rigorously, and independently through the PUC’s process.”

An affiliate of a Japan-based energy conglomerate announced its plan to create a separate regulated utility to build and operate what would be the biggest power plant on O‘ahu, fueled by LNG, with additional generating project investments to follow. This energy conglomerate notified the PUC it will seek approval of this project outside the longstanding competitive bidding structure.

If the PUC agrees to expand the scope of procurement in the upcoming competitive bidding process, the energy conglomerate’s project could be considered as part of the overall portfolio of resources being sought.

“Having more options is always good and we welcome proposals by all developers to help find the optimal resource mix for Hawaiʻi,” Seu said. “We believe in an open competitive process as opposed to a sole-source, multibillion-dollar contract without seeing what else is out there to ensure we’re getting the best outcome for Hawaiʻi today and for decades to come.”

Interested developers can find more information on Hawaiian Electric’s website about the company’s competitive bidding process. Information about the RFP regulatory proceeding can be found on the PUC website under docket number 2024-0258 and on HEI’s Investor Relations website in the “Reports & Filings” section, on the “Select PUC Filings” page.

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