-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M/9c7+Bg39GxvsHaQfT5Y+Mw1BICT3gmE4hpIHb0SsuNYzoPyfcaecLGkjJfEVKA ZiKNJDxfmpauKR07R5zw6g== 0000898430-99-002310.txt : 19990625 0000898430-99-002310.hdr.sgml : 19990625 ACCESSION NUMBER: 0000898430-99-002310 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990526 ITEM INFORMATION: FILED AS OF DATE: 19990528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC INDUSTRIES INC CENTRAL INDEX KEY: 0000354707 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 990208097 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08503 FILM NUMBER: 99637972 BUSINESS ADDRESS: STREET 1: 900 RICHARDS ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085435662 MAIL ADDRESS: STREET 1: 900 RICHARDS STREET CITY: HONOLULU STATE: HI ZIP: 96813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC CO INC CENTRAL INDEX KEY: 0000046207 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 990040500 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-04955 FILM NUMBER: 99637973 BUSINESS ADDRESS: STREET 1: 900 RICHARDS ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085437771 MAIL ADDRESS: STREET 1: 900 RICHARDS STREET CITY: HONOLULU STATE: HI ZIP: 96813 FORMER COMPANY: FORMER CONFORMED NAME: HAWAIIAN ELECTRIC CO LTD DATE OF NAME CHANGE: 19670212 8-K 1 FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: May 26, 1999 ================================================================================ Exact Name of Registrant Commission I.R.S. Employer as Specified in Its Charter File Number Identification No. --------------------------- ----------- ------------------ Hawaiian Electric Industries, Inc. 1-8503 99-0208097 Hawaiian Electric Company, Inc. 1-4955 99-0040500 ================================================================================ State of Hawaii ---------------------------------------------- (State or other jurisdiction of incorporation) 900 Richards Street, Honolulu, Hawaii 96813 ---------------------------------------------------------------- (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (808) 543-5662 - Hawaiian Electric Industries, Inc. (HEI) (808) 543-7771 - Hawaiian Electric Company, Inc. (HECO) None -------------------------------------------------------------- (Former name or former address, if changed since last report.) ================================================================================ Item 5. Other Events Forward-looking information This report and other presentations made by Hawaiian Electric Industries, Inc. (HEI) and its subsidiaries contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical information contained herein, the matters set forth are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but are not limited to, such factors as the effect of international, national and local economic conditions, including the condition of the Hawaii tourist and construction industries and the Hawaii housing market; the effects of weather and natural disasters; product demand and market acceptance risks; increasing competition in the electric utility industry; capacity and supply constraints or difficulties; new technological developments; and governmental and regulatory actions, including decisions in rate cases and on permitting issues. Investors are also referred to other risks and uncertainties discussed in other periodic reports previously and subsequently filed by HEI and/or Hawaiian Electric Company, Inc. (HECO) with the Securities and Exchange Commission. HECO and subsidiaries' kilowatthour (KWH) sales forecast As of May 26, 1999, the updated five-year KWH sales forecast of HECO, Hawaii Electric Light Company, Inc. (HELCO) and Maui Electric Company, Limited (MECO) was as follows:
Actual Forecast ---------------------------------------------------------------- 1998 1999 2000 2001 2002 2003 - ----------------------------------------------------------------------------------------------------------------- Sales (millions of KWH)/1/ HECO (Oahu).................... 6,938 6,951 6,969 6,991 7,057 7,128 HELCO (Hawaii)................. 903 905 911 919 932 946 MECO (Maui, Lanai, Molokai).... 1,029 1,056 1,078 1,104 1,133 1,167 ------------------------------------------------------------------------- Total............................ 8,870 8,912 8,958 9,014 9,122 9,241 ========================================================================= Increase (decrease) from previous year (%)....... (1.0) 0.5 0.5 0.6 1.2 1.3 =========================================================================
/1/ Assumes, among other things, the impact of demand-side management programs, normalized weather based on a 23-year average and visitor arrival growth beginning in 2001, primarily due to expected improvements in Japan's economy and the value of the yen. 1 HELCO power situation update Prevention of Significant Deterioration/Covered Source Permit (PSD permit). As a - -------------------------------------------------------------------------- result of an Environmental Protection Agency's Environmental Appeals Board's (EAB's) decision on November 25, 1998 and its denial of all motions for reconsideration on March 3, 1999, there have been further delays in HELCO's construction of two combustion turbines (CT-4 and CT-5). The actual length of the delays will depend on the actions needed to address the EAB's rulings, but installation of CT-4 and CT-5 is currently expected to be completed by early 2001. HELCO continues to work with the Department of Health of the State of Hawaii to address the EAB's concerns regarding air quality data in the PSD permit application, with the intent of reaching a final resolution as expeditiously as possible. Despite the additional delays, HELCO believes that the PSD permit will eventually be obtained, and CT-4 and CT-5 will be built. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof. HAWAIIAN ELECTRIC INDUSTRIES, INC. HAWAIIAN ELECTRIC COMPANY, INC. (Registrant) (Registrant) /s/ Robert F. Mougeot /s/ Paul Oyer - -------------------------- ----------------------------- Robert F. Mougeot Paul A. Oyer Financial Vice President and Financial Vice President and Chief Financial Officer of HEI Treasurer (Principal Financial Officer of HEI) (Principal Financial Officer of HECO) Date: May 26, 1999 Date: May 26, 1999 2 -----END PRIVACY-ENHANCED MESSAGE-----