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:  July 26, 2010

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.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01.  Regulation FD Disclosure.

On July 30, 2010, HECO issued a news release, “Hawaiian Electric files 2011 rate request to help increase use of clean energy and maintain reliable service.” A copy of the news release is attached hereto as Exhibit 99 and incorporated by reference into this Item 7.01.

Item 8.01  Other Events.

A.  The following is an update to the HECO discussion in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Electric utility” under “Most recent rate requests - HECO” and “Most recent rate requests — MECO — 2010 test year rate case,” which is incorporated herein by reference to pages 64-68 and 71, respectively, of HEI’s and HECO’s Form 10-Q for the quarter ended March 31, 2010.

HECO 2011 Test Year Rate Case

On July 30, 2010, HECO filed a request with the Public Utilities Commission of the State of Hawaii (PUC) for a general rate increase of $94 million, or 5.4% over the electric rates currently in effect, based on a 2011 test year, the estimated impacts of the implementation of decoupling as proposed in the PUC’s separate decoupling proceeding and depreciation rates and methodology as proposed by HECO in a separate depreciation proceeding. Excluding the effects of the implementation of decoupling, the effective revenue request is $113.5 million, or 6.6%. The request includes an increase of $54 million, or 3.1% (or $74 million, or 4.3% without the implementation of decoupling), primarily to pay for major capital projects and operating and maintenance costs to maintain service reliability. The remainder of the request is to recover the costs for several proposed programs to help reduce Hawaii’s dependence on imported oil, further increase reliability and increase fuel security.

The request is based on a 10.75% return on average common equity (ROACE), an 8.54% return on rate base (ROR), a $1.57 billion average rate base and a capital structure which includes a 56% common equity capitalization. HECO’s electric rates currently in effect include annual interim rate increases of $77.5 million granted by the PUC in HECO’s 2007 test year rate case and $73.8 million granted by the PUC in HECO’s 2009 test year rate case, which are subject to final decisions from the PUC, and are subject to refund with interest if and to the extent that the final decisions provide for a lesser increase.

The proposed rate increase would recover investments in capital projects completed or to be completed since the 2009 test year rate case (e.g., higher depreciation expense), including investments in the 110 MW biofuel generating facility that were not part of the 2009 test year rate case and Phase 1 of the East Oahu Transmission Project (which was placed in service on June 29, 2010); increased costs to support the integration of more renewable energy generation; other improvements and higher operation and maintenance costs required to maintain and improve system reliability.

Maui Electric Company, Limited (MECO) 2010 Test Year Rate Case

In a rate case, the PUC may grant an interim rate increase (subject to refund with interest pending the final outcome of the case) if the PUC determines that the public utility is probably entitled to an increase in its rates. On July 27, 2010, the PUC issued an interim Decision and Order (D&O) granting MECO an increase of $10.3 million in annual revenues, or 3.3% over revenues currently in effect. The tariff changes implementing the interim increase will be effective August 1, 2010. If the amount collected pursuant to the interim rate increase exceeds the amount of the increase ultimately approved in the final D&O, then the excess would have to be refunded to MECO’s ratepayers, with interest.

The interim increase is based on the settlement agreement (executed and filed on June 21, 2010 by MECO and the Consumer Advocate), which included a 10.5% ROACE, an 8.43% ROR and a $387 million average rate base. The interim increase also reflects the temporary approval of new depreciation rates and methodology proposed by MECO in a separate depreciation proceeding.

1

In the settlement agreement, the parties agreed that the final rates set in MECO’s 2007 test year rate case may impact revenues at current effective rates and at present rates, and the amount of the stipulated interim rate increase will be adjusted to take into account any such changes.

B.  The following is an update to the HECO discussion in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Electric utility” under “Other developments — Advanced Metering Infrastructure,” which is incorporated herein by reference to page 76, of HEI’s and HECO’s Form 10-Q for the quarter ended March 31, 2010.

Advanced Metering Infrastructure

On July 26, 2010, the PUC issued an Order denying HECO, HELCO and MECO’s (collectively, the utilities) requests for an extended pilot test of their Advanced Metering Infrastructure (AMI) system and smart meters on Oahu, and dismissing the utilities’ AMI application, without prejudice. In its Order, the PUC reiterated its support for an AMI and smart grid concept to reduce the state’s dependence on fossil fuels, but noted that future AMI and smart grid applications should include or be preceded by an overall smart grid plan or proposal filed with the PUC. As of June 30, 2010, the utilities did not have any deferred costs related to the AMI project proceeding. Management is currently evaluating the PUC’s Order and the future plans for AMI.

Item 9.01.  Financial Statements and Exhibits.

(d)  Exhibits

Exhibit 99News release dated July 30, 2010

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/ James A. Ajello	/s/ Tayne S. Y. Sekimura
James A. Ajello	Tayne S. Y. Sekimura
Senior Financial Vice President,	Senior Vice President and
Treasurer and Chief Financial Officer	Chief Financial Officer
(Principal Financial Officer of HEI)	(Principal Financial Officer of HECO)
Date: July 30, 2010	Date: July 30, 2010

2

EX-99

Exhibit 99

Hawaiian Electric Company

NEWS RELEASE

Contact:	Lynne Unemori	For Immediate Release
	(808) 543-7972	July 30, 2010

Hawaiian Electric files 2011 rate request to help increase use of

clean energy and maintain reliable service

(Honolulu, Hawaii)  Hawaiian Electric Company today asked the Hawaii Public Utilities Commission (PUC) to consider a rate increase for Oahu in 2011. The filing asks for a basic revenue increase of 3.1% largely for the cost of major completed capital projects serving its electric customers, as well as for the increasing cost of operation and maintenance of the Oahu electrical system.  The PUC and the Division of Consumer Advocacy will conduct an extensive review of the request. If approved, any increase would not go in effect until mid-2011, at the earliest.

The filing also proposes several major new programs to help reduce Hawaii’s dependence on imported fossil fuels, and further increase reliability and fuel supply security. These include:

·New programs to increase the amount of renewable energy purchased from independent power producers, including work to help reliably integrate more renewable energy;

·Upgrades to Hawaiian Electric’s existing generation facilities to allow for expanded use of biofuels, reduced use of oil by increasing the efficiency of existing generating units, and reduced emissions, including greenhouse gasses;

·A fuel security program focused on maintaining larger fuel inventories, including for biofuels, and increased maintenance of fuel storage facilities, and

·A comprehensive replacement program for Hawaiian Electric’s existing transmission and distribution infrastructure to ensure service reliability and manage future operating and maintenance costs.

“We know times are still tough in Hawaii’s economy, but the status quo of heavy oil dependence is not acceptable.  We must make the investments to move away from that dependence now or risk even greater costs in the future,” said Robbie Alm, Hawaiian Electric Executive Vice President.

If approved, the impact of the increase will vary by customer category and amount of electricity used. The basic 3.1% increase, or $54 million in additional revenues, would increase the typical 600 kilowatt-hour monthly residential electric bill by $4.07, from $157.99 to $162.06, based on July 2010 bills.

If the PUC approves all the proposed new programs, it would result in a further increase of 2.3%, or $40 million in revenues, raising the typical 600 kilowatt-hour monthly residential bill by another $3.01 for a total of $165.07.

Because these proposed new programs are essential to achieving Hawaii’s clean energy goals, Hawaiian Electric has already begun spending on some efforts, using company funds while seeking PUC permission to recover future costs in rates.

The requested increase would help cover more than $670 million in investments in capital projects and programs completed in 2009 or to be completed in 2010 or 2011, including:

·Completion costs for the 110-megawatt biofueled generating unit and related 138-kilovolt transmission line at Campbell Industrial Park;

·Modifications to the Kahe Power Plant generating unit #3 to test the use of biofuels in existing generating units;

·The completed first phase of the East Oahu Transmission Project which increases service reliability to more than half of Oahu’s electric customers by adding alternative transmission routes;

·Distribution projects to serve new Department of Defense facilities;

·Power plant instrumentation, control, and boiler work to increase reliability and operating flexibility of aging existing generating units; and

·Investments in overhead and underground cables, transformers, poles, meters, switches, and other facilities to maintain reliable service and fulfill new customer service requests.

The proposed increase assumes implementation of a new regulatory process called decoupling, which breaks the link between utility revenues and electricity sales to help encourage conservation and energy efficiency. The PUC approved decoupling earlier this year and a PUC order specifying the implementation details of decoupling is pending. Without decoupling, the rate request is higher by 1.2% or $20 million.

Hawaiian Electric has made a concerted effort to control costs and reduce spending wherever possible. For example, the company has re-bid and re-negotiated contracts with vendors on a wide variety of supplies and services, ranging from wireless phone services to office supplies to transformers.

The PUC is expected to hold a public hearing on the proposed 2011 increase later this year and an evidentiary hearing next year.  The PUC may grant an interim increase within 10 to 11 months following Hawaiian Electric’s application; however, there is no guarantee of such an interim increase. The timing and amount of any final increase is at the discretion of the PUC.

Hawaiian Electric’s last rate increase was a 5.7% interim increase, the majority of which went into effect in August 2009.

Hawaiian Electric Company, together with its subsidiaries Maui Electric Company and Hawaii Electric Light Company, supplies power to more than 400,000 customers on the islands of Oahu, Hawaii, Maui, Lanai and Molokai, which are home to 95% of the total population of the State of Hawaii. It is a subsidiary of Hawaiian Electric Industries (NYSE: HE).

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