Hawaiian Electric Industries, Inc., through its subsidiaries, engages in electric utility and banking businesses operating primarily in the state of Hawaii. The company's subsidiary, Hawaiian Electric Company, Inc. (Hawaiian Electric) and its operating utility subsidiaries, Hawaii Electric Light Company, Inc. (Hawaii Electric Light) and Maui Electric Company, Limited (Maui Electric), are regulated electric public utilities The company also owns directly or indirectly various subsidiaries, including American Savings Holdings, Inc. (ASHI) (a holding company) and its subsidiary, American Savings Bank, F.S.B. (ASB), and the subsidiaries of ASB; HEI Properties, Inc. (HEIPI); Hawaiian Electric Industries Capital Trusts II and III; and The Old Oahu Tug Service, Inc. (TOOTS). Electric utility Hawaiian Electric and subsidiaries and service areas: Hawaiian Electric, Hawaii Electric Light and Maui Electric (Utilities) are regulated operating electric public utilities engaged in the production, purchase, transmission, distribution and sale of electricity on the islands of Oahu; Hawaii; and Maui, Lanai and Molokai, respectively. The principal communities served include Honolulu (on Oahu), Hilo and Kona (on Hawaii) and Wailuku and Kahului (on Maui). The service areas also include suburban communities, resorts, U.S. Armed Forces installations and agricultural operations. The state has granted Hawaiian Electric, Hawaii Electric Light and Maui Electric nonexclusive franchises, which authorize the Utilities to construct, operate and maintain facilities over and under public streets and sidewalks. Customers: The company and its subsidiaries sell electricity to various federal government agencies. Nonutility generation The company’s renewable energy sources and potential sources range from wind, solar, photovoltaic, geothermal, wave and hydroelectric power to energy produced by the burning of bagasse (sugarcane waste), municipal waste and other biofuels. Hawaii Electric Light and Maui Electric firm capacity power purchase agreements (PPAs): As of December 31, 2013, Hawaii Electric Light has PPAs for 119.5 MW (megawatt) (of which 94.6 MW are available) and Maui Electric has a PPA for 16 MW (including 4 MW of system protection) of firm capacity. Maui Electric has a PPA with Hawaiian Commercial & Sugar Company (HC&S) for 16 MW of firm capacity. Regulation: The Public Utilities Commission of the State of Hawaii (PUC) regulates the rates, issuance of securities, accounting and certain other aspects of the operations of Hawaiian Electric and its electric utility subsidiaries. The Utilities are not subject to regulation by the Federal Energy Regulatory Commission (FERC) under the Federal Power Act. Research and development: The Utilities expensed approximately $3.0 million in 2013 for research and development. Properties: Hawaiian Electric owns and operates four generating plants on the island of Oahu at Honolulu, Waiau, Kahe and Campbell Industrial Park (CIP). These plants have an aggregate net generating capability of 1,322 MW, as of December 31, 2013. The four plants are situated on Hawaiian Electric-owned land having a combined area of 535 acres and three parcels of land totaling 5.5 acres under leases expiring between June 30, 2016 and December 31, 2018, with options to extend to June 30, 2026. Hawaii Electric Light owns and operates five generating plants on the island of Hawaii, two at Hilo and one at each of Waimea, Keahole and Puna, along with distributed generators at substation sites. These plants have an aggregate net generating capability of 197.1 MW, as of December 31, 2013. Maui Electric owns and operates two generating plants on the island of Maui, at Kahului and Maalaea, with an aggregate net generating capability of 244.3 MW, as of December 31, 2013. American Savings Bank, F.S.B. American Savings Bank, F.S.B. operates as a federally chartered savings bank. ASB’s loan portfolio consists primarily of residential 1-4 family fixed-rate mortgage loans. Construction and development lending: ASB provides both fixed- and adjustable-rate loans for the construction of one-to-four unit residential and commercial properties. Multifamily residential and commercial real estate lending: ASB provides permanent financing and construction and development financing collateralized by multifamily residential properties (including apartment buildings) and collateralized by commercial and industrial properties (including office buildings, shopping centers and warehouses) for its own portfolio, as well as for participation with other lenders. Consumer lending: ASB offers secured and unsecured consumer loans. Loans collateralized by deposits are limited to 90% of the available account balance. ASB offers home equity lines of credit, clean energy loans, secured and unsecured VISA cards, checking account overdraft protection and other general purpose consumer loans. Commercial lending: ASB provides both secured and unsecured commercial loans to business entities. Investment Activities: ASB’s investment portfolio consists of mortgage-related securities, stock of the Federal Home Loan Bank of Seattle, federal agency obligations and municipal bonds. ASB owns mortgage-related securities issued by the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Government National Mortgage Association (GNMA) and federal agency obligations. Deposits: ASB’s deposits products include savings, checking, money market, and certificate of deposits. Regulation: ASB, a federally chartered savings bank, and its holding companies are subject to the regulatory supervision of the (Office of the Comptroller of the Currency) and (Federal Reserve Board), respectively, and in certain respects, the Federal Deposit Insurance Corporation. Environmental regulation: ASB would be subject to the provisions of Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), Hawaii Environmental Response Law (ERL) and regulations promulgated thereunder, which impose liability for environmental cleanup costs on certain categories of responsible parties. History Hawaiian Electric Industries, Inc. was founded in 1891.
hawaiian electric inds (HE:New York)
1001 Bishop Street
Honolulu, HI 96813
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