Consolidated variable interest entities. The HE AR INTER LLC and its direct subsidiary, HE AR BRWR LLC, (collectively, the Special Purpose Entities or SPEs) are bankruptcy remote, direct and indirect wholly owned subsidiaries of the Utilities. Pursuant to the asset-based lending facility (ABL Facility) credit agreement, the Utilities sell certain accounts receivable to the SPEs as collateral, which in turn, obtain financing from financial institutions. As of June 30, 2026, the ABL Facility remains undrawn and the SPEs have $319.5 million of net accounts receivable, included in “Customer accounts receivable, net,” and “Accrued unbilled revenues, net” on the Utilities’ Condensed Consolidated Balance Sheets and “Accounts receivable and unbilled revenues, net” on the Company’s Condensed Consolidated Balance Sheets.

The SPEs are considered VIEs due to insufficient equity investment at risk. The most significant activities that impact the economic performance of the SPEs are cash and financing management. The Utilities are considered the primary beneficiary as the Utilities direct the activities related to cash and financing management and therefore, are required to consolidate the SPEs. Although the SPEs are direct and indirect wholly owned consolidated subsidiaries of the Utilities, the SPEs are legally separate from the Utilities. The assets of the SPEs (which are primarily accounts receivables) are not available to creditors of the Utilities.

Power purchase agreements. The Utilities have power purchase agreements (PPAs) with independent power producers (IPPs) and Schedule Q providers (i.e., customers with cogeneration and/or power production facilities who buy power from or sell power to the Utilities). As of June 30, 2026, the Utilities evaluated and concluded none of the IPPs or Schedule Q providers are currently required to be consolidated by reasons that i) no variable interests exist in the PPAs; ii) where variable interests are present, the Utilities are not deemed the primary beneficiary due to lack of power to direct the activities that most significantly impact the IPPs’ economic performance; or iii) the PPAs qualify for scope exceptions under current accounting standards for consolidation.

The carrying amounts of assets and liabilities related to the Utilities’ PPAs, where variable interests are present but the Utilities are not deemed the primary beneficiary, are limited to the purchased power and energy payments. As the Utilities recover such payments through the PUC-approved Purchased Power Adjustment Clause (PPAC) or the Energy Cost Recovery Clause (ECRC) mechanism, there is no significant potential exposure to loss to the Utilities as of June 30, 2026.

GLST1. GLST1 was formed in November 2024 for the purpose of holding the first installment payment pursuant to the settlement of the Maui windstorm and wildfire tort-related legal claims. Effective March 31, 2025, HEI assigned 60% of the membership interests of GLST1 to Hawaiian Electric. The Utilities are deemed to have a variable interest in GLST1 but concluded that the Utilities are not the primary beneficiary of GLST1. As the Utilities have the ability to exercise significant influence over GLST1, the Utilities accounted for the membership interests under the equity method of accounting. On April 10, 2026, HEI and Hawaiian Electric paid the first of four equal annual installments and subsequently dissolved and terminated GLST1 in June 2026.

Contingencies. The Utilities are subject in the normal course of business to legal, regulatory and environmental proceedings. Excluding the liabilities from the Maui windstorm and wildfires, management does not anticipate that the aggregate ultimate liability arising out of these pending or threatened legal proceedings will be material to its financial position. However, the Utilities cannot rule out the possibility that such outcomes could have a material effect on the results of operations or liquidity for a particular reporting period in the future.

Property insurer litigation. HEI and Hawaiian Electric were actively seeking recovery of damages to rebuild the covered electrical infrastructure from their insurers and, as of June 30, 2026, have received insurance reimbursements of $9.6 million related to submitted claims under the $500 million property insurance coverage. On February 13, 2026, Hawaiian Electric Industries, Inc., Hawaiian Electric Company, Inc., and Maui Electric Company, Limited (collectively, the Hawaiian Electric Plaintiffs) filed suit against four of their property insurers: Defendants XL Insurance Company of America, Inc., Allianz Global Risks US Insurance Company, the Princeton Excess and Surplus Lines Insurance Company, and General Security Indemnity Company of Arizona (collectively, the HEI Insurers). The HEI Insurers are commercial property insurers that insured the Hawaiian Electric Plaintiffs at the time of the August 2023 Maui windstorm and wildfires. The Hawaiian Electric Plaintiffs also had commercial property insurance under policies issued by Associated Electric & Gas Insurance Services (AEGIS), Ascot Syndicate 1414, IQUW Syndicate 1856, Energy Insurance Mutual, QBE International Markets, and Certain Underwriters at Lloyd’s London (collectively, the AEGIS Insurers). Under the policies issued by the AEGIS Insurers,

The HEI Insurers and AEGIS Insurers (jointly, the Property Insurers) acknowledged coverage under the policies at issue for loss or damage to the Hawaiian Electric Plaintiffs’ property in connection with the Maui windstorm and wildfires and paid a portion of the Hawaiian Electric Plaintiffs’ losses. However, the Property Insurers denied coverage and refused to pay for a substantial portion of the loss and expense claimed. In April 2026, the Hawaiian Electric Plaintiffs and the Property Insurers engaged in negotiations and finalized a partial settlement in the second quarter of 2026 (the Settlement). The Settlement resolved all disputes with the AEGIS Insurers with respect to coverage under the AEGIS policies for loss arising out of the Maui windstorm and wildfires, as well as a portion of the disputes between the Hawaiian Electric Plaintiffs and the HEI Insurers. As the proceeds from the Settlement will be used to offset future rebuild or replacement costs, the Utilities have recorded the proceeds as a regulatory liability as of June 30, 2026. Litigation is ongoing in the federal district court for the District of Hawaii with respect to the remaining coverage disputes with the HEI Insurers that were not resolved by the Settlement. The Hawaiian Electric Plaintiffs seek declaratory relief regarding the extent of the HEI Insurers’ obligations under the policies, as well as a determination that the HEI Insurers have breached the policies by refusing to indemnify the Hawaiian Electric Plaintiffs for covered loss and expense. The Hawaiian Electric Plaintiffs and the HEI Insurers engaged in mediation on July 8, 2026, but the mediation was not successful. The Hawaiian Electric Plaintiffs filed an amended complaint in the litigation on July 29, 2026, seeking approximately $40.7 million in damages.

Hu Honua Bioenergy, LLC (Hu Honua). In 2013, Hu Honua filed a lawsuit in the U.S. District Court for the District of Hawaii based on Hawaii Electric Light’s termination of a PPA between the parties. The lawsuit asserted breach of contract and antitrust claims. On April 17, 2025, the U.S. District Court granted Hawaii Electric Light’s Motion to Dismiss in part, dismissing the Federal Antitrust claims, but declining to exercise jurisdiction over the State antitrust claim. The remaining State claims, including the contract claims and the State antitrust claim, were dismissed without prejudice.

On May 16, 2025, Hu Honua filed its complaint in state court for the remaining State claims. Hu Honua has granted Hawaii Electric Light an open-ended extension to answer or otherwise respond to the State complaint while PPA negotiations are ongoing. The State court ordered a scheduling conference for August 12, 2025, which was subsequently postponed to October 13, 2026, to allow the parties to continue ongoing settlement discussions.

Molokai New Energy Partners (MNEP). In July 2018, the PUC approved Maui Electric’s PPA with MNEP to purchase solar energy from a photovoltaic (PV) plus battery storage project. The 4.88-MW PV and 3-MW Battery Energy Storage System (BESS) project was to deliver no more than 2.64 MW at any time to the Molokai system. On March 25, 2020, MNEP filed a complaint in the U.S. District Court for the District of Hawaii against Maui Electric claiming breach of contract. On June 3, 2020, Maui Electric provided a Notice of Default and Termination of the PPA to MNEP terminating the PPA with an effective date of July 10, 2020. Thereafter, MNEP filed an amended complaint to include claims relating to the termination and Hawaiian Electric filed its answer to the amended complaint on September 11, 2020, disputing the facts presented by MNEP and all claims within the original and amended complaint. Currently, the discovery phase is ongoing. Trial which was previously set to commence on September 16, 2025 was continued to February 18, 2026 and is now set to begin November 13, 2026.

Hawaiian Electric, Hawaii Electric Light and Maui Electric, like other utilities, periodically encounter petroleum or other chemical releases associated with current or previous operations. The Utilities report and take action on these releases when and as required by applicable law and regulations. The Utilities believe the costs of responding to such releases identified to date will not have a material effect, individually or in the aggregate, on Hawaiian Electric’s consolidated results of operations, financial condition or liquidity.

Former Molokai Electric Company generation site. In 1989, Maui Electric acquired Molokai Electric Company. Molokai Electric Company had sold its former generation site (Site) in 1983 but continued to operate at the Site under a lease until 1985 and left the property in 1987. The Environmental Protection Agency (EPA) has since identified environmental impacts in the subsurface soil at the Site. In cooperation with the State of Hawaii Department of Health and EPA, Maui Electric further investigated the Site and the adjacent parcel to determine the extent of impacts of polychlorinated biphenyls (PCBs),

Pearl Harbor sediment study. In July 2014, the U.S. Navy notified Hawaiian Electric of the Navy’s determination that Hawaiian Electric is a Potentially Responsible Party under Comprehensive Environmental Response, Compensation, and Liability Act responsible for the costs of investigation and cleanup of PCB contamination in sediment in the area offshore of the Waiau power plant as part of the Pearl Harbor Superfund Site. Hawaiian Electric was also required by the EPA to assess potential sources and extent of PCB contamination onshore at Waiau power plant.

Endangered Species Act. The Utilities received a notice under the federal Endangered Species Act, from Earthjustice on behalf of the American Bird Conservancy and Conservation Council for Hawaii (Conservation Groups) in January 2024. The notice is the pre-cursor to a citizen’s suit under the Endangered Species Act. The notice alleges that the Utilities are out of compliance with the Act due to alleged impacts on endangered seabirds caused by the Utilities’ powerlines, street lights and facility lights on Maui and Lanai. At the time the notice was served, the Utilities were already in the process of drafting a Habitat Conservation Plan (HCP) with respect to the powerlines and will be applying for associated state and federal take/license permits. Notwithstanding, the notice asserts that the scope of the HCP should be broader and additional interim measures are necessary while the HCP and related permits are pending.

After negotiations among the parties, a complaint was filed on November 12, 2024 regarding the powerlines and on December 11, 2024, the court approved a settlement agreement. Pursuant to that agreement, the Utilities will continue the HCP process and take specific actions to minimize and mitigate the potential impact of the Utilities’ powerlines while the document is being prepared. The agreement also contains additional requirements that include coordination with the Conservation Groups with various aspects of the HCP and powerline operations, and continuing the Utilities’ commitment to a species mitigation project with University of Hawaii Foundation to monitor, protect and increase the population of Hawaiian Petrels.

The street and facility lights aspect of the notice was not resolved and a second complaint was filed on November 19, 2024, that includes the County of Maui as a party. Hawaiian Electric and Maui Electric answered the complaint on December 12, 2024, and at this time, the parties have completed discovery. Summary judgment motions are pending, and a trial date is expected in late 2026 or early 2027. The parties may engage in additional settlement discussions in an effort to resolve the matter. However, the Utilities are unable to determine the ultimate outcome or the amount of any possible loss.

Utility projects. Many public utility projects require PUC approval and various permits from other governmental agencies. Difficulties in obtaining, or the inability to obtain, the necessary approvals or permits or community support can result in significantly increased project costs or even cancellation of projects. In the event a project does not proceed, or if it becomes probable the PUC will disallow cost recovery for all or part of a project, or if PUC-imposed caps on project costs are expected to be exceeded, project costs may need to be written off in amounts that could result in significant reductions in Hawaiian Electric’s consolidated net income.

Waena battery energy storage system project. In September 2020, Maui Electric filed a PUC application to purchase and install a 40-MW BESS at its Waena Site in Central Maui. In December 2023, the PUC approved Maui Electric’s request to commit funds estimated at $82.1 million, for the purchase and installation of the project, and to recover costs for the project under Exceptional Project Recovery Mechanism (EPRM). In July 2025, the PUC approved the Utilities’ request to authorize recovery of costs in addition to the amounts approved in December 2023 due to the uncertainty of changes in law, limited to the lesser of either the actual costs or 20% over the approved estimated capital costs. Project costs incurred as of June 30, 2026, amount to $27.2 million.

Climate adaptation transmission and distribution resilience program. The Utilities maintain that improving resiliency of the electric grid is an urgent matter and recognizes that evolving climate dynamics are making Hawaii increasingly vulnerable to severe weather events. On January 31, 2024, the PUC approved the Utilities’ request to commit an estimated $189.7 million in funds for the climate adaptation transmission and distribution resilience program, over a project period of five years. The project will focus on, among other things, system hardening in wildfire risk areas including installing video camera and weather monitors in wildfire risk areas and strengthening transmission lines to help prevent ignition, enable quicker response and add situational awareness.

The project costs to be recovered through EPRM is subject to a cap of $95 million and any amount in excess will be subject to the PUC’s further review. On August 7, 2024, the Utilities received a notification from the U.S. Department of Energy (DOE) that their application for $95 million in federal funds under the Infrastructure Investment and Jobs Act was officially awarded. On August 20, 2024, the Utilities submitted a copy of their executed agreement with the DOE to the PUC. On July 16, 2026, the Utilities received a notification of an award modification from the DOE that updated certain terms and conditions including the removal of the scope related to community benefits plans and the associated funding for those deliverables. As a result, the federal share total was reduced from $95 million to $92.6 million. The $95 million EPRM cap is not impacted at this time. On September 5, 2025, the Utilities filed their August 2025 - August 2026 Forward Looking Annual Report. Project costs incurred as of June 30, 2026, amount to $49.1 million.

Waiau repower project. On March 28, 2025, the Utilities filed an application to the PUC for their self-build project - Waiau repower project. The project, selected as part of a competitive bid process, was estimated at $847 million and involves replacing six existing turbines with six fuel-flexible combustion turbines that provide 253 MW of renewable firm generation, expected to be placed in service in stages from 2029 to 2033. The Utilities requested, among other things, approvals of 1) the commitment of funds for such project, and 2) recovery of project costs through the EPRM. On October 17, 2025, the Utilities filed an updated application reflecting revised costs of $1.16 billion, citing unavoidable and changed market conditions outside

the Utilities’ control. On March 23, 2026, the PUC approved the commitment of funds and EPRM recovery for the Waiau repower project at the initial estimated cost of $847 million plus the lesser of a 10% increase or the difference in the Gross Domestic Product Price Index (GDPPI) between the date of the best and final offer submission and the date of the PUC’s decision and order (Inflationary Adjustment). On April 2, 2026, the Utilities filed a motion for reconsideration of the PUC’s decision and order. On April 17, 2026, the PUC issued an order addressing the Utilities’ motion for reconsideration which, among other things, affirmed that the project costs up to $847 million plus the Inflationary Adjustment can be recovered through EPRM and clarified that the Utilities may, after the project is in-service, seek recovery for project cost amounts greater than the approved amount in a general rate case or rate re-basing proceeding. Based on the estimated GDPPI for the first quarter of 2026 released by the Bureau of Economic Analysis on June 25, 2026, the project costs plus the Inflationary Adjustment are currently estimated at $908 million.

On April 28, 2026, in connection with the Waiau repower project, Hawaiian Electric entered into three contracts to acquire a total of six gas turbine units from GE Vernova Operations, LLC to secure the manufacturing and staggered delivery of gas turbine units in pairs between 2029 and 2030. These contracts mitigate the risk of delayed turbine unit deliveries, remove the exposure to non-tariff price increases, and support the achievement of on-time commercial operations of the Waiau repower project.

In December 2025, Federal Emergency Management Agency issued a Letter of Final Determination on the preliminary updates to Oahu’s Flood Insurance Rate Maps. As a result of the updates, portions of the Waiau power plant will transition to a newly designated flood zone A, which is estimated to have a 1% chance of annual flooding. The new flood maps became effective on June 10, 2026. The Utilities are currently assessing the impact the change may have on the Waiau repower project.

Wildfire Mitigation Plan (WMP). In January 2025, the Utilities developed and filed with the PUC a 2025-2027 WMP (also referred to as Wildfire Safety Strategy or WSS), which identifies risk mitigation strategies to perform over the three years across their service territories. The strategies and actions include additional operational changes, grid hardening work, enhanced inspections and vegetation management, and risk modeling to inform and prioritize hardening work and operational actions. On December 31, 2025, the PUC approved the Utilities’ 2025-2027 WMP. On June 25, 2026, the PUC approved the Utilities’ request for EPRM cost recovery up to $350 million in project costs for 2025-2027. The PUC will condition recovery, among other things, on that the Utilities are not allowed to effectuate cost recovery for any of the approved 2025-2027 WMP project costs through the EPRM until the PUC has issued an order addressing the Utilities’ forthcoming securitization application for a financing order pursuant to Hawaii Revised Statutes Section 269G-2. All project costs that are approved for cost recovery through securitization shall not be recoverable through the EPRM. Any approved project costs that may be deemed ineligible for recovery through securitization may be recovered through the EPRM. Project costs incurred as of June 30, 2026, amount to approximately $101 million.

Performance-based regulation framework (PBR Framework). The PUC issued a decision and order (PBR D&O) establishing the PBR Framework to govern the Utilities. The PBR Framework implemented a five-year multi-year rate period (MRP), during which there will be no general rate case applications. The first MRP ended on May 31, 2026, and the next MRP (MRP2) is scheduled to commence in 2027. The period between the end of the first MRP and the beginning of MRP2 is intended to be a transition period (see Phase 7 discussed below). PBR working group meetings were held in 2024, 2025, and early 2026 to consider potential PBR changes for MRP2. The PBR Framework Review will continue with the following: (i) Phase 6: consideration and development of proposals for modifications to the PBR Framework, which focuses on the inflation factor, customer dividend, Earnings Sharing Mechanism (ESM), revenue opportunities afforded by the X-Factor and the EPRM guidelines, and Performance Incentive Mechanisms (PIMs) portfolio, and (ii) Phase 7: the finalization and documentation of approved PBR Framework modifications prior to MRP2 commencement.

Alternative re-basing. In an order issued on February 27, 2025, the PUC concluded that the Utilities’ target revenues should be re-based for MRP2 and allowed the Utilities to file a single, consolidated application that presents their requested adjustment to target revenues. The proceeding to re-base the Utilities’ target revenues for MRP2 shall be bifurcated into two tracks, with the first track focused on reaching a decision on the Utilities’ revenue requirements prior to the commencement of MRP2, and the second track focused on making a final determination on the revenue requirement and addressing the rate design component. On March 6, 2026, the Utilities filed a joint alternative re-basing proposal with Ulupono Initiative, requesting an increase of $170 million over annual target revenues at current effective rates, with $125 million phased into revenues in the first year of MRP2 and the remaining $45 million implemented in the second year of MRP2. In an order issued on June 15, 2026, the PUC directed the Utilities to re-submit their request for an increase in their revenue requirement, with supporting materials, in the form of a new application, and established a tentative procedural schedule for the new proceeding. The Utilities filed their application for approval of their re-basing proposal on July 17, 2026.

Earnings Sharing Mechanism. The PBR Framework established a symmetrical ESM for achieved rate-making return on average common equity (ROACE) outside of a 300 basis points deadband above or below the current authorized ROACE of 9.5% for each of the Utilities (i.e., above 12.5% or below 6.5%). There is a 50/50 sharing between customers and Utilities for the achieved rate-making ROACE falling within 150 basis points outside of the deadband in either direction, and a 90/10 sharing for any further difference. A reopening or review of the PBR terms may be triggered if the Utilities’ credit rating outlook indicates a potential credit downgrade below investment grade status, or if its achieved rate-making ROACE enters the outer most tier of the ESM.

Exceptional Project Recovery Mechanism. The established EPRM Guidelines, formerly known as Major Project Interim Recovery (MPIR), permit the Utilities to include the full amount of approved costs in the EPRM for recovery in the first year the project goes into service, pro-rated for the portion of the year the project is in service. Deferred and other operation and maintenance (O&M) expense projects are also eligible for EPRM recovery under the EPRM Guidelines. EPRM recoverable costs are limited to the lesser of actual incurred project costs or the PUC‑approved amounts, net of savings. The recovery of the project costs previously approved under the MPIR continues within the PBR Framework.

Performance Incentive Mechanisms. On December 18, 2024, and clarified on January 15, 2025, the PUC issued orders granting the Utilities’ request to suspend the Transmission and Distribution (T&D) System Average Interruption Duration Index (SAIDI) and T&D System Average Interruption Frequency Index (SAIFI) PIMs for wildfire risk circuits from January 1, 2024 to December 31, 2025. Separately, the Utilities submitted a request on December 16, 2025 to expand the suspension of T&D SAIDI and T&D SAIFI PIMs (T&D PIMs) to all circuits and extend the suspension to December 31, 2026, to consider modifications to the T&D PIMs. On April 21, 2026, the PUC issued an order denying the Utilities’ request to expand suspension of T&D PIMs to all circuits, but, on its own motion, extended the current suspension of the T&D PIMs for wildfire risk circuits through December 31, 2026. Consistent with the current suspension, this shall include continued exclusion of all Public Safety Power Shutoff program events from PIM performance metrics and targets. The suspension may be further extended beyond 2026 based on the Utilities request and proposal justifying the same, required to be submitted no later than October 1, 2026. Absent PUC approval of any further extension, the T&D PIMs suspension will expire and no exclusions on any circuits will be valid after December 31, 2026.

For the 2025 evaluation period, the Utilities earned $7.5 million (nil for Hawaiian Electric, $5.4 million for Hawaii Electric Light and $2.1 million for Maui Electric) in rewards net of penalties. The net rewards related to 2025 were reflected in the 2026 PIMs annual report and 2026 spring revenue report filings with the exception of the Phase 1 Request for Proposal (RFP) PIM, which was reflected in the 2025 fall revenue report filing.

Annual review cycle. Under the PBR Framework, target revenues are adjusted according to an index-driven annual revenue adjustment (ARA) based on: (i) an inflation factor, (ii) a predetermined X-factor to encompass productivity, which is set at zero, (iii) a Z-factor to account for exceptional circumstances not in the Utilities’ control and (iv) a customer dividend consisting of a negative adjustment of 0.22% of adjusted revenue requirements compounded annually and a flow through of the “pre-PBR” savings commitment from the management audit recommendations developed in a prior docket at a rate of $6.6 million per year from 2021 until the rate resets.

PBR D&O also established an annual review cycle for revenue adjustments under the PBR Framework, including the biannual submission of the revenue reports. The Utilities’ 2026 spring revenue report filed on March 31, 2026 was approved by the PUC on May 20, 2026. The filing reflected ARA revenues for the third-year recovery of the COVID-19 related deferred costs through the Z-factor and the accelerated return of the Enterprise Resource Planning system benefits savings to Hawaii

Electric Light and Maui Electric customers as part of the customer dividend, as follows:


(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2026 ARA revenues	$	20.4	$	5.0	$	4.9	$	30.3
Management Audit savings commitment	(4.6)		(1.0)		(1.0)		(6.6)
Recovery of COVID-19 related costs	1.8		0.4		0.5		2.7
Return of Enterprise Resource Planning benefit liability	—		(1.3)		(2.0)		(3.3)
Net 2026 ARA revenues	$	17.6	$	3.1	$	2.4	$	23.1


(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
Incremental ARA revenues	$	(0.4)	$	(0.1)	$	(0.1)	$	(0.6)
Incremental PIMs (net)	(2.5)		2.2		1.4		1.1
Incremental MPIR/EPRM revenue adjustment	0.7		1.1		1.8		3.6
Incremental Pilot Process cost recovery	(0.6)		(0.2)		(0.1)		(0.9)
Net incremental amount to be collected under the RBA rate tariffs	$	(2.8)	$	3.0	$	3.0	$	3.2

Note: Columns may not foot due to rounding.

Regulatory assets for Maui windstorm and wildfires related costs. The PUC has issued orders authorizing deferred accounting treatment for certain incremental non-labor expenses related to the Maui windstorm and wildfires incurred from August 8, 2023 through December 31, 2025. The approval pertains only to deferred cost treatment for expenses that are not already part of base rates; any actual recovery of deferred costs will be the subject of a separate application.

Requests for cost recovery of deferred costs will be the subject of a separate application at which time the PUC will evaluate whether such costs were prudently incurred and reasonable and determine the extent to which such costs will be eligible for recovery, and the period over which recovery will occur. If the PUC denies recovery of any deferred costs, such costs would be charged to expense in the period that those costs are no longer considered probable of recovery.

Regulatory assets for Wildfire Mitigation Plan (WMP). On December 31, 2025, the PUC approved the Utilities’ 2025-2027 WMP (also referred to as Wildfire Safety Strategy or WSS). The Utilities’ 2025-2027 WMP is a three-year action plan that targets a material reduction in wildfire risk associated with utility infrastructure. The PUC also directed the Utilities to provide a WMP update bi-annually. On June 25, 2026, the PUC issued a decision and order approving cost recovery of the Utilities’ 2025-2027 WMP project costs through the EPRM. As of June 30, 2026, the Utilities have recorded a regulatory asset of $21.4 million. See “Utility projects—Wildfire Mitigation Plan” section above.

Regulatory assets for suspension of disconnections related costs. Based on circumstances related to the Maui windstorm and wildfires, on August 31, 2023 and subsequently on October 13, 2023, the PUC issued orders directing all regulated utilities located on, or providing utility service on Maui, among other things, (i) to suspend disconnections of services and associated disconnection fees beginning from August 8, 2023, through the end of the emergency relief period established by the Governor’s Emergency Proclamations related to the Maui windstorm and wildfires, which currently continues through August 24, 2026 (Suspension Period); (ii) to suspend any and all rules and provisions of individual utility tariffs that prevent or condition re-connection of disconnected customers during the Suspension Period; (iii) not to charge customers interest on past due payments or impose any late payment fees through the Suspension Period; (iv) to establish regulatory assets to record costs directly related to the suspension of disconnections, and to record receipt of governmental aid and donation-based aid, loans or grants, and/or all other assistance measures, and any cost savings realized; and (v) to file a notice with the PUC regarding any upcoming application or other request pursuant to Hawaii Revised Statues Sections 269-16.3, -17, -17.5, -18, -19, or -19.5 and/or regarding any significant financial change to the Maui utility, at least 60 days prior to filing such application or other request with the PUC. The orders also discourage the filing of emergency or general rate increases in response to the emergency situation. On December 23, 2025, the PUC revised the notice of financial change reporting requirement (item v above) to apply

In future proceedings, the PUC will assess the utility’s request for recovery of these regulatory assets including whether it is reasonable and necessary, the appropriate period of recovery for the approved amount of regulatory assets, any amount of carrying costs thereon, any savings directly attributable to suspension of disconnects, and other related matters. As of June 30, 2026, the Utilities have recorded $7.1 million in regulatory assets for the incremental costs incurred due to the suspension of disconnections.

Hawaiian Electric unconditionally guarantees Hawaii Electric Light’s and Maui Electric’s obligations (a) to the State of Hawaii for the repayment of principal and interest on Special Purpose Revenue Bonds issued for the benefit of Hawaii Electric Light and Maui Electric and (b) under their respective private placement note agreements and the Hawaii Electric Light notes and Maui Electric notes issued thereunder.


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	681,861	123,975	131,568	3,116	(3,656)	$	936,864
Expenses
Fuel oil	251,085		25,387	60,143	—	—	336,615
Purchased power	170,253		40,325	12,981	—	—	223,559
Other operation and maintenance	112,042		26,896	30,490	971	(3,656)	166,743
Wildfire tort-related claims	(129,907)		(16,238)	(16,238)	—	—	(162,383)
Depreciation	44,079		11,671	10,697	—	—	66,447
Taxes, other than income taxes	63,630		11,467	12,221	1	—	87,319
Total expenses	511,182		99,508	110,294	972	(3,656)	718,300
Operating income	170,679		24,467	21,274	2,144	—	218,564
Allowance for equity funds used during construction	3,379		312	696	—	—	4,387
Equity in earnings of subsidiaries	28,962		—	—	—	(28,962)	—
Retirement defined benefits credit (expense)—other than service costs	902		170	(23)	—	—	1,049
Interest expense and other charges, net	(36,266)		(5,014)	(6,643)	—	2,572	(45,351)
Allowance for borrowed funds used during construction	1,542		90	365	—	—	1,997
Interest income	4,888		354	43	—	(2,572)	2,713
Income before income taxes	174,086		20,379	15,712	2,144	(28,962)	183,359
Income tax expense	36,228		5,028	3,693	552	—	45,501
Net income for common stock	$	137,858	15,351	12,019	1,592	(28,962)	$	137,858


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	137,858	15,351	12,019	1,592	(28,962)	$	137,858
Other comprehensive loss, net of tax benefits:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(483)		(40)	(62)	—	102	(483)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory accounts, net of taxes	436		36	53	—	(89)	436
Other comprehensive loss, net of tax benefits	(47)		(4)	(9)	—	13	(47)
Comprehensive income attributable to common shareholder	$	137,811	15,347	12,010	1,592	(28,949)	$	137,811


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	524,804	110,973	107,757	2,864	(3,916)	$	742,482
Expenses
Fuel oil	148,374		26,697	35,516	—	—	210,587
Purchased power	131,259		27,657	16,047	—	—	174,963
Other operation and maintenance	103,195		25,749	31,627	1,562	(3,916)	158,217
Depreciation	42,529		11,242	10,203	—	—	63,974
Taxes, other than income taxes	49,737		10,372	10,087	1	—	70,197
Total expenses	475,094		101,717	103,480	1,563	(3,916)	677,938
Operating income	49,710		9,256	4,277	1,301	—	64,544
Allowance for equity funds used during construction	2,837		351	514	—	—	3,702
Equity in earnings of subsidiaries	7,767		—	—	—	(7,767)	—
Retirement defined benefits credit (expense)—other than service costs	906		168	(22)	—	—	1,052
Interest expense and other charges, net	(16,288)		(2,738)	(3,892)	—	1,212	(21,706)
Allowance for borrowed funds used during construction	1,185		96	181	—	—	1,462
Interest income	2,027		361	39	—	(1,212)	1,215
Income before income taxes	48,144		7,494	1,097	1,301	(7,767)	50,269
Income tax expense (benefit)	8,724		1,660	(99)	335	—	10,620
Net income	39,420		5,834	1,196	966	(7,767)	39,649
Preferred stock dividends of subsidiaries	—		134	95	—	—	229
Net income attributable to Hawaiian Electric	39,420		5,700	1,101	966	(7,767)	39,420
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	39,150	5,700	1,101	966	(7,767)	$	39,150


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	39,150	5,700	1,101	966	(7,767)	$	39,150
Other comprehensive loss, net of tax benefits:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(531)		(26)	(62)	—	88	(531)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory accounts, net of taxes	484		22	53	—	(75)	484
Other comprehensive loss, net of tax benefits	(47)		(4)	(9)	—	13	(47)
Comprehensive income attributable to common shareholder	$	39,103	5,696	1,092	966	(7,754)	$	39,103


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Revenues	$	1,210,220	234,097	237,667	6,070	(7,150)	$	1,680,904
Expenses
Fuel oil	427,763		47,219	98,546	—	—	573,528
Purchased power	273,249		71,939	23,645	—	—	368,833
Other operation and maintenance	218,482		54,866	60,844	1,918	(7,150)	328,960
Wildfire tort-related claims	(129,907)		(16,238)	(16,238)	—	—	(162,383)
Depreciation	88,158		23,341	21,394	—	—	132,893
Taxes, other than income taxes	113,901		21,805	22,269	1	—	157,976
Total expenses	991,646		202,932	210,460	1,919	(7,150)	1,399,807
Operating income	218,574		31,165	27,207	4,151	—	281,097
Allowance for equity funds used during construction	6,197		616	1,338	—	—	8,151
Equity in earnings of subsidiaries	36,136		—	—	—	(36,136)	—
Retirement defined benefits credit (expense)—other than service costs	1,805		340	(46)	—	—	2,099
Interest expense and other charges, net	(58,417)		(8,208)	(11,193)	—	4,591	(73,227)
Allowance for borrowed funds used during construction	2,823		178	701	—	—	3,702
Interest income	10,356		732	84	—	(4,591)	6,581
Income before income taxes	217,474		24,823	18,091	4,151	(36,136)	228,403
Income tax expense	44,273		5,914	3,946	1,069	—	55,202
Net income for common stock	$	173,201	18,909	14,145	3,082	(36,136)	$	173,201


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Net income for common stock	$	173,201	18,909	14,145	3,082	(36,136)	$	173,201
Other comprehensive loss, net of tax benefits:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(966)		(79)	(128)	—	207	(966)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory accounts, net of taxes	872		71	107	—	(178)	872
Other comprehensive loss, net of tax benefits	(94)		(8)	(21)	—	29	(94)
Comprehensive income attributable to common shareholder	$	173,107	18,901	14,124	3,082	(36,107)	$	173,107


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Revenues	$	1,049,507	219,284	213,459	5,808	(7,210)	$	1,480,848
Expenses
Fuel oil	320,167		53,491	75,650	—	—	449,308
Purchased power	241,990		53,147	26,543	—	—	321,680
Other operation and maintenance	194,688		53,783	57,838	2,226	(7,210)	301,325
Depreciation	85,102		22,485	20,406	—	—	127,993
Taxes, other than income taxes	99,516		20,551	19,993	1	—	140,061
Total expenses	941,463		203,457	200,430	2,227	(7,210)	1,340,367
Operating income	108,044		15,827	13,029	3,581	—	140,481
Allowance for equity funds used during construction	5,632		698	957	—	—	7,287
Equity in earnings of subsidiaries	17,492		—	—	—	(17,492)	—
Retirement defined benefits credit (expense)—other than service costs	1,811		336	(44)	—	—	2,103
Interest expense and other charges, net	(33,312)		(5,485)	(7,696)	—	2,335	(44,158)
Allowance for borrowed funds used during construction	2,353		191	335	—	—	2,879
Interest income	4,815		590	126	—	(2,335)	3,196
Income before income taxes	106,835		12,157	6,707	3,581	(17,492)	111,788
Income tax expense	19,329		2,593	980	922	—	23,824
Net income	87,506		9,564	5,727	2,659	(17,492)	87,964
Preferred stock dividends of subsidiaries	—		268	190	—	—	458
Net income attributable to Hawaiian Electric	87,506		9,296	5,537	2,659	(17,492)	87,506
Preferred stock dividends of Hawaiian Electric	540		—	—	—	—	540
Net income for common stock	$	86,966	9,296	5,537	2,659	(17,492)	$	86,966


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Net income for common stock	$	86,966	9,296	5,537	2,659	(17,492)	$	86,966
Other comprehensive loss, net of tax benefits:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(1,061)		(55)	(127)	—	182	(1,061)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory accounts, net of taxes	967		44	107	—	(151)	967
Other comprehensive loss, net of tax benefits	(94)		(11)	(20)	—	31	(94)
Comprehensive income attributable to common shareholder	$	86,872	9,285	5,517	2,659	(17,461)	$	86,872


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,850	5,644	3,603	—	—	$	52,097
Plant and equipment	5,722,564		1,589,428	1,520,673	—	—	8,832,665
Right-of-use assets - finance lease	411,545		77,183	50,757	—	—	539,485
Less accumulated depreciation	(2,245,002)		(733,288)	(639,773)	—	—	(3,618,063)
Construction in progress	424,024		38,467	75,204	—	—	537,695
Utility property, plant and equipment, net	4,355,981		977,434	1,010,464	—	—	6,343,879
Nonutility property, plant and equipment, less accumulated depreciation	1,146		115	1,444	—	—	2,705
Total property, plant and equipment, net	4,357,127		977,549	1,011,908	—	—	6,346,584
Investment in wholly owned subsidiaries, at equity	922,451		—	—	—	(922,451)	—
Current assets
Cash and cash equivalents	114,609		41,313	5,644	24,693	—	186,259
Advances to affiliates	28,500		—	—	—	(28,500)	—
Customer accounts receivable, net	49,340		6,934	12,557	160,374	—	229,205
Accrued unbilled revenues, net	48,548		8,866	5,328	159,145	—	221,887
Other accounts receivable, net	133,667		49,213	52,568	—	(214,275)	21,173
Fuel oil stock, at average cost	147,669		19,010	22,703	—	—	189,382
Materials and supplies, at average cost	78,833		22,108	39,974	—	—	140,915
Prepayments and other	42,058		8,746	11,432	—	(3,311)	58,925
Regulatory assets	36,909		8,182	6,578	—	—	51,669
Total current assets	680,133		164,372	156,784	344,212	(246,086)	1,099,415
Other long-term assets
Operating lease right-of-use assets	32,158		12,100	3,360	—	—	47,618
Regulatory assets	184,585		32,283	57,710	—	—	274,578
Defined benefit pension and other postretirement benefit plans asset	136,399		46,203	39,288	—	—	221,890
Other	295,044		18,943	29,194	—	(163,376)	179,805
Total other long-term assets	648,186		109,529	129,552	—	(163,376)	723,891
Total assets	$	6,607,897	1,251,450	1,298,244	344,212	(1,331,913)	$	8,169,890


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric consolidated
Capitalization and liabilities
Capitalization
Common stock equity	$	1,866,258	338,257	421,607	162,587	(922,451)	$	1,866,258
Long-term debt, net	1,619,963		261,655	291,813	—	(115,000)	2,058,431
Total capitalization	3,486,221		599,912	713,420	162,587	(1,037,451)	3,924,689
Current liabilities
Current portion of operating lease liabilities	5,693		7,921	2,540	—	—	16,154
Short-term borrowings from affiliate	—		—	28,500	—	(28,500)	—
Accounts payable	218,097		43,712	40,322	—	—	302,131
Interest and preferred dividends payable	21,842		3,690	3,790	—	(2,057)	27,265
Taxes accrued, including revenue taxes	170,503		36,506	34,108	3,195	(3,311)	241,001
Regulatory liabilities	8,233		11,683	11,349	—	—	31,265
Wildfire tort-related claims	327,851		40,981	40,981	—	—	409,813
Other	92,730		32,985	29,484	177,361	(212,218)	120,342
Total current liabilities	844,949		177,478	191,074	180,556	(246,086)	1,147,971
Deferred credits and other liabilities
Operating lease liabilities	30,033		4,378	972	—	—	35,383
Finance lease liabilities	376,957		73,499	48,946	—	—	499,402
Deferred income taxes	—		18,578	28,729	1,069	(48,376)	—
Regulatory liabilities	1,007,644		255,138	179,607	—	—	1,442,389
Unamortized tax credits	45,048		9,277	9,547	—	—	63,872
Defined benefit pension plans liability	12,875		120	—	—	—	12,995
Wildfire tort-related claims	712,224		89,028	89,028	—	—	890,280
Other	91,946		24,042	36,921	—	—	152,909
Total deferred credits and other liabilities	2,276,727		474,060	393,750	1,069	(48,376)	3,097,230
Total capitalization and liabilities	$	6,607,897	1,251,450	1,298,244	344,212	(1,331,913)	$	8,169,890

December 31, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,860	5,644	3,603	—	—	$	52,107
Plant and equipment	5,667,936		1,564,628	1,487,053	—	—	8,719,617
Right-of-use assets - finance lease	411,545		77,183	50,757	—	—	539,485
Less accumulated depreciation	(2,165,110)		(716,715)	(626,767)	—	—	(3,508,592)
Construction in progress	283,687		34,021	64,439	—	—	382,147
Utility property, plant and equipment, net	4,240,918		964,761	979,085	—	—	6,184,764
Nonutility property, plant and equipment, less accumulated depreciation	1,146		115	1,444	—	—	2,705
Total property, plant and equipment, net	4,242,064		964,876	980,529	—	—	6,187,469
Investment in wholly owned subsidiaries, at equity	734,296		—	—	—	(734,296)	—
Current assets
Cash and cash equivalents	396,215		56,563	8,572	24,870	—	486,220
Customer accounts receivable, net	7,278		2,987	3,942	158,687	—	172,894
Accrued unbilled revenues, net	24,826		7,462	600	159,145	—	192,033
Other accounts receivable, net	196,783		55,970	50,838	—	(227,245)	76,346
Fuel oil stock, at average cost	84,938		11,997	16,647	—	—	113,582
Materials and supplies, at average cost	75,754		19,184	37,865	—	—	132,803
Prepayments and other	38,321		9,657	12,451	—	(2,449)	57,980
Regulatory assets	32,461		10,279	7,299	—	—	50,039
Total current assets	856,576		174,099	138,214	342,702	(229,694)	1,281,897
Other long-term assets
Operating lease right-of-use assets	34,743		16,219	4,901	—	—	55,863
Regulatory assets	177,678		28,245	52,153	—	—	258,076
Defined benefit pension and other postretirement benefit plans asset	134,785		45,794	38,898	—	—	219,477
Investment in unconsolidated affiliate	287,250		—	—	—	—	287,250
Other	344,052		18,374	28,976	—	(150,914)	240,488
Total other long-term assets	978,508		108,632	124,928	—	(150,914)	1,061,154
Total assets	$	6,811,444	1,247,607	1,243,671	342,702	(1,114,904)	$	8,530,520


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric consolidated
Capitalization and liabilities
Capitalization
Common stock equity	$	1,583,399	276,332	298,459	159,505	(734,296)	$	1,583,399
Long-term debt, net	1,619,482		261,614	291,778	—	(115,000)	2,057,874
Total capitalization	3,202,881		537,946	590,237	159,505	(849,296)	3,641,273
Current liabilities
Current portion of operating lease liabilities	5,716		8,570	3,279	—	—	17,565
Current portion of long-term debt, net	61,980		7,997	54,982	—	—	124,959
Accounts payable	150,843		34,072	32,288	—	—	217,203
Interest and preferred dividends payable	22,582		3,440	3,114	—	(1,112)	28,024
Taxes accrued, including revenue taxes	184,339		40,720	37,374	3,195	(2,449)	263,179
Regulatory liabilities	23,127		12,410	16,460	—	—	51,997
Wildfire tort-related claims	386,500		47,875	47,875	—	—	482,250
Other	93,475		37,759	34,175	180,002	(226,133)	119,278
Total current liabilities	928,562		192,843	229,547	183,197	(229,694)	1,304,455
Deferred credits and other liabilities
Operating lease liabilities	32,974		7,932	1,847	—	—	42,753
Finance lease liabilities	382,227		74,087	49,276	—	—	505,590
Deferred income taxes	—		12,089	23,825	—	(35,914)	—
Regulatory liabilities	980,131		248,885	163,131	—	—	1,392,147
Unamortized tax credits	47,973		9,794	10,151	—	—	67,918
Defined benefit pension plan liability	6,788		121	—	—	—	6,909
Wildfire tort-related claims	1,149,000		143,625	143,625	—	—	1,436,250
Other	80,908		20,285	32,032	—	—	133,225
Total deferred credits and other liabilities	2,680,001		516,818	423,887	—	(35,914)	3,584,792
Total capitalization and liabilities	$	6,811,444	1,247,607	1,243,671	342,702	(1,114,904)	$	8,530,520

Six months ended June 30, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Balance, December 31, 2025	$	1,583,399	276,332	298,459	159,505	(734,296)	$	1,583,399
Net income for common stock	173,201		18,909	14,145	3,082	(36,136)	173,201
Other comprehensive loss, net of tax benefits	(94)		(8)	(21)	—	29	(94)
Common stock dividends	(21,000)		—	—	—	—	(21,000)
Issuance of common stock, net of expenses	—		—	66,000	—	(66,000)	—
Additional paid-in capital	130,752		43,024	43,024	—	(86,048)	130,752
Balance, June 30, 2026	$	1,866,258	338,257	421,607	162,587	(922,451)	$	1,866,258

Six months ended June 30, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Balance, December 31, 2024	$	1,156,955	243,964	282,876	153,574	(680,414)	$	1,156,955
Net income for common stock	86,966		9,296	5,537	2,659	(17,492)	86,966
Other comprehensive loss, net of tax benefits	(94)		(11)	(20)	—	31	(94)
Common stock dividends	(10,000)		—	—	—	—	(10,000)
Additional paid-in capital	287,790		267	191	—	(458)	287,790
Balance, June 30, 2025	$	1,521,617	253,516	288,584	156,233	(698,333)	$	1,521,617

Six months ended June 30, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Net cash provided by (used in) operating activities	$	68,611	23,098	2,080	(177)	(2,119)	$	91,493
Cash flows from investing activities
Capital expenditures	(169,026)		(29,550)	(43,234)	—	—	(241,810)
Advances to affiliates	(94,500)		—	—	—	94,500	—
Other	1,246		(261)	(991)	—	2,119	2,113
Net cash used in investing activities	(262,280)		(29,811)	(44,225)	—	96,619	(239,697)
Cash flows from financing activities
Common stock dividends	(21,000)		—	—	—	—	(21,000)
Net increase in short-term borrowings from affiliate	—		—	94,500	—	(94,500)	—
Repayment of long-term debt	(62,000)		(8,000)	(55,000)	—	—	(125,000)
Payments of obligations under finance leases	(4,811)		(537)	(283)	—	—	(5,631)
Other	(126)		—	—	—	—	(126)
Net cash provided by (used in) financing activities	(87,937)		(8,537)	39,217	—	(94,500)	(151,757)
Net decrease in cash and cash equivalents	(281,606)		(15,250)	(2,928)	(177)	—	(299,961)
Cash and cash equivalents, beginning of period	396,215		56,563	8,572	24,870	—	486,220
Cash and cash equivalents, end of period	$	114,609	41,313	5,644	24,693	—	$	186,259

Six months ended June 30, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Net cash provided by operating activities	$	147,248	37,461	28,864	3,644	(971)	$	216,246
Cash flows from investing activities
Capital expenditures	(86,012)		(29,553)	(44,385)	—	—	(159,950)
Advances to affiliates	(7,000)		—	—	—	7,000	—
Other	3,164		343	673	—	971	5,151
Net cash used in investing activities	(89,848)		(29,210)	(43,712)	—	7,971	(154,799)
Cash flows from financing activities
Common stock dividends	(10,000)		—	—	—	—	(10,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(998)		—	—	—	—	(998)
Proceeds from capital contribution from parent	540		—	—	—	—	540
Net increase in short-term borrowings from affiliate	—		—	7,000	—	(7,000)	—
Repayment of long-term debt	(123,000)		—	—	—	—	(123,000)
Payments of obligations under finance leases	(3,982)		(364)	(313)	—	—	(4,659)
Other	(752)		(87)	(210)	—	—	(1,049)
Net cash provided by (used in) financing activities	(138,192)		(451)	6,477	—	(7,000)	(139,166)
Net increase (decrease) in cash and cash equivalents	(80,792)		7,800	(8,371)	3,644	—	(77,719)
Cash and cash equivalents, beginning of period	118,367		31,534	16,456	17,791	—	184,148
Cash and cash equivalents, end of period	$	37,575	39,334	8,085	21,435	—	$	106,429