Non-cash wildfire settlement adjustments drove Q2 earnings, masking a decline in core net income amid rising operating costs.
Hawaiian Electric reported second-quarter net income of $123.2 million, or $0.71 per share, up from prior periods due to a non-cash wildfire settlement adjustment. Stripping out the one-time gain, core net income fell as operating costs continued to climb.
The company cleared key regulatory hurdles in June, including approval for $350 million in wildfire mitigation spending and a rate rebasing methodology. Hawaiian Electric resubmitted a $170 million base rate increase request, with $125 million slated for 2027 if approved by December.
Hawaiian Electric also launched a 1,650-gigawatt-hour renewable energy procurement, one of the largest in state history, as it accelerates grid investment and wildfire recovery efforts.