Hawaiian Electric Discloses $55–$70M Storm Cost Estimate and $1.16B Waiau Repowering Price Tag
HE is trading near its 52-week low of $10.79 (3.3% above the low).
Summary
Hawaiian Electric's investor presentation reveals $55–$70 million in estimated Hurricane Lala and Kona Low storm costs, a $1.16 billion revised cost for the Waiau repowering project, and a December 18 interim decision target for its rate rebasing request.
Key Events · Earnings and Guidance · HE
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Hurricane Lala Storm Costs Quantified
O&M impact estimated at $15–$20 million for Hurricane Lala, plus $30–$40 million in storm-related capex. Combined with Kona Low storms, total O&M is $25–$30 million, with 20–25% potentially ineligible for recovery.
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Waiau Repowering Cost Rises to $1.16B
Revised total cost estimate is $1,155 million, up from the original $847 million estimate, driven by higher turbine costs now locked in via a signed purchase agreement. ~80% is recoverable through EPRM.
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Rate Rebasing Interim Decision Targeted for Dec 18
Company proposes an interim decision on December 18, 2026, allowing new rates effective January 1, 2027. Total requested increase is $169.8 million for 2027+2026.
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Credit Rating Upgrades Continue
S&P upgraded HEI to BB- from B+ in July 2026, following Moody's upgrade in April 2026, reflecting progress on wildfire mitigation.
Analysis · HE · Energy & Transportation
The investor presentation quantifies Hurricane Lala's financial impact for the first time: $15–$20 million in O&M plus $30–$40 million in capex, with 20–25% of storm O&M potentially unrecoverable. That's a material hit to near-term earnings for a company already trading near its 52-week low. The Waiau repowering project's revised cost of $1,155 million — up from $847 million — locks in higher turbine costs but secures the equipment needed for firm generation. The rate rebasing timeline is also clarified, with a proposed interim decision on December 18, 2026 that would allow new rates effective January 1, 2027.
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At the time of this filing, HE was trading at $11.15 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.9B. The 52-week trading range was $10.79 to $17.38. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.