Hawaiian Electric Launches Massive Renewables and Storage RFP for Oʻahu, Big Island, and Maui
HE sits 28% above its 52-week low of $10.536.
Summary
Hawaiian Electric submitted its Integrated Grid Planning RFP, seeking competitively priced renewable energy and storage for Oʻahu, Hawaiʻi Island, and Maui. The procurement targets nearly 1,650 GWh of variable renewable energy, 465 MW of grid-forming resources, and 111 MW of firm generating capacity, with projects in service between 2031-2034. The company also seeks expedited PUC approval to expand firm generation procurement on Oʻahu by up to 500 MW and plans an all-fuels RFP by end of 2026. This is one of the largest energy solicitations in state history, aimed at reducing oil dependence and meeting growing electricity demand. The move follows the company's recent wildfire settlement and recovery progress, signaling a strategic pivot toward modernization and cost reduction.
At the time of this announcement, HE was trading at $13.48 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.3B. The 52-week trading range was $10.54 to $17.38. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.