Oahu electric customers to receive small refund
HONOLULU, July 3, 2012 /PRNewswire/ -- Hawaiian Electric Company (HECO), subsidiary of Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE) announced today that electric customers on Oahu will receive a small refund as the result of the Hawaii Public Utilities Commission's (PUC) final decision in Hawaiian Electric Company's 2011 rate case.
The total estimated refund is approximately $800,000 including interest, although Hawaiian Electric must still finalize and submit to the PUC for review the detailed calculations. The company estimates a typical residential customer using 600 kilowatt-hours a month will receive a refund of 85 cents, which includes interest since July 2011 when the original interim increase was approved.
The refund will be issued in the form of a credit on customer electric bills. The timing will depend on the customer's normal billing cycle. The refund credit is expected to start showing up in bills sent out in August.
Aside from the refund, the PUC's ruling will not have any further impact on the amount Oahu customers currently pay for electricity. This is because the decision finalizes the remaining interim rates which are already reflected on customers' bills.
The majority of the final 3.4% increase was approved by the PUC and included in rates almost a year ago in July 2011, with the remainder effective in April 2012.
For more information
Contact: Darren Pai
For institutional investor inquiries:
Contact: Carol Imai
SOURCE Hawaiian Electric Industries, Inc.