Hawaii Electric Light Co. has asked the Hawaii Public Utilities Commission for a rate increase of 4.2 percent to fund more renewable energy projects.
HELCO, a subsidiary of Hawaiian Electric Industries Inc. (NYSE: HE), said the rate increase, which would equal $19.8 million in additional revenue, would not go into effect until next year at the earliest.
If approved, the increase would add $8.32 to the monthly bill of a typical residential electric customer using 500 kilowatts per month.
HELCO said it plans to use the additional revenue for acquiring more renewable energy projects and clean energy integration systems as well as grid maintenance and system upgrades.
"Nearly 60 percent of our customers? electric bills go to pay the cost of fuel and purchased power," HELCO President Jay Ignacio said in a statement. "So it makes sense for HELCO to aggressively pursue renewable energy technologies that are not dependent upon oil and that will reduce the cost of electric service in the long run.?
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Source: http://feedproxy.google.com/~r/vertical_16/~3/EJFFbDxcNOE/hawaii-electric-light-co-requests.html
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