Hawaiian Electric Reports Net Income Increase For 2021
The utility is passing some of those profits on to consumers through a bill credit.
Hawaiian Electric is one of the companies raking in profits during the pandemic.
With a near monopolistic-hold on the state鈥檚 energy supplies, Hawaiian Electric brought in a net income of $177.6 million in 2021, which is an $8.3 million improvement from 2020, according to the company鈥檚 .
HECO also reduced staffing by 100 positions during the year, mostly through retirement and not filling open positions, Shannon Tangonan, a HECO spokeswoman, said.
The company stated one of the reasons for the increase in company profit was $4 million saved on new 鈥渓ower enterprise resource planning鈥 costs, Tangonan said, which is related to the type of software the company uses for day-to-day business operations, such as accounting, project management and coordinating its supply chain.
Because of this new software, Tangonan said, HECO was able to achieve about $8 million in savings in efficiency and productivity measures.
HECO allocated $2 million to fund a one-time credit in the month of February for customers who were 30 days behind on a bill.
Each of these customers could receive a $90 credit. A typical electric bill for residents on Oahu is $180.80, Tangonan said, meaning the bill credit usually covers about half of a month鈥檚 bill. That credit was awarded to 22,000 customers in February.
