HAWAIIAN ELECTRIC INDUSTRIES INC — Form 8-K
Filed September 4, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 52/100
What the filing says
Hawaiian Electric reported Hurricane Lala (August 2026) caused $15-20M in O&M damage plus $30-40M in capex, with total storm costs (including earlier Kona Low) of $25-30M O&M being assessed for PUC recovery via cost deferral; approximately 20-25% may be deemed non-recoverable. Separately, the company filed a rate rebasing application (Docket 2026-0162) on 7/17/2026 seeking $170M revenue increase (5.3% of current revenues), with company-proposed interim decision targeted for 12/18/2026 to enable new rates 1/1/2027. Rebasing includes $83.2M GDPPI adjustment, $125.0M insurance expense recovery, and $44.8M in O&M reductions, offset partly by $46.9M depreciation adjustment.
Why this rating
Hurricane costs ($45-60M) are ~2.5-3.3% of $1.8B market cap; rate increase (5.3%) is material to customers but routine regulatory process. Recovery uncertainty and potential non-recoverable portion create modest risk. Credit ratings improving (S&P upgraded to BB- in July 2026) but still sub-investment grade.
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