Document


TABLE OF CONTENTS

			Page
HEI Consolidated
Selected Financial Information			1
Consolidated Statements of Income Information			2
Consolidated Statements of Comprehensive Income Information			3
Consolidated Balance Sheets Information			4
Consolidated Statements of Changes in Shareholders' Equity Information			5
Consolidated Statements of Cash Flows Information			6
Consolidated Capital Structure			8

Hawaiian Electric Company
Selected Financial Information			9
Consolidated Statements of Income and Retained Earnings Information			10
Consolidated Balance Sheets Information			11
Consolidated Statements of Cash Flows Information			12
Cumulative Preferred Stock Not Subject to Mandatory Redemption			13
Long-term Debt			14
Customer, Sales and Revenue Information			17
Power Supply Information			19


SELECTED FINANCIAL INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31		2024			2023
(dollars in thousands, except per share amounts)
Results of operations
Revenues		$	3,219,850		$	3,287,503


Net income (loss) for common stock1		(1,426,009)			199,238
Basic earnings (loss) per common share		(11.23)			1.82
Diluted earnings (loss) per common share		(11.23)			1.81
Dividends per common share		—			1.08
Net income (loss) for common stock by company
Utilities consolidated		$	(1,226,362)		$	193,952
HEI and other		(96,161)			(48,076)
Discontinued operations		(103,486)			53,362
		$	(1,426,009)		$	199,238
Assets2
Electric utility		$	7,613,604		$	7,283,554
Other		1,317,812			393,818
Discontinued operations		—			9,566,449
	8931416	$	8,931,416		$	17,243,821
Capital structure2
Short-term borrowings		$	48,623		$	—
Long-term debt, net		2,799,558			2,842,429
Preferred stock of subsidiaries		34,293			34,293
Common stock equity		1,479,089			2,344,841
		$	4,361,563		$	5,221,563
Capital structure ratios2
Short-term borrowings		1.1		%	—
Long-term debt, net		64.2			54.4
Preferred stock of subsidiaries		0.8			0.7
Common stock equity		33.9			44.9
		100.0		%	100.0		%
Key financial ratios
Market price to book value per common share2		113		%	67		%
Price earnings ratio3		NM			7.8x
Return on average common equity		NM			8.8		%
Indicated annual dividend yield2		—			7.6		%
Dividend payout ratio		—			59		%
Full-time employees2
HEI (includes Pacific Current)		69			75
Hawaiian Electric and its subsidiaries		2,518			2,564
ASB4		—			958
		2,587			3,597

Note: This report should be read in conjunction with HEI’s Form 10-K for each year.
1 Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $1.4 billion and $5.8 million in 2024 and 2023, respectively.
2 At December 31.
3 Calculated using December 31 market price per common share divided by diluted earnings per common share.
4 Beginning December 31, 2024, as a result of the ASB sale transaction, ASB was no longer a subsidiary of HEI.
NM: Not meaningful


CONSOLIDATED STATEMENTS OF INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2024		2023		2022
(in thousands, except per share amounts)
Revenues
Electric utility1		$	3,206,700	$	3,269,521	$	3,408,587
Other1		13,150		17,982		12,330
Total revenues		3,219,850		3,287,503		3,420,917
Expenses
Electric utility (includes $1,875 million of provision, net, for Wildfire tort-related claims recorded in 2024)		4,818,558		2,967,363		3,109,396
Other (includes $35 million of impairment recorded in 2024)		108,052		45,148		31,966
Total expenses		4,926,610		3,012,511		3,141,362
Operating income (loss)
Electric utility		(1,611,858)		302,158		299,191
Other		(94,902)		(27,166)		(19,636)
Total operating income (loss)		(1,706,760)		274,992		279,555
Merger termination fee		—
Retirement defined benefits credit—other than service costs		3,754		4,014		3,688
Interest expense, net		(127,207)		(125,532)		(103,402)
Allowance for borrowed funds used during construction		5,470		5,201		3,416
Allowance for equity funds used during construction		13,786		15,164		10,574
Interest income1		19,362		9,105		—
Gain (loss) on sales of equity-method investments		—		(644)		8,123
Income (loss) from continuing operations before income taxes		(1,791,595)		182,300		201,954
Income tax expense (benefit)		(470,962)		34,534		38,915
Net income (loss) from continuing operations		(1,320,633)		147,766		163,039
Preferred stock dividends of subsidiaries		1,890		1,890		1,890
Income (loss) from continuing operations for common stock		(1,322,523)		145,876		161,149
Income (loss) from discontinued operations		(103,486)		53,362		79,989
Net income (loss) for common stock2		$	(1,426,009)	$	199,238	$	241,138
Continuing operations - Basic earnings (loss) per common share		$	(10.42)	$	1.33	$	1.47
Discontinued operations - Basic earnings (loss) per common share		(0.81)		0.49		0.73
Basic earnings (loss) per common share		$	(11.23)	$	1.82	$	2.20
Continuing operations - Diluted earnings (loss) per common share		$	(10.42)	$	1.33	$	1.47
Discontinued operations - Diluted earnings (loss) per common share		(0.81)		0.48		0.73
Diluted earnings (loss) per common share		$	(11.23)	$	1.81	$	2.20
Weighted-average number of common shares outstanding		126,927		109,739		109,434
Weighted-average shares assuming dilution		126,927		110,038		109,778

Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 Beginning in 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income.
2 Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $1.4 billion and $5.8 million in 2024 and 2023, respectively.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2024		2023		2022
(in thousands)
Net income (loss) for common stock		$	(1,426,009)	$	199,238	$	241,138
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes		(11,227)		20,589		(300,860)
Reclassification adjustment for net realized losses included in net income, net of taxes		—		10,954		—
Amortization of unrealized holding losses on held-to-maturity securities, net of taxes		13,012		14,398		3,993
Derivatives qualified as cash flow hedges:
Effective portion of foreign currency hedge net unrealized losses, net of tax benefits		—		—		—
Unrealized interest rate hedging gains (losses), net of taxes		683		(167)		5,457
Reclassification adjustment to net income, net of taxes		(201)		(186)		172
Retirement benefit plans:
Net gains arising during the period, net of taxes		66,355		10,854		188,020
Adjustment for amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes		(1,730)		(1,560)		19,659
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes		(63,708)		(8,204)		(199,936)
Other comprehensive income (loss), net of taxes		3,184		46,678		(283,495)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.		$	(1,422,825)	$	245,916	$	(42,357)

Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.


CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

December 31		2024		2023
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents		$	750,535	$	244,091
Restricted cash		492,317		15,028
Accounts receivable and unbilled revenues, net		457,171		546,704
Regulatory assets		53,895		68,453
Other		380,408		331,617
Total current assets		2,134,326		1,205,893
Noncurrent assets:
Property, plant and equipment, net		6,134,318		5,963,084
Operating lease right-of-use assets		66,553		79,686
Regulatory assets		227,424		226,351
Other		368,795		202,358
Total noncurrent assets		6,797,090		6,471,479
Assets of discontinued operations		—		9,566,449
	Total assets	$	8,931,416	$	17,243,821

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts, interest and dividends payable		$	230,655	$	227,239
Short-term borrowings		48,623		—
Current portion of long-term debt, net		109,171		16,496
Regulatory liabilities		26,568		36,559
Wildfire tort-related claims		478,750		75,000
Other		430,824		403,414
Total current liabilities		1,324,591		758,708
Noncurrent liabilities:
Long-term debt, net		2,690,387		2,825,933
Deferred income taxes		—		402,246
Operating lease liabilities		56,523		69,972
Financing lease liabilities		426,598		331,262
Regulatory liabilities		1,217,515		1,114,131
Defined benefit plans liability		23,213		78,200
Wildfire tort-related claims		1,436,250		—
Other		242,957		247,637
Total noncurrent liabilities		6,093,443		5,069,381
Liabilities of discontinued operations		—		9,036,598
	Total liabilities	7,418,034		14,864,687
Preferred stock of subsidiaries - not subject to mandatory redemption		34,293		34,293
Shareholders' equity

Common stock		2,264,544		1,707,471
Retained earnings (deficit)		(788,916)		926,720
Accumulated other comprehensive income (loss), net of taxes		3,461		(289,350)
	Total shareholders' equity	1,479,089		2,344,841
	Total liabilities and shareholders' equity	$	8,931,416	$	17,243,821

Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries						Accumulated
Unaudited						other
	Common stock			Retained		comprehensive
(in thousands, except per share amounts)	Shares	Amount		earnings		income (loss)		Total































































Balance, December 31, 2021	109,312	$	1,685,496	$	757,921	$	(52,533)	$	2,390,884
Net income for common stock	—	—		241,138		—		241,138
Other comprehensive loss, net of tax benefits	—	—		—		(283,495)		(283,495)
Issuance of common stock:
Share-based plans	159	5,831		—		—		5,831
Share-based expense and other, net	—	1,370		—		—		1,370
Common stock dividends ($1.40 per share)	—	—		(153,229)		—		(153,229)
Balance, December 31, 2022	109,471	1,692,697		845,830		(336,028)		2,202,499
Net income for common stock	—	—		199,238		—		199,238
Other comprehensive income, net of taxes	—	—		—		46,678		46,678
Issuance of common stock:
Dividend reinvestment and stock purchase plan	537	6,612		—		—		6,612
Share-based plans	144	6,371		—		—		6,371
Share-based expense and other, net	—	1,791		—		—		1,791
Common stock dividends ($1.08 per share)	—	—		(118,348)		—		(118,348)
Balance, December 31, 2023	110,152	1,707,471		926,720		(289,350)		2,344,841
Net loss for common stock	—	—		(1,426,009)		—		(1,426,009)
Other comprehensive income, net of taxes	—	—		—		3,184		3,184
Issuance of common stock:
Common stock offering	62,162	575,000		—		—		575,000
Share-based plans	152	8,018		—		—		8,018
Common stock offering expenses	—	(18,621)		—		—		(18,621)
Share-based expenses and other, net	—	(7,324)		—		—		(7,324)
Discontinued operations	—	—		(289,627)		289,627		—
Balance, December 31, 2024	172,466	$	2,264,544	$	(788,916)	$	3,461	$	1,479,089

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.


CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31		2024		2023		2022
(in thousands)
Cash flows from operating activities
Net income (loss)		$	(1,424,119)	$	201,128	$	243,028
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations
	Loss (income) from discontinued operations	103,486		(53,362)		(79,989)
	Depreciation of property, plant and equipment	261,701		254,990		244,477
	Other amortization	31,832		27,316		25,928
	Loss (gains) on sale of equity-method investment	—		644		(8,123)
	Deferred income tax expense (benefit)	(486,188)		9,352		(33,157)
	Share-based compensation expense	3,591		6,776		7,450
	Allowance for equity funds used during construction	(13,786)		(15,164)		(10,574)
	Asset impairment	39,642		—		—
	Other	(13,790)		(2,989)		(5,323)
	Changes in assets and liabilities
	Decrease (increase) in accounts receivable and unbilled revenues, net	96,700		(71,643)		(147,327)
	Decrease (increase) in fuel oil stock	49,361		43,388		(87,569)
	Increase in materials and supplies	(4,177)		(34,887)		(7,960)
	Decrease (increase) in regulatory assets	(22,743)		(10,613)		34,600
	Increase in regulatory liabilities	48,433		54,470		44,888
	Increase in accounts, interest and dividends payable	6,862		34,290		23,083
	Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	(25,525)		(9,858)		120,738
	Change in defined benefit pension and other postretirement benefit plans liability	(9,358)		(8,215)		(4,564)
	Increase in wild-fire tort-related claims	1,840,000		75,000		—
	Change in other assets and liabilities, net	(53,812)		(57,255)		(25,924)
Net cash provided by operating activities-continuing operations		428,110		443,368		333,682
Net cash provided by operating activities-discontinued operations		59,371		108,103		120,794
Net cash provided by operating activities		487,481		551,471		454,476
Cash flows from investing activities
Capital expenditures		(344,251)		(442,727)		(339,333)
Acquisition of business		—		—		(25,706)
Other, net		10,330		6,558		14,184
Net cash used in investing activities-continuing operations		(333,921)		(436,169)		(350,855)
Net cash provided by (used in) investing activities-discontinued operations		592,239		178,770		(777,827)
Net cash provided by (used in) investing activities		$	258,318	$	(257,399)	$	(1,128,682)

		(Continued on next page)


CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31	2024		2023		2022

(in thousands)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings with original maturities of three months or less	$	—	$	(137,650)	$	83,652
Proceeds from issuance of short-term debt	50,000		65,000		35,000
Repayment of short-term debt	—		(100,000)		—
Proceeds from issuance of long-term debt	5,475		625,000		227,312
Repayment of long-term debt and funds transferred for repayment of long-term debt	(97,698)		(167,080)		(221,910)
Withheld shares for employee taxes on vested share-based compensation	(1,074)		(2,371)		(3,165)
Net proceeds from issuance of common stock	556,612		1,223		—
Common stock dividends	—		(73,957)		(111,229)
Preferred stock dividends of subsidiaries	(1,890)		(1,890)		(1,890)
Other	(13,867)		(5,133)		(2,041)
Net cash provided by financing activities-continuing operations	497,558		203,142		5,729
Net cash provided by (used in) financing activities-discontinued operations	(342,853)		(7,567)		561,942
Net cash provided by financing activities	154,705		195,575		567,671
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	900,504		489,647		(106,535)
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1	694,574		204,927		311,462
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31	1,595,078		694,574		204,927
Less: Restricted cash	(492,317)		(15,028)		(5,050)
Less: Cash from discontinued operations	(352,226)		(435,455)		(156,149)
Cash and cash equivalents from continuing operations, December 31	$	750,535	$	244,091	$	43,728
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.


CONSOLIDATED CAPITAL STRUCTURE
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

December 31												2024		2023
(in thousands)

Short-term borrowings1												$	48,623	$	—
Long-term debt1
Long-term debt of electric utility subsidiaries, net of unamortized debt issuance costs 2												1,901,214		1,934,277



HEI 4.58% senior notes, due 2025												50,000		50,000
HEI 4.72% senior notes, due 2028												100,000		100,000
HEI 2.82% senior notes, due 2028												24,000		24,000
HEI 2.48% senior notes, due 2028												30,000		30,000
HEI 6.04% senior notes, due 2028												39,000		39,000
HEI 2.98% senior notes, due 2030												50,000		50,000
HEI 3.15% senior notes, due 2031												51,000		51,000
HEI 2.78% senior notes, due 2031												25,000		25,000
HEI 2.98% senior notes, due 2032												30,000		30,000
HEI 5.43% senior notes, due 2032												75,000		75,000
HEI 6.10% senior notes, due 2033												61,000		61,000
HEI 5.43% senior notes, due 2034												35,000		35,000
HEI 3.74% senior notes, due 2051												20,000		20,000
HEI 3.94% senior notes, due 2052												20,000		20,000
Hamakua Energy 4.02% non-recourse notes, due 2030												39,026		44,855
Mauo SOFR + 1.475% loan, paid in 2024												—		5,384
Mauo 5.07% non-recourse term loan, due 2034 to 2035												20,795		16,962
Ka`ie`ie Waho Company 2.79% non-recourse loan, due 2031												8,517		9,727
Mahipapa 2.14% non-recourse loan, due 2034 to 2036												53,263		53,743
Mahipapa 5.625% non-recourse unsecured loan, due 2027												424		578
HEI revolving credit facility SOFR + 1.80%, due 2026 to 2027												173,000		175,000
Less unamortized debt issuance cost and debt discount												(6,681)		(8,097)
Total long term debt, net												2,799,558		2,842,429

Preferred stock of subsidiaries - not subject to mandatory redemption												34,293		34,293
Shareholders' equity

Common stock												2,264,544		1,707,471
Retained earnings (deficit)												(788,916)		926,720
Accumulated other comprehensive income (loss), net of taxes												3,461		(289,350)
Total shareholders' equity												1,479,089		2,344,841
Total short-term borrowings, long term debt, net, preferred stock and shareholders' equity												$	4,361,563	$	5,221,563


LONG-TERM DEBT MATURITIES as of December 31, 2024
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
(in thousands)		2025		2026		2027		2028		2029		Thereafter		Total

Long-term debt1
Electric utilities2		$	47,000	$	125,000	$	266,000	$	67,500	$	35,000	$	1,367,500	$	1,908,000
HEI		50,000		15,733		157,267		193,000		—		367,000		783,000
Hamakua Energy		4,733		3,800		5,112		5,111		4,820		15,450		39,026
Mauo		914		1,014		1,124		1,233		1,573		14,938		20,796
Ka`ie`ie Waho Company		1,209		1,209		1,209		1,209		1,209		2,471		8,516
Mahipapa		6,094		6,295		4,763		6,282		7,916		22,337		53,687
Less unamortized debt issuance cost														(13,467)
		$	109,950	$	153,051	$	435,475	$	274,335	$	50,518	$	1,789,696	$	2,799,558

Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 Excludes intercompany borrowings.
2 See pages 14 to 16 for additional information.


SELECTED FINANCIAL INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2024			2023		2022		2021		2020
(in thousands)

CAPITAL STRUCTURE1
Short-term borrowings, net		$	48,623		$	—	$	87,967	$	—	$	49,979
Long-term debt, net, including current portion		1,901,214			1,934,277		1,684,816		1,676,402		1,561,302
Preferred stock		34,293			34,293		34,293		34,293		34,293
Common stock equity		1,156,955			2,409,110		2,344,170		2,261,899		2,141,918
		$	3,141,085		$	4,377,680	$	4,151,246	$	3,972,594	$	3,787,492
CAPITAL STRUCTURE RATIOS (%) 1
Short-term borrowings, net		1.6			—		2.1		—		1.3
Long-term debt, net, including current portion		60.5			44.2		40.6		42.2		41.2
Preferred stock		1.1			0.8		0.8		0.9		0.9
Common stock equity		36.8			55.0		56.5		56.9		56.6
		100.0			100.0		100.0		100.0		100.0
KEY FINANCIAL RATIOS (%)
Authorized return on rate base 2
	Hawaiian Electric	7.37			7.37		7.37		7.37		7.37
	Hawaii Electric Light	7.52			7.52		7.52		7.52		7.52
	Maui Electric	7.43			7.43		7.43		7.43		7.43
Earned rate-making return on simple average rate base 3
	Hawaiian Electric	7.18			7.34		7.32		7.28		6.94
	Hawaii Electric Light	6.23			6.77		5.76		5.96		7.09
	Maui Electric	4.25			4.57		6.53		6.61		5.82
Authorized return on simple average common equity 2
	Hawaiian Electric	9.50			9.50		9.50		9.50		9.50
	Hawaii Electric Light	9.50			9.50		9.50		9.50		9.50
	Maui Electric	9.50			9.50		9.50		9.50		9.50
Earned rate-making return on simple average common equity 4
	Hawaiian Electric	9.09			9.28		9.67		9.38		9.01
	Hawaii Electric Light	7.48			8.27		6.87		7.02		9.23
	Maui Electric	3.54			4.46		8.23		8.22		7.11
Book return on simple average common equity 5
	Hawaiian Electric	NM		7	8.96		8.76		8.53		8.20
	Hawaii Electric Light	NM		7	8.09		6.44		6.51		8.92
	Maui Electric	NM		7	4.53		7.33		7.41		6.65

RATE BASE (in millions, simple average)
Hawaiian Electric		$	2,683	6	$	2,689	$	2,613	$	2,510	$	2,425
Hawaii Electric Light		581		6	579		573		560		540
Maui Electric		647		6	603		559		531		514
		$	3,911		$	3,871	$	3,745	$	3,601	$	3,479
DEPRECIATION AND AFUDC (%)
Composite annual depreciation rate		3.2			3.2		3.2		3.2		3.2
Accumulated depreciation as percent of gross plant 1		35.8			35.7		36.9		36.8		36.4
Weighted-average AFUDC rate		7.3			7.2		7.1		7.1		7.1

1	At December 31.
2	Reflects latest interim or final decision and order as of the end of the respective years.
3	Based on recorded income and average rate base, both adjusted for items not included in determining electric rates.
4	This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates.
5	Based on recorded net income divided by average common equity, simple average method.
6	The 12/31/24 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,671, $583 and $659, respectively.
7	NM - Not meaningful The Utility's actual and allowed rates of return are not meaningful due to the accrual of estimated wildfire liabilities of approximately $1.92 billion.


CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2024		2023		2022		2021		2020
(in thousands)
Revenues1		$	3,206,700	$	3,269,521	$	3,408,587	$	2,539,636	$	2,265,320
Expenses
Fuel oil		1,078,045		1,211,420		1,265,614		644,349		515,274
Purchased power		703,371		671,769		793,584		670,494		568,749
Other operation and maintenance		609,672		533,557		497,601		475,412		474,192
Wildfire tort-related claims, net		1,875,000		—		—		—		—
Depreciation		251,142		243,705		235,424		229,469		222,733
Taxes, other than income taxes		301,328		306,912		317,173		240,354		215,822
Total expenses		4,818,558		2,967,363		3,109,396		2,260,078		1,996,770
Operating income (loss)		(1,611,858)		302,158		299,191		279,558		268,550
Allowance for equity funds used during construction		13,786		15,164		10,574		9,534		8,768
Retirement defined benefits credit (expense) - other than service costs		4,137		4,303		3,835		3,890		(763)
Interest expense and other charges, net		(82,082)		(86,140)		(76,416)		(72,447)		(67,794)
Allowance for borrowed funds used during construction		5,470		5,201		3,416		3,250		2,992
Interest Income1		6,633		6,454		—		—		—
Income (loss) before income taxes		(1,663,914)		247,140		240,600		223,785		211,753
Income taxes (benefit)		(439,547)		51,193		49,676		44,148		40,418
Net income (loss)		(1,224,367)		195,947		190,924		179,637		171,335
Preferred stock dividends of subsidiaries		915		915		915		915		915
Net income (loss) attributable to Hawaiian Electric		(1,225,282)		195,032		190,009		178,722		170,420
Preferred stock dividends of Hawaiian Electric		1,080		1,080		1,080		1,080		1,080
Net income (loss) for common stock2		(1,226,362)		193,952		188,929		177,642		169,340
Retained earnings, January 1		1,476,258		1,411,306		1,348,277		1,282,335		1,220,129
Common stock dividends		(26,000)		(129,000)		(125,900)		(111,700)		(107,134)
Retained earnings, December 31		$	223,896	$	1,476,258	$	1,411,306	$	1,348,277	$	1,282,335

Note:	See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.
1	In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income.
2	Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $1.4 billion and $1.1 million in 2024 and 2023, respectively.


CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2024		2023		2022		2021		2020
(in thousands)
ASSETS
Property, plant and equipment
Utility property, plant and equipment		$	9,286,330	$	8,947,305	$	8,355,294	$	7,992,489	$	7,749,296
Less accumulated depreciation		(3,326,624)		(3,197,514)		(3,086,499)		(2,940,517)		(2,819,079)
	Utility property, plant and equipment, net	5,959,706		5,749,791		5,268,795		5,051,972		4,930,217
Nonutility property, plant and equipment, less accumulated depreciation		2,792		6,942		6,945		6,949		6,953
	Total property, plant and equipment, net	5,962,498		5,756,733		5,275,740		5,058,921		4,937,170
Current assets
Cash and cash equivalents		184,148		106,077		39,242		52,169		47,360
Restricted cash		—		2,000		—		3,089		15,966
Customer accounts receivable, net		199,898		244,309		288,338		186,859		147,832
Accrued unbilled revenues, net		178,721		185,644		183,280		129,155		101,036
Other accounts receivable, net		69,637		111,519		13,567		7,267		7,673
Fuel oil stock, at average cost		98,903		148,237		191,530		104,078		58,238
Materials and supplies, at average cost		118,466		114,433		79,568		71,877		67,344
Prepayments and other		151,220		58,491		33,482		46,031		44,083
Regulatory assets		53,895		68,453		52,273		66,664		30,435
	Total current assets	1,054,888		1,039,163		881,280		667,189		519,967
Other long-term assets
Operating lease right-of-use assets		59,281		71,877		89,318		101,470		127,654
Regulatory assets		227,424		226,351		190,240		498,879		736,273
Defined benefit pension and other postretirement benefit plans asset		108,819		67,568		36,960		26,055		—
Other		200,694		121,862		123,929		139,111		136,309
	Total other long-term assets	596,218		487,658		440,447		765,515		1,000,236
	Total assets	$	7,613,604	$	7,283,554	$	6,597,467	$	6,491,625	$	6,457,373
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity		$	1,156,955	$	2,409,110	$	2,344,170	$	2,261,899	$	2,141,918
Cumulative preferred stock - not subject to mandatory redemption		34,293		34,293		34,293		34,293		34,293
Long-term debt, net		1,854,214		1,934,277		1,584,854		1,624,427		1,561,302
	Total capitalization	3,045,462		4,377,680		3,963,317		3,920,619		3,737,513
Current liabilities
Current portion of operating lease liabilities		15,202		16,617		19,095		49,368		64,730
Current portion of long-term debt, net		47,000		—		99,962		51,975		—
Short-term borrowings from non-affiliate		48,623		—		87,967		—		49,979
Accounts payable		196,980		191,040		202,492		160,007		133,849
Interest and preferred dividends payable		21,536		22,882		17,176		17,325		20,350
Taxes accrued, including revenue taxes		272,001		291,942		289,902		208,280		192,524
Regulatory liabilities		26,568		36,559		31,475		29,760		37,301
Wildfire tort-related claims		478,750		75,000		—		—		—
Other		121,011		96,436		85,596		71,569		74,262
	Total current liabilities	1,227,671		730,476		833,665		588,284		572,995
Deferred credits and other liabilities
Operating lease liabilities		49,135		62,098		78,715		65,780		69,494
Finance lease liabilities		425,625		330,978		46,048		—		—
Deferred income taxes		—		399,001		384,430		408,634		397,798
Regulatory liabilities		1,217,515		1,114,131		1,024,175		967,008		922,485
Unamortized tax credits		76,676		84,312		95,300		103,945		111,915
Defined benefit pension and other postretirement benefit plans liability		6,428		60,671		49,748		321,780		530,532
Wildfire tort-related claims		1,436,250		—		—		—		—
Other		128,842		124,207		122,069		115,575		114,641
	Total deferred credits and other liabilities	3,340,471		2,175,398		1,800,485		1,982,722		2,146,865
	Total capitalization and liabilities	$	7,613,604	$	7,283,554	$	6,597,467	$	6,491,625	$	6,457,373

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.


CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31			2024		2023		2022
(in thousands)
Cash flows from operating activities
Net income (loss)			$	(1,224,367)	$	195,947	$	190,924
Adjustments to reconcile net income (loss) to net cash provided by operating activities
	Depreciation of property, plant and equipment		251,142		243,705		235,424
	Other amortization		31,828		26,490		25,320
	Deferred income tax expense (benefit)		(481,624)		1,439		(41,415)
	State refundable credit		(11,914)		(11,325)		(10,999)
	Bad debt expense		4,720		8,161		6,027
	Allowance for equity funds used during construction		(13,786)		(15,164)		(10,574)
	Other		(6,311)		460		(139)
	Changes in assets and liabilities
		Decrease (increase) in accounts receivable	88,376		(65,004)		(91,742)
		Decrease (increase) in accrued unbilled revenues	7,561		(3,048)		(54,023)
		Decrease (increase) in fuel oil stock	49,334		43,293		(87,452)
		Increase in materials and supplies	(4,033)		(34,865)		(7,691)
		Decrease (increase) in regulatory assets	(22,743)		(10,613)		34,600
		Increase in regulatory liabilities	48,433		54,470		44,888
		Increase in accounts payable	9,644		20,454		22,355
		Change in prepaid and accrued income taxes, tax credits and revenue taxes	(26,542)		1,878		103,198
		Change in defined benefit pension and other postretirement benefit plans asset/liability	(9,218)		(8,186)		(4,828)
		Increase in wildfire tort-related claims	1,840,000		75,000		—
		Change in other assets and liabilities	(64,767)		(48,725)		(25,943)
Net cash provided by operating activities			465,733		474,367		327,930
Cash flows from investing activities
Capital expenditures			(329,479)		(438,775)		(329,457)
Other			11,848		6,176		5,372
Net cash used in investing activities			(317,631)		(432,599)		(324,085)
Cash flows from financing activities
Common stock dividends			(26,000)		(129,000)		(125,900)
Preferred stock dividends of Hawaiian Electric and subsidiaries			(1,995)		(1,995)		(1,995)
Proceeds from issuance of common stock/capital contribution from parent			270		—		13,101
Proceeds from issuance of long-term debt			—		350,000		60,000
Repayment of long-term debt/funds transferred for repayment of long-term debt			(81,000)		(100,000)		(52,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original
	maturities of three months or less		—		(87,967)		87,967
Proceeds from issuance of short-term debt			50,000		—		—
Payments of obligations under finance leases			(4,119)		(3,128)		(670)
Other			(9,187)		(843)		(364)
Net cash provided by (used in) financing activities			(72,031)		27,067		(19,861)
Net increase (decrease) in cash, cash equivalents and restricted cash			76,071		68,835		(16,016)
Cash, cash equivalents and restricted cash, January 1			108,077		39,242		55,258
Cash, cash equivalents and restricted cash, December 31			184,148		108,077		39,242
Less: Restricted cash			—		(2,000)		—
Cash and cash equivalents, December 31			$	184,148	$	106,077	$	39,242

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc.and subsidiaries' Form 10-K for each year. Reclassification of prior year amounts were made to conform to the 2024 presentation.


CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31					2024		2023		2022		2021		2020
(dollars in thousands, except par values)

				Shares outstanding
Series		Par value	Company	12/31/2024
C	4.25%	$ 20	Hawaiian Electric	150,000	$	3,000	$	3,000	$	3,000	$	3,000	$	3,000
D	5.00%	20	Hawaiian Electric	50,000	1,000		1,000		1,000		1,000		1,000
E	5.00%	20	Hawaiian Electric	150,000	3,000		3,000		3,000		3,000		3,000
H	5.25%	20	Hawaiian Electric	250,000	5,000		5,000		5,000		5,000		5,000
I	5.00%	20	Hawaiian Electric	89,657	1,793		1,793		1,793		1,793		1,793
J	4.75%	20	Hawaiian Electric	250,000	5,000		5,000		5,000		5,000		5,000
K	4.65%	20	Hawaiian Electric	175,000	3,500		3,500		3,500		3,500		3,500
G	7.625%	100	Hawaii Electric Light	70,000	7,000		7,000		7,000		7,000		7,000
H	7.625%	100	Maui Electric	50,000	5,000		5,000		5,000		5,000		5,000
				1,234,657	$	34,293	$	34,293	$	34,293	$	34,293	$	34,293

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.


LONG-TERM DEBT
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2024		2023		2022		2021		2020
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE
	REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
Hawaiian Electric
Refunding series 2015, 3.25%, due 2025		$	40,000	$	40,000	$	40,000	$	40,000	$	40,000
Refunding series 2017A, 3.10%, due 2026		62,000		62,000		62,000		62,000		62,000
Refunding series 2017B, 4.00%, due 2037		100,000		100,000		100,000		100,000		100,000
Refunding series 2019, 3.20%, due 2039		90,000		90,000		90,000		90,000		90,000
Series 2019, 3.50%, due 2049		70,000		70,000		70,000		70,000		70,000
		362,000		362,000		362,000		362,000		362,000

Hawaii Electric Light
Refunding series 2015, 3.25%, due 2025		5,000		5,000		5,000		5,000		5,000
Refunding series 2017A, 3.10%, due 2026		8,000		8,000		8,000		8,000		8,000
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		20,000		20,000
Refunding series 2019, 3.20%, due 2039		60,000		60,000		60,000		60,000		60,000
Series 2019, 3.50%, due 2049		2,500		2,500		2,500		2,500		2,500
		95,500		95,500		95,500		95,500		95,500

Maui Electric
Refunding series 2015, 3.25%, due 2025		2,000		2,000		2,000		2,000		2,000
Refunding series 2017A, 3.10%, due 2026		55,000		55,000		55,000		55,000		55,000
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		20,000		20,000
Series 2019, 3.50%, due 2049		7,500		7,500		7,500		7,500		7,500
		84,500		84,500		84,500		84,500		84,500
	Total obligations to the State of Hawaii	$	542,000	$	542,000	$	542,000	$	542,000	$	542,000

				(Continued on next page)


LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2024		2023		2022		2021		2020
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Hawaiian Electric
	Series 2013A, 4.45%, paid in 2022	$	—	$	—	$	—	$	40,000	$	40,000
	Series 2012C, 4.55%, paid in 2023	—		—		50,000		50,000		50,000
	Series 2012D, 4.72%, due 2029	35,000		35,000		35,000		35,000		35,000
	Series 2012E, 5.39%, due 2042	150,000		150,000		150,000		150,000		150,000
	Series 2012F, 4.53%, due 2032	40,000		40,000		40,000		40,000		40,000
	Series 2013B, 4.84%, due 2027	50,000		50,000		50,000		50,000		50,000
	Series 2013C, 5.65%, due 2043	50,000		50,000		50,000		50,000		50,000
	Series 2015A, 5.23%, due 2045	50,000		50,000		50,000		50,000		50,000
	Series 2016A, 4.54%, due 2046	40,000		40,000		40,000		40,000		40,000
	Series 2017A, 4.31%, due 2047	40,000		40,000		40,000		40,000		40,000
	Series 2018A, 4.38%, due 2028	52,000		52,000		52,000		52,000		52,000
	Series 2018B, 4.53%, due 2033	12,500		12,500		12,500		12,500		12,500
	Series 2018C, 4.72%, due 2048	10,500		10,500		10,500		10,500		10,500
	Series 2019A, 4.21%, due 2034	30,000		30,000		30,000		30,000		30,000
	Series 2020A, 3.31%, due 2030	50,000		50,000		50,000		50,000		50,000
	Series 2020B, 3.31%, due 2030	40,000		40,000		40,000		40,000		40,000
	Series 2020C, 3.96%, due 2050	20,000		20,000		20,000		20,000		20,000
	Series 2020D, 3.28%, due 2040	30,000		30,000		30,000		30,000		—
	Series 2020E, 3.51%, due 2050	30,000		30,000		30,000		30,000		—
	Series 2022A, 3.70%, due 2032	40,000		40,000		40,000		—		—
	Series 2023A, 6.11%, due 2030	40,000		40,000		—		—		—
	Series 2023B, 6.25%, due 2033	40,000		40,000		—		—		—
	Series 2023C, 6.70%, due 2053	20,000		20,000		—		—		—
		870,000		870,000		820,000		820,000		760,000

Hawaii Electric Light
	Series 2013B, 4.45%, paid in 2022	—		—		—		12,000		12,000
	Series 2012B, 4.55%, paid in 2023	—		—		20,000		20,000		20,000
	Series 2013C, 4.84%, due 2027	30,000		30,000		30,000		30,000		30,000
	Series 2015A, 5.23%, due 2045	25,000		25,000		25,000		25,000		25,000
	Series 2018A, 4.38%, due 2028	9,000		9,000		9,000		9,000		9,000
	Series 2018B, 4.53%, due 2033	3,000		3,000		3,000		3,000		3,000
	Series 2018C, 4.72%, due 2048	3,000		3,000		3,000		3,000		3,000
	Series 2019A, 4.21%, due 2034	10,000		10,000		10,000		10,000		10,000
	Series 2020A, 3.96%, due 2050	10,000		10,000		10,000		10,000		10,000
	Series 2020B, 3.28%, due 2040	15,000		15,000		15,000		15,000		—
	Series 2020C, 3.51%, due 2050	15,000		15,000		15,000		15,000		—
	Series 2022A, 3.70%, due 2032	10,000		10,000		10,000		—		—
	Series 2023A, 6.25%, due 2033	25,000		25,000		—		—		—
		$	155,000	$	155,000	$	150,000	$	152,000	$	122,000

				(Continued on next page)


LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2024		2023		2022		2021		2020
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Maui Electric
	Series 2012C, 4.55%, paid in 2023	$	—	$	—	$	30,000	$	30,000	$	30,000
	Series 2013A, 4.84%, due 2027	20,000		20,000		20,000		20,000		20,000
	Series 2013B, 5.65%, due 2043	20,000		20,000		20,000		20,000		20,000
	Series 2015A, 5.23%, due 2045	5,000		5,000		5,000		5,000		5,000
	Series 2017A, 4.31%, due 2047	10,000		10,000		10,000		10,000		10,000
	Series 2018A, 4.38%, due 2028	6,500		6,500		6,500		6,500		6,500
	Series 2018B, 4.53%, due 2033	2,000		2,000		2,000		2,000		2,000
	Series 2018C, 4.72%, due 2048	1,500		1,500		1,500		1,500		1,500
	Series 2019A, 4.21%, due 2034	10,000		10,000		10,000		10,000		10,000
	Series 2020A, 3.31%, due 2030	20,000		20,000		20,000		20,000		20,000
	Series 2020B, 3.96%, due 2050	20,000		20,000		20,000		20,000		20,000
	Series 2020C, 3.51%, due 2050	25,000		25,000		25,000		25,000		—
	Series 2020A, 3.70%, due 2032	10,000		10,000		10,000		—		—
	Series 2023A, 6.25%, due 2033	25,000		25,000		—		—		—
		175,000		175,000		180,000		170,000		145,000
	Total taxable unsecured senior notes	1,200,000		1,200,000		1,150,000		1,142,000		1,027,000
Revolving credit facility SOFR +1.8%, due 2026 and 2027		166,000		200,000		—		—		—
	Total other long-term debt - unsecured	1,366,000		1,400,000		1,150,000		1,142,000		1,027,000
	Total long-term debt	1,908,000		1,942,000		1,692,000		1,684,000		1,569,000
Less current portion of long-term debt, net		47,000		—		99,962		51,975		—
Less unamortized debt issuance costs		6,786		7,723		7,184		7,598		7,698
Long-term debt, net		$	1,854,214	$	1,934,277	$	1,584,854	$	1,624,427	$	1,561,302

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.


CUSTOMER, SALES AND REVENUE INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2024	2023	2022	2021	2020
SERVICE AREA 1
Service area (square miles)		5,815	5,815	5,815	5,815	5,815
Service area population (estimated, in thousands)		n/a	1,361	1,366	1,368	1,335
CUSTOMER ACCOUNTS 2
Residential		417,253	416,072	413,744	414,713	412,484
Commercial		54,571	54,831	55,228	55,201	54,861
Industrial		712	702	696	698	694
		472,536	471,605	469,668	470,612	468,039
CUSTOMER ACCOUNTS BY COMPANY 2
Hawaiian Electric		310,336	309,631	306,978	308,721	307,378
Hawaii Electric Light		90,522	89,477	88,757	88,103	87,357
Maui Electric		71,678	72,497	73,933	73,788	73,304
Consolidated		472,536	471,605	469,668	470,612	468,039
MEGAWATTHOUR SALES (thousands)2
Residential		2,295	2,342	2,415	2,492	2,525
Commercial		2,623	2,611	2,643	2,595	2,477
Industrial		3,301	3,274	3,296	3,174	3,118
		8,219	8,227	8,354	8,261	8,120
MEGAWATTHOUR SALES MIX (%)2
Residential		27.9	28.5	28.9	30.2	31.1
Commercial		31.9	31.7	31.6	31.4	30.5
Industrial		40.2	39.8	39.5	38.4	38.4
		100.0	100.0	100.0	100.0	100.0
MEGAWATTHOUR SALES BY COMPANY (thousands)
Hawaiian Electric		6,134	6,138	6,211	6,169	6,183
Hawaii Electric Light		1,047	1,044	1,054	1,044	978
Maui Electric		1,038	1,045	1,089	1,048	959
Consolidated		8,219	8,227	8,354	8,261	8,120
MEGAWATTHOUR SALES GROWTH BY COMPANY (%)
Hawaiian Electric		(0.1)	(1.2)	0.7	(0.2)	(6.1)
Hawaii Electric Light		0.3	(1.0)	0.9	6.3	(7.4)
Maui Electric		(0.7)	(4.2)	3.8	8.5	(17.5)
Consolidated		(0.1)	(1.5)	1.1	1.7	(7.6)
RENEWABLE GENERATION RPS (%) 3
Hawaiian Electric		31	30	28	33	31
Hawaii Electric Light 4		59	52	48	60	43
Maui Electric		41	35	36	50	51
Consolidated		36	33	32	38	35

1	Source: State of Hawaii Data Book 2023 (prior years)
2	At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.
3	In July 2022, Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation that applies to all years after 2021 results in a lower calculated percentage than the amount calculated under the previous methodology.
4	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 32.2 MW of capacity as of December 31, 2024.
n/a: Not available
			(Continued on next page)


CUSTOMER, SALES AND REVENUE INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2024		2023		2022		2021		2020
REVENUES (thousands)1
Electric sales revenue
	Residential	$	1,011,289	$	1,028,415	$	1,069,974	$	843,655	$	770,135
	Commercial	1,023,571		1,039,894		1,085,405		810,658		714,620
	Industrial	1,122,152		1,156,909		1,211,242		853,293		754,775
Total electric sales revenues		3,157,012		3,225,218		3,366,621		2,507,606		2,239,530
Other revenues2		49,688		44,303		41,966		32,030		25,790
Total revenues		$	3,206,700	$	3,269,521	$	3,408,587	$	2,539,636	$	2,265,320
Less:
Fuel oil		1,078,045		1,211,420		1,265,614		644,349		515,274
Purchased power		703,371		671,769		793,584		670,494		568,749
Taxes, other than income taxes		301,328		306,912		317,173		240,354		215,822
Net revenues		$	1,123,956	$	1,079,420	$	1,032,216	$	984,439	$	965,475
REVENUES BY COMPANY (thousands)
Hawaiian Electric		$	2,283,148	$	2,356,478	$	2,452,969	$	1,793,372	$	1,608,305
Hawaii Electric Light		483,715		464,161		485,590		381,033		334,221
Maui Electric		440,432		448,882		470,355		365,256		323,430
HE AR Inter3		5,570		—		—		—		—
Eliminations2,3		(6,165)		—		(327)		(25)		(636)
Consolidated		$	3,206,700	$	3,269,521	$	3,408,587	$	2,539,636	$	2,265,320
AVERAGE REVENUE PER KWH SOLD (cents)1
Residential		44.06		43.91		44.30		33.86		30.50
Commercial		39.02		39.82		40.99		31.21		28.83
Industrial		33.99		35.34		36.75		26.88		24.21
Other		41.05		40.79		55.24		34.19		31.01
		38.41		39.21		40.30		30.35		27.58
AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)
Hawaiian Electric		36.62		37.86		39.00		28.72		25.76
Hawaii Electric Light		45.43		43.90		45.51		36.00		33.65
Maui Electric		41.90		42.39		42.67		34.33		33.16
Consolidated		38.41		39.21		40.30		30.35		27.58
AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)
Hawaiian Electric		5,450		5,589		5,761		6,013		6,358
Hawaii Electric Light		5,459		5,480		5,644		5,795		5,441
Maui Electric		5,858		5,981		6,298		6,339		6,064
Consolidated		5,512		5,628		5,821		6,022		6,145
Average monthly electric sales revenue per residential customer		$	202	$	206	$	215	$	170	$	156

1	"Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.
2	In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income (and associated intercompany eliminations).
3	In 2024, HE AR Inter was formed to pursue financing through a secured asset-based (accounts receivable) credit facility. The gain on sale of receivables is eliminated at consolidation.


POWER SUPPLY INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2024	2023	2022	2021	2020
ENERGY NET GENERATED AND PURCHASED (thousands of MWH)
Net generated
Fuel oil
	Conventional oil-fired steam units	3,993	4,057	3,701	3,288	3,429
	Dual train combined-cycle unit	714	747	795	749	757
	Diesel internal combustion engine	337	362	323	304	318
	Simple-cycle combustion turbines	150	115	133	89	53
		5,194	5,281	4,952	4,430	4,557
Biodiesel internal combustion engine		17	17	16	25	28
Hydro		4	5	6	9	5
Solar		37	40	38	37	39
Total net generated1		5,252	5,343	5,012	4,501	4,629
Purchased
Non-renewable 2		1,423	1,518	2,066	2,470	2,541
Renewable 3,4		1,939	1,741	1,684	1,684	1,355
Battery Storage 5		187	12	—	—	—
Total purchased1		3,549	3,271	3,750	4,154	3,896
Customer-sited solar		1,691	1,586	1,522	1,418	1,326
		10,492	10,200	10,284	10,073	9,851
GENERATION MIX (%)
Fuel oil
	Conventional oil-fired steam units	38.1	39.8	36.0	32.6	34.8
	Dual train combined-cycle unit	6.8	7.3	7.7	7.4	7.7
	Diesel internal combustion engine	3.2	3.5	3.1	3.0	3.2
	Simple-cycle combustion turbines	1.4	1.1	1.3	0.9	0.5
		49.5	51.7	48.1	43.9	46.2
Biodiesel internal combustion engine		0.2	0.2	0.2	0.2	0.3
Hydro		—	—	0.1	0.1	0.1
Solar		0.4	0.4	0.4	0.4	0.4
Total generation1		50.1	52.3	48.8	44.6	47.0
Purchased
Non-renewable 2		13.6	14.9	20.1	24.6	25.8
Renewable 3,4		18.4	17.2	16.3	16.7	13.7
Battery Storage 5		1.8	0.1	—	—	—
Total purchased1		33.8	32.2	36.4	41.3	39.5
Customer-sited solar		16.1	15.5	14.8	14.1	13.5
		100.0	100.0	100.0	100.0	100.0

1	The 2021 and 2020 HEI Environmental, Social, Governance reports classified the 2020 and 2019 Honolulu International Airport's small generating resource as independent power producer generation. As of December 31, 2021, the 2022 HEI Environmental, Social, Governance report has reclassified this generating resource as utility-owned generation.
2	AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations.
3	Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers.
4	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 32.2 MW of capacity as of December 31, 2024.
5	Represents Kapolei Energy Storage, which reached commercial operations in December 2023.
			(Continued on next page)


POWER SUPPLY INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2024		2023		2022		2021		2020
SYSTEM CAPABILITY (MW) 1, 2
Company-owned generation
Conventional oil-fired steam units		993		1,086		1,086		1,086		1,086
Simple-cycle combustion turbines		280		279		279		279		279
Dual train combined-cycle unit		170		170		170		170		170
Diesel internal combustion engine		147		147		146		146		146
Biodiesel internal combustion engine		57		57		57		57		57
		1,647		1,739		1,738		1,738		1,738
Firm purchase power contracts 3
Non-renewable 4		268		268		268		448		448
Renewable 5		98		94		94		92		68
		366		362		362		540		516
		2,013		2,101		2,100		2,278		2,254
SYSTEM CAPABILITY BY COMPANY (MW) 1, 2
Hawaiian Electric		1,472		1,564		1,564		1,744		1,744
Hawaii Electric Light		272		268		268		266		242
Maui Electric		269		269		268		268		268
		2,013		2,101		2,100		2,278		2,254
SYSTEM PEAK LOAD BY COMPANY (MW) 6
Hawaiian Electric		1,050		1,060		1,072		1,072		1,087
Hawaii Electric Light		184		187		188		194		183
Maui Electric		190		200		207		205		201
		1,424		1,447		1,467		1,471		1,471
FUEL OIL DATA
Barrels of fuel oil consumed (thousands)		9,374		9,559		8,945		8,048		8,180
Average fuel oil cost per barrel		$	115.00	$	126.73	$	141.49	$	80.06	$	63.00
Average fuel oil cost per million BTU (cents)		1,868.2		2,060.0		2,310.9		1,305.4		1,028.7
Fuel oil cost per net KWH generated (cents)		20.688		22.869		25.283		14.344		11.144
BTU per net KWH generated by company
	Hawaiian Electric	11,079		11,178		10,943		10,962		10,808
	Hawaii Electric Light	11,558		11,691		11,680		11,876		11,209
	Maui Electric	10,720		10,461		10,501		10,543		10,639
	Consolidated	11,074		11,102		10,941		10,988		10,834
OTHER DATA
Losses and system uses (%)		6.4		4.2		4.1		4.3		4.5
Reserve margin (%) 6		41.4		45.2		43.1		54.8		53.2
Annual load factor (%) 6		70.6		68.0		68.2		67.2		66.2
Average cost per KWH purchased from IPPs (cents)		19.818		20.536		21.160		16.142		14.597

1	At December 31.
2	Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature.
3	Non-renewable firm power contracts include: AES Hawaii (AES)-see note 4 below, Kalaeloa Partners, and Hamakua Energy Partners (HEP). Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources.
4	AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations.
5	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 32.2 MW of capacity as of December 31, 2024.
6	Net; noncoincident and nonintegrated.