Hawaiian Electric Industries, Inc. HE

Company Overview

Hawaiian Electric Industries, Inc. (NYSE: HE) is a Hawaii-based holding company whose operations have historically centered on regulated electric utility services and banking. Through its principal utility subsidiaries, the company supplies electricity across most of the Hawaiian Islands, serving residential, commercial, military, and governmental customers. HE operates primarily in the utilities and financial services industries, although the company announced plans in 2024 to exit the banking business through the sale of its banking subsidiary. The company’s principal revenue drivers have been regulated electric utility operations and, historically, interest income and banking-related services.

The company’s utility operations are conducted through Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc., and Maui Electric Company, Limited, which together provide electric service to approximately 95% of Hawaii’s population. HE’s strategic positioning is tied to Hawaii’s isolated island grid systems and the state’s aggressive renewable energy mandates, including a statutory goal of achieving 100% renewable electricity generation by 2045. Hawaiian Electric Industries traces its origins to the late 19th century, with electric utility operations dating back to 1891. Over time, the company expanded into banking through American Savings Bank, creating a diversified utility and financial services structure that remained in place until the announced divestiture process.