Hawaiian Electric Industries's biggest risks in the FY2024 10-K
- Maui windstorm and wildfire losses dominate HEI’s financial, liquidity, cash-flow and operating risks.
- Capital needs, including litigation settlements, could dilute shareholders.
- Hawaiian Electric faces regulatory, permitting and clean-energy transition pressures.
The risks most specific to Hawaiian Electric Industries
Holding company and company-wide risks
Maui windstorm and wildfire losses could materially harm HEI’s and Hawaiian Electric’s finances, liquidity, cash flows and results.
Bankruptcy Code. Such alternatives could adversely affect our financial results or other factors impacting our finances, operations or stock valuation
Future equity or convertible-security offerings to raise capital, including for litigation settlements, could dilute existing HEI shareholders.
The following risks are generally specific to Hawaiian Electric, but could have a material adverse effect on the Company’s consolidated results of operations, financial condition and liquidity
PUC decisions could produce inadequate or delayed rate increases, rate reductions, customer refunds, project delays, expenses or writedowns.
The Utilities could be required to refund to their customers, with interest, revenues that have been or may be received under interim rate orders in their rate case proceedings and other proceedings, if and to the extent they exceed the amounts allowed in final orders
Required PUC and governmental approvals or permits for utility projects could be delayed, denied or affected by adverse agency decisions.
Renewable Portfolio Standards law
Hawaii’s amended Renewable Portfolio Standards law could require the Utilities to increase renewable energy relative to total electricity generation.
The foregoing legislation or legislation that now is, or may in the future be, proposed, such as potential carbon “cap and trade” legislation that, if applicable, may fundamentally alter costs to produce electricity and accelerate the move to renewable generation, present risks and uncertainties for the Utilities
Meeting clean-energy, RPS and climate goals could create operational challenges and worsen the Utilities’ financial results, liquidity and condition.
Risk factor headings as read
Headings as the filing states them, in filing order.
Other
- 01Holding company and company-wide risks
- 02Bankruptcy Code. Such alternatives could adversely affect our financial results or other factors impacting our finances, operations or stock valuation
- 03The following risks are generally specific to Hawaiian Electric, but could have a material adverse effect on the Company’s consolidated results of operations, financial condition and liquidity
- 04The Utilities could be required to refund to their customers, with interest, revenues that have been or may be received under interim rate orders in their rate case proceedings and other proceedings, if and to the extent they exceed the amounts allowed in final orders
- 05Renewable Portfolio Standards law
- 06The foregoing legislation or legislation that now is, or may in the future be, proposed, such as potential carbon “cap and trade” legislation that, if applicable, may fundamentally alter costs to produce electricity and accelerate the move to renewable generation, present risks and uncertainties for the Utilities
Other Hawaiian Electric Industries 10-Ks
- FY2025 10-K risk factorsRisk factors section under review
Maui wildfire exposure is now framed around ongoing losses and settled tort claims rather than pending litigation alone.
Filed Feb 27, 2026
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The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.