What the changes say
- Maui wildfire exposure is now framed around ongoing losses and settled tort claims rather than pending litigation alone.
- A new rating-related financing risk highlights restricted capital access while debt remains below investment grade.
- Project approval language now emphasizes cancellation risk, while renewable standards and PUC rate risks are substantively unchanged.
What changed since the prior 10-K
New
- New
1 Rating withdrawn due to preferred stock redemption in the fourth quarter of 2025
A withdrawn rating after preferred stock redemption and continued below-investment-grade debt could restrict financing for wildfire mitigation, grid modernization, reliability, and resilience projects.
Dropped
- Dropped
Bankruptcy Code. Such alternatives could adversely affect our financial results or other factors impacting our finances, operations or stock valuation
Reworded
- 89% rewritten
Holding company and company-wide risks
The risk now says Maui wildfire losses have already harmed results and may continue, and notes the November 2024 settlement agreements for tort claims.
- 43% rewritten
Renewable Portfolio Standards law
No substantive change; the risk still concerns acquiring more renewable energy under Hawaii’s amended portfolio-standard calculation.
- 31% rewritten
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
No substantive change; PUC control over rates and the five-year period without general rate cases remain the focus.
- 24% rewritten
The Utilities could be required to refund, with interest, any revenues collected from customers under interim rate orders in their rate case proceedings and other proceedings that exceed the amounts approved in final orders
Project approval failures are now described as potentially leading to cancellation, while the consequences for costs and write-offs remain.
Was: 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
Risk factor headings as read
Headings as the filing states them, in filing order.
Other
- 01Holding company and company-wide risks89% rewritten
- 021 Rating withdrawn due to preferred stock redemption in the fourth quarter of 2025New
- 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 liquidity31% rewritten
- 04The Utilities could be required to refund, with interest, any revenues collected from customers under interim rate orders in their rate case proceedings and other proceedings that exceed the amounts approved in final orders24% rewritten
- 05Renewable Portfolio Standards law43% rewritten
- 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
- FY2024 10-K risk factorsRisk factors section under review
Maui windstorm and wildfire losses dominate HEI’s financial, liquidity, cash-flow and operating risks.
Filed Feb 24, 2025
About this page
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.