HELCO withdraws proposed rate increase


Hawaii Electric Light Co. is withdrawing its 2013 rate request as part of a settlement with the Public Utilities Commission and the state’s Consumer Advocate.

Hawaiian Electric Company, Maui Electric Company and HELCO also agreed to write off $40 million in costs for two major projects: the 110-megawatt biofuel generating station at Campbell Industrial Park on Oahu and the companies’ new customer information system. This write-off has already been reflected in the utilities’ financial results for 2012.

Hawaiian Electric Cos. filed their proposed settlement with the PUC in January. The PUC accepted the settlement, with some changes, on Tuesay.