Hawaiian Electric Seeks Rate Hikes in 2027 and 2028, Targeting $170 Million Annually

Hawaiian Electric has filed a request with state regulators to raise utility rates across its service territory in 2027 and 2028, seeking to generate an additional $170 million in annual revenue for most of the next five years. The proposal hits Hawaii Island harder than any other service area, with typical residential customers using 500 kilowatt-hours facing an estimated $12 increase per month in 2027 and another $3 in 2028, for a combined $15 over the two years.

That $15 combined figure represents a 5.8% revenue increase for Hawaiian Electric on Hawaii Island, the steepest percentage gain of any island in the filing. By comparison, Oahu customers at the same 500 kilowatt-hour usage level would see monthly bills rise $8 in 2027 and $3 in 2028, a combined $11 and a 5% revenue increase. Maui County customers face a combined $14 increase at those usage levels, with the company seeking a 6.4% revenue gain there. On Lanai and Molokai, where typical residential use is measured at 400 kilowatt-hours rather than 500, estimated monthly increases are $9 in 2027 and $2 in 2028.

Most of the two-year impact arrives in 2027, with the second year adding a smaller increment regardless of island.

Hawaiian Electric said the extra $170 million in requested revenue would only partially offset its higher inflation and insurance costs in recent years, as well as accelerated depreciation for power generation units expected to be retired over the next decade or so. Of that $170 million, $83 million is tied directly to inflation since 2021. The company said that figure would partly compensate for a 25% surge in prices from 2020 to 2025 that outstripped the small inflation adjustment allowed under the state's performance-based regulation, or PBR, framework, which took effect in 2021.

That 2021 PBR transition marked the last time Hawaiian Electric adjusted rates in any systematic way. Prior to that change, the company last raised rates in 2018 for Maui County, 2016 for Hawaii Island, and as far back as 2011 for Oahu. The filing does not detail which specific generation units will be retired, nor does it itemize the insurance cost increases or break down how the remaining $87 million beyond the inflation component is allocated.

The request now awaits review by state regulators. The timeline for public hearings, the formal docket number, and any initial regulatory response were not part of the filing details made available as of March 10, 2026.