Oʻahu land use: the brief, Monday, Nov. 2, 2026
Hawaiian Electric has asked the Hawaii Public Utilities Commission to let it borrow about $531 million through 30-year bonds, repaid through a new "infrastructure resilience charge" on electric bills, according to the utility's Oct. 9 application in Docket No. 2026-0235. [source: HECO Application for Financing Order, Book 1, p. 4]
The total covers up to $500 million in work, plus upfront financing costs. [source: Book 1, p. 4]
The utility lists three pieces: about $350 million for its 2025–2027 wildfire mitigation plan, about $31 million for added 2026–2027 wildfire work, and about $121 million for "Grid Mod Phase 2" equipment, such as substation controls and a private communications network. [source: Book 1, p. 3]
The filing is made under HRS chapter 269G, created by Act 258 of 2025; HECO says the law requires it to use bonds for the first $500 million of resilience work. [source: HRS §269G-2; Book 1, p. 2]
HECO estimates the charge would add an average of $2.08 a month to residential bills across all its service areas. [source: Book 1, p. 59]
HECO compares that with the Exceptional Project Recovery Mechanism (EPRM), the recovery method the PUC approved in June, under which it estimates average monthly impacts over the first 30 years of $0.89 on Oʻahu (500 kWh), $4.86 on Hawaiʻi Island (500 kWh), $6.48 on Maui (500 kWh), $4.86 on Lānaʻi (400 kWh) and $5.38 on Molokaʻi (400 kWh). [source: Book 1, pp. 59–60]
HECO says the EPRM would mean "significantly higher bill impacts on Hawai'i and Maui County compared to the securitization bill impacts." [source: Book 1, p. 60]
About 66% of the bond revenue would come from Hawaiian Electric (Oʻahu) customers, and about 17% each from Hawaiʻi Electric Light and Maui Electric customers. [source: Book 1, p. 3, n. 4]
The bonds would save about $58 million in present-value terms over 30 years, HECO estimates, citing an estimated bond yield of 5.99%; HECO estimates its own borrowing would cost about 8.08%. [source: $58M (p. 58); 5.99% (p. 59); 8.08% (p. 59, n. 27)]
In Decision and Order No. 42720 (June 25, 2026, Docket No. 2025-0263), the PUC approved about $350.3 million for the plan and its recovery through the EPRM, but prohibited HECO from collecting through the EPRM until the PUC issues an order addressing its bond application. [source: D&O 42720, pp. 62-63, 65-66]
Costs found ineligible for bond financing may still be recovered through the EPRM. [source: D&O 42720, p. 63; Book 1, p. 4, n. 12]
HECO asks the PUC to rule "in any event within ninety (90) days after the last filing in this docket," and projects the bonds would be issued in September 2027, with a final payment date no more than 30 years after issuance. [source: 90 days (p. 3); September 2027 (p. 2, n. 2); 30 years (p. 37)]
Hawaiian Electric confirmed it received the questions but did not respond to them by the 5 p.m. HST Oct. 27 deadline. [source: Hawai'i Ledger newsroom]
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Basis. Written by the Ledger in a session on Nov. 2, 2026 from the records linked in each sentence; it says what was on the record that day, in plain words, and does not predict outcomes or take sides. What has happened since is on Oʻahu land use's page. Corrections: the corrections log.