Hawaii Electric Light Co. will withdraw a 4.2 percent rate increase request that would have raised the average homeowner’s bill by $8.32, according to Gov. Neil Abercrombie.
In a Wednesday evening press release, the Governor’s Office reported that the settlement with Hawaiian Electric Company Inc. and its subsidiaries would result in a “significant reduction in taxpayer dollars requested to cover project costs.”
The formal settlement, which was filed with the Public Utilities Commission on Jan. 28 and awaits that body’s approval, outlines an agreement between the state Department of Commerce and Consumer Affairs’ Division of Consumer Advocacy and HECO, includings its subsidiaries Maui Electric Co., Ltd. and HELCO, which serve Maui County.
See Wednesday’s Tribune-Herald for more details on the settlement.