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Senator Lorraine R. Inouye

Lower fuel prices to bring down bills on 4 islands

Good news on electric rates: Lower fuel prices to bring down bills on 4 islands

On O‘ahu, bill impact of coal plant closure less than forecast

HONOLULU, Sept. 1, 2022 – Hawaiian Electric customers on Hawai‘i, Maui, Lāna‘i and Moloka‘i will see lower rates in September that reflect the first significant drop in oil prices since spring. O‘ahu customers will see a smaller rate increase than expected with the shutdown of the AES coal-fired power plant.

Hawaiian Electric is forecasting the following impacts to a typical residential bill for electricity used in September, which will be included in bills most customers receive in October:

  • O‘ahu: Up 4% or about $9. This is an improvement over the earlier forecast that projected bills would increase 7% or about $15 after the coal plant ends operations, which is scheduled for today. Commercial customers will see kilowatt-hour rates up about 2 cents, lower than the 3 cents forecast.
  • Hawai‘i Island: Down 6% or about $16
  • Maui: Down 5% or about $11
  • Moloka‘i: Down 14% or about $34
  • Lāna‘i: Down 9% or about $22

The rates for O‘ahu are the result of lower oil prices and the addition of the Clearway Mililani I 39-megawatt solar project to the grid. Its contracted price of 9 cents per kilowatt-hour is less than a third the cost of oil used for power generation.

Even with the lower rates, typical bills on all islands are still higher than in March before oil prices began to surge. Hawaiian Electric continue to offer options to help customers manage their energy bills. Go to hawaiianelectric.com/paymentarrangement to review payment plan options. For information on available financial assistance, go to hawaiianelectric.com/COVID19.

Reducing energy use is also a practical way to further reduce electric bills. Links to resources are available at hawaiianelectric.com. Hawaii Energy is an expert resource that offers rebates and practical energy conservation tips at hawaiienergy.com.

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Endorsements

Lincoln Ashida

Lorraine is a quick study, understands the challenges families face, and is no-nonsense about transparency and accountability.  Her experience in county elected offices, as well as in the state senate help her effectively craft legislation to benefit her constituents.

Barbara Hastings

Lorraine’s being on the Senate Ways and Means Committee gives her critical input on where the state’s money is spent. In my view, she has always exercised that position carefully.

State Senate President Ron Kouchi

State Senator Lorraine Inouye is well respected at the Legislature because of her strong values and integrity. We can always count on Lorraine to guide us in the right direction when faced with tough decisions.”

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