Hawaiian Electric Inds (HE)

Honolulu-based Hawaiian Electric Industries, Inc. (NYSE:HE) is a holding company with subsidiaries engaged in electric utilities, banking, freight transportation, real estate development, and other businesses, predominantly in Hawaii. The company also pursues the development of independent power projects in Asia and the Pacific. Electricity is provided by the company's three subsidiaries: The Hawaiian Electric Co. (HECO), Maui Electric Co. (MECO), and Hawaiian Electric Light Co. (HELCO). These utilities are engaged in the production, transmission, distribution, and sale of electricity, serving over 400,000 customers, or 95% of Hawaii's population, as the sole public electricity provider on the Islands of Hawaii, Oahu, Maui, Lanai, and Molokai. Most of the company's electricity revenue is generated by HECO, which owns and operates three plants with more than 1,600 megawatts (MW) of generating capacity. The other two regulated utilities contribute the rest of the company's electric utility revenue. Through American Savings Bank (ASB), which has $6.8 billion in assets, 63 retail branches, and is Hawaii's third largest financial institution, HE provides a wide array of banking services. In the 2nd quarter of 2008, electricity and savings bank services accounted for approximately 88.9% and 11.1%, respectively, of the company's consolidated revenue. Hawaiian Electric Industries is the largest Hawaii-based company, which supplies power to 93% of the Hawaiian electric public utility market, and the only electric utility in the U.S. to own a bank.

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