Hawaiian Electric Reports Q3 2026 Earnings with Mixed Results Amid Storm Costs and Asset Impairment

Hawaiian Electric Industries, Inc. (HE) reported third-quarter 2026 consolidated GAAP net income of $35.5 million, an increase from $30.7 million in the prior-year quarter. However, core net income fell to $23 million, down from $32.8 million a year ago, primarily due to storm-related expenses and a $50.7 million impairment related to the Pacific Current Asset following the liquidation of the Mahipapa biomass facility. The company is navigating significant wildfire settlement obligations, including an $18 million noncash accretion expense for settlement liabilities. To support grid resilience and reliability, management has proposed a 5.3% base rate increase to be phased in over two years. Despite these challenges, the utility reported strong liquidity of $1.3 billion and noted a 52% reduction in wildfire insurance premiums due to successful risk mitigation efforts.

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