HONOLULU -- Hawaiian Electric Co. on Friday asked the Hawaii Public Utilities Commission for two rate increases that could hike electric bills 5.4 percent for Oahu customers next year.

The first rate, a 3.1 percent increase, that HECO asked for would cost a residential customer's electric bill by $4.07, from $157.99 to $162.06, the company said. Those figures are based on July 2010 bills, HECO said.

The earliest a hike would begin would be midyear 2011, the company said.

HECO said it needs the hike to pay for some upgrades and maintenance.

"We know times are still tough in Hawaii's economy, but the status quo of heavy oil dependence is not acceptable. We must make the investments to move away from that dependence now or risk even greater costs in the future," HECO Executive Vice President Robbie Alm said.

HECO also asked for an increase of 2.3 percent for new programs. That could raise the above bill $3.01 a month to $165.07.

That increase would fund new programs.

The utility's last increase the PUC approved was for 5.7 percent in August 2009, HECO said.