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Hawaiian Electric rate to go up 2.3%; first increase in 6 years - Honolulu, Hawaii news, sports & weather - KITV Channel 4

Hawaiian Electric rate to go up 2.3%; first increase in 6 years

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HONOLULU -

Your electricity bill is going up starting February 16.

The Public Utilities Commission (PUC) approved Hawaiian Electric's first base-rate increase in more than six years Friday.

A typical Oahu monthly residential bill for 500 kilowatt hours will increase by $2.60. This new interim rate is two-third less than the company's original request for a 6.9 percent increase back in December, 2016. 

The increase will total in $36 million in annual revenue, to help pay for capital improvements, including grid upgrades and resilience efforts to reduce duration of outages during storms.

Application of the anticipated corporate tax savings will hopefully further reduce the interim rate. 

The PUC and Consumer Advocate continues to analyze the financial impacts of the new tax law. If a lower rate amount is approved, customers will be refunded the difference with interest.

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