Honolulu-based Hawaiian Electric Industries Inc., incorporated in 1981, is a holding company with subsidiaries engaged in the electric utility, banking and other businesses operating primarily in the state of Hawaii.
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 95% of Hawaii’s population, as the sole public electricity provider on the islands of Hawaii, Oahu, Maui, Lanai, and Molokai.
Hawaiian Electric’s banking business centers around its subsidiary American Savings Holdings, Inc. (ASHI) (a holding company) and its subsidiary, American Savings Bank (ASB); HEI Properties, Inc. (HEIPI); Hawaiian Electric Industries Capital Trusts II and III, and The Old Oahu Tug Service, Inc. (TOOTS).
American Savings Bank (ASB) is one of Hawaii’s largest financial institutions. The company provides a wide array of banking services. Hawaiian Electric Industries is the largest Hawaii-based company, with a dominant position in the Hawaiian electric public utility market, and the only electric utility in the U.S. to own a bank.
Hawaiian Electric’s “Other” businesses segment is composed of HEI’s corporate-level operating, general and administrative expenses and the results of Pacific Current, LLC (Pacific Current). Pacific Current was formed in September 2017 to focus on investing in non-regulated clean energy and sustainable infrastructure in the State of Hawaii to help reach the state’s sustainability goals. The “Other” segment also includes ASB Hawaii, Inc. (ASB Hawaii) (a holding company, formerly known as American Savings Holdings, Inc.), which owns ASB.