Hawaiian Electric Industries
Supplies power to about 95% of residents. Faces the 2045 renewable mandate and liabilities from the 2023 Maui fires.
- Founded
- 1891
- Headquarters
- Honolulu
- Industry
- Utility
- Ticker
- HE
$1,000 invested in Jan 2005 is worth $702 today, against $9,681 in the S&P 500.
- Growth per year
- -1.6%
- S&P 500 +11.0%
- Worst drop
- -79%
- Jan 2020 to Oct 2026
- Volatility
- 33%
- S&P 500 15%
- Worst year
- -65%
- 2023
Monthly prices with dividends reinvested, Jan 2005 to Oct 2026. Updated 2026-10-21.
How it makes money
- Sells electricity to about 95% of Hawaiʻi residents on Oʻahu, Maui, Lānaʻi, Molokaʻi and Hawaiʻi Island.
- Prices are not set by the company alone. The Hawaiʻi Public Utilities Commission approves its rates, and since 2021 part of its earnings depend on hitting performance targets.
- Fuel costs, mostly imported oil, are largely passed through to customers, which is a big reason island power bills are among the highest in the country.
What moves the stock
- Interest rates, because utilities borrow heavily to build power plants and grid upgrades.
- Regulators' decisions on rates and on how fast the grid must move to renewables.
- Legal liability. After the 2023 Maui fires, lawsuits mattered more to the stock than electricity sales did.
The Hawaiʻi connection
Hawaiʻi law requires 100% renewable electricity by 2045, and Hawaiian Electric is the company that has to deliver most of it. Its stock is a live lesson in how one disaster can reshape a company that everyone on the islands depends on.
Moments that moved it
Sep 2008
The financial crisis hit utilities less than banks, but still pulled the stock down.
Mar 2020
Power demand fell as hotels and offices emptied.
Aug 2023
The August 8 Lahaina fire killed 102 people. The stock fell 58% in the week that followed, its steepest drop since 1980, as lawsuits blamed utility equipment. The company suspended its dividend later that year.
Aug 2024
A $4.04 billion global settlement among seven defendants was announced. Hawaiian Electric's share is about $1.99 billion, paid over four years. The company also warned it might not survive as a going concern, and shares fell as much as 22% in a day.
Keep digging
For learning only. Kuleana Finance explains how money works. It does not tell anyone what to buy or sell.