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Hawaiian Electric: Honolulu, April 1, 2016

The following excerpt is from the company's SEC filing.

- The Hawaiian Electric Companies today outlined a detailed plan charting a 30-year course leading to 100 percent renewable energy in Hawaiʻi. The plan lays out near-term actions to lay the foundation for meeting the most ambitious energy goals in the country, while preserving the flexibility needed to adapt to future advances in technology, changes in policy, and reductions in development costs.

The Power Supply Improvement Plan Update has been submitted to the Hawai‘i Public Utilities Commission (PUC) for its review. Based on the update, collectively, Hawaiian Electric, Maui Electric, and Hawai‘i Electric Light Company could:

Increase private rooftop solar by more than 250 percent from current levels and

370 percent over 2014 levels, when the Companies’ last Power Supply Improvement Plans were prepared

Achieve 100 percent renewable energy by 2045, the highest level of any state in the country

Achieve 100 percent renewable energy by 2030 on Moloka‘i and L

naʻi and by 2040 on Maui and Hawai‘i Island

And with Hawai‘i’s small and islanded power grids, it will remain especially critical to preserve a reliable and resilient power grid to serve customers and support the companies’ clean energy transformation.

Customers will receive the benefits of modernized generation and a smarter power grid better able to integrate increasing renewable energy, a cleaner environment, more programs that offer them opportunities to save, and improved efficiencies throughout the energy system. As a result, inflation-adjusted electric rates can remain stable and relatively flat overall as investments are made on the path to 100 percent renewable energy.

“Our plans show that a 100 percent renewable energy future can be achieved,” said Alan Oshima, president and CEO of Hawaiian Electric Company. “We want to work with parties from all segments of our community - government, business, community, and environmental groups - to refine the plans for Hawai‘i’s energy future. And while the vision remains the same, a 30-year plan to get there will naturally change given the rapid development of new technology, changing policy and costs, and other factors.”

Hawaiian Electric Companies submit updated 30-year energy plans

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Next steps on the journey

Hawai‘i is already a national leader, achieving more than 23 percent renewable energy in 2015. The path to 100 percent renewable energy will continue with five-year action plans to maintain the momentum by developing projects and programs that will lay the foundation for even more progress.

These action plans, which largely require PUC approval, include:

Implementing a smart grid by installing the modern wireless network, smart meters and other enhanced technology to modernize our existing power grid, increase customer options, and improve the integration of distributed energy resources.

Issuing Requests for Proposals for projects for a variety of renewable energy projects with a combined capacity of more than 350 megawatts...