Item 8.01. Other Events.
The following is an update to the disclosure on the "Performance-based
regulation proceeding" in Note 3 of the Notes to Condensed Consolidated
Financial Statements, which is incorporated herein by reference to page 17 of
HEI's and Hawaiian Electric's Form 10-Q for the quarterly period ended September
30, 2020, and HEI's and Hawaiian Electric's Form 8-K Current Report dated
January 4, 2021.
Performance-based regulation proceeding
On January 15, 2021 the Public Utilities Commission of the State of Hawaii (PUC)
issued an Order, granting the Utilities' motion for partial clarification and/or
reconsideration of the PUC's Decision and Order (D&O) issued in December 2020 in
the performance based regulation (PBR) proceeding that was filed on January 4,
2021.
The Utilities sought partial clarification and/or reconsideration of the D&O
with respect to (i) the treatment of the "pre-PBR" management audit savings
commitment as part of the customer dividend component of the ARA in the new PBR
Framework and (ii) clarification regarding implementation of certain matters
regarding certain new performance incentive mechanisms (PIMs) under the PBR
framework. The Order approved the Utilities' proposed alternative levelized
committed savings per the Management Audit over the multi-year rate period of
$33.03 million, to be delivered to customers at a rate of $6.61 million per year
from 2021 to 2025, and the remaining Enterprise Resource Planning system
benefits savings of $3.9 million, to be delivered to customers in 2021. The
Order also provided clarification on certain new PIMS under the PBR framework.
Item 7.01. Regulation FD Disclosure.
The Utilities appreciate the PUC's expeditious action in response to the
Utilities' motion for partial clarification and/or reconsideration, as well as
the PUC's acknowledgement in its Order of the alignment of the savings
commitment with the Management Audit findings and its intent with respect to
cost control. In particular, the Order states: "…it is not the Commission's
intent to induce indiscriminate cost-cutting; rather, cost control should be
mindfully applied to those areas where improvement is needed, as discussed in
the Management Audit and as other circumstances may warrant."
The foregoing descriptions of the PUC's January 15 Order under Items 7.01 and
8.01 are qualified in their entirety by reference to the full text of the Order,
which can be found on the PUC website at dms.puc.hawaii.gov/dms (Docket No.
2018-0088 for the Performance-Based Regulation proceeding).
The information furnished in connection with Item 7.01 of this current report on
Form 8-K shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated
by reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
such a filing.

ADDITIONAL INFORMATION HEI and Hawaiian Electric intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI's website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI's website, in addition to following HEI's, Hawaiian Electric's and American Savings Bank, F.S.B.'s (ASB) press releases, HEI's and Hawaiian Electric's Securities and Exchange Commission (SEC) filings and HEI's public conference calls and webcasts. The information on HEI's website is not incorporated by reference in this document or in HEI's and Hawaiian Electric's SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the PUC website at


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dms.puc.hawaii.gov/dms (Docket No. 2018-0088 for the Performance-Based Regulation proceeding) in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI's and Hawaiian Electric's other SEC filings. FORWARD-LOOKING STATEMENTS This report may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "will," "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance. Forward-looking statements in this report should be read in conjunction with the "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" discussions (which are incorporated by reference herein) set forth in HEI's and Hawaiian Electric's Annual Report on Form 10-K for the year ended December 31, 2019 and HEI's and Hawaiian Electric's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and HEI's other periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, ASB and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


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