Puc Agreement

With the exception of a contract between a public service and a local authority for the provision of services at regularly submitted and published rates, no contract or agreement between a public service and a local authority is valid unless it is submitted to the Commission at least 30 days before it comes into force. Following a communication to local authorities and the relevant public services, the Commission may initiate a procedure before this contract or agreement comes into force, to verify the adequacy, legality or other issues relating to the validity of this contract. After such a procedure has been opened, this contract or agreement only enters into force once the Commission has given permission. The Commission received a September 20, 2017 press release from Hawaiian Electric Industries, Inc. (“HEI”) stating that HEI has created a new subsidiary, Pacific Current, which has agreed to purchase the Hamakua Energy Partners (“HEP”) plant in Hawaii Island “at an unmentioned price.” The HEP power plant provides energy and capacity services to the Hawaii Electric Light Co., Inc. (“HELCO”) energy and capacity company under an existing power purchase agreement that expires in 2030. On October 2, 2017, in response to the recent HEI announcement, the Commission asked written questions to HECO to help the Commission determine whether heP`s power purchase contract between HELCO and its subsidiary Pacific Current was in the public interest. On December 2, 2019, HELCO submitted a quarterly report to the PUC on the status of various authorizations for the PGV installation. Helco also notes that HELCO and PGV are actively negotiating a revised and revised achanion contract, which they intend to implement and submit for review by the PUC by the end of 2019 at the latest. The Hawaii Public Utilities Commission approved an agreement that would transfer ownership of 120,000 electric pylons from Hawaiian Telcom to Hawaiian Electric. Alan Oshima, President and CEO of the Hawaii Electric Company, reacts to President Iwase`s letter of October 2, 2017 regarding Pacific Current`s agreement to purchase Hamakua Energy Partners` Hawaii Island power plant.