Hawaiian Electric (HE), a subsidiary of Hawaiian Electric Industries, submitted its Integrated Grid Planning Request for Proposals, seeking plans for competitively priced renewable energy and storage for O’ahu, Hawai’i Island and Maui to meet customers’ growing energy needs and modernize the generation fleet to drive down costs by reducing the use of oil for power generation. Collectively, these projects comprise one of Hawaiian Electric’s largest-ever energy solicitations. When completed, these projects will make progress toward the state’s goal of using 100% renewable energy for power generation by 2045. “Hawai’i needs to move faster and we think our expedited procurement plan is the best way to drive competition, evaluate all options and more rapidly build a portfolio that meets the requirements of efficiency, reliability and lower carbon emissions and does it at the least cost,” said Scott Seu, CEO of Hawaiian Electric. “This is one of the actions we’re taking that will benefit our customers and our state sooner, not on some faraway horizon.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
