Headquartered in Honolulu, Hawaii, Hawaiian Electric Industries, Inc. (HE) is engaged in the electric utility, banking, and renewable/sustainable infrastructure investment businesses, operating in Hawaii. Its segments are Electric Utility, and Bank. Its Electric Utility segment provides essential electricity service to Hawaii. Its Bank segment offers an array of banking and other financial services to Hawaii consumers and businesses. The Bank segment has lending activities that include origination, purchase, and sale of loans, residential mortgage lending, construction and development lending, multifamily residential and commercial real estate lending, consumer lending, commercial lending, and loan origination fee and servicing income.
The electric utility sector is expected to benefit from rising demand for electricity as industries increase their production with the increasing demand for goods. In addition, the need for electricity is expected to increase because the National Weather Service predicts a hotter than average summer this year. According to the U.S. Energy Information Administration (EIA), total electricity consumption is expected to increase by 1.6% year-over-year in 2022 and 1% year-over-year in 2023.
