Hawaiian Electric Industries, inc (HE) Q2 2021 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
Operator
Good day, and welcome to the Hawaiian Electric Industries, Inc. First Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Julie Smolinski, Vice President of Investor Relations. Please go ahead, ma am..
Julie R. Smolinski
Vice President, Investor Relations and Corporate Sustainability
Thank you, Rocco. Welcome, everyone, to Hawaiian Electric Industries First Quarter 2021 Earnings Call. Joining me today are Connie Lau, HEI President and CEO; Greg Hazelton, HEI Executive Vice President and CFO; Scott Seu, Hawaiian Electric President and CEO; Rich Wacker, American Savings Bank President and CEO; and other members of senior management. Our press release and presentation are posted in the Investor Relations section of our website. As a reminder, forward-looking statements will be made on today s call. Factors that could cause actual results to differ materially from expect
7 May 2021
Hawaiian regulators have approved the proposed 185MW/565MWh Kapolei Energy Storage battery energy storage project on the island of Oahu, paving the way for San Francisco-based developer Plus Power to begin construction on behalf of Hawaiian Electric Co.
The Hawaii Public Utilities Commission approved the energy storage Power Purchase Agreement (PPA) between Hawaiian Electric and Kapolei Energy Storage, which was originally proposed back in September as part of a raft of proposals designed to accelerate the end of coal-fired power plants across the state of Hawaii.
Hawaiian Electric announced in September 2020 that they had submitted eight contracts to the Hawaii Public Utilities Commission for review and approval – including seven solar + storage projects, and the standalone Kapolei Energy Storage battery energy storage project.
Published: 7 May 2021, 09:29
By:
Rendering of Plus Power s Kapolei Energy Storage I project. Image: Plus Power.
Approval has been granted with significant conditions attached for a large-scale standalone battery storage project designed to help the Hawaiian island of Oahu overcome energy reliability and supply concerns as a coal power plant retires.
Regulator Hawaiian Public Utilities Commission (PUC), approved a power purchase agreement (PPA) signed in September 2020 by the state’s main utility, Hawaiian Electric, for energy dispatched from Kapolei Energy Storage I, a 185MW / 565MWh battery facility under development by Plus Power.
The developer’s project was one of 16 solar-plus-storage and standalone storage projects proposals awarded contracts by Hawaiian Electric in a competitive solicitation process that went on considerably longer than anticipated due to the COVID-19 pandemic. The utility contracted for a total of 460MW of solar and 3GWh of energy st