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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hawaiian Electric Industries | NYSE:HE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.13 | -1.23% | 10.40 | 10.59 | 10.365 | 10.57 | 1,070,270 | 20:54:51 |
Operational changes, new technology and Public Safety Power Shutoff lead to estimated 60% reduction in wildfire risk from utility equipment
Since launching its expanded wildfire safety strategy one year ago, Hawaiian Electric Company, Inc. (“Hawaiian Electric”), a subsidiary of Hawaiian Electric Industries, Inc. (NYSE: HE) (“HEI”), has made significant improvements that have reduced the wildfire risk from its equipment. Its actions include a Public Safety Power Shutoff (PSPS) program, replacing and testing thousands of utility poles, upgrading miles of overhead power lines, clearing intrusive vegetation near electrical equipment, and installing weather stations and AI-assisted high definition video cameras.
“There is no question that wildfires remain a persistent threat to our communities and we are taking that threat seriously. We continue to invest in new technology and upgrades to our infrastructure to make the grid more resilient, improve reliability and address growing risks from wildfires and other hazards,” said Jim Alberts, Hawaiian Electric senior vice president and chief operations officer.
The upgrades are part of Hawaiian Electricʻs multi-year grid resilience program to harden against wildfires, hurricanes, tsunami and flooding, and to adapt to impacts of climate change.
Hawaiian Electric has been working with Filsinger Energy Partners, a nationally recognized independent energy advisory firm that specializes in wildfire mitigation strategies and risk modeling, since early 2024. Filsinger estimates that the various wildfire risk mitigation actions and programs implemented by Hawaiian Electric have reduced the risk of wildfire from the utility’s equipment by approximately 60%.
Hawaiian Electric is spending about $120 million in 2024 to make wildfire safety improvements in four key areas:
Foundational Work:
Operational Changes:
Situational Awareness:
Grid Hardening:
In addition, Hawaiian Electric is working with community partners on wildfire safety projects, such as the construction of a firebreak at Leihōkū Elementary in Wai‘anae. The project was completed in August and included the removal of more than 1,000 feet of kiawe trees and grasses on Department of Hawaiian Home Lands property.
Hawaiian Electric continues to adapt its Wildfire Safety Strategy to address the elevated risks in Hawaiʻi. The company continues to seek grants and federal funding for safety and resilience programs and is developing a longer-term wildfire safety plan, which will be filed with the Public Utilities Commission in January 2025.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241111779931/en/
808.223.9932 media@hawaiianelectric.com
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