Hawaiian Electric Industries is a holding company whose sole operating business is Hawaiian Electric, a regulated electric utility serving approximately 95% of Hawaii's population across five islands — Oahu, Hawaii, Maui, Lanai, and Molokai — through roughly 474,000 customer accounts. The utility operates five isolated electrical grids with no interconnection to other systems, requiring higher reserve margins and a more self-sufficient generation mix than typical mainland utilities. The generation mix remains predominantly fossil fuel-based, though Hawaii state law requires 100% renewable generation by 2045; the utility's renewable portfolio stood at roughly 37% as of 2025. Hawaiian Electric sells electricity at rates regulated by Hawaii's Public Utilities Commission, and benefits from a revenue decoupling mechanism that fixes net revenues at PUC-approved targets regardless of actual kilowatt-hours sold — insulating the utility from volume risk driven by rooftop solar adoption. Fuel and purchased power costs are largely passed through to customers, eliminating most commodity price exposure. Since 2021, Hawaiian Electric has operated under a Performance-Based Regulation framework with annual revenue adjustments tied to inflation and productivity. The company recently sold its banking subsidiary, American Savings Bank, and is divesting its Pacific Current clean energy investment unit, simplifying to a pure-play regulated utility. The near-term financial picture is dominated by a roughly $1.99B wildfire litigation settlement related to the August 2023 Maui wildfires, and a large CapEx cycle of $1.8B–$2.4B expected over 2026–2028, focused on wildfire risk reduction, grid resilience, and generation repowering.