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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">UNITED STATES</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Washington, D.C.&#160; 20549</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">FORM&nbsp;8-K</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">CURRENT REPORT</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Securities Exchange Act of 1934</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Date of Report:&#160; May&nbsp;31, 2013</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Exact Name of Registrant</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Commission</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">I.R.S.   Employer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Arial" style="font-size:10.0pt;">as Specified in Its Charter</font></u></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Arial" style="font-size:10.0pt;">File   Number</font></u></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Arial" style="font-size:10.0pt;">Identification   No.</font></u></p>    </td>   </tr>
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<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Hawaiian Electric   Industries,&nbsp;Inc.</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.68%;">
<p align="right" style="margin:6.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1-8503</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.58%;">
<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">99-0208097</font></p>    </td>   </tr>
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<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Hawaiian Electric   Company,&nbsp;Inc.</font></p>    </td>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1-4955</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">99-0040500</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">State of   Hawaii</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(State or   other jurisdiction of incorporation)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">1001   Bishop Street, Suite&nbsp;2900, Honolulu, Hawaii 96813 &#150; Hawaiian Electric   Industries,&nbsp;Inc. (HEI)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:88.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">900   Richards Street, Honolulu, Hawaii 96813 &#150; Hawaiian Electric   Company,&nbsp;Inc. (HECO)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:88.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(Address   of principal executive offices and zip code)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area code:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(808) 543-5662 - HEI</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(808) 543-7771 - HECO</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
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<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="70%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">None</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="70%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(Former   name or former address, if changed since last report.)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">[&#160; ]</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">[&#160; ]</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">[&#160; ]</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">[&#160; ]</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Item 8.01&nbsp; Other Events.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">The following is an update to the disclosures on rate requests and decoupling filings in &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Electric utility&#148; under &#147;Most recent rate proceedings&#148; and &#147;Annual decoupling filings,&#148; which are incorporated herein by reference to pages&nbsp;55-57 of HEI&#146;s and HECO&#146;s Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2013.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">MECO 2012 Test Year Rate Case</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">On May&nbsp;31, 2013, the Public Utilities Commission of the State of Hawaii (PUC) issued a final D&amp;O in the MECO 2012 test year proceeding. The final D&amp;O approved an increase in annual revenues of $5.3 million, which is $7.8&nbsp;million less than the interim increase that had been in effect since June&nbsp;1, 2012 (including the $3.4&nbsp;million of MECO Revenue Adjustment Mechanism (RAM) revenues approved in the &#147;Annual Decoupling Filings&#148; section below, the net impact to annual revenues is $4.4 million less than the interim increase). Reductions from the interim D&amp;O relate primarily to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
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<td width="56%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.66%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="3" face="Arial" style="font-size:12.0pt;">(in millions)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="56%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:56.66%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Lower   return on average common equity (ROACE)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$4.0</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.66%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Customer   Information System (CIS) expenses</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">0.3</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.66%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Pension   and OPEB expense based on 3-year average</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">1.5</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.66%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Integrated   resource planning (IRP) expenses</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">0.9</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:56.66%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Study   costs</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">1.1</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:56.66%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Total   adjustment</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:7.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$7.8</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:13.5pt;"><font size="3" face="Arial" style="font-size:12.0pt;">According to the PUC, the reduction in the allowed ROACE from the stipulated ROACE of 10% to the final approved ROACE of 9% is composed of 0.5% allocation to lower interest rates and 0.5% for over curtailment of renewable energy.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:13.5pt;"><font size="3" face="Arial" style="font-size:12.0pt;">The reduction in the pension and OPEB expense is due to applying a three-year average in the calculation of pension costs for the purpose of the 2012 test year. This is not a PUC decision to change the pension and OPEB tracking mechanisms, although the PUC emphasizes the need to evaluate alternatives to decrease or limit the growth in employee benefit costs.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:13.5pt;"><font size="3" face="Arial" style="font-size:12.0pt;">The PUC also continues MECO&#146;s existing energy cost adjustment clause (ECAC) and power purchase adjustment clause (PPAC) design. The PUC will consider HECO, Hawaii Electric Light Company (HELCO), and MECO&#146;s (the Hawaiian Electric Companies) future actions to reduce fuel costs and increase use of renewable energy as it continues to review this matter in the future.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:13.5pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Since the final rate increase is lower than the interim increase currently in effect, MECO will refund to customers approximately $8.1 million, which includes interest accrued since June&nbsp;1, 2012, the date on which interim rate increases were previously implemented. A summary of the interim D&amp;O in effect and final D&amp;O is as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-indent:13.5pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="53%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Interim&nbsp;D&amp;O</font><font face="Arial"><br> 6/1/2012</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Final&nbsp;D&amp;O</font><font face="Arial"><br> 5/31/2013</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Revenue   increase</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$13.1   million (3.2% increase)</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$5.3   million<br>   (1.3% increase)</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">ROACE   (%)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">10.00</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">%</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">9.00</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Common   equity capitalization (%)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">56.86</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">%</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">56.86</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Return   on average rate base (%)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">7.91</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">%</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">7.34</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Average   rate base amount</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$393   million</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$393   million</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">1<a name="PB_1_100515_7056"></a></font></p>
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<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">The PUC also directed that, within 30 days from the issuance date of the final D&amp;O, MECO file documentation regarding the re-setting of its target heat rate to take into account the operation of the Auwahi wind farm, as well as make its curtailment information readily available to the public on its website. The PUC also directed that, within 90 days from the issuance date of the final D&amp;O, MECO file a System Improvement and Curtailment Reduction Plan.&#160; MECO continues to review the D&amp;O and is considering what further action, if any, it may take.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Annual Decoupling Filings</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">On May&nbsp;31, 2013, the PUC approved the revised annual decoupling filings for tariffed rates for HECO, HELCO and MECO that will be effective from June&nbsp;1, 2013 through May&nbsp;31, 2014. The revised tariffed rates include: (1)&nbsp;the incremental RAM adjusted revenues (the components of which are shown below), (2)&nbsp;the accrued earnings sharing credits to be refunded, and (3)&nbsp;the amount of the accrued Revenue Balancing Account (RBA) balance as of December&nbsp;31, 2012 (and associated revenue taxes) to be collected. The amounts approved as noted below reflect the Hawaiian Electric Companies&#146; agreements with the position of the Consumer Advocate which are not substantially different than the amounts filed by the Hawaiian Electric Companies in March&nbsp;2013.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="62%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">(in&nbsp;millions)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">HECO</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">HELCO</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">MECO</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Annual   incremental RAM adjusted revenues</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Operations   and maintenance (O&amp;M)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">3.9</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">0.9</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$1.0</font></p>    </td>
<td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Invested   capital</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">27.5</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">1.2</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">2.4</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Total   annual incremental RAM adjusted revenues</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">31.4</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:4.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:3.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">2.1</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$3.4</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Accrued   earnings sharing credits to be refunded</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$(2.6</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">)</font></p>    </td>
<td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$&#151;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$&#151;</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Accrued   RBA balance (and associated revenue taxes) to be collected</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$55.4</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$4.9</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Arial" style="font-size:12.0pt;">$5.8</font></p>    </td>
<td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">Also on May&nbsp;31, 2013, as provided for in its original order issued in 2010 approving decoupling and citing three years of implementation experience for HECO, the PUC opened an investigative docket to review whether the decoupling mechanism is functioning as intended. The PUC affirmed its support for the continuation of the sales decoupling (RBA) mechanism and stated its interest in evaluating the RAM to ensure it provides the appropriate balance of risks, costs, incentives and performance requirements, as well as administrative efficiency and whether the current interest rate applied to the outstanding RBA balance is reasonable.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:13.5pt;"><font size="3" face="Arial" style="font-size:12.0pt;">The Hawaiian Electric Companies and the Consumer Advocate are named as parties to this proceeding and are directed to file a statement of position no later than twenty days from the order (i.e., by June&nbsp;20, 2013).</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">2<a name="PB_2_085349_5335"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105537\13-14352-1\task6080967\14352-1-ba.htm',USER='105537',CD='Jun  4 10:12 2013' -->

<br clear="all" style="page-break-before:always;">
<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="3" face="Arial" style="font-size:12.0pt;">HEI and HECO intend to continue to use HEI&#146;s website, www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI&#146;s website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI&#146;s website, in addition to following HEI&#146;s, HECO&#146;s and/or ASB&#146;s press releases, SEC filings and public conference calls and webcasts. The information on HEI&#146;s website is not incorporated by reference in this document or in HEI&#146;s and HECO&#146;s SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the PUC website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI&#146;s and HECO&#146;s other SEC filings.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:13.2pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">SIGNATURES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="3" face="Arial" style="font-size:12.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">HAWAIIAN ELECTRIC   INDUSTRIES,&nbsp;INC.</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">HAWAIIAN ELECTRIC   COMPANY,&nbsp;INC.</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 2.5in;"><font size="3" face="Arial" style="font-size:12.0pt;">(Registrant)</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 2.5in;"><font size="3" face="Arial" style="font-size:12.0pt;">(Registrant)</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">/s/ James A. Ajello</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">/s/ Tayne S. Y. Sekimura</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">James A. Ajello</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Tayne S. Y. Sekimura</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Executive Vice President,</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Senior Vice President and</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Chief   Financial Officer and Treasurer</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Chief   Financial Officer</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">(Principal Financial Officer of   HEI)</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">(Principal Financial Officer of   HECO)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Date: June&nbsp;3, 2013</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Date: June&nbsp;3, 2013</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">3<a name="PB_3_085448_5796"></a></font></p>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report:  May 31, 2013
Exact Name of Registrant
Commission
I.R.S.   Employer
as Specified in Its Charter
File   Number
Identification   No.
Hawaiian Electric   Industries, Inc.
1-8503
99-0208097
Hawaiian Electric   Company, Inc.
1-4955
99-0040500
State of   Hawaii
(State or   other jurisdiction of incorporation)
1001   Bishop Street, Suite 2900, Honolulu, Hawaii 96813 – Hawaiian Electric   Industries, Inc. (HEI)
900   Richards Street, Honolulu, Hawaii 96813 – Hawaiian Electric   Company, Inc. (HECO)
(Address   of principal executive offices and zip code)
Registrant's telephone number, including area code:
(808) 543-5662 - HEI
(808) 543-7771 - HECO
None
(Former   name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01  Other Events.
The following is an update to the disclosures on rate requests and decoupling filings in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Electric utility" under "Most recent rate proceedings" and "Annual decoupling filings," which are incorporated herein by reference to pages 55-57 of HEI's and HECO's Form 10-Q for the quarterly period ended March 31, 2013.
MECO 2012 Test Year Rate Case
On May 31, 2013, the Public Utilities Commission of the State of Hawaii (PUC) issued a final D&O in the MECO 2012 test year proceeding. The final D&O approved an increase in annual revenues of $5.3 million, which is $7.8 million less than the interim increase that had been in effect since June 1, 2012 (including the $3.4 million of MECO Revenue Adjustment Mechanism (RAM) revenues approved in the "Annual Decoupling Filings" section below, the net impact to annual revenues is $4.4 million less than the interim increase). Reductions from the interim D&O relate primarily to:
(in millions)
Lower   return on average common equity (ROACE)
$4.0
Customer   Information System (CIS) expenses
0.3
Pension   and OPEB expense based on 3-year average
1.5
Integrated   resource planning (IRP) expenses
0.9
Study   costs
1.1
Total   adjustment
$7.8
According to the PUC, the reduction in the allowed ROACE from the stipulated ROACE of 10% to the final approved ROACE of 9% is composed of 0.5% allocation to lower interest rates and 0.5% for over curtailment of renewable energy.
The reduction in the pension and OPEB expense is due to applying a three-year average in the calculation of pension costs for the purpose of the 2012 test year. This is not a PUC decision to change the pension and OPEB tracking mechanisms, although the PUC emphasizes the need to evaluate alternatives to decrease or limit the growth in employee benefit costs.
The PUC also continues MECO's existing energy cost adjustment clause (ECAC) and power purchase adjustment clause (PPAC) design. The PUC will consider HECO, Hawaii Electric Light Company (HELCO), and MECO's (the Hawaiian Electric Companies) future actions to reduce fuel costs and increase use of renewable energy as it continues to review this matter in the future.
Since the final rate increase is lower than the interim increase currently in effect, MECO will refund to customers approximately $8.1 million, which includes interest accrued since June 1, 2012, the date on which interim rate increases were previously implemented. A summary of the interim D&O in effect and final D&O is as follows:
Interim D&O
6/1/2012
Final D&O
5/31/2013
Revenue   increase
$13.1   million (3.2% increase)
$5.3   million
(1.3% increase)
ROACE   (%)
10.00
%
9.00
%
Common   equity capitalization (%)
56.86
%
56.86
%
Return   on average rate base (%)
7.91
%
7.34
%
Average   rate base amount
$393   million
$393   million
1
The PUC also directed that, within 30 days from the issuance date of the final D&O, MECO file documentation regarding the re-setting of its target heat rate to take into account the operation of the Auwahi wind farm, as well as make its curtailment information readily available to the public on its website. The PUC also directed that, within 90 days from the issuance date of the final D&O, MECO file a System Improvement and Curtailment Reduction Plan.  MECO continues to review the D&O and is considering what further action, if any, it may take.
Annual Decoupling Filings
On May 31, 2013, the PUC approved the revised annual decoupling filings for tariffed rates for HECO, HELCO and MECO that will be effective from June 1, 2013 through May 31, 2014. The revised tariffed rates include: (1) the incremental RAM adjusted revenues (the components of which are shown below), (2) the accrued earnings sharing credits to be refunded, and (3) the amount of the accrued Revenue Balancing Account (RBA) balance as of December 31, 2012 (and associated revenue taxes) to be collected. The amounts approved as noted below reflect the Hawaiian Electric Companies' agreements with the position of the Consumer Advocate which are not substantially different than the amounts filed by the Hawaiian Electric Companies in March 2013.
(in millions)
HECO
HELCO
MECO
Annual   incremental RAM adjusted revenues
Operations   and maintenance (O&M)
$
3.9
$
0.9
$1.0
Invested   capital
27.5
1.2
2.4
Total   annual incremental RAM adjusted revenues
$
31.4
$
2.1
$3.4
Accrued   earnings sharing credits to be refunded
$(2.6
)
$—
$—
Accrued   RBA balance (and associated revenue taxes) to be collected
$55.4
$4.9
$5.8
Also on May 31, 2013, as provided for in its original order issued in 2010 approving decoupling and citing three years of implementation experience for HECO, the PUC opened an investigative docket to review whether the decoupling mechanism is functioning as intended. The PUC affirmed its support for the continuation of the sales decoupling (RBA) mechanism and stated its interest in evaluating the RAM to ensure it provides the appropriate balance of risks, costs, incentives and performance requirements, as well as administrative efficiency and whether the current interest rate applied to the outstanding RBA balance is reasonable.
The Hawaiian Electric Companies and the Consumer Advocate are named as parties to this proceeding and are directed to file a statement of position no later than twenty days from the order (i.e., by June 20, 2013).
2
HEI and HECO intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information. Such disclosures will be included on HEI's website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI's website, in addition to following HEI's, HECO's and/or ASB's press releases, SEC filings and public conference calls and webcasts. The information on HEI's website is not incorporated by reference in this document or in HEI's and HECO's SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the PUC website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI's and HECO's other SEC filings.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.
HAWAIIAN ELECTRIC   INDUSTRIES, INC.
HAWAIIAN ELECTRIC   COMPANY, INC.
(Registrant)
(Registrant)
/s/ James A. Ajello
/s/ Tayne S. Y. Sekimura
James A. Ajello
Tayne S. Y. Sekimura
Executive Vice President,
Senior Vice President and
Chief   Financial Officer and Treasurer
Chief   Financial Officer
(Principal Financial Officer of   HEI)
(Principal Financial Officer of   HECO)
Date: June 3, 2013
Date: June 3, 2013
3