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BEFORE THE PUBLIC UTILITIES COMMISSION

OF THE STATE OF HAWAII

In the Matter ofthe Application of

HAWAIIAN ELECTRIC COMPANY, INC.

For Approval to Modify the RBA Rale Adjustment in its Revenue Balancing Account Provision Tariff

FILE T;

201) HAR 31 P 3^55

PUBLIC UTlLlilclS COMMISSION

Transmittal No. 11-02

Effective Date: June 1,2011

I

Hawaiian Electric Company, Inc. ("Hawaiian Electric," "Applicant" or "Company") files

this transmittal to revise paragraph ^ (Sheet No. 92B) of its Revenue Balancing Account

("RBA") Provision tariff ("RBA Tariff) to establish an RBA Rate Adjustment of $0.001694 per

kilowatt-hour ("kwh") and thereby enable the implementation of its decoupling revenue

adjustment mechanism ("RAM") for calendar year 2011. In accordance with the decoupling

mechanism approved by the Final Decision and Order and Dissenting Opinion of Leslie H.

Kondo, Commissioner, filed August 31, 2010 in DocketNo. 2008-0274 ("Final Decoupling

Order"), the Company requests the Commission to allow the proposed RBA Rate Adjustment

rate to be implemented on June 1, 2011.' The RBA Rate Adjustment rate is based on the RAM

Revenue Adjustment as determined by the Rate Adjustment Mechanism Provision tariff,

approved by the Order Approving Revised Results of Operations. Supporting Schedules and

Tariffs ("Order Approving 2009 Final Rates"), issued on February 25, 2011 in the Hawaiian

Electric 2009 test year rate case (Docket No. 2008-0083). The RAM Revenue Adjustment has

Final Decoupling Order at 34-35.

been calculated to reflect a ten month period fi"om March 1 through December 31, 2011. The

beginning ofthe ten month period coincides with the March 1, 2011 effective date and

implementation ofthe decoupling RBA Tariff approved by the Order Approving 2009 Final

Rates. As stated in Section D (Sheet 92B) of its approved RBA Tariff, the Company will

recover the RAM Revenue Adjustment through a per kwh RBA Rate Adjustment over the twelve

months fi'om June 1 ofthe current calendar year (i.e., 2011) to May 31 ofthe succeeding

calendar year (i.e., 2012). In this transmittal, the Company proposes an RBA Rate Adjustment

of $0.001694 per kwh to recover the RAM Revenue Adjustment. For financial reporting

purposes, the Company will accrue the associated revenues from March 1, 2011 through

December 31, 2011.^

II

Hawaiian Electric is a corporation organized and existing under the laws ofthe State of

Hawaii, whose principal place of business is located at 900 Richards Street, Honolulu, Hawaii.

Correspondence and communications in regard to this Transmittal No. 11-02 should be

addressed to:

Dean K. Matsuura Manager, Regulatory Affairs Hawaiian Electric Company, Inc. P. O. Box 2750 Honolulu, Hawaii 96840

III

Hawaiian Electric seeks Commission authorization of this tariff transmittal pursuant to

Section 6-61-111 of the Rules of Practice and Procedure before the Public Utilities Commission,

^ See response to Question 5, "How will the RAM revenues be accounted for in the RBA/RAM process?", HECO's responses to Questions from Panel Hearings Held on June 29 to July 1, 2009, filed July 13, 2009, at 9-10, Docket No. 2008-0274.

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Hawaii Administrative Rules, Title 6, Chapter 61. The proposed tariff revision is in accordance

with the Final Decoupling Order, the Final Decision and Order filed December 29, 2010 in

Docket No. 2008-0083 (Hawaiian Electric's 2009 test year rate case), and the Order Approving

2009 Final Rates.

IV

Hawaiian Electric's latest available balance sheet and income statement for the twelve

months ending December 31, 2010, were filed with the Commission on February 22, 2011, and

are incorporated by reference pursuant to Rule 6-61-76 ofthe Commission's Rules of Practice

and Procedure, Title 6, Chapter 61, HAR.

V

By Order Initiating Investigation ("Opening Order"), filed October 24, 2008, the

Commission opened the decoupling proceeding in Docket No. 2008-0274 to examine

implementing a decoupling mechanism for the Hawaiian Electric Companies^ that would modify

the traditional model of ratemaking for the Hawaiian Electric Companies by separating the

Hawaiian Electric Companies' revenues and profits from electricity sales. This proceeding arose

from the Energy Agreement among the State of Hawaii, Division of Consumer Advocacy ofthe

Department of Commerce and Consumer Affairs, and the Hawaiian Electric Companies

("Energy Agreement"), which the Governor ofthe State of Hawaii, the Department of Business,

Economic Development, and Tourism ("DBEDT"), the Hawaiian Electric Companies and the

Division of Consumer Advocacy ofthe Department of Commerce and Consumer Affairs

("Consumer Advocate") executed on October 20, 2008. The Energy Agreement resulted from

^ The "Hawaiian Electric Companies" include Hawaiian Electric, Hawaii Electric Light Company, Inc. {"HELCO") and Maui Electric Company, Limited ("MECO").

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the Hawaii Clean Energy Initiative, a collaboration between the State of Hawaii and the U.S.

Department of Energy with the goal of decreasing energy demand and accelerating the use of

renewable, indigenous energy resources in Hawaii in the residential, building, industrial, utility,

and transportation end-use sectors. The Energy Agreement committed the Hawaiian Electric

Companies to facilitate the integration of substantial amounts of wind and other renewable

energy into their grids and to enable electricity consumers to manage their electricity use more

effectively. It also included certain regulatory changes to allow the Hawaiian Electric

Companies to better support the initiatives ofthe Energy Agreement, including the adoption of a

decoupling mechanism.

In the Opening Order, the Commission named the Hawaiian Electric Companies and the

Consumer Advocate as parties to Docket No. 2008-0274 and directed them to file a joint

proposal on decoupling within 60 days ofthe date ofthe order. Other parties that were granted

intervention in Docket No. 2008-0274 included the Department of Business, Economic

Development, and Tourism ("DBEDT"), Haiku Design and Analysis ("HDA"), Hawaii

Renewable Energy Alliance ("HREA"), Hawaii Solar Energy Association ("HSEA") and Blue

Planet Foundation ("Blue Planet")."^ The Hawaiian Electric Companies, the Consumer

Advocate, DBEDT, HDA, HREA, HSEA, and Blue Planet are collectively referred to as the

"Parties." The Commission also retained a consultant, the National Regulatory Research

Institute ("NRRI"), for the decoupling proceeding.

"* Life ofthe Land ("LOL") was also granted intervention in the docket, bul the Commission subsequently approved a request by LOL to withdraw from the docket. Hawaii Holdings, LLC dba First Wind Hawaii ("First Wind") voluntarily changed from an intervenor to a participant in the docket. Tawhiri Power LLC was denied a motion for an enlargement of time to file a motion to intervene. After the issuance ofthe Final Decoupling Order, HDA filed a motion to withdraw from this proceeding, which the Commission approved.

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The Commission and the Parties underwent an extensive and in-depth investigation in the

decoupling proceeding, which included the filing of initial and final statements of position and

decoupling proposals, participation in technical workshops, responding to information requests

from the other parties and the Commission, participation in panel hearings and the filing of post-

hearing opening and reply briefs. The Commission's February 19, 2010 Order in Docket

No. 2008-0274 approved "the Joint Final Statement of Position ofthe HECO Companies and

Consumer Advocate ["Joint FSOP"], filed on May 11, 2009, as amended by filings on June 25,

2009 and July 13, 2009, and as subsequently modified by the proposals in the HECO

Companies' Motion of Interim Approval of a Decoupling Mechanism, filed on November 25,

2009, to the extent agreed-upon by the HECO Companies and the Consumer Advocate, as

indicated in the present record, subject to the Commission's issuance of a final Decision and

Order in this matter." {Order at 1-2.)

On August 31, 2010, the Commission issued the Final Decoupling Order in Docket

No. 2008-0274 stating the "HECO Companies shall implement decoupling, and commence

tracking target revenues and recorded adjusted revenues when rates that reflect a reduced ROR

[rate of retum] due to decoupling are approved by the commission in either an interim or final

decision and order in the HECO Companies pending rate cases," subject to certain conditions

and modifications. (Final Decoupling Order at 129.)

On December 29, 2010, the Commission issued its Final Decision and Order in

Hawaiian Electric's 2009 test year rate case proceeding, Docket No. 2008-0083, stating that,

"the commission approves the implementation of decoupling for HECO effective immediately

with this Final Decision and Order. HECO may begin tracking target revenue and recorded

adjusted revenue, which shall serve as the baseline for future decoupling calculations." {Final

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Decision and Order at 42.) In accordance with this Final Decision and Order, on January 24,

2011, Hawaiian Electric filed its tariff sheets and rate schedules, reflecting the increase in rates

allowed by the Final Decision and Order. This filing included the Company's RBA and RAM

tariff provisions, and added heat rate deadbands and a provision for Target Heat Rates to the

Energy Cost Adjustment Clause ("ECAC").^ The Commission approved the tariff sheets and

rate schedules on February 25, 2011. The effective date ofthe tariffs was March 1, 2011.

Currently, there is no per-kWh RBA Rale Adjustment in the tariff.

VI

As explained above, the purpose of this filing is to modify Hawaiian Electric's existing

RBA Tariff to include an RBA Rale Adjustment of $0.001694 per kwh for the June 1,2011

through May 31, 2012 recovery period. (See Secfion E ofthe RBA tariff.) This RBA Rate

Adjustment is calculated as described in the tariff. Included in this transmittal are schedules and

documentafion in support of this rate adjustment.

As stated in the tariff, the Company will notify its customers ofthe RBA Rate

Adjustment filing via newspaper and bill statements. The RBA Rate Adjustment is an automatic

rate adjustment clause.

In Attachment 1, Hawaiian Electric submits its proposed RBA Tariff revision reflecting

the RBA Rate Adjustment of $0.001694 per kwh in paragraph E of Revised Sheet No. 92B.

Attachment 1 also provides the existing Sheet Nos. 92 and 92A ofthe RBA Tariff so that the

Refer to the Hawaiian Electric Revised Schedules Resuhing from Final Decision and Order, filed January 24, 2011, Exhibit 2A, pages 32 and 152-163, DocketNo. 2008-0083. * The Joint FSOP at 23, filed May 11, 2009, Docket No. 2008-0083, states that "HECO would make subsequent tariff filings in March of each year to establish the target revenue for the calendar year based on the RAM Revenue Adjustment and to re-set the RBA rate adjustments for the calendar year plus recovering the RAM Revenue Adjustment for the current calendar year."

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proposed revision can be seen in the context ofthe entire RBA Tariff. Attachment 1A provides

the existing tariff sheets for the RBA Tariff.

Attachment 2 provides a summary ofthe RBA rate adjustment and allocation, and its

impact on customer bills. Attachment 2 also reflects the proration for 306 days out of 365 days,

i.e., ten months, ofthe estimated annual O&M RAM and Rate Base RAM to reflect the March 1,

2011, decoupling effective/implementation date.^ The O&M RAM component calculation and

supporting workpapers are submitted as Attachment 3 and the Rate Base RAM component

calculation and supporting workpapers are submitted as Attachment 4.

Finally, Attachment 5 provides an explanation of how the RAM will be revised to reflect

the effective date ofthe rates approved by the Commission in its interim decision and order in

Hawaiian Electric's 2011 test year rate case. Docket No. 2010-0080. The Commission's

issuance of a rate case interim decision and order within a test year resets the level of target

revenue and supersedes the target revenue calculated under the RAM Provision from the

effective date ofthe interim rates. From that date the RAM Revenue Adjustment for the

^ As reflected in Exhibit C, Item A, filed with the Letter dated June 25,2009, Subject: Revised and New Exhibits for the Joint SOP, Docket No. 2008-0274, the Hawaiian Electric Companies accepted a delayed filing date as proposed in "Consumer Advocate's HECO/MECO/HELCO Rate Adjustment Mechanism "RAM" Conceptual Framework Proposal", filed on January 30, 2009, Docket No. 2008-0274. The Consumer Advocate's proposal states "A HECO RAM shall be implemented to commence with a 'base' year 2009 and with authorized revenue changes effective on January I, 2010 and again at January 1, 2011, but with the corresponding rate adjustments delayed to May 1 of each year so that the established revenue variance will be recovered over the subsequent eight months ofthe year." However, as explained above, because decoupling did not commence until March 1, 2011, the RAM Revenue Adjustment cannot begin prior to that date. As a resuh, the RAM Revenue Adjustment is prorated to only reflect the 2011 period that decoupling is in place. Furthermore, the Consumer Advocate and Hawaiian Electric later agreed that the recovery of the established revenue variance would be over the subsequent 12 months, June 1" through May 31" . * The Joint FSOP at 23, filed May 11, 2009, Docket No. 2008-0274 further explains that "The RAM Revenue Adjustment in the test year for HECO would be designated interim and subject to refund in the event the Commission finds a lower authorized base revenue amount to be reasonable for the 2011 test year. In addition, HECO will make tariff filings when necessary during the year to reset target revenues and to re-set RBA rate adjustments for re-calculated RAM Revenue Adjustments based on issuance of interim or final decision and orders in pending rate cases."

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remainder ofthe test year is set to zero because the approved interim revenue requirement is

recovered through interim rates.

Although the RAM Revenue Adjustment for the test year is set to zero from the date the

interim rates become effective, the RBA Rate Adjustment, which begins June 1, must still be

recalculated and reset to recover the RAM Revenue Adjustment accrued between March 1, 2011,

the effective date for revenue decoupling and the effective date ofthe RBA and RAM tariff

provisions, and the date that interim rates become effective. Hawaiian Electric will revise the

RBA Rate Adjustment lo reflect the new RAM Revenue Adjustment as a result of an interim

decision in a rate case in the manner illustrated in Attachment 5.

VII

WHEREFORE, Hawaiian Electric respectfully gives not less than 30 days' notice as

required by law and requests that its proposed RBA Rate Adjustment be allowed to become

effecfive June 1,2011.

DATED: Honolulu, Hawaii, March 31, 2011.


L. Endo-Omoto President, Government and

Community Affairs

ATTACHMENT 1 PAGE 1 OF 3

SHEET NO. 92 Effective March 1, 2011

REVENUE BALANCING ACCOUNT ("RBA") PROVISION

Supplement To:

Schedule R - Residential Service Schedule G - General Service - Non-Demand Schedule J - General Service - Demand Schedule DS - Large Power Directly Served Service Schedule P - Large Power Service Schedule F - Public Street Lighting, Highway

Lighting and Park, and Playground Floodlighting

Schedule U - Time-of-Use Service Schedule TOU-R - Residential Time-of-Use Service Schedule TOU-G - Small Commercial Tirae-of-Use Service Schedule TOU-J - Commercial Time-of-Use Service Schedule SS - Standby Service Schedule TOU EV- Residential Time-of-Use Service with

Electric Vehicle Pilot Schedule EV-R - Residential Electric Vehicle Charging

Service Pilot Schedule EV-C - Commercial Electric Vehicle Charging

Service Pilot

All terms and provisions of the above listed rate schedules applicable except that the total base rate charges for each billing period shall be adjusted by the Revenue Balancing Account Rate Adjustments shown below:

A: PURPOSE:

The purpose of the Revenue Balancing Account ("RBA") is to record: 1) the difference between the Hawaiian Electric Company's target revenue and recorded adjusted revenue, and 2) monthly interest applied to the simple average of the beginning and ending month balances in the RBA. In addition, the recovery provision of this tariff provides for collection or return of the calendar year-end balance in the RBA and recovery of the RAM Revenue Adjustment provided in the Rate Adjustment Mechanism ("RAM") Provision over the subsequent June 1 * through May 31st period. Tracking of target revenue and recorded adjusted revenue will commence on the effective date of the tariff that implements the Final Decision and Order in Hawaiian Electric's 2009 test year rate case. Docket No. 2008-0083, consistent with the Final Decision and Order in the Decoupling case. Docket No. 2008-0274.

B: TARGET REVENUE:

For the purpose of the RBA, the target revenue is the most recent Authorized Base Revenue approved by the Public Utilities Commission


Docket No. 2008-0083, Final Decision and Order, December 29, 2010. Transmittal Letter dated January 24, 2011.

ATTACHMENT I PAGE 2 OF 3

SHEET NO. 92A Effective March 1, 2011


(PUC), plus or minus the RAM Revenue Adjustment calculated under the RAM Provision, adjusted to remove amounts for applicable revenue taxes. The target revenue will exclude revenue for fuel and purchased power expenses that are recovered either in base rates or in a purchased power adjustment clause and all revenue being separately tracked or recovered through any other surcharge or rate tracking mechanism.

The target revenue shall be revised to correct for any errors in the calculation of the RAM Revenue Adjustment for any previous period to the extent that such errors are identified 15 days prior to the Annual implementation date specified in the RAM Provision.

Monthly Allocation Factors for the Target Revenue are as follows:

January 7.98% February March April May June July August September October November December

Total

These factors are based on the mWh sales forecast that is approved by the Commission in Hawaiian Electric's 2009 test year rate case and shall be updated in any subsequent test year rate case.

C: BALANCING ACCOUNT ENTRIES:

Entries to the RBA will be recorded monthly. A debit entry to the RBA will be made equal to the target revenue as defined in Section B. above, times the appropriate monthly allocation factor in the table above. A credit entry to the RBA will be made equal to the recorded adjusted revenue. The recorded adjusted revenue is defined to include the electric sales revenue from authorized base rates, plus revenue from' any authorized interim rate increase, plus revenue from any RBA rate adjustment, but excluding revenue for fuel and purchased power expenses, IRP/DSM, any Commission Ordered one-time rate refunds or credits or other surcharges, and adjusted to remove amounts for applicable revenue taxes.



7 8 7 8 8 8 9 8 8 8 8

100

30% 04% 87% 34% 36% 69% 05% 80% 90% 33% 34%

00%

S u p e r s e d i n g SHEET NO. 92B E f f e c t i v e March 1, 2011


REVISED SHEET NO. 92B Effective June 1, 2011


Interest will be recorded monthly to the RBA by multiplying the simple average of the beginning and ending month balance in the RBA times the Interest Rate divided by 12. The Interest Rate shall be 6 percent.

D: RECOVERY OF BALANCING ACCOUNT AMOUNTS:

At the Annual Evaluation Date provided in the Rate Adjustment Mechanism Provision, the Company will file with the Commission a statement of the previous calendar year-end balance in the RBA and the RAM Revenue Adjustment for the current calendar year, along with supporting calculations.

Both an amortization of the previous calendar year-end balance in the RBA, adjusted for any Earnings Sharing Revenue Credits or Major Capital Projects Credits or Baseline Capital Projects Credits, and the RAM Revenue Adjustment will be recovered through a per-kWh RBA rate adjustment, over the 12 months from June 1 of the current calendar year to May 31 of the succeeding calendar year.

E: REVENUE BALANCING ACCOUNT RATE ADJUSTMENT:

The RBA rate adjustment is comprised of the calculated values from Section D above, adjusted to include amounts for applicable revenue taxes. The RBA rate adjustment is calculated based on the Company's forecast of mWh sales over the RBA rate adjustment recovery period.

Effective June 1, 2011 to May 31, 2012

RBA Rate Adjustment

All Rate Schedules 0.1694 <:/kWh

F: COMMISSION'S AUTHORITY

The Commission may suspend any or all parts of this Revenue Balancing Account Provision. Such suspension shall remain in place until removed by Commission Order.


Docket No. 2008-0274 Final Decision and Order, August 31, 2010. Transmittal Letter dated March 31, 2011.

ATTACHMENT IA PAGE 1 OF 3

SHEET NO. 92 Effective March 1, 2011


Supplement To:

Schedule R - Residential Service Schedule G - General Service - Non-Demand Schedule J - General Service - Demand Schedule DS - Large Power Directly Served Service Schedule P - Large Power Service Schedule F - Public Street Lighting, Highway

Lighting and Park and Playground Floodlighting

Schedule U - Time-of-Use Service Schedule TOU-R - Residential Time-of-Use Service Schedule TOU-G - Small Commercial Time-of-Use Service Schedule TOU-J - Commercial Time-of-Use Service Schedule SS - Standby Service Schedule TOU EV- Residential Time-of-Use Service with

Electric Vehicle Pilot Schedule EV-R - Residential Electric Vehicle Charging

Service Pilot Schedule EV-C - Commercial Electric Vehicle Charging

Service Pilot

All terms and provisions of the above listed rate schedules applicable except that the total base rate charges for each billing period shall be adjusted by the Revenue Balancing Account Rate Adjustments shown below:

A: PURPOSE:

The purpose of the Revenue Balancing Account ("RBA") is to record: 1) the difference between the Hawaiian Electric Company's target revenue and recorded adjusted revenue, and 2) monthly interest applied to the simple average of the beginning and ending month balances in the RBA. In addition, the recovery provision of this tariff provides for collection or return of the calendar year-end balance in the RBA and recovery of the RAM Revenue Adjustment provided in the Rate Adjustment Mechanism ("RAM") Provision over the subsequent June 1* through May 31st period. Tracking of target revenue and recorded adjusted revenue will commence on the effective date of the tariff that implements the Final Decision and Order in Hawaiian Electric's 2009 test year rate case. Docket No. 2008-0083, consistent with the Final Decision and Order in the Decoupling case, Docket No. 2008-0274.

B: TARGET REVENUE:

For the purpose of the RBA, the target revenue is the most recent Authorized Base Revenue approved by the Public Utilities Commission



ATTACHMENT lA PAGE 2 OF 3

SHEET NO. 92A Effective March 1, 2011


(PUC), plus or minus the RAM Revenue Adjustment calculated under the RAM Provision, adjusted to remove amounts for applicable revenue taxes. The target revenue will exclude revenue for fuel and purchased power expenses that are recovered either in base rates or in a purchased power adjustment clause and all revenue being separately tracked or recovered through any other surcharge or rate tracking mechanism.

The target revenue shall be revised to correct for any errors in the calculation of the RAM Revenue Adjustment for any previous period to the extent that such errors are identified 15 days prior to the Annual implementation date specified in the RAM Provision.

Monthly Allocation Factors for the Target Revenue are as follows:

January 7.98% February 7.30% March 8.04% April 7.87% May 8.3 4% June 8.36% July 8.69% August 9.05% September 8.80% October 8.90% November 8.33% December 8.34%

Total 100.00%

These factors are based on the mWh sales forecast that is approved by the Commission in Hawaiian Electric's 2009 test year rate case and shall be updated in any subsequent test year rate case.

C: BALANCING ACCOUNT ENTRIES:

Entries to the RBA will be recorded monthly. A debit entry to the RBA will be made equal to the target revenue as defined in Section B. above, times the appropriate monthly allocation factor in the table above. A credit entry to the RBA will be made equal to the recorded adjusted revenue. The recorded adjusted revenue is defined to include the electric sales revenue from authorized base rates, plus revenue from any authorized interim rate increase, plus revenue from any RBA rate adjustment, but excluding revenue for fuel and purchased power expenses, IRP/DSM, any Commission Ordered one-time rate refunds or credits or other surcharges, and adjusted to remove amounts for applicable revenue taxes.



ATTACHMENT lA PAGE 3 OF 3

SHEET NO. 92B Effective March 1, 2011


Interest will be recorded monthly to the RBA by multiplying the simple average of the beginning and ending month balance in the RBA times the Interest Rate divided by 12. The Interest Rate shall be 6 percent.

D: RECOVERY OF BALANCING ACCOUNT AMOUNTS:

At the Annual Evaluation Date provided in the Rate Adjustment Mechanism Provision, the Company will file with the Commission a statement of the previous calendar year-end balance in the RBA and the RAM Revenue Adjustment for the current calendar year, along with supporting calculations.

Both an amortization of the previous calendar year-end balance in the RBA, adjusted for any Earnings Sharing Revenue Credits or Major Capital Projects Credits or Baseline Capital Projects Credits, and the RAM Revenue Adjustment will be recovered through a per-kWh RBA rate adjustment, over the 12 months from June 1 of the current calendar year to May 31 of the succeeding calendar year.

E: REVENUE BALANCING ACCOUNT RATE ADJUSTMENT:

The RBA rate adjustment is comprised of the calculated values from Section D above, adjusted to include amounts for applicable revenue taxes. The RBA rate adjustment is calculated based on the Company's forecast of mWh sales over the RBA rate adjustment recovery period.

Effective June 1, 2011 to May 31, 2012

RBA Rate Adjustment

All Rate Schedules C/kWh

F: COMMISSION'S AUTHORITY

The Commission may suspend any or all parts of this Revenue Balancing Account Provision. Such suspension shall remain in place until removed by Commission Order.




HAWAIIAN ELECTRIC COMPANY

DETERMINATION OF 2011 REVENUE BALANCING ACCOUNT RATE ADJUSTMENT

In SOOOs In $000s

Ll 2010 Eamings Sharing Revenue Credit (N.1), (NA) Major Capital Projects Credits and/or Baseline Capital Projects Credit

L2 RBA 2010 calendar year-end balance NA

L3

L4

L5 = L3 + L4

L6

L7 = L5 X L6 2011 RAM to be Recovered $12.742

LB = Ll + L2 + L7 Total RBA Rate Adjustment $12,742

L9 Estimated GWH Sales, 7,521.8 June 2011 to May 2012

Attachment 2, Page 2

L10 = (L8x 1000 X 100) RBA Rate Adjustment, e per kWh 0.1694 •r (L9 X 1000000) Effective June 1, 2011 through

May 31, 2012

L11 = Ll 0 ^ 100 X 600 Monthly Bill Impact @ 600 kWh $1.02

NA = Not Applicable (Implementation of Decoupling began on March 1, 2011)

N.l Because decoupling was implemented on March 1, 2011, the first Evaluation Period Eamings Sharing calculation as described in the RAM tariff provision, Sheet No. 93-C to 93-D, will be provided as part ofthe Company's 2012 Rate Adjustment Mechanism filing for the Evaluation Period of 2011.

O&M RAM Attachment 3

RATE BASE RAM Attachment 4

TOTAL RAM

Adjustment for RAM Period March 1, 2011 - December 31, 2011 306 days -=- 365 days

$5,629

$9,570

$15,199

83.84%

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Hawaiian Electric Company, Inc. 2011 O&M Expense RAM

($ Thousands)


2010 O&M Expense Escalation 3,241

2011 O&M Expense Escalation 2,388

2011 O&M Expense RAM

See Attachment 3, page 2

5,629

See Attachment 3, page 3


Hawaiian Electric Company, Inc.

2010 O&M EXPENSE Escalation for O&M RAM

($ Thousands)

(A) 2009

Base O&M Expense

O&M Bargaining Unit Labor Only 44,062

O&M Non-Labor 119,033 Payroli Taxes 3,864 Total Expenses 166,959

Revenue Tax Factor

O&M RAM (Total Expenses x Rev Tax Factor)

(B) (C) 2010

O&M Expense Escalation Escalation Exp Amount

3.43% 1,511 1.10% 1,309

3.43% 133 2,953

1.0975 3,241

(D) = (A)-H(C) 2010

O&M Expense with RAM

45,573

120,342 3,997

169,912

(A) See Attachment 3, page 4 O&M worksheet (O&M Labor tab)

(B) Escalation Rates Labor; Bargaining Unit Wage Increase

Less: Productivity Factor

Labor Escalation Rate

4.19% (See Attachment 3.1)

Approved in Final D&O in Docket No. 2008-0274, page 71 (part of Amended Joint

0.76% Proposal), filed on August 31, 2010

3.43%

Non-Labor:

GDP Price Index for 2010 1.1% (See Attachment 3.2, page 2)

C) Computation of O&M RAM = Base O&M Expense x Applicable Escalation Factor x Revenue Tax Factor

Computation of Revenue Tax Factor Public Service Tax Rate PUC Fees Rate Franchise Tax Rate Total Rev Tax Rate

Revenue Tax Facotor

= 1 / (1 - Total Rev Tax Rate)

0.05885 0.00500 0.02500 0.08885

1.0975

Hawaiian Electric Company, Inc. 2011 O&M EXPENSE Esclation for O&M RAM

($ Thousands)


O&M Bargaining Unit Labor Only

O&M Non-Labor

Payroll Taxes

Total Expenses

Revenue Tax Factor

(A)

2010

O&M Expense

with RAM

45,573

120,342

3,997

169,912

O&M RAM (Total Expenses x Rev Tax Factor)

(B) (C)

2011

O&M Expense Escalation

Escalation Exp Amount

0.99% 451

1.40% 1,685

0.99% 40

2,176

1.0975

2,388

(D) = (A) + (C)

2011

O&M Expense

with RAM

46,024

122,027

4,037

172,088

(A) See Attachment 3, page 4 O&M worksheet (O&M Labor tab)

(B) Escalation Rates Labor:

Bargaining Unit Wage Increase

Less: Productivity Factor

Labor Escalation Rate

1.75% (See Attachment 3.1)

Approved in Final D&O in Docket No. 2008-0274, page 71 (part of Amended Joint

0.76% Proposal), filed on August 31, 2010

0.99%

Non-Labor:

GDP Price Index for 2011 1.4% (See Attachment 3.2, page 4)

C) Computation of O&M RAM = Base O&M Expense x Applicable Escalation Factor x Revenue Tax Factor

Computation of Revenue Tax Factor

Public Service Tax Rate

PUC Fees Rate

Franchise Tax Rate

Total Rev Tax Rate

Revenue Tax Facotor

= 1/ (1 - Total Rev Tax Rate)

0.05885

0,00500

0.02500

0.08885

1.0975


(A) (B) (C) (A) + (B)

(D) (E) (C) + (D)

(F) (G) (E) + (F)

Amount Per Excluded Final D&O Amounts

Amount for 2010 O&M 2011 O&M 2010 2010 Expense 2011 Expense

O&M RAM Escalation with RAM Escalation with RAM

O&M Bargaining Unit (BU) Labor O&M Non-BU Labor

O&M Labor

44,062 35,415

79,477

0 (35,415)

44,062 1,511 45,573

44,062 1,511 45,573

451 46,024

451 46,024

O&M Non-Labor (total less labor) 146,653 (27.620)

Total O&M per 2nd Interim 226,130

Payroll taxes to RAM calculation 6,970 (3,106)

119,033 1,309 120,342 1,685 122,027

163,095 2,820 165,915 2,136 168,051

3,864 133 3,997 40 4.037

2,953 2,176

Excluded amounts: a Per Final Decoupling Decision and Order, page 130, filed 8/31/10, Docket No. 2008-0274, labor escalation not applied to non-

BU labor. See Attachment 3.3.

'' Tracked pension and OPEB expenses. See Attachment 3.6. '= Portion of payroll taxes related to non-BU labor (44.56%) 6,970".4456=3,106. See Attachment 3.3 for calculationo f percentage

related non-BU labor.

ATTACHMENT 3.1 PAGE 1 OF 1

Hawaiian Electric Company, Inc. Bargaining Unit Wage Increase per Collective Bargaining Agreement - Effective November 1, 2007 Bargaining Unit Wage Increase per Collective Bargaining Agreement - Effective January 1, 2011

11/1/2007 1/1/2009 1/1/2010 1/1/2011

3.5% of 10/31/2007 wage rates 4.0% of 10/31/2007 wage rates 4.5% of 12/31/2007 wage rates 1.75% of 12/31/10 wage rates

1.00

Increase effective

3.5% 11/1/2007 4.0% 1/1/2009 4.5% 1/1/2010

1.75% 1/1/2011

increase amount

(a)

0.0350 0.0400 0.0450 0.0196

wage rate with increase

(b)

1.0350 1.0750 1.1200 1.1396

relative increase

(b)-(a)/prev (b)

0.0350 0.0386 0.0419 0.0175

4.19% 1.75%

(a) Agreement ratified by the IBEW, Local 1260 on March 11, 2011, reflects a 1.75% increase effective 1/1/2011. See HECO's Form 8-K dated March 11, 2011 filed with Securities and Exchange Commission at www.hei.com, under SEC filings.

http://www.hei.com


Aspen Publishers

Blue Chip Economic Indicators Top Analysts' Forecasts ofthe U.S. Economic Outlook for the Year Ahead

Vol. 35, No, 2 February 10, 2010

Wolters Kluwer Law *& Business

' : • BLUE CHIP ECONOMIC INDICATORS • FEBRUARY 10. 2010

FEBRUARY 2010 Forecast For 2010

SOURCE: RI IS

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w l n s e r a f aaa i iB j t . a w r * * M R. K M B A t>ar4 f a r B l a t C M p Fwrwaat A M a r « « r . " D c M C a a i W B - t f n c w l R M f . * * * D r B M M i h r r v - O a M K l n a r r .

ATTACHMENT 3.2 T. , 1 . , PAGE 3 OF 4

Aspen Publishers

Blue Chip Economic Indicators Top Analysts' Forecasts ofthe U.S. Economic Outlook for the Year Ahead

Vol. 36, No. 2 February 10, 2011

Wolters Kluwer Law & Business

2 • BLUE CHIP ECONOMIC INDICATORS • FEBRUARY 10,2011


FEBRUARY 2011

Forecast For 2011

SOURCE: Pierponi Securities Moody's Analytics Macroeconomic Adviscn. LLC** RBS DuPont"* Societe Genera ic Ford Motor Company" Morgan Stanley Comerica Bank* General Motors Corporation Action Economics SOM Economics, Inc. Bank of Tokyo-Mitsubishi UFJ J P MoiKanChflsc Goldman Sachs & Co.* Clear View Economics* Swiss Re UBS Credit Suisse Wells Fargo National Assn. of Home Buiklers RDQ Economics Ketlner Economic Advisers Wells Capital Management US . Chamber of Commerce Moody's Capital Markets Russell Investments Daiwa Capital Markets America Fannie Mac Mesirow Financial Poicmtac Research Group* Bank of America-Merrill Lynch BMO Capital Markets* Haton Corporation Barcbys Capital UCLA Business Forecasting Proj.* Naroff Economic Advisors* Northern Trust Company* FedEx Corporation WintTust Wealth Managcmcnl* PNC Financial Services Group Turning Points (Micrometrics) Nomura Securities Standard & Poors Corp.* Infomm - Univ. of Maryland Econoclasl Georgia State University* Economist Intelligence Unit MacroFin Analytics J,W, Coons Advisors National Assn, of Realtors Conference Board*

2011 Consensus: Febniary Avg. Top 10 Avg.

Bonom 10 Avg. January Avg.

2007 2008 20U/ 2M0

2011 Real GDP Forecast Increases To 3.2% 1

Real GDP (Chiincd) (200SS)

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Number Of Forecasts Chansed FronM Month Aao:

/ D o w n / Same

/ Up

F^miary Median Februar^Oiflusion Index

3 22 27

3,2 7 3 %

_ 2

GDP Price Index

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3 2011 From UIO (FDD Vear-Over-Prtor

4 5 6 7 Nocnhisl Constoncr

GDP (Cur.S) 5.5 H 4,4 4.7 5,3 5.0 5.4 5.2 5,0 4.2 4.7 S.I 5.0 4.8 4.5 4.5 5.0 4.9 4.8 4.6 4.6 4.5 5.0 4.9 4.7 4.7 4.7 4.6 4.4 4.4 4.3 4.3 4.3 4.2 5.3 4.6 4,5 5.2 5,1 4,8 4,8 4.6 4,3 4,1 4.2 4,7 4,0 4,0 4.7 3.8 L 4.5 4.0 3.8

> . 6 5,2 4.1 4,6

4,9 2.2

•1.7 3,8

19 14 19

4.7 5 0 %

Price Index 2.6 1.7 1.6 2,2 1.6 2.0 2.0 2.4 2.2 1.6 2.4 1.5 1.9 1.8 1.7 1.9 1.8 1.8 1.6 2.2 1.4 L 2.3 2.0 2.4 1.7 2.2 2.2 1.8 1.5 1.4 L 1.7 1.6 1.6 1.9 1.8 1.7 3.5 H 1.9 1.9 I.S 1.6 2.2 1.7 1.6 2.1 1.8 1.5 1.9 1,4 L 2.1 2.4 1.7

1.9 2.4 1.5 1.7

2.8 3.8

-0,4 1.6

1 14 37

1.8 85 %

IndusL Prod.

(T««l)

5.0 4,8 4.6 5,2 4.5 3.1 5.1 5.9 H 4.9 3.8 5.1 4.8 4.3 4.6 4.3 4.5 4.0 5.6 5.0 4.4 4.4 4.7 4.4 4.2 4.5 4.6 4.8 4.2 4.2 3.9 4.3 3.9 4.6 5.6 4.7 3,0 4,0 na

5.1 4.5 4.8 4.4 3.8 3.6 5,0 4,1 4,5 2.5 4.5 2.0 L 3.3 2.8

4.4

5.3 3.2 4.2

2.7 -3.3 -9.3 5.8

15 9

27

4.5 6 2 %

DiLPen. PersomI Income Com. Exp (2005!)

2.6 3.2 2.7 2.9 2.5 2.1 2.7 3.5 2.7 2.8 3.0 2.7 2.9 2.9 3.1 3.3 2.6 3.4 na

3.0 2.7 2.5 2.8 2.6 2.8 2.3 3.0 2.3 2,6 2.6 2,6 2.8 3.7 H 3.3 2.9 1.5 L 2.8 na

2.3 2.7 2.6 2.7 2.6 2.7 2.4 3.0 2.9 2.3 1,8 2.4 2.6 2.7

2.7

3,3 2.2 2.7

2.3 1.7 0.6 1.4

18 11 21

2.7 5 3 %

(1005 S)

3.3 3.6 3.7 2.9 3.0 3.3 3.4 3.2 3.4 3.7 3.1 3.1 3.2 3.6 3.6 3.6 2.9 3.9 H 3.7 2.7 3.3 3.2 3.4 3.5 3.3 3.2 3.1 3.3 3.2 3.4 3.2 2.8 3.4 2.6 L 3.2 3.1 3.2 3.0 3,3 3.0 3.1 3.3 3.2 3.0 2.9 2.9 2.9 2.9 2.8 3.0 2.6 L 2.7

3.2 3.6 2.8 3.1

2.4 -0.3 -1.2 L8

4 16 32

3.2 77*/.

V**rV

8 Non-Rei. Fix. bv. (2005 0

II.S 8.5 9.7 9.1 9.1 9.4 9.4

10,2 8.7 9.1 8.6

11.2 9.7 9.3 7,0 7.3 8.8 8.4 8.7

12.8 8.6 6.9

15.0 H 9.0 6.8 5.9 L 9.0 7.5 8.2 9.4 9.1 9.8 9.0 8.3

11.2 6.2 6.4 8.5 6.2 9.0

11.7 9.5 6.3 7.9 8.8 8.7 7.8 7.2 7.5 9.8

10.4 7.2

8.8

11.2 6,6 9.1

6,7 0,3

-17,1 5.5

31 6

15

8.8 3 5 %

9 Corp. Profili

(Ci». J)

12.0 1.2 S.5

12.0 12.0 9,6 na

8.3 8.0 7,5

28,9 H 7.5 na

8.8 16.7 6.4 6.5 na

7,6 6.8 6.5

12.6 10,0 10.2 6.2 8.0 8.0 3.8 8.0 6.9 6.2 na

5.2 9.0 9.4 0.1 9.6 na

6.7 7,0 na

13.5 3.0 na

3.2 6.0

-2,5 L na

6.4 4.5 8,0 4,3

7.9

13.5 2.9 5.7

-6,1 -16.4

-0.4 na

12 17 15

7.6 53 %

— Avenge For 2011 — 10 11 12

Treu. BJIlt

3-mo,

0,3 0.3 0.2 0.2 0.3 0.2 0.3 0.2 0,2 0,3 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.3 na

0.2 0.2 0.1 L 0.5 H 0.2 0.2 0.2 0.2 0.3 0.3 0,3 0,2 0,1 L 0.1 L 0.2 0.2 0.3 0.5 H 0.1 L 0.5 M 0.3 0.1 L 0,3 0,5 H 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.2

OJ 0.4 0.2 0.3

4.4 1.4 0.2 0.1

to 40

1

0.2 4 1 %

TrcM. Nam

10-Ve» 4.1 H 3,7 3.7 3.3 3.4 3.6 3.6 3.5 3.7 3.7 3.7 3.6 3.5 3.4 3.6 3.5 3.5 3.3 3.2 3.6 3.6 3.7 3.6 3,8 3.1 L 3.5 3.7 3.7 3.5 3.4 3.6 3.5 3.5 3.5 3.1 L 3.8 3.9 3.6 3.9 3.6 3.5 3.S 3.5 3.S 3.6 3.7 3.7 3.7 3.6 3.4 3.7 3.4

3.6 3.8 3,3 3.5

4.6 3.7 3.2 3.2

8 27 17

3.6 59*/.

Unempl. Rate (Civ.)

9.2 9.4 9.1 9.3 9.4 9.1 9.5 9.0 L 9.4 9.4 9,3 9.5 9.1 9.3 9.3 9.4 9.4 9.1 9.0 L 9.4 9.3 9.2 9.2 9.2 9.2 9.2 9.1 9.3 9.4 9.6 H 9.2 9.4 9,1 9.4 9,0 L 9.5 9.4 9.6 H 9.0 L 9.5 9.1 9.2 9.3 9.4 9.2 9.2 9.3 9.0 L 9.3 9.3 9.2 9.4

9J 9.5 9,1 9.4

4,6 5,8 9,3 9.6

27 23

2

9.3 2 6 %

- TMal Uoitt-lOII-13 14

Homing Suni (MU.) 0.78 0.84 H 0.69 0.70 0.75 0.65 0.69 0.56 0.60 0.74 0.64 0.70 0.66 0,66 0,63 0,64 0.68 0.60 0,65 0.64 0.69 0,80 0.75 0.58 0,65 0,68 0.65 0.65 0.71 0,67 0.69 0.65 0.63 0.72 0.61 0.76 0.61

na 0.72 0.71 0.65 0.62 0,67 0.67 0.61 0.71 0,55 L 0.70 0,63 0,56 0.68 0.67

0.67 0.75 0.59 0.68

1.36 0.91 0.55 0.59

21 23

7

0.67 3 6 %

Aulo & Light TmckSalei

()^il.)

13.2 13.1 13.3 12.8 13,0 13.3 na

13.1 13.3 na

12.9 13.0 13.1 12.7 13.2 12.8 13.5 na na

12.9 12.9 12.5 13.5 13,5 na

12,9 12,8 12.B 12.9 13.2 13.0 13.3 13.7 H 12.8 13.5 12.9 13.7 H na

13.4 13.3 13.1 13.0 12.7 13.1 12.4 L 13.2 12.9 13.0 12.4 L 13.0 12,8 13.0

13.1 13.5 12.7 13,0

16.1 13.1 10.3 11.6

5 19 22

13.0 6 8 %

-2011-15

Net Exporti (2005 $)

-392.0 -»29.8 -426.3 -385.0 -410.0 -418.0 -432.1 -386.4 -517.5 -475,0 -*09.0 -483,0 -393.6 -429.9 -388.1 -384.2 -387.5 -M6.0 -t39.0 -393.4 -450,0 -401.5 -465.0 -410.0 -394.1 -390,5 -*38.0 -»00.0 -442.4 -464.8 ^25.0 -400.0 -439,0 -364.3 -474.7 -414.2 -520.0

na -472.5 ^80.0 -542.5 L -402.0 -353.9 H -105.9 -460.0 -156.0 -392.5 -496.0 -476.3 -535.0 -496.0 -«)3.5

-433.2 -382,6 -502.1 -179.8

-654.9 -504.1 -363.0 -121,1

5 8

38

-426.3 8 2 %

'Formir winner of annual Lawrence R. Klein Award for Bine Chip Porecait Accnrscy. ^'Denotes Iwi^time winner. ***Dcno(ca (brce-tlme winner.



DOCKET NO. 2008-0083 2009 TEST YEAR RATE CASE

SUMMARYOF OPERATIONS AND MAINTENANCE LABOR AND NON-LABOR EXPENSE

BY BLOCK OF ACCOUNTS Final D&O

{'000)

DESCRIPTION

Production Transmission Distribution Customer Accounts Allowance for Uncoil Accounts Customer Service Administrative & General

Operation and Maintenance

(1)

BU LABOR

23,510

3,085 9,349 5,565

-

177

2,378

44,062

(2)

Non-BU LABOR

8,934 1,638

2,532 1,251

-

2,916

18,142

35,415

(3)=(1)+{2) Total

LABOR

32,444 4,723

11,881 6,816

0

3,093

20,520

79,477

(4)

NON-LABOR

45,850 8,910

17,540 5,288

1,302

1,907

65.858

146,653

(5)

TOTAL

78,294 13.633

29,420 12,104

1,302

5,000 86.377

226,130

Percentage of Total O&M Labor

' amounts may not add due to rounding

55.44% 44.56% 100%

(1) See Attachment 3.4, page 1 (2) See Attachment 3.4, page 1

See DOCKET NO. 2008-0083, January 24, 2011 Exhibit 1C, p.18, Operations and Maintenance Labor Adjustments - O&M Summary (for Docket No. 2008-0083), col.(J). See DOCKET NO. 2008-0083, January 24, 2011 Exhibit 1C, p.27, Operations and Maintenance Non-Labor Adjustments -

(3)

(4)

(5)

O&M Summary (for Docket No. 2008-0083), col. (J), less Fuel and Purchased Power. See DOCKET NO. 2008-0083, January 24, 2011 Exhibit 1C, p. 9, Operations and Maintenance Labor and Non-Labor Adjustments - O&M Summary (for Docket No. 2008-0083) col. (J), less Fuel and Purchased Power.


HAWAIIAN ELECTRIC COMPANY, INC. BU vs Merit OSM Labor Expenses

2009 TEST YEAR

Product ion

Merit

BU

Merit w O T

Summer

Transmission

Merit

BU

Merit w OT

Summer

Distr ibut ion

Merit

BU

Merit w OT

Summer

Customer Accounts Merit

BU Merit w OT

Summer

Customer Service

Merit

BU

Merit w OT

Summer

ASG

Merit

BU

Merit w OT

Summer

Total

Merit

BU

Merit w OT

Summer

(A)

-

Updal?

9,266

23,643

503 27

33,439

1,858

3,090

4,948

3.017

9,395

4

12,416

1,413

5,595

353 549

7,910

2,990

180

216

3,386

17,063

2,386

2,483

46

21,983

35.607

44.291

3.562

624

(B)

CIS

(2)

(3)

(1)

(6)

55

5

60

24

(16)

e

(551)

(13)

(62)

(646)

(5)

(5)

(14)

(3) 1

(16)

(493)

(30)

(82)

0

(C)

pSM

0

0

0

0

(41)

(3)

(44)

0

(41)

(3) 0

D

(D) (E)

Adtustments

Vacancy

(49)

(130)

(3)

(0) (182)

(6) (10)

(16)

(9) (30)

(0)

(39)

(4) (18)

(1) (2)

(25)

(10)

(1)

(1)

(11)

(53.43)

(7.45)

(7.97)

(0.14)

(69)

(131)

(196)

(13)

(2)

Mem Reduct ion

(128)

(128)

(43)

(43)

(80)

(80)

(27)

(27)

(37)

(37)

(218)

018)

(533)

0

0

0

(F)

HCEI

(426)

(426)

0

0

0

(72)

(72)

(199)

(199)

(697)

0

0

0

(G)

2007

Levels

(679)

(679)

(226)

(226)

(424)

(424)

(142)

(142)

(196)

(198)

(1,160)

(1,160)

(2,829)

0

0

0

(H)

2nd ~

Interim

7,982

23,510

499

27

32,018

1,638

3,065

0

0

4,723

2.528

9.349

4

0

11.681

G88

5,565

270

547

7,070

2,627

177

218

0

3,021

15,419

2,378

2,476

48

20,321

30,663

44,062

3.467

622

(1) (J) ' Adjustments

MCE|

426

426

0

0

0

72

72

199

199

697

0

0

0

Temp

Emolovees

0

0

0

(254)

(254)

0

0

0

0

0

(254)

(K)

Final

D&O

8.408

23.510

499

27

32.444

1,638

3,085

0

0

4,723

2,528

9,349

4

0

11,881

688

5.565

270

293

6.616

2,699

177

218

0

3.093

15,616

2,378

2,476

48

20,520

31,580

44,062

3,467

368

Calculated

ProDortlons

44.10% a

55.44%

0.46% a

84.084 (605) (44) (342) (533) (697) (2,829) 79.034 697 (254) 79.477 100.00%

(A) ATTACHMENT 3.5, PAGES 1-9 (B) DOCKET NO. 2008-0083, January 24. 2011 liSng, EXHIBIT 10, PAGE 10 OF 31 (C) DOCKET NO. 2008-0083. January 24,2011 liBng, EXHIBIT 10, PAGE 10 OF 31 (D) DOCKET NO. 2008-0083. January 24.2011 tiBng, EXHIBIT IC. PAGE 11 OF 31 (E) DOCKET NO. 2008-0083, January 24, 2011 filing, EXHIBIT IC. PAGE 12 OF 31 (F) DOCKET NO. 2008-O083, January 24,2011 tilng, EXHIBfT IC. PAGE 13 OF 31 (G) DOCKET NO. 2006-0083, January 24,2011 filing, EXHIBIT IC. PAGE 13 OF 31 (H) DOCKET NO. 2008-0083. January 24.2011 fifing, EXHIBIT 1C. PAGE 18 OF 31 (I) DOCKET NO. 2008-0083. January 24,2011 fiing, EXHIBIT IC, PAGE 15 OF 31 (J) DOCKET NO. 2008-OO83. January 24.2011 flBng, EXHIBIT 1C. PAGE 15 OF 31 (K) DOCKETNO. 2008-0083, January 24.2011 filing, EXHIBR" IC. PAGE 18 OF 31

Non-BU portion Ja - 44.56%


HAWAIIAN ELECTRIC COMPANY, INC. BU vs Merit O&M Labor Expenses

2009 Test Year

D. Giovanni PRODUCTION O & M EXPENSE

PRODUCTION OPER MERIT BU MERIT WOT SUMMER

TOTAL

PRODUCTION MAINT MERIT BU MERIT W OT

TOTAL

PRODUCTION MERIT BU MERIT W OT SUMMER

TOTAL

TOTAL

BUDGET"

5,381 9,494

471 27

15,373

3,429 14.149

32

17,610

8,810 23,643

503 27

32,983

(A)

(A)

(A)

BUD ADJ

29 (A)

29

0

29 0

29

NORM

0

0

0 0

0

DIRECT

5.410 9,494

471 27

15,402

3,429 14,149

32

17,610

8.839 23.643

503 27

33,012

ADJUST

427 (B)

427

0

427 0

427

UPDATE

5,837 9,494

471 27

15,829

3.429 14,149

32

17,610

9,266 23,643

503 27

33.439

LABOR ADJUST

UPDATE W/O LABOR ADJ

5,837 9,494

471 27

15,829

3,429 14,149

32

17,610

9,266 23,643

503 27

33,439

(A) DOCKET NO. 2008-0083, HECO-701 PAGE 1 (B) DOCKET NO. 2008-0083, RATE CASE UPDATE, HECO T-7 ATTACHMENT 1 PAGE 1 (filed Dec. 12, 2008)

" The breakdown ot the labor amounts lor BU, Merit, Merit with overtime and Summer was determined based on the labor class lor the individual budgeted latwr amounts tor 2009 in Attachrnent 3.7. which is provided electronically and Is consistent with the detailed budget data lile provided on July 14, 2008 in Dockei No. 2006-0083,



2009 Test Year

BUDGET"

R. Young TRANSMISSION O & M EXPENSE

TRANSMISSION OPER MERIT BU

TOTAL

TRANSMISSION MAINT MERIT BU

TOTAL

TRANSMISSION - TOTAL MERIT BU

TOTAL

1,431 1,471

2,902 (C)

388 1,695

2,083 (C)

1,819 3,166

4,985

BUD ADJ

0

0

0 0

0

NORM

0

0

0 0

0

DIRECT

1,431 1,471

2.902

388 1.695

2,083

1,819 3,166

4,985

ADJUST

49 (A)

49

34 (A)

34

83 0

83

UPDATE

1,480 1.471

2.951

422 1.695

2,117

1,902 3,166

5,068

LABOR ADJUST

(44) (76)

(120)

(B) (B)


1,480 1,471

2,951

422 1,695

2,117 2,117

1,658 3,090

4,948

(A) DOCKET NO. 2008-0083, RATE CASE UPDATE, HECO T-8 ATTACHMENT 2 PAGE 1 (lited Dec. 4, 2008) (B) DOCKET NO. 2008-0083, RATE CASE UPDATE, HECO T-15 ATTACHMENT 6 PAGE 5 (filed Dec. 12, 2008) (C) DOCKET NO. 2008-0083. HECO-809 PAGE 1

" The breakdown of the labor amounts lor BU. Merit, Merit with overtime and Summer was determined based on the labor class lor the individual budgeted labor amounts lor 2009 in Attachment 3.7. which is provided electronically arxlis consistent with the detailed budget data lile provided on July 14, 2008 in IDocKel No. 200S-O0B3.


HAWAIIAN ELECTRIC COMPANY. INC. BU vs Merit O&M Labor Expenses

2009 Test Year

D. Mizumura DISTRIBUTION O & M EXPENSE

DISTRIBUTION OPER MERIT BU MERIT W OT

TOTAL

DISTRIBUTION MAINT MERIT BU

TOTAL

DISTRIBUTION - TOTAL MERIT BU MERIT WOT

TOTAL

BUDGET"

2,091 4,617

4

6,712

750 5,010

5,760

2,841 9,627

4

12,472

(C)

(C)

BUD ADJ

0

0

0

0 0

0

NORM

0

0

0 0

0

D i R ^ g j

2,091 4,617

4

6.712

750 5,010

5,760

2,841 9,627

4

12,472

ADJUST

151

151

94

94

245 0 0

245

(A)

(A)

gpDAT^

2,242 4,617

4

6,863

844 5,010

5.854

3,086 9,627

4

12,717

LABOR ADJUST

(69) (233)

(0)

(302)

(B) (B)


2,242 4.617

4

6,663 6,863

844 5.010

5,854 5,854

3,017 9,395

4

12,416

(A) DOCKET NO. 2008-0083, RATE CASE UPDATE, HECO T-8 ATTACHMENT2 PAGE 1 (filed Dec. 4, 2008) (B) DOCKET NO. 2008-0083. RATE CASE UPDATE. HECO T-15 ATTACHMENT 6 PAGE 5 (liled Dec. 12, 2008) (C) DOCKET NO. 2008-0083. HECO-809 PAGE 1

" The breakdown ol the labor amounts lor BU. Merit, Merit with overtinw and Sumirter was determined based on the latmr class lor the individual budgeted labor amounts lor 2009 In Altachrmni 3.7, which is provided electronically artd is consistent with the detailed budget data lile provided on July 14, 2008 in Docket No. 2008-OOB3.



2009 Test Year

D. Yamamoto CUSTOMER ACCTS EXPENSE

901 SUPERVISION MERIT BU MERIT W OT

TOTAL 901

BUDGET"

119

58

177 (B)

902 METER READING EXPENSES MERIT BU MERIT W OT SUMMER

TOTAL 902

130 2,420

21 445

3,016 (B)

BUD ADJ

0

0

NORM

0

0

PIPECT

119 0

58

177

130 2,420

21 445

3.016

ADJUST

0

0

UPDATE

119

58

177

130 2,420

21 445

3,016

LABOR ADJUST


119

58

177

130 2,420

21 445

3,016

903 CUSTOMER RECORDS & COLLECT EXP MERIT 1,198 BU 3,311 MERIT W OT 283 SUMMER 117

TOTAL 903 4.909 (B)

1,198 3.311

283 117

4,909

1,198 3,311

283 117

4.909

1,198 3,311

283 117

4,909

SUBTOTAL 8,102 (B) 0 8,102 0 8,102 8,102

904 UNCOLLECTIBLE ACCOUNTS

NON-LABOR

TOTAL 904 0 0 0 0

905 MISC CUSTOMER ACCOUNTS EXP NON-LABOR 0

TOTAL 905 0

TOTAL 8,102

0 0 0

8,102

0

8,102 8.102

CUSTOMER ACCOUNTS • TOTAL MERIT BU MERIT W OT SUMMER

TOTAL

1,447 5,731

362 562

8,102

1,447 5,731

362 562

8,102

1,447 5,731

362 562

8,102

(34) (A) (136) (A)

(9) (A) (13) (A)

(192)

1,413 5,595

353 549

7.910

(A) DOCKET NO, 2008-0083. RATE CASE UPDATE. HECO T-15 ATTACHMENT 6 PAGE 5 (filed Dec. 12, 2008) (B) DOCKET NO. 2008-0083, HECO-901 PAGE 2

" The breakdown ol ihe labor amounts tor BU, Merit, Merit with overtime and Summer was determined based on the labor class lor the individual budgeted labor amounts lor 2009 in Attachment 3.7. which is provided electronically and is consistent with the detailed budget data file provided on July 14, 2008 in Docket No. 2008-0083.



2009 Test Year

A. Hee CUSTOMER SVC EXPENSE

909 SUPERVISION MERIT BU MERIT W OT

TOTAL 909

BUDGET" BUD ADJ

337 0

56

393 (D) 0

NORM

0

DIRECT

337 0

56

393

ADJUST

72 (B)

72

UPDATE

409

56

465

LABOR ADJUST


409

56

465

910 CUSTOMER ASSISTANCE EXP MERIT 3,061 (434) (A) 2,627 2,627 2,627 BU 179 179 179 179 MERIT WOT 167

TOTAL 910 3,407 (D) (434) 0 2.806 0 2.806 2,806 2.973

911 INFORMATIONAL ADVERTISING EXP MERIT 27 BU 5

TOTAL 911 32 (D) 0

912 MISC CUSTOMER SERVICE EXPENSES

MERIT 0

BU 0

TOTAL 911 0 0

(434) 0

TOTAL 3,832 (D) (434) 0 3,398 72 3,470 (82) 3,388

(A) DOCKET NO. 2008-0083 HECO-1006 PAGE 1 (B) DOCKET NO. 2008-0083 RATE CASE UPDATE HECO T-10 PAGE 15 (Dec, 5, 2008) (C) DOCKET NO. 2008-0083. RATE CASE UPDATE, HECO T-15 Attachment 6 PAGE 5 (Dec. 12, 2008) (D) DOCKET NO. 2008-0083, HECO-1005 PAGE 1

" The breakdown ol the labor amounts for BU, Merit, Merit with overtime and Summerwas determined based on the labor class for the Individual budgeted labor amounts lor 2009 in Attachment 3.7, which is provided electronically and is consistent with the detailed budget data lile provided on July 14, 2008 in Docket No, 2008-0083,

CUSTOMER SERVICE - TOTAL MERIT BU MERIT W OT

3.425 184 223

0

0

0 0

27 5

32

0 0

0

2,991 184 223

0

0

72 0

27 5

32

0 0

0

3,063 184 223

(73) (C)

(4) (C) (5) (C)

27 5

32

2,990 180 218


BUDGET-

P. Nanbu ADMIN a GENL O & M EXPENSE

ADMINISTRATIVE 920 ADMIN & GENL EXP MERIT BU MERIT W OT SUMMER

TOTAL 920

LABR 15,075

1,984 2,302

49

19,410

921 ADMIN & GENL EXP - NLABR NON-LABOR

TOTAL 921 0

922 ADMIN EXPENSES TRANSFERRED NON-LABOR

TOTAL 922 0

TOTAL ADMINISTRATIVE 19,410

OUTSIDE SERVICES 923010 OUTSIDE SERVICES - LEGAL

HAWAIIAN ELECTRIC COMPANY, INC. BU vs Merit O&M Lat)Or Expenses

2009 Test Year

BUD ADJ NORM DIRECT ADJUST

7 (A)

LABOR UPDATE ADJUST

15,082 1,984 2,302

49

19,417

0

0

0

0

19,417

(2)

(56)

(58)

0

0

(58)

(B)

(B)

15,080 1,984 2,246

49

19,359

0

0

0

19,359

NON-LABOR

TOTAL 923020 0

923020 OUTSIDE SERVICES - OTHER NON-LABOR

TOTAL 923020 0

923030 OUTSIDE SERVICES - ASSOC CO NON-LABOR 0

TOTAL 923030 0

TOTAL OS SVCS 0

TOTAL 920-923 EXPENSE 19,410

0

0

0

0

7

0

0

0

0

0

0

0

0

0

0

0

0

19,417

0

0

0

0

(58)

0

0

0

0

19,359


15,080 1,984 2,248

49

19,359

19,359

19,359

(A) DOCKET NO. 2008-0083. HECO-WP-1102 PAGE 1 (B) DOCKET NO. 2008-0083, RATE CASE UPDATE HECO T-11 ATTACHMENT 3 PAGEl (filed Dec. 9, 2008) (C) DOCKET NO. 2008-0083, HECO-1101 PAGE 1

" The breakdovim ol Ihe labor armunis for 6U, Merit. Merit with overtinw and Surrvner was determined based on the labor class lor the Individual budgeted labor amounts for 2009 In Attachment 3.7. which Is provided electronically and is consistent with the detailed budget data lile provided on July 14,2008 in Docket No. 2008-0083.

HAWAIIAN ELECTRIC COMPANY, INC, BU vs Merit O&M Labor Expenses

2009 Test Year


BUDGET" BUD ADJ NORM DIRECT ADJUST

R. Harris INSURANCE EXPENSE

LABOR UPDATE ADJUST


INSURANCE 924 PROPERTY INSURANCE MERIT BU MERIT W OT

TOTAL 924

925 INJURIES & DAMAGES MERIT BU MERIT WOT

TOTAL 925

121 77

18

216 (A)

1,089 305

56

1,450 (A)

121 77 18

216

1,089 305

56

1,450

121 77 18

216

1.089 305

56

1,450

121 77 18

216

1,089 305

56

1,450

TOTAL INSURANCE 1,666

(A) DOCKET NO. 2008-0083, HECO-1201 PAGE 1

0 1,666 1.666 1.666

" The breakdown of Ihe labor amounts for BU, Merit, Merit with overtime and Summer was determined based on the labor class for the irvJividual budgeted labor amounts for 2009 in Allachmant 3,7, which is provided electronically and is consistent with the detailed budget data file provided on July 14. 2008 in Docket No, 2008'0083,



2009 Test Year

BUDGET"

J. Price EMPLOYEE BENEFITS EXPENSE

BUD ADJ NPRM DIRECT ADJUST UPDATE LABOR ADJUST


EMPLOYEE BENEFITS 926000 EMPL PENSIONS AND BENEFITS MERIT 672 672 672 672 BU MERIT WOT 169 169 169 169

TOTAL 926000 841 (B) 0 0 841 0 841 841

926010 EMPL BENEFITS - FLEX CREDITS MERIT 146 146 (26) (A) 120 120 BU 1 1 1 1 MERIT WOT 64 64 (10) (A) 54 54

TOTAL 926010 211 (B) 0 0 211 (35) 175 175

926020 EMPL BENEFITS TRANSFER

NON-LABOR

TOTAL 926020 0 0 0

672 0

169

841

146 1

64

211

0

0

0

{26) (A)

{10) (A)

{35)

0

672

169

841

120 1

54

175

0

TOTAL EMPBEN 1,052 0 0 1.052 (36) 1.016 1,016

(A) DOCKET NO. 2008-0083 RATE CASE UPDATE HECO T-13 ATTACHMENT 1 PAGE 1 (filed Dec, 5. 2008) (B) DOCKET NO. 2008-0083. HECO-1301 PAGE 1

" The breakdown ol the labor amounts for BU. Merit, Merit with overtime and Summer was determined t>ased on the labor class lor the individual budgeted labor amounts lor 2009 in Attachment 3,7, which is provided electronically and is consistent with the detailed budget data file provided on July 14, 2008 In Docket No, 2008-0083,


HAWAIIAN ELECTRIC COMPANY. INC. BU vs Merit O&M Labor Expenses

2009 Test Year

BUDGET" BUD ADJ NORM DIRECT ADJUST LABOR

UPDATE ADJUST UPDATE W/O LABOR ADJ

B. Tamashiro OTHER ADMINISTRATIVE & GENERAL EXPENSE

OTHER ADMIN & GENL 928 REGULATORY COMMISSION EXPENSES

NON-LABOR

TOTAL 928 0

9301 INSTITUTN/GOODWILL ADVERT EXP MERIT 1 BU 13

TOTAL 9301 14

1

13

14

1 13

14

1

13

14

9302 MISCELLANEOUS GENERAL EXPENSES MERIT 298 (96) (A) BU 11 MERIT W OT 7 (5) (A)

TOTAL 9302 316 (E) (101)

202 11 2

215

202 11 2

215

202 11 2

215

931 RENTS EXPENSE

NON-LABOR

TOTAL 932

932 ADMIN AND GENL MAINTENANCE MERIT 140 52 (A) BU 55

TOTAL 932 195 (E) 52

192 55

247 0

192 55

247

192 55

247

TOTAL OTHER A&G

TOTAL A&G

525

22,653

(49)

(42)

476

22,611

0

(94)

476

22,517

476

22.517

ADMIN & GENL - TOTAL MERIT BU MERIT W OT SUMMER

TOTAL

17.542 2,446 2.616

49

22.653

(37) 0

(5) 0

(42)

0 0

0

17,505 2,446 2.611

49

22,611

(28) 0

(66) 0

(94)

17,477 2,446 2,545

49

22,517

(414) (B) (58) (B) (62) (B)

{1) (B)

{534)

17.063 2,368 2,483

48

21,983

OTHER 0AM - TOTAL

MERIT BU

MERIT W OT

SUMMER

TOTAL

35.884 44,797 3,708

638

85,027 (C)

(442) 0

(5) 0

(447)

0 0

D

35.442 44,797 3.703

638

84,580

799 0

(66) 0

733

36,241 44,797 3,637

638

85,313

(521) (507)

(75) (14)

(1,117)

35,607 44,291 3,562

624

84,084 {D)

(A) DOCKET NO. 2008-0083. HECO-1401 PAGE 1 (B) DOCKET NO. 2008-0083, RATE CASE UPDATE HECO T-15 ATTACHMENT 6 PAGE 5 (filed Dec. 12. 2008) (C) DOCKET NO.-2008-0083, HECO-WP-IOI(A), p. 7 (D) DOCKET NO, 2008-0083, January 24. 2011 filing, EXHIBIT 1C, PAGE 18 (E) DOCKET NO. 2008-0083. HECO-1401 PAGE 1

" The breakdown ol Ihe labor amounts lor BU. Merit, Merit with ovenime and Summer was determined based on the latx)r class lor the individual budgeted labor amounts for 2009 In Attachment 3,7, which Is provided electronically arxj Is consistent with the detailed budget data lile provided on July 14,2008 in Dockei No, 2008-0083.

Hawaiian Electric Company, Inc. Non-Labor Exclusion Adjustment for O&M RAM ($ thousands)


Pension Expense

OPEB Expense

Total before amounts transfer

O&M %

Nominal Amount

31,873

6,805

38,678

71.41%

27,620

See HECO-S-1301, page 1 Docket No. 2008-0083

See HECO-S-1301, page 1 Docket No. 2008-0083

See Exhibit 1, page 53 Settlement Agreement, filed May 15, 2009 in Dkt No. 2008-0083

See Reconciliation of Total A&G Expenses and Benefits Expenses.

Hawaiian Electric Company Reconciliation of Total A&G Expenses and Benefits Expenses In Second Interim D&O

Total A&G expenses in settlement 88,948

Less adjustments to A&G expenses for Interim D&O

Total A&G Expense in first interim D&O

Plus adjustment for CT-1 labor for second interim

(1,800)


SeeHECO-S-1101, HECO-SWP-1101 Amount includes benefits expenses of $36,817( which included Pension expense of $31,873 and OPEB expense of $6,805) as shown in HECO-S-1301 Docket No. 2008-0083

See Attachment A, page 1 to July 9, 2009 filing, column H

Docket No. 2008-0083

Total A&G Expense In second Interim D&O

Less adjustments to A&G expense in final D&O

87,148

138

87,286

(909)

See Attachment A, page 1, to July 9, 2009 filing, column E


See Attachment J, page 9, to January 20, 2011 filing, column I Docket No. 2008-0083

86,377

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ATTACHMENTS.?

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ATTACHMENT 3.7

PAGE 41 OF 54

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Average Rate Base (RAM components only)

Income Statement Effects:


Hawaiian Electric Company, Inc. Revenue Decoupling - 2011 Rate Base RAM

Based on 2009 Test Year (SOOO's)

(A) Test Year 2009

1,144,935

(B) 2011 Estimate

1,159,195

(B)-(A) Difference

14,260 X

-

12.91% (1)

Rate Base RAM

1,841

CIAC Amortization

Annualized Depreciation adjusted for RAM purposes

(9,335)

89,678

(10,083)

97,468

(748) ^

7,790 -

91.12% (2)

91.12% (2)

(820)

8,549

9,570

Source: Attachment 4 page 2

(1) Effective Pre-Tax Rate of Retum. Attachment 4 page 3

(2) Revenue Tax and Bad Debt Reciprocal. Attachment 4.5 page 8

Hawaiian Electric Company, inc. 2011 Rate Base RAM

($000's)


20 21 22

23

24

25

Net Plant In S r v l c . Plant In Servlea:

Slaiting Balance Additions RoUrements Ending Balance

Accumulaled DeorBciation: Starting Balance Cost or Removal Salvage Oeprecistion Accnjal Retirements Ending Balance

Net Plant In Service

Peduc t l on * Starting Balance Unamortized CIAC

Adjustment for CIAC amortization • previous year's amortization portion

Ending Balance

Accumulated Def Income Taxes; Starling Balance Additions Ending Balance

Total Deductions

Nat Rate Bass (bslore wording cash)

Average Rata Base (RAM components only)

B

HECO 2009 Test Year Rate Base I References for Col. A & B Beg. Balance Ending Balance

12^1/2008 12^1/2009

1,385,578

H7B,757)

(132,510)

(311,267)

1,054,311 S

1,575,485 Attachment 4.5 page S

(183,375) Attachment 4.5 page 6

(156,551) Attachment 4,5 page 6

(330,926) L n l 9 ' L n 2 2

1,235.559 Line 14 * Line 23

1,144,93!

H F + G

2011 Rate Base RAM ~\ Reference for Col, H Actual

12^1/2010 2011

Changes Estimated

12/31/2011

2,946,750.6

(1,374,017)

1,572,734

(186,553)

(212,931)

(399.484)

$ 1,173,249 S

S 2,948,751 AtlBchment 4.1 page 1 91,838 91,838 Une 27 +L ine 28

91,838

(99.920)

(47)

(19,979) (19,979)

3,038,589 Sum: Lines 3..,5

(1,374.017} Attachment 4.1 page 1

(99,920) Une 29

(99,920) (1,473,937) Sum; Line3B..-12

(8,082) 1,564,652 L i n e 6 - U n e 1 3

(166,553) Attachment4,1 p a g e l (10.222) (10.222) Une 3 2 * Line 33

10,175 Une 34 (186,600) Sum; Linos 16...18

(212,931) Attachment4.1 p a g e l (19,979) Attachment 4.4 page 1, line 13

(232,910) Lino 20 + Line 21

(20,026) (419,510) Lino 19 + Une 22

(26,108) $ 1,145,141 Line 14 + Une 23

1,159,195

26 Change in Rale Base: 27 Basel ino Additions 28 Major CIP Pnaject Additions 29 Depreciation 30 Net Plant

31 A D I T ' Baseline and Major Projects 32 CIAC-Basel ine 33 CIAC • Major CIP 34 Amortization of CIAC 35 Total Change in Rate Base

36 Effectiva Pre-Tax Retum 37 Gross Return on Rate Base

Income Slatement Effects; 38 Less: CIAC Amorlizatlon 39 Add; Annualized Prior Year DepreciatiDn 40 Revenue Requirement on Plant Additions

87,612 AttachmenI 4.1 page 2 4,026 AttachmenI 4.2 page 2

(99,920) AttachmenI 4.1 page 1 (8,062) Sum: Lines 27-2B

(19,979) AttachmenI 4.4 p.1 (10,222) Attachmenl4.1 page3

AttachmenI 4.2 page 1 10,175 Attachmenl4.1 page 1

^28.108] Sum; Lines 31-34

12.91% AttachmenI 4 page 3 147.811

12.91% S 149,652

Change m exp (748)

7,700

Change In Revenue

Roquiremenl

S 1,641

(820) 8,549

t 9,570

Reference for Col, G

Line 25 x Line 38

Une 46 Une 43

I n c o m e S l a t e m e n t E f f e c l a ;

12011 I Annualized Prior Year Depreciation

41 Es t 2011

42 43

44

45 46

TY2009 2011 Change

CIAC Amortization Est. 2011

TV 2009 2011 Change

97,468 An, 4 .1 , p .1

Attachment 4,5 page 11 line 4*^5(Supplemental

89.678 Testimonies) 7,790 Una 41-Lino 42

(10,083) Atl. 4 .1 ,p. 1 Attachment 4,5 page 11

(Supplemental (9,335) Testimonies)

(748) Lino 44 - Uno 45

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Hawaiian Electric Company, Inc. 2010 Recorded and 2011 Estimated Information

Workpaper Supporting Input Sheet (in thousands)


Amount Source:

CIP CT-1 Costs in Excess of Interim 09 TY RC: CIP CT-1 Costs (actual as of 12/31/10)

Less: Interim 2009 TY RC Actual CIP CT-1 Cosis in Excess of Interim

192.912 (161.470)

31,442

Altachmcm4,l page7 Attachment 4.5 page 12

Plant In-Service: 12/31/10 Plam Balance

Less: Actual CIP CT-1 Costs in Excess of Interim Kamoku 46kV UG Alt Phase I Coses in Excess of Interim (EOTP) Kahe 3 Biofuel Co-Firing Costs in Excess of Interim First Winil (HCEI)

Revised Plant In-Service at 12/31/10

3.024.037 (31.442) (43.005)

(271) (2.567)

Attachment 4.5 page 14 Calculation above Attachment 4.1 page 8 Attachment 4.1 page 8 Attachment 4.1 page 10

2,946,751

Accumulnteti Depreciation: 12/31/10 Total Reserves for Depreciation and Amoniiation Add: Removal Regulatory Liability & ARO Regulatory Asset

Asset Retirement Obligation Total Accumulaled Depreciation

Less: (TT-l depreciation on YTD 2CX)9 excess costs Adjusted Beginning Balance

(1,142,625) (183.381) (A)

(48.423) (A) (1.374.429)

412 (1,374,017)

Attachment 4.5 page 15

AttachmenI 4.1 page 6

Unamortized CIAC: 12/31/2010 Unamortized CIAC Balance

Le.ss: Adj for First Wind (HCEI) Adjusted Beginning Balance at 12/31/10

2011 E.siimated Deprecialioti: Utility Btrak Depreciation and I.ea.sehold Amortization Vintage Accounting Amortization Total 2011 Depreciation Accrual

Less: Adj for CIP CT-1 Costs in Excess of Interim Adj for Kamoku 46kV UG All Phase I Costs in Excess of Interim Adj for Kahe 3 Biofuel Co-Hring Costs in Excess of Interim Adj for Rrst Wind (HCEI)

Adjusted 2011 Depreciation & Amortization Accnial Less: Vehicle Depreciation

Adjusted 2011 Depreciation & Amortization Expense

(189,315) 2,762

(186.553)

97,378 4,404

101.782 (466)

(1.285) (5)

(107) 99,920 (2,452)

Attachment 4.5 page 13 Attachment 4,5 page 27

Attachment 4.1 page 4 Attachment 4.1 page 5 Attachment 4.5 page 17 Attachment 4.1 page 8 Attachment 4.1 page 8 AttachmenI 4.1 page 8 Attachment 4.1 page 10

Attachment 4.5 page 17 97,468

2011 Estimated CIAC Amortization: 2011 Amortization Expense

l.£s.s: Adj for Rrst Wind (HCEI) Adjusted 2011 CIAC Amonization Expense

(10,175) Attachment 4.5 page 17 92 (B)

(10.083)

Accumulaled Deferred Income Taxes: 12/31/2010 Accumulated Defened Income Taxes Balance Exclude: FIN 48 tax

ADIT excluding FIN 48 tax Less: ADIT on Rrst Wind

ADIT on Major Project Excess Depreciation 12/31/2010 Accumulated Deferred Income Taxes Balance - Adjusted

208.731 7.397

216,128 (446)

(2,751)

AttachmenI 4.3 page 1 Attachment 4.3 page 1

Attachment 4.3 page 1 Attachment 4.3 page 1

212,931

(A) Per HECO Detail General Ledger Summary asof 12-31-2010

(B) First Wind CIAC - 2010 Actual Divided by 30 year amortization peritxJ

2011 CIAC amortization relaied to Rrst Wind

2,762 Attachment 4.5 page 27 30 yrs 92



Estimated Decoupling Ratebase RAM

Baseline Plant AJddltions Calculation

Source: Dodiet No. 03-0257 General Ofcter No. 7 Plam Addttons Annual Reports filed witti ttw PUC dated: 6/3^2005 5/31/2006 5/31/2007 5/30/2008 5/28/2009 5/28/2010

2004 NOTE (C)

2005

^Attachment 4.S p. 20 NOTE (B) I

2007 2008 2009 2010

Total Plant Additions (Sum of Exhs. 1, 2, and 3 ol Reports)

Less Mfllor PrQlects: (^S2.5 MilHonl Dkt No. l i S m M

146,577,617 109,529,898 131,037,917 106,094,629

2004 In-service: MokiMne Substation Kahe 5 Boilet Controls Upgrade Waiau Fuel Oil Pipeline

2005 (n-aervice: Ward Air Conditioning Improvement New Kuahua SutistaUon Sail Lake Boulevard Widening New Dispatch Center

2006 (n-setvice: Ford Island Subslalion Ocean Poinie Substation Katie 4 Bailer Control Upgrade

2007 In-service: Mamala Substation Kahe 3 Boiler Controls Upgrade

2008 In-service: KoOlina Substalion CIP Generating Unit

2009 In-service: CIPO Kahe n o Water Projecl Barbois Point Fuel Oil Tank Whitmore Substation

20101n-5enn'ce: Beckoning Point 46kv Une Ext Beckoning Point Substation Kamoku 46kv UG Alt Ph 1 (EOTP) K3 Biofuel Co-Firing Air Qu^lly Monlioring Station

05-0146 POOOIIGQ 2007-0409 P0001534 2008-0132 P0001390

2008-0321 P0001497 2008-0321 P000U98 03-0417 Y48500

2009-0155 P0001577 Transfer Irom HELCO

First Wind - cost recovered Ihru surcharge

Total Nat Plant AddlUona

Last Five-Year Average

02-0142 01-0272 01-0444

00-0040 03-0260 01-0189 03-0360

04-0278 05-0217 02-0207

04-0350 02-0206

05HD056 C5K)145

Y00027 P0000078 Y00032

Y00023 Y00021

P0000143 Y00030

Y00040 Y00045

P9454000

Y00039 P953g000

Y00044 Y490OO

(1,346,091) (3,415,223)

(38,651,540)

(4,890,666)

(1.919,934)

(4,381,591)C (8.161,978) (1,915.516) (1.190,385)

[~:'(6p3:d89)i

(625,846)

(40.880)

(325,241) (1,919,335) (2,957,571)

(24.339,825)

(23,880,234) (3,550,139) (4,560,910)

96,457,503 287,760,439 170,051,118

o i , i i 6 ) c ;

(130.686) L_ (4.377)

(804) (1,323,478)1

126,673)1 (107,525) (S0,422)Ci;

(7,424,707)1 (4.185.117)!

(1.133)-

{1.236)

3?^"257);

• (UVfiiTf

(1.765):

(17,073); (92.548)'

(3.133)

(6,205)

(5,355)

(914)

(24,522)

103,164,963 86,466,739 68,837,936 92,829,724

(5,006,729) (8,119,686)

C

84,726,049

87,205,082

(185,099,299)

(749.833)! (3,931,173) (4,199.832)

93,765,610

85,325,212

(1,693,198)

(373,480)

(212,825)

(1,506,538) (948,191) (I)

(58,502,483) (4,957,351)

(361,926)

(2,567,414)

98,902,275

87,812,319

(1) Not of customer advance of $777,838. See Allachmeni 4.5 page 20.

NOTE (A): Mighligtited amounts above were included in the Xost of Less Than $1 Million" plant addition section of the respective

year's G07 plant addition annual report. Included amounts for the purposes of this baseline five-year average calculation.

NOTE{B):

The total plant additions amount and the respective major projects' amounts are from the Company's 2010 recorded plant additions accounting records which was used to prepare the 2010 G07 plant addition annual report. Reler to Attachment 4.5 pages 20 thru 28 for excerpts from the 2010 annual report,

NOTE(C):

The total plant additions for 2005 Include approximately $2,070,000 of plant additions that were not Included in the original

2005 G07 plant addition annual report. This addltionfil amount is primarily comprised of Waiau Fuel Oil Pipeline late

project costs that were recorded In 2005 but not included in the 2005 G07 plant addition annual report.

Hawaiian Electric Company, Inc. Estimated Decoupling Ratebase RAM Baseline CIAC Additions Catculatian

CIAC Balance, January 1 (Dec Ppl. pg. tO} Less: CIAC Amonization (Dec RpL pg. 2) Less: CIAC Balance, December 31 (Dec Rpt, pg. 10)

SouicB ol CIAC baianc* ind •moil . 2/8/2005 3/7/2006

S004

(143,ai4,23B) 7,286,654

144321,635

2005

(144,321,635) 7,483,701

156,287,107

DecsmtMi Monthly RsfXirta fitod (ncHi-con)ldtnt>l bass) wUh tne PUC ditsd: 3/1/2007 2J29/2008 2^7/2009 3/1/2010

2006

(156,287,107) 8,055,713

164,091,609

2007

(164,091,609) 8.488,330

176,424,632

2006

(176,424,632) 9.009,447

178.757,254

2009

(178,757,254) 9,335,034

179,585,120

Attachment 4.1 p. 10

2010

(179,585,120) 9,614,759

189,314,529

Total CIAC Additions

Less Maior Protects:

2004 In-service: Mokuone Substation Kahe 5 Boiler Controls Upgrade Walau Fuel Oil Pipeline

2005 In-sefvlce: Ward Air CorvjiUonlng Improvement New Kuahua Substation Salt l.al<a Boulevard Widening New Dispatch Center

2006 In-senflce: Ford Island Substation Ocean Pointe Sutisiation Kahe 4 Boiler Control Upgrade

2007 In-service: Mamala Substation Kahe 3 Boiler Controls Upgrade

2008 In-sen/ice: KoOlina Substation CIP Generating Unit

2009 irvseivlce; Kahe Reverse Osmosis Barters Point Fuel Oil Tank Whitmore Substation

20)0 in-sorvk:e: Bactioning Point 4Gkv Une Ext Beckoning Point Substation Kamoku 46kv UG Alt Ph 1 (EOTP) K3 Blotuei Co-Firing

Did No. Item No.

02-0142 Y00027 01-0272 P0000078 01-0444 YOOOSa

00-0040 Y00023 03-0260 Y00021

01-0189 P0000143 03-0360 Y00030

04-0276 Y00040 05-0217 Y00045 02-0207 Pg454000

04-0350 Y00039

02-0206 P9539000

05-0056 Y00044 05-0145 Y49000

05-0146 P0O01169 2007-0409 P0O01534 2008-0132 P0O01390

2008-0321 P0001497 2008-0321 P0001498 03-0417 Y48500

2009-0155 P0O01577

7,794,051 19,449,173 15,860,215 20,821.353 11,342,069 10,162,000 19,344,168

(2,462.295) NOTE(B)

(12,446,000)

(854,800)

(6,715.018)

(1,182,000)

Firsi Wind - cosi recovered Ihnj surcharge Attachment 4.S p. 27

(2.762.034)

TolBl Nel CIAC Additions

La«1 Five-Vear Average

7,794,051 19,449,173 97,120 14,106,335 10.150,069

10,321,350

10.162,000

10,795,119

16.582,134

10.221,712

NOTE (A): The CIAC amounts of the major projects are from the respective year's G07 plant addition annual reports. Refer to the Baseline Plant Additions Calculation workpaper lor the dates of the report filings. The total CIAC aiMillons reflect actual contributions received In the year, and therefore may not Include the total major project CIAC from the GO 7 report to the extent that the CIAC was received in advance, or In multiple payments over a span of more than one year.

NOTE (B): An estimate of the CIAC for Ihe Sail Lake Blvd project was disclosed in a footnote in the 2005 G07 plant addition annual report which stated, 'Followfng audil completion, an estimated $3,000,000 of In-Kind CIAC wilt be recorded.' Amount represents actual CIAC recorded.


30-Mar-11

Account

311 312 314 315 316

Tot - Steam

341 342 343 344 345 346

Tot • Gas Turb

Tot - Prod

3501 352 353 354 355 356 357 358 359

Tot - Transm

3601 361 362 364 365 366 367 368

369,1 369.2

370 Tot - DIstr

Tot - T & D

390 394 395 397 398

Tot - General

Sub-Total

3902 (King) 3902 (CPP)

3902 (Hon Cl)

Sub-Tot- LH Impr

392

UlHIty Total

Hawaiian SSectrlc Company, Inc. 2011 Utility Book Depreciation

Based on D & O 21331 (2000 Depr Study Approved Rates)

Depreciable Assets

asof 1/1/11

Straight-Line Remaining-Life

Rate6

Depreciation Accrual

Year 2011

80,712.542,95 306,043,667.57 144,492,057.39

51,194,369.71 15.927,094.781

598,369,732.40

36,265,255.25 19,323,881.47 62,613,810.17 24,485,984.00 33,659,862.76

-16,616,862.381 192,965,596.03

0.01927 0.01714 0.01362 0.01737 0.02337 0.01676

0.00890 0.01569 0.00876 0,01131 0.01776

(0.00640) 0.01007

1.555,330.70 5,245.568,46 1,967,981,82

889.246.20 372,216.21

10,030,363.39

322,760.77 303,191.70 548,496.98 276,936.48 597,799.16

(106.347.54) 1,942.837.55

791,335,328.43

1,959,714.82 32,295,705.53

255.715.063.99 16,722.162.43

173,901,887.52 105,568.142.81 60.034,491.01 51,042.111.46

2,647,454.94 699,886.734.51

317,280.80 19,557,286.47

159,899,945.43 122,201.753.54 92,940,136.51

211.108.957.33 265,864,808.89 159,235.812.34 40,879,387,03

153,703,064.10 29,203,415.69

1.254,921,848.13

0.01513

0.00900 0.02400 0.02560 0.02570 0.03090 0.05190 0.01700 0.02410 0.01580 0.02988

0.02050 0.03350 0.02990 0.03290 0.06540 0.02200 0.05450 0.06050 0.07260 0,03950 0,03050 0.04322

11,973,200.94

17,637.43 775,096.93

6,546,305.64 429.759.57

5,373.568.32 5,478,986.61 1,020,586.35 1,230,114.89

41,829.79 20,913.885.53

6,504.26 655,504,10

4,781.008.37 4,020,437.69 6,078,284.93 4,644,397.06

14,489,632.08 9.633,766.65 2,967,843.50 6.071,271.03

890,704.18 54.239.353.85

1,954,808,582.64

46,434,435.33 2,536,901.03

_ _ , _ , 232,266.21 95,001,488.42 • 514,348.681

144,719,439.67

0.04090 0.03670 0.03450 0.05940 0,05180 0.05300

75,153,239.38

1,899,168.40 93.104.27

8,013.18 5.643,088.41

26,643,26 7,670.017.52

2.890,863,350.74

- 7,066,063.03 1,265,551.28

6,883.1 i j

8,338,497.42

33,732,178.06

2,932,934,026.22

0.00946 0.04962

0

0.07270

0.03320

94,796,457.84

66,825.00 62,794.13

0.00

129,619.13

2,452,329.34

97.378,406.31

For plant accounis which are 100% depreciable, used the plant ending balance @ 12/31/09 at A2 for the basis. For plant accounts which are depreciable and amortizable, used the plant ending balance @ @ 12/31/09 in Powerplant to determine the amortizable basis. Also used tiiis methodology for the 369 plant account using tiie plant ending balance @ 12/31/09 in Powerplant to determine the 391.2 balance.

SOURCE: PROPERTY ACCOUrfTING


30-Mar-11 Hawaiian Electric Company, Inc. 2011 Utility Book Amortization

Based on D & O 21331 (2000 Depr Study Approved Rates)

Account Amort Amts asof 1/1/11

Amortization Rates

Amortization Accrual

Year 2011

Unrecovered Amortized Amounts

Total Amortization

316 Tot - Steam

346 Tot - Gas Turb

Tot - Prod

3911 3912 3913

393 394 395 396 398

Tot - General

Utility Total

8,540,778.61 1 8,540,778.61

1,483,5d2!65~' 1,483,502.65

0.05000 0.05000

0.05000 0.05000

427,038.93 427,038.93

74,175.13 74,175.13

0.00 0.00

) 0.00 0.00

427,038.93 427,038.93

74,175.13 74,175.13

10,024.281.26

15,360,639.69 2,019,360.24 6,988,674.40 1,215,858.16

11,811,082.59 625,209.19 166,385.07

3,734,077.88 41,921,287.22

0.05000

0.14286 0.08334 0.06667 0.04000 0.06667 0.06667 0.05556 0.05000 0.09309

501,214.06

2,194,420.99 168,293.48 465,934.92

48,634.33 787,444.88

41,682.70 9,244.35

186,703.89 3,902,359.54

0.00

0.00 0.00 0.00 0.00 0.00 0.00 Q.QO 0.00 0.00

501,214.06

2,194,420.99 168,293.48 465,934.92

48,634.33 787,444,88

41,682.70 9,244.35

186,703.89 3,902,359.54

51,945,568.48 0.08477 4,403,573.60 0.00 4,403,573.60

For plant accounts which are 100% amortizable, used the plant ending balance @ 12/31/09 at A2 for the basis. For plant accounts which are depreciable and amortizable, used the plant ending balance @ 12/31/09 in Powerplant to determine the amortizable basis. Also used this methodology for the 369 plant account using the plant ending balance @ 12/31/09 in Powerplant to dertermine the 391.2 balance.

SOURCE: PROPERTY ACCOUNTING

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HECO-CIAC

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

200S

2006

2007

2008

2009

2010

-adj 92-96 GET

-adj 97 GET

-adj 98 GET

-adj 99 GET

•adj 00 GET

-adj 01 GET

-adj 02 GET

-adj 03 GET

-adj 04 GET

-adj 05 GET

-adj 06 GET

•adj 07 GET

-adj 08 GET

-adj 09 GET

-adj 10 GET

Ink i rnJCWg

1988

1989

1990

1991

1992

1993

1994

1995

ig95adjusl inl

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007 Adj

2007

2008

2009

2010

GL balance

2008

baianca

274,236,00

338.712.00

513,525,00

444,294.00

525,644.00

720,736.00

1,362,393.00

1,912,980.00

1,579,699.00

8,625,695.61

1,303,408.00

4,148,765.04

3,748,682,36

8,099,598.80

5,890,825.17

4,503,276.97

3,492,740.60

2,632.237.99

3,837,010.37

4,264,116.82

2.859,997.71

3,585,919,73

5,048,618,74

5,445,611,16

3,766,63343

12.477,02748

10,681.650,25

11,297.046,19

10,357,491.69

(165,395,00)

(60,736.60)

(74,873.17)

(97,497.67)

(92,902.23)

(137,183.50)

(147,862.50)

(199,610.70)

(138,609.45)

(283,050.23)

(616.674.53)

(494.285.90)

(402.432.23)

528,999,00

576,760.00

291,648.00

610,262.00

1,684,712.00

1.418,466,86

2,342,269,39

4,742,990,17

(98,679.78)

2,387,683,41

1,232,895.45

2,360,666-69

1,849,482-51

3.764.249,58

1,562,321-31

3,398,564,44

5,120,839,09

3,126,819.48

5,310,277.96

4,737,891,77

0.00

9,324,547.41

1.387,009,47

178,757,253.64

200S

amor l

91,412,00

84,678.00

102,705,00

74,049.00

75,092.00

90,092.00

151.377.00

191.298.00

143,609.00

718,806,00

0.00

319,136-00

267,763,00

539,973,00

368,176,00

264,898.00

194,041.00

138,538.00

191,850,00

204,005.00

130,000,00

155,910.00

210,359.00

217,825.00

144,871.00

462,112.00

381,488.00

389,553.00

345,250.00

(8,705.00)

(3.196.00)

(3,743.00)

(4.643,00)

(4.223.00)

(5,964.00)

(6,161-00)

(7,964,00)

(5,331.00)

(10,483,00)

(22.024,00)

(17.044,00)

(13,415,00)

52,901.00

52,434.00

24,305.00

46,944,00

120,337.00

94,566,00

146,391,00

279,000,00

(5,805,00)

132,649.00

64,889.00

118,034,00

88.071,00

172.012,00

67.927,00

141,607,00

204,834,00

120,262.00

196,677.00

169J10.00

0.00

321.536,00

46,234,00

9,335,034,00

2009

baianca

182.624,00

254,034,00

410,620.00

370,245,00

450,552,00

630,644,00

1,211.016.00

1,721.682.00

1,436.090-00

7,906,887.81

1,303,406-00

3,629,629.04

3,480,919,36

7,559,625.80

5,522,649.17

4,238,378,97

3,298,699,60

2.493,699,99

3,645,160,37

4,080,111,62

2,729,997,71

3.430,009,73

4,838559,74

5727.786,16

3,621.762,43

12,014,915,48

10,300.162,25

10,907.493,19

10,012.241,69

8,061,554,04

(156,690.00)

(57.540,80)

(71.130.17)

(92,854,67)

(88.679.23)

(131,219.50)

(141,701,50)

(191,626.70)

(133,276,45)

(272,567,23)

(594,650.53)

(477,241.90)

(389,017.23)

(360,621.20)

476,098,00

524,326,00

267,343,00

563,318,00

1,564,375,00

1,323,920,66

2.195,878.39

4,463,990,17

(92,874,78)

2,255,03441

1,168,006,45

2,242,634,69

1,761,411,51

3,612,237,58

1,494,394,31

3,256,957,44

4,916,005,09

3,006.557,48

5,113.600,98

4,568,681,77

0,00

9,003,011,41

1,340,775,47

2.461,967,87

179,585,120,35

2010

amort

91.412,00

84,678,00

102.705,00

74,049,00

75,092,00

90,092,00

151,377,00

191,298,00

143,609,00

718,608,00

0,00

319,136,00

267,763,00

539,973,00

368,176,00

264,898,00

194,041,00

138,538,00

191.850,00

204,005.00

130,000,00

155,910.00

210,359.00

217,825.00

144,871-00

462,112,00

381.488,00

389,553,00

345,250,00

266,71847

(8,705.00)

(3,196,00)

(3,743,00)

(4,643.00)

(4,223,00)

(5,964,00)

(6,161,00)

(7,964,00)

(5,331,00)

(10,483,00)

(22,024,00)

(17,044,00)

(13,415.00)

(12,020,71)

52,901,00

52,434,00

24,305-00

46,944.00

120,337.00

94,566.00

146,391,00

279,000,00

(5,805,00)

132,649.00

64,889,00

118,034.00

86,071.00

172.012,00

67,927.00

141,607,00

204,834.00

120,262.00

196,677.00

169,210,00

0,00

321,536.00

46,234,00

82.065.60

9,614,759,36

2010

baianca (a)

91.412-00

169,356-00

308,115,00

296,196.00

375,460,00

540,552,00

1,059,639,00

1,530,384-00

1,292.481,00

7,188,07981

1,303.406,00

3,510.493.04

3,213,156,36

7,019,652,80

5,154,473,17

3,973.480,97

3,104,658,60

2,355.161,99

3,453,310,37

3,876,106,82

2,599,99771

3,274,09973

4,627,900,74

5,009,961,16

3,476,891.43

11,552,603,46

9,918,674,25

10,517,940,19

9,666,991,69

7,792,835,57

14,552,305,31

(147,985,00)

(54,344,80)

(67,387,17)

(88,211,67)

(84.456,23)

(125,255,50)

(135,540,50)

(183,642,70)

(127,947,45)

(262,084,23)

(572,626,53)

(460.197,90)

(375,602,23)

(348,600,49)

(524,224.27)

423,197-00

471,892-00

243,038-00

516,374,00

1,444,038,00

1,229,354,86

2,049,487,39

4,184,990,17

(87,069.78)

2,122,38541

1,103.11745

2,124,600,69

1,673,340,51

3,440,225,58

1,426,467,31

3,115,350,44

4,711,171,09

2,666,295,46

4,916,923,98

4,399,471.77

0,00

8,681,47541

1,294,541,47

2,379,902,27

5,316,086,58

189,314,528,61

2011

pmo f l l b )

91,412.00

84,678.00

102,705,00

74,049,00

75,092,00

90,092,00

151,377,00

191,298,00

143,609,00

718,808,00

0,00

319,136,00

267,763,00

539,973,00

368,176,00

264,898.00

194,041.00

138,536.00

191,850.00

204,005.00

130,000,00

155,910-00

210,359-00

217,825,00

144.871,00

462,112.00

361488.00

389,553,00

345,250,00

268,71847

485,076,84

(8,705,00)

(3,196,00)

(3,743,00)

(4,643,00)

(4,223,00)

(5,964,00)

(6,161,00)

(7,984,00)

(5,331,00)

(10,483-00)

(22,024.00)

(17,044,00)

(13,415,00)

(12,020.71)

(17,474,14)

52.901,00

52.434,00

24.305,00

46,944,00

120.337,00

94,566,00

146,391.00

279,000,00

(5,805.00)

132,649.00

64,889.00

118,034,00

88,071.00

172.012.00

67.927.00

141,607.00

204,834.00

120,262.00

196,677.00

169,21000

OOO 321.536.00

46,234,W

82,065,60

177,202,89

10,174,535.95

(a) Actual balance at 12/31/10 agrees to Attachment 4.5 page 13

(b) Total annual amortization per Attachment 4.5 page 16


Hawaiian Electric Company, Inc. Revenue Decoupling - Rate Base RAM

2010 Major Projects

Description

Beckoning Point Substation & 46KV Amount Qualifying for 2010 RAM CIAC

Kamoku 46kv UG All Ph 1 (EOTP) Amount Qualifying for 2010 RAM CIAC

Kafie 3 Biodiesel Amount Qualifying for 2010 RAM CIAC

Total Major CIP Amount Qualifying for 2010 RAM CIAC

In-Service Dale

May-10

Jun-10

Sep-10

Amount

2,454.729

15.497.000

4,686,000

22,637,729

(a) (b)

(a) (b)

(a) (b)

2(3) 1(b)

Reference

Docket No. 2008-0321 (D&O dated 10/1/09} Note A Not applicable

Docket No. 03-0417 (D&O 23747 dated 10/19/07) NoteB Not applicable

Docket No, 2009-0155 {D&O dated 6/10/10) Attachment 4,5 page 35 Not applicable

Note A: Per Docket No. 200B-0321 Total Project Cost Customer Advance Amount Qualifying for 2010 RAM

3,232,567 Attachment 4,5 page 20 (777,838) Attachment 4.5 page 20

2,454,729

Note B: Per Docket No. 03-0417 HECO-R-902 Total Phase 1 Costs Phase 1 Planning Costs Phase 1 AFUDC on Planning Costs Amount Qualifying for 2010 RAM

41,893,000 Attachment 4.5 page 33 (12,836,000) Attachment 4.5 page 33 (13,560,000) Attachment 4.5 page 33 15,497,000 Attachment 4.5 page 33

Hawaiian Electric Company, Inc. Revenue Decoupling • Rate Base RAM

2011 Major Projects


Description Waiau 8 Boiler Control Upgrade

Amount Qualifying for 2011 RAM CIAC

Estimated In-Service Date

May-11 Amount

3,987,730 (a) - (b)

Reference Per Docket No. 2007-0365 (D&O 23983, dated 1/28/2008) Attachment 4.5 page 36 Not applicable

Beckoning Point Substation & 46KV 2011 Straggling costs

May-10 10,019 (a)

Docket No. 2008-0321 (D&O dated 10/1/2009) Pillar Budget files

CIPO Kahe RO Water Project 2011 Straggling costs

Aug-09 Docket No. 05-0146 (D&O dated 06/27/2007) 26,000 (a) Pillar Budget files

Total Major CIP Amount Qualifying for 2011 RAM CIAC

4,025.749 Z(a)

• 1(b)


HAWAIIAN ELECTRIC CO., INC.

ACCUMULATED DEFERRED INCOME TAXES (ADIT)

12/31/10 ACTUAL

Actual 12/31/10 ADIT

Exclude FIN 48 tax

Subtotal

ADIT on First Wind

ADIT on Major Project excess depreciation

Source

A t t . 4 . 3 p g 9 & 1 2

A t t . 4 . 3 p g 8 & l l

Att. 4.3 pg 2

Att. 4.3 pg 3

FED STATE TOTAL

183,536,789.18 25,194,868.32 208,731,657.50

5,620,585.00 1,776,139.00 7,396,724.00

189,157,374.18 26,971,007,32 216,128,381.50

(440,737.42) (5,507.19) (446,244,60)

(2,419,597.10) (331,324.18) (2,750,921.28)

Actual 12/31/10 ADIT- revised 186,297,039.66 26,634,175.96 212,931,215.62

HAWAIIAN ELECTRIC CO., INC. ADIT on First Wind tax depreciation


2010 FEDERAL DEFERRED TAXES

1 Slate Tax Depreciation

2 Effective Federal Tax Rate

3 Federal Deferred Tax on State Deduction

4 Addback Stale Tax Dcpreciaiion 5 Federal Tax Depreciation

6 Federal Stale Difference

7 Tax Rale on Federal Only Adjustmenl

8 Federal Deferred Tax Adju.stmeni

9 Total Federal Deferred Taxes

{STATE DEFERRED TAXES

10 Slate Tax Depreciation

11 Effective Slate Tax Rate

12 Total State Deferred Taxes

Line 1

[Jnc 1 ' [Jne 2

Une I

Line 4 +I.Jne5

Lincfj ' l i ne?

Line 3 + Line H

91,557

32.89473684%

30,117

(91.557) 1.264,758 1.173.201

35%

410,620

440.737

91.557

6,0150376%

13 TOTAL DEFERRED TAXES

Line 10 "Line 11

] Lin.; 9 +Line 12

5.507

446.245

(A) Calculation of Depreciation Adjuslmenl First Wind personal property (subject to 50% bonu.s) First Wind real property Total First Wind plant additions

Life 20 39

2,437.821 129.593

2.567.414

Y r l depr rate

0,0375 0,00107

50% bonus

1.218,911 res depr

45,709 139 _

total fed depr 1,264.620

139 1,264,758

total stale depr

91.418 139

91.557

NOTE> First Wind plant adds of $2,567,414 was included in the 2010 actuals. Upon further review. First Wind should nol have been included becau.se il will be recovered through an REIP program. Thus, we will reverse oul Ihe deferred taxes on the lax depreciadon of Rrst Wind,

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Non-Confidential 2/28/2011 CA-IR-77 DOCKET NO. 2010-0080 ATTACHMENT 1 PAGE 1 OF 1

HAWAIIAN ELECTRIC COMPANY, INC. SUMMARY OF DEFERRED INCOME TAX LIABILITY BALANCES FOR RATE BASE PURPOSES FEDERAL AND STATE

($ Thousand)

A Actual Balance

12/31/2007

B Actual

2008 Adds (Amort), Net

C Actual

Balance 12/31/2008

D Actual

2009 Adds (Amort), Net

E Actual

Balance 12/31/2009

Accelerated Depreciation over Straight Line 1 FEDERAL 56,373 2,155 58,528 2 STATE 6,553 (529) 6,024 3 Subtotal 62,926 1,626 64,552

8,701 (122)

67,229 5,902

8,579 73,131

All Other Items 4 FEDERAL 5 STATE 6 Subtotal

7 TOTAL

63,782

11,686

75,468

138,394

2,669

580

3,249

4,875

66,451

12,266

78,717

143,269

(312)

(231)

(543)

8,036

66,139

12,035

78,174

151,305

Actual Balance

Revised Revised Revised Revised

Actual Actual 2010 Adds Balance

Existing Depreciation Rates Depreciation Study Rales Estimate Estimate

2011 Adds Balance (Amort), Net 12/31/2011

Estimate 2011 Adds

Estimate Balance

12/31 /2009 (Amort), Net 12/31/2010 (Amort), Net 12/31/2011

Acceleraled Depreciation over Straight Line 8 FEDERAL 67,229 19,052 86,281 33,831 120,112 9 STATE 5 902 760 6 662 763 7,425 10 Subtotal 73,131 19,812 92,943 34,594 127,537

34,044 802

120,325 7,464

34,846 127,789

All Other Items 11 FEDERAL 12 STATE 13 Subtotal

14 TOTAL

66,139 12,035

31,117 6,497

97,256 18,532

13,822 2,085

111,078 20,617

78,174

151,305

37,614

57,426

115,788

208,731

15,907

50,501

131,695

259,232

14,213

2,157

16,370

51,216

111,469

20,689

132,158

259,947

15 AVERAGE BALANCE 233,982 234,339

Non-Confidential 2/28/2011


CA-IR-77 DOCKET NO. 2010-0080 ATTACHMENT 2 PAGEl OF 18

HAWAIIAN ELECTRIC CO., INC. DEFERRED INCOME TAXES FEDERAL

LIAB (DRKR

28310

28311 28312

28313 28314 28317 28319 28321 28323 28326 28327 28328 28330 28331 28332 28333 28335 28336 28337 28338 28340 28341 28347 28348 28401

28403 28404 28405 28406 28407 28408 28409 28410 28411 28412 28413 28414

28418 28419 28422 28427 28430 28434 28435 28436 28440 28441 28442 28512 28516 28520 28522 28526

28528

Stale ITC Unearned Lease Accrued Vacation Uncollectible Acci Directors Def Comp Discounted Work Comp Cap to Construclion Pension Excess Benefit Plan Def Exec Comp Software G/L ACRS RcliremcnU EICP CIAC Customer Advances Capitalized Interest Connection Fees Nondeductible Interest Supplemental Benefits -SERP Nondeductible Vacation LTIP Waipahu Baseyard Int Waiau Water Welt Pmis Nonutil Bad Debt Genl/Aulo {& Accidents) CWIP Debt Transition CWIP Equity Trans [olani Cl Plaza Sale Kaonohi Sale FAS 109 Flow Through Plant Transition CWIP Equity Nel CWIP Equity Grossup CWIP Debt General/Auto Liability - Legal Post Retirement Ben Reg Liab Federal ITC IRP & DSM Costs Reg Liab Excess 283 Miscellaneous Prepaid Expenses FMB X Premium EEC Claims DifTerential TIP Kalaeloa Sun Power Overhaul Revenue Bond Cost Amort Honolulu Harbor Reserve Deferred Comp - restricied siock Knapp lawsuii Emissions Fees Substation land - Kuliouou

Actual 12-31-09

(9,765,061.77) (1,238.63)

1,188,845.47 (1,451.194.61)

(27,122.65) (846,886.41)

36,020,900.98 2,354,017.75 (489,341.67)

(45,745.19) (71,021.43)

9,682.471.72 (214,727.14)

(30,857,050.84) (354,979.97)

(17.624.828.43) 16.019.85

(384.293.00) (720.761.33)

(1,084,196,31) (238,412.97) (111,861.55) (324,369.24)

8,047.29 (193,142.13) 424,494.42

1.301,658.34 (157,505.23)

37,751.68 1,655.171.84

13.837,049.75 21.992,602.35 14,007,220.50 10,415,692.29

(43,158.14) (1,270,720.53)

(943,863.07) 10,971.54

(389,608.61) (28.511.61) 797,971.58 151,601.94

(3,848.00) 758,798.92

(278,702,11) (120,884.06)

577.09 (29,565.95)

1,020,690.97 (475,784.16)

58,824.59 (3,276.52)

(360,374.99) (184.22)

Estimate 2010

(1,199.028.26) 420.66

----

3.164,408.59 (1,303,739.66)

--

90,276.03 328,947.00

-(1,395,905.30)

-(52.620.53)

-•

-------

(20.889.45) (63,795.98) 57,703.73

-(275,857.92) (864,818.44)

1.049.936.05 668,729.53 426,999.47

-104,719.62 285.052.64

5,379.09 18.947.35

-14.543.73

(21,918.73)

-(73.074.92)

-15.153.83

-11,355.07

(155.127.06)

---

(86,202.86)

-

Update to Actual 2010

246,626.64

-6,008.88

818,693.09 997.37

40,668,36

(640.271.13) 7.635,522,67

(55,808.23) 2,515.47

(4,599.66) 220,337.15 (93,599,24) (67,802.40)

(325,484.74) 822,971.62

-301.946.37

55.511.93

-(321.924.31)

-21,242.70

-(289,850.00)

0.00 (0.00)

(70.547.46)

-0.00 0.00

(45.720.09) (29.120.06) (50.263.00) (21.973.66) 748,224.96

-6,793.37

0.00 (93,997.04) (45,082.31)

-(9,515.47)

(679.52) 159,146.47

0.00

-(55,606,00) 508,812.00

49.517.76 (87,879.08)

(2,473.68)

-183.88

Actual 12-31-10

(10.717,463.39) (817.97)

1.194.854.35 (632.501.52)

(26,125.28) (806,218.05)

38.545,038.44 8.685,800.76 (545,149.90)

(43,229.72) 14,654.94

10,231,755.87 (308,326.38)

(32,320,758.54) (680.464.71)

(16,854.477.34) 16.019.85

(82,346,63) (665,249.40)

(1,084,196.31) (560,337.28) (111,861.55) (303,126.54)

8.047.29 (482,992.13) 403.604,97

1,237,862.36 (170,348.96)

37,751.68 1,379,313.92

12,972.231.31 22,996,818.31 14,646,829.97 10,792,428.76

(65,131.80) (417,775.95) (658,810.43)

23,144.00 (370,661.26) (122.508.65) 767,433.00 129,683.21 (13,363.47) 685,044.48

(119,555.64) (105,730.23)

577.09 (73,816,88)

1,374.375.91 (426,266.40)

(29,054.49) (5.750,20)

(446.577.85) (0.34)


HAWAIIAN ELECTRIC CO^ INC. DEFERRED INCOME TAXES FEDERAL

LIAB (DR)CR

28530 AES Hawaii PPA 28532 CIS Project Costs 28536 Substation land • Queen Emma 28538 Rate Case • TY 2005 28540 Kalaeloa PPA 28542 QUIPS amortization 28544 OPEB Exec Life 28546 Percentage Repairs Allowance 28548 Copiializcd Interest (D&T) 28550 E-Business hardware 28552 OMS project costs 28554 Subslalion Land • Palolo 28556 Substalion Land - Waianae 28558 Substation Land - Aiea 28560 Solar tax credit 28562 Revenue Adj - TY 2005 28564 HR Suites projecl costs 28566 §481(a) adjustmenl (CIAC) 28568 Solar Saver Program 28570 Pension Tracker 28572 OPEB Tracker 28574 Substalion Land - Baiter's Pi 28576 Substation Land - Haiku 28578 Moving Expense 28580 Blue Earth reserve 28582 HMSA Premium 28584 RO Water Pipeline 28586 Big Wind costs 28588 Microsoft Reserve 28590 Repairs Deduction

AOCI - NQ Pension AOCI-OPEB Exec Life FIN 48 lax FIN 48 interest

TOTAL ACCOUNT 283

ACCOUNT 282 DEPR

TOTAL FEDERAL DEFERRED TAX LIABILITY (before rate case adjustments)

TOTAL ACCOUNT 283

Actual 12-31-09

Estimate 2010



CA-IR-77 DOCKETNO. 2010-0080 ATTACHMENT 2 PAGE 2 OF 18

Actual 12-31-10

(39,506.54)

1,297,529.93 (10.069.12) 305,995.63 (49.263.21) 466,201.98

(3,735.083.57) 4.530,848.19 5,537,884.05

32,884.47 287.906.37

(5,074.61) (32,734.78) (22,659.36)

(1,050.66)

402,496.00 3,368,380.20 (480,427.26)

1,582,510.07 (476,546,84)

(9,221.40) (79,343.13)

(191.307,35) (408,095,92)

(15.759.85) 783,448.46

-(230,456.53)

1,022,231.32 (2,987,773.00)

(162,888.00)

57,510,213.93

67,228,640.06

124,738.853.99

3.948.68 684,515.68

7,674.71

-7,778.61

(25.761.60) •

73,061.23 (6,297.15)

-(58.921.74)

2.899,77 13.408.87 7.723.09

-

112.166.76 (3,368.380.19)

39.008,32

(2,896,931.62) (1,621,118.58)

2,555.82 20,113.44

. 55,263.10

(37,823.64) 644.813.09

--

23,026.00

-

(5.587,684.07)

392,372.92

(5,195,311.15)

(10,507.24) (806,049.43)

2,210.26 58,669.43

0.00 0.00

48,037.44 1.759,339.17 (409,664.18)

---

321.82 185.36

-

626.595.52

-5.153,25

•

-61.36

482.73

89,387.37

37,615.35

-(334.244.22)

29,741.078.87 (289,506.00) (223,357.00)

(2,655,838.00)

•

36,973,495.47

18,659,621.03

55.633,116.50

(46,065.10) 1,175,996,18

(184.15) 364,665.06 (41,484.60) 440,440.38

(3,687.046.13) 6,363.248.59 5.121,922.72

32,884.47

228,984.63 (2,174.84)

(19.004.09) (14,750.91)

(1,050.66)

1,141,258.28 0.01

(436,265.69) (1,314.421.55) (2,097.665.42)

(6.604.22) (58.746.96)

(101,919,98) (315.217.47)

(53,583.49) 1,094,017.33

29,741,078,87 (519.962.53) 798,874.32

(5.620.585.00) (162.888.00)

88,896.025.33

86,280.634.01

175,176,659.34

57,510.213.93 (5.587,684.07) 36,973.495.47 88,896,025.33

Less Rale Case Adjustments:

28312 28313 28314 28317 28323 28326 28330 28336 28337

Accrued Vacation Uncollectible Account Directors Def Comp Discounted Work Comp Excess Benefit Plan Def Exec Comp (Def LTIP) EICP Nondeductible Interest Supplemental Benefits -SERP

1,188,845.47 (1,451,194.61)

(27,122.65) (846,886.41) (489,341.67)

(45,745.19) (214,727.14) (384,293.00) (720,761.33)

6,008,88 818,693.09

997.37 40,668,36

(55,808,23) 2,515.47

(93,599.24) 301,946.37

55,511.93

1,194.854.35 (632.501.52)

(26.125.28) (806,218.05) (545,149.90)

(43.229.72) (308.326.38)

(82.346.63) (665.249.40)


HAWAIIAN ELECTRIC CO., INC. DEFERRED INCOME TAXES FEDERAL

LIAB (DR)CR Actual 12-31-09

Estimate 2010




Actual 12-31-10

28338 Nondeductible Vacation 28340 LTIP 28341 Waipahu Baseyard Int 28347 Waiau Water Well Pmts 28348 Nonutil Bad Debt 28401 Genl/Aulo (& Accidents) 28412 Genl/Aulo Legal

^„28418^: IRP Costs "28434"" EEC Claims 28436 TIP

[j285i'6"'iHonolulu Harfcor Reserve 28520 Deferred Comp - restricted stock

^_^285^jKnapp lawsuit 28538 Rate Case - TY 2005 28544 OPEB Exec Life 28550 E-Business hardware

/iSSVO^'iBlue Earth reserve ' .??5^Ci'^''^rosoft Rcser\e

AOCI - NQ Pension AOCI - OPEB Exec Life FIN 48 interest

FED DEFD TAX LIABILITY - OTHER

FED DEFD TAX LIAB • ACCEL DEPR

TOTAL FEDERAL DEFERRED TAX LIABILITY (after rale case adjustments)

(1,084.196.31) (238,412.97) (111,861.55) (324.369.24)

8.047.29 (193,142.13)

(43.158.14) 10.971.54 (3.848.00)

(278,702.11) (475.784.16)

58.824.59 (3.276.52)

305.995.63 (3,735.083.57)

32.884.47 (191.307.35)

-(230.456.53)

1,022.231.32 (162.888.00)

66,138,972.20

67.228,640.06

133,367,612.26

-----•

5,379.09 •

------------

(5,593.063.16)

392.372.92

(5,200,690.24)

(321.924.31)

-21,242.70

-(289.850.00)

(21,973.66) 6.793.37

(9.515.47) 159.146.47 49,517.76

(87.879.08) (2.473.68) 58.669.43 48.037.44

-89.387.37

-(289.506.00) (223.357.00)

-

36.710,246.13

18,659.621.03

55.369,867.16

(1,084.196.31) (560,337.28) (111,861.55) (303,126.54)

8,047.29 (482.992.13)

(65,131.80) 23,144.00

(13,363.47) (119,555.64) (426,266.40)

(29,054.49) (5,750.20)

364,665.06 (3,687,046.13)

32,884.47 (101,919.98)

-(519,962.53) 798,874.32

(162.888.00)

97,256,155.17

86,280,634.01

183,536,789.18




HAWAIIAN ELECTRIC CO., INC. DEFERRED INCOME TAXES STATE

LIAB (DR)CR

28310 28311 28312 28313 28314 28317 28319 28321 28323 28326

28327 28328 28330 28331 28332 28333 28335 28336 28337 28338 28340 28341 28347 28348 28350 28401

28403 28404 28405 28406 28407 28408 28409 28410 28411 28412 28413 28414 28418 28419 28422 28427 28430 28432 28434

28435 28436

28437 28438 28439 28440 28441 28442 28443

State ITC Unearned Lease Accrued Vacation Uncollectible Acct Directors Def Comp Discounted Work Comp Cap to Construclion Pension Excess Benefit Plan Def Exec Comp Software G/L ACRS Retirements EICP CIAC Customer Advances Capitalized Interest Connection Fees Nondeductible Interest Supplemental Benefits -SERP Nondeductible Vacation LTIP Waipahu Baseyard Int Waiau Water Well Pmts Nonutil Bad Debt Loss Adj Exp Gcnl/Auio (& Accidents) CWIP Debt Transit ion CWIP Equity Trans lolani Cl Plaza Sate Kaonohi Sale FAS 109 Flow ITirough Plant Transition CWIP Equity Nel CWIP Equity Grossup CWIP Debt General/Auto Liability - Legal Post Retirement Ben Reg Liab Federal ITC IRP & DSM Costs Reg Liab Excess 283 Miscellaneous Prepaid Expenses FMB X Premium Coal Gasif Costs EEO Claims Differential TIP

HACOA BONY Rev GAQS Tel Kalaeloa Sim Power Overhaul EV Tax Credit

Actual 12-31-09

(1,774,785.29) (148.51)

220,911.82 (260,720.93)

(4,057.55) (155,111.43)

6.595,379.19 430,449.10 (84,952.16)

(8,365.93) 5,983.16

1.780,054.93 (23.093.99)

(5.840,319.37) (64,247.82)

(3.468,315.12) 8,444.14

(70,270.11) (121,511.74) (195,605.00)

(43,595.35) (20,452.91) (59,329.00)

1,317.69 24,509.00

(35,317.46) 77,624.03

238,018.14 (12,521.71)

6,942.61 302,615.39

2,530,234.31 4,021,489,31 2,561,309.78 1,908,117.75

(5,462.90) '(252,324.34) (173,429.89)

1,769.44 (71,882.74)

16,970,02 145,913.96 27,722.71 11,273.00

(703.66)

138,751.03 (51,222.35)

1,533.00 74.00

255.00 26.806.67

(0.28) (5.406.80)

74.00

Estimate 2010

(219,249.76) 76.92 0.00 0.00 0.00 0.00

578,771.32 (238,396.89)

0,00 0,00

26.653.27 60,150.00

0.00 (253,106.37)

0,00 2,509.28

0.00 0.00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(3,819,77) (11,665.49)

10,551.48 0.00

(50.442.34) (158,137.41)

191.987.32 122,281.34 78,079,50

0,00 19,148,63 52,123.65

1,461.74 3,464.64

0,00 2,659.41

(4,007.97) 0.00 0.00

(13,362.20) 0.00 0.00 0.00 0.00

2,770.97 0.00

2.076.35 0.00


51.048.41 0.00

1.098.77 149.703.16

182.38 7.436.46

(116,659.93) 1,396,206.82

(10,204.89) 459.97

(9,491.16) 46,084.27

(17,115.21) (12,397.96) (59,516.91) 117,835.95

0.00 55.212.77 10,150.70

0.00 (58,865.86)

0.00 3,884.36

0.00 0.00

(53,000.87) 0.00 0,00

(12,149.17) 0.00 0.00 0.00

(8,360.20) (5,324,78) (9,190.90) (4,018.02)

136,817.69 0.00

296.36 0.00

(17.188.03) (8.243.58)

0.00 0.00

(1.739.96) (124.26)

29.100.91 0.00 0.00 0.00 0.00 0.00

(10,168.00) 0.00

Actual 12-31-10

(1,942,986.64) (71.59)

222,010.59 (111.017.77)

(3,875.17) (147.674.97)

7,057,490.58 1.588,259.03

(95,157.05) (7,905.96) 23,145.27

1,886,289.20 (40,209.20)

(6,105,823.70) (123,764.73)

(3,347,969.89) 8,444.14

(15,057.34) (111,361,04) (195,605.00) (102,461.21)

(20,452.91) (55,444.64)

1,317,69 24,509.00

(88,318.33) 73,804.26

226,352.65 (14,119.40)

6,942.61 252,173.05

2,372,096,90 4,205,116.43 2,678,266.34 1,977,006.35

(9,480.92) (96,358,02)

(121,306.24) 3,527.54

(68.418.10) (218.01)

140,329.79 23.714.74 11,273.00 (2,443.62)

125,264.57 (22,121.44)

1,533.00 74.00

255.00 29.577.64

(0.28) (13.498.45)

74.00



LIAB (DR)CR



Actual 12-31-09

Estimate 2010


TOTAL ACCOUNT 283 10,528,880.01 (1,022.589.27)

ACCOUNT 282 DEPR 5,901,971.24 571,376.08

TOTAL STATE DEFERRED TAX

LIABILITY (before rate case adjustments) 16,430,851.25 (451,213.19)

TOTAL ACCOUNT 283 10,528,880.01 (1,022,589.27)

Less Rale Case Adfustments;

7,568.043.34

188.921.13

Actual 12-31-10

28512 28514 28516 28520 28522 28526 28528 28530 28532 28536

28538 28540 28542 28544 28546 28548 28550 28552 28554 28556 28558 28560 28562 28564 28566 28568 28570 28572 28574 28576 28578 28580 28582 28584 28586 28588 28590

Revenue Bond Cost Amori APPRISE Software Honolulu Harbor Reserve Deferred Comp - restricted slock Knapp lawsuit Emissions Fees Substation land - Kuliouou AES Hawaii PPA CIS Project Costs Substalion land - Queen Emma

Rate Case - TY 2005 Kalaeloa PPA QUIPS amortization OPEB Exec Life Percentage Repairs Allowance Capitalized Interest (D&T) E-Business hardware OMS projecl cosis Substalion Land - Palolo Substalion Land - Waianae Substation Land - Aiea Solar Tax Credit Revenue Adj • TY 2005 HR Suites projecl costs g481(a) adjustment (CIAC) Solar Saver Program Pension Tracker OPEB Tracker Substalion Land - Barber's Pt Substation Land - Haiku Moving Expense Blue Earth reserve HMSA Premium RO Water Pipeline Big Wind costs Microsoft Reserve Repairs Deduction AOCI - Qualified Pension AOCI - NQ Pension AOCI - OPEB AOCI - OPEB Exec Life FIN 48 tax FIN 48 interest

186,640.22 22.551.00

(87,001.27) 10.756.64

(598.65) (65.897.36)

525.02 (7.224.23)

234.897.08 5,437.63

55,953.69 (9,007.83) 85,248.62

(682,983.42) 982,447.16

1,065,354.95 8.206.93

50,548.35 (927.93)

(2,698,01) 176.03

(192.12) 0.00

73.796,06 615,929.22 (87,849,11) 289,371.79 (87,139,55)

(847.06) (7.415.57)

0.00 (34,981.74) (74,622.87)

(2,881.79) 143,258.41

0.00

0.00 (50,735.50)

0.00 195,520.38

(546.336.00) (29,788.00)

(28,365.95) 0.00 0.00 0.00 0.00

(15,762.73) 0.00

722.04 125,167.94

1,403.37 0.00

1.422.37 (4,710.67)

0.00 (3,552.28)

(10,125,89) 0.00

(10,774.2)) 530.24

2.451.89 1.412.21

0.00 0.00

20,510.39 (615.929.22)

7.132.91 (529,721.92) (296,431.59)

467.35 3,677.87

0.00 0.00

10,105.20 (6,916.29)

117.908.08 0.00 0.00 0.00 0,00 0.00 0.00

4,212.00 0.00

93.040.00 0.00

9.054.63 (16,069.25)

(452.33) 0.00

(525.36) (1.921.32)

(147,391.14) (6,315.21) 10,728.12

0.00 0.00

8,783.70 416,281.07

32,143.15 0.00 0.00 0.00

(919,46) (529,57)

0.00 0.00

114,577,47 0.00

942,31 0.00 0.00

(175.26) (1.379.21)

0,00

16.345,03 6,878.20

0.00 (61,118.64)

0.00 6,832.105.12

0.00 (52,941.00)

0.00 (40,842.00)

(1.234,015.00) 0.00

251.314.27 22,551.00

(77,946,64) (5.312.61) (1,050.98)

(81,660.09) (0.34)

(8,423.51) 212,673.88

525.79 66,681.81 (7,585.46)

80,537.95 (674,199.72)

1,395,175.95 1,087,372.21

8,206,93 39,774.14

(397.69) (1.165.58) 1.058.67 (192.12)

0.00 208,883.92

0.00 (79,773.89)

(240,350.13) (383.571.14)

(554.97) (5,116.91)

0.00 (18,636.71)

(57.639.47) (9,798.08)

200.047.85 0.00

6,832,105.12 0.00

(103,676,50) 0.00

154,678,38 (1,776,139.00)

(29.788.00)

17.074,334.08

6,662,268.45

7,756,964.47 23.736,602.53

7,568,043.34 17,074,334.08



LIAB (DR)CR

ATTACHMENT 4.3

PAGE 12 OF 12


Actual 12-31-09

Estimate 2010


Actual 12-31-10

28312 28313 28314 28315 28317 28320 28323 28324 28326 28330 28336 28337 28338 28340 28341 28342 28345 28347 28348 28349 28350 28400 28401 28412 28418' 28434 28436 285,!.6_ 28520 28522 28538 28544 28550 28580 28588

Accrued Vacation Uncollectible Account Directors Def Comp Computer Conversion Costs Discounted Work Comp Gain HIRI Sub/misc Excess Benefit Plan Nonop Deferred Gain Def Exec Comp (Def LTIP) EICP Nondeductible Interest Supplemental Benefits -SERP Nondeductible Vacation LTIP Waipahu Baseyard Int 1990 Rate Case Exp Ross Cap Legal i-'ees Waiau Water Well Pmts Nonuiil Bad Debt Cap Corp Logo Outage Loss Adj Exp 92 Rate Case Gen!/Auto (& Accidents) Genl/Aulo Legal

^ IRP Costs EEO Claims TIP Honolulu Harbor Reserve Deferred Comp - restricted slock Knapp lawsuit Rate Case-TY 2005 OPEB Exec Life E-Business hardware Blue Earth reserve Microsoft Reserve

AOCI-Qualified Pension AOCI - NQ Pension AOCI - OPEB AOCI-OPEB Exec Life FIN 48 interest

220,911.82 (260,720.93)

(4,057.55) 0.00»

(155,111.43) 0.00

(84,952.16) 0.00

(8,365.93) (23.093.99) (70.270,1!)

(121.511.74) (195.605.00)

(43.595.35) (20.452.91)

0.00 0,00

(59.329.00) 1.317.69

0.00 24,509.00

0.00 (35.317.46)

(5.462.90) 1.769.44 (703.66)

(51,222.35) (87,001.27) 10,756.64

(598.65) 55,953.69

(682,983.42) 8,206.93

(34,981.74) 0.00 0.00

(50,735.50) 0.00

195,520.38 (29,788.00)

0.00 0.00 0.00 0.00 0,00 0.00 0.00 0.00 0,00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0,00 0.00 0.00 0.00 0,00 0.00 0.00

1,461.74 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,098.77 149,703.16

182.38 0.00

7,436.46 0.00

(10,204.89) 0.00

459,97 (17,115.21) 55,212.77 10,150.70

0.00 (58,865.86)

0.00 0.00 0.00

3,884.36 0.00 0.00 0.00 0.00

(53,000.87) (4,018.02)

296.36 (1,739.96) 29,100.91

9,054.63 (16,069.25)

(452.33) 10,728.12 8,783.70

0.00 16,345.03

0,00 0.00

(52,941.00) 0.00

(40,842.00) 0.00

222,010.59 (111.017.77)

(3,875.17) 0.00

(147,674.97) 0.00

(95,157.05) 0.00

(7,905.96) (40,209,20) (15,057.34)

(111,361.04) (195,605.00) (102,461.21)

(20,452.91) 0.00 0.00

(55,444.64) 1,317.69

0.00 24,509.00

0.00 (88,318.33)

(9,480.92) 3.527.54

(2.443.62) (22.121.44) (77.946.64)

(5.312.61) (1.050.98) 66,681.81

(674,199.72) 8.206.93

(18.636.71) 0.00 0.00

(103,676.50) 0.00

154,678.38 (29.788.00)

STATE DEPDTAX LIABILITY -OTHER 12,035,795.47 (1,024,051.01) 7,520,855.41 18.532,599.87

STATE DEPD TAX LIAB-ACCEL DEPR 5.901,971.24 571,376.08 188.921,13 6,662,268.45

TOTAL STATE DEFERRED TAX

LIABILITY (after rate case adjustments) 17.937.766.71 (452.674.93) 7.709.776.54 25.194,868.32

HAWAIIAN ELECTRIC CO., INC. A T T A C H M E N T 4.4 ADIT ON TAX DEPRECIATION FOR VINTAGE 2011 P ^ ^ E 1 OF 10

TAX DEPR

FEDERAL DEFERRED TAXES

1 State Tax Depreciation 3,091,891.00

2 Effective Federal Tax Rate 32.8947%

3 Federal Deferred Tax on State Tax Depreciation Line 1 x Line 2 1,017,069.41

4 Addback State Tax Depreciation Line 1 (3,091,891.00) 5 Federal Tax Depreciation 56,737,310.00 6 Federal/State Difference 53,645,419.00

7 Tax Rate on Federal Only Adjustment 35%

8 Federal Deferred Tax Adjustment Line 6 x Line 7 18,775,896.65

9 Total Federal Deferred Taxes Une 3 +Line 8 19,792,966.06

STATE DEFERRED TAXES

10 State Tax Depreciation Line 1 3,091,891.00

11 Effective State Tax Rate 6.0150376%

12 Total State Deferred Taxes Line 10 x Line 11 185,978.41

13 TOTAL FED AND STATE DEFERRED TAXES Line 9 -i- Line 12 19,978,944.46 GR

NOTE: In accordance with the tariff, the change in ADIT in the RAM year is based on the temporary book/tax depreciation differences associated with the RAM year plant additions (major projects and baseline plant additions). It does not include any estimated ADIT related to the repairs deduction or CIAC on RAM year plant additions.

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HAWAIIAN ELECTRIC CO., INC. REPAIRS DEDUCTION


Distribution Non Steam Steam

Repairs %: Total book basis repairs (1999-2009) Total book basis adds (1999-2009)

109,325,302.00 456,506,196.00

2,932,077.00 12,595,092.00

56,615,131.00 218,144,773.00

Transmission

9.585,430.00 148,712,375.00

Repairs % 23.948262% 23.279520% 25.953008% 6.445817%



2011 PLANT ADDITIONS - PROJECTS

Expenditures

Grand parent

Yooon Y00017 Y00O47 Y00064 Y00065 Y00066 Y00068 Y0007I Y00073 Y00073 Y00074 Y00074 Y00074 Y00074 Y00079 Y00081 Y00083 Y00083 Y00083 Y00084 Y00084 Y00084 Y0O085 Y00087 Y00089 Y00089 Y00089 Y00089 Y00089 Y00096 Y00097 Y00097 Y00097 Y00098 Y00098 Y00098 Y00099 Y00099 Y00103 YOG104 Y00104 YOG104 Y001G4 YOG105 YOG106 YOG106 YGG107 YGG107 YOOIH YOGI 14 YOGI 14 Y00i r4 Y00 i l 4 Y001I4 YOOl14 Y00I I6 YOGI 18 YGG118 YOG126 YOG126 YOOl26

Project # PG00019I PGGG0I92 PG001037 PGGG1169 P0GGil77 PGGG119) PGGG1202 P0GG12I7 PGGG1251 P00G1252 P00G1254 P0001257 P0001258 P0001260 P00G0980 P000I131 P0000622 P0000644 PGGGG854 PG000301 P0000494 P0000871 P0000853 P0000872 P0000781 P0O0O782 PflO00869 PG000874 P9537000 PGGG08I7 PGGG0096 PGGGG3I4

P00008I8 P0GGG3I5 P0GGG810 P7590000 P0000316 P000G811 POOG1315 PGGG1324 POOOI325 PGGG1328 POGG1332 PGGGI347 P0GG135I PGGG1726 PGGG1355 PGGG1725 PGG01459 P0GG1463 PGGG1464

PO00I465 P0001466 P000I467 P000I468 P0OOI486 P0GG1497 P0001498 P0001586 PO001588 P00G1589

Proiect Title Waikiki Rehab Projecl 2 Waikiki Rehabilitation Project 3 Puuloa Rd Widening - UG CIPO Kahe RO Water Project W8 BFP Automated Test W9 Gen Protective Relay W6 Hydrogen Gas Dryer W7 Turbine Drains K3 Condensate Pump K4 Condensate Pump WO Waiau Tank #3 Lvl Gauge KG Kahe Tank #11 Lvl Gauge KG Kahe Tank # 12 Lvl Gauge KG KaheTank#!4 Lvl Gauge H8 Battery Bank Replacement H9 Honolulu FWH 94 Replace Kl Kahe 13 FWH Replace Kl Kahe FWH 14 Replace Kl Excitation System Kl Kahe FWH 12 Replace Kl Kahe FWH II Replace KI Sootblower Controls K2 Excitation System K3 Sootblower Controls K4 Kahe FWH 41 Replacement K4 Kahe FWH 42 Replacement K4 Annunciator Replacement K4 Sootblower Controls K4 Turbine Controls Upgrade W6 Exciter/Regulator Replace W7 Sootblower Ctls Upg W7 APH Sootblower Upgrade W7 Exciter/Regulator RepI W7 Air Htr Steam Coils W7 Annunciator Replacement W7 Controls Upgrade W8 Air Htr Steam Coils W8 Annunciator Replacement Capitol Qr V66G8 Trayer Sw Rpl Kl UPS Panel Upgrade W8 UPS Panel Upgrade W6 UPS Panel Upgrade K2 UPS Panel Upgrade N. Kahana Bridge Perm OH Ba-seyards Priority 2 - 2010 Baseyards Pr2-2011 MEVAPriority 1-2GIG MEVA-Prl - 2011 W6 FWH 61 Instrumentation W7 FWH 71 Instrumentation W7 FWH 72 Instrumentation W7 FWH 73 Instrumentation W7 FWH 74 Instrumentation W8 FWH 81 Instrumentation W8 FWH 82 Instrumentation School-Bkr4568RIyUp Beckoning Point 46kV Line Ex Beckoning Point Substation Mamala Phase 5 T&D Mamala Phase 5 Hickam Sub Mamala Phase 5 Mamala Sub

Proiect to Date

Recorded 12/31/10

-1.750,598

404,742 1.123,313

12.006 3,131

-56.749

523,062 380.585 22,697 51,623 47,820 49.744

467,772 ----

911.785 995.917 531,431

-774,965 645,061 597,533 986,682 525,643

1,167.119 1,824.683

303.341 12.911

148.596 7,424

254,174 1,419.907

25.234 705.220

16,989 129,927 40,871 9G,005

122,194 48,316

----

152,278 ----

22.569 25,082 77,565

1.506,538 1.726,029

750.977 609.662 896,916

2011 Plant Addition Future Years 1,494,804 1,914,242

104,386 28,000 52,070

113.442 80

437,217 9,351

474,838 71,201

285 142 142

482.348 89

159 140

(25.388) 87

259 1,900

(25.404) 58.650

1,064,578 1,016,075 1,453.207

839,030 2.176.985

9.316 643.212 174,085

1,729,773 11.590 317.730

1,232,148 1 4,918,113 103,327

356,542 1.375,157

36.605 4.620

114,506 704

3.827 108.234 83,440 28,615 38,852

131,684 35

103.386 102,990 102.990 102,990 157.383 132.510

1.990 9.444

575 77

25.212 13.256

Total Update 1,494,804 1,914,242

104,386 28,000 52,070

113,442 80

437.217 9.351

474.838 71.201

285 142 142

482,348 89

159 140

(25,388) 87

259 1.900

(25,404) 58,650

1.064,578 1.016,075 1,453,207

839,030 2,176,985

9,316 643,212 174,085

1,741,363 317,730

1,232,149 5.G21.440

356.542 1,375,157

36,605 4,620

114.506 704

3,827 108,234 83,440 28,615 38,852

131.684 35

103.386 102,990 102,990 102,990 157,383 132,510

1.990 9,444

575 77

25.212 13,256

100% 1,494,804

-----80

-----•

--89

159 140

(25.388)

---

(25,404) •

-•

--------------• ---

83,440 28,615 38.852

131.684 •

103,386 102,990 102,990 102,990

-•

------




Grand oarent

YOOl29 YOOl 30 YOOl32 YOOl32 YOOl33 YOOl33 YOOl34 YOOl34 YOOl36 Y00136 YOOl38 YOOl38 YOOl38 YOOI38 YOOl38 YOOl38 YOOl38 YOOl38 YOOI38 YOOl38 YOOl38 YOOl38 YOOl38 YOOl 38 YOOl38 YOOl38 YOOl38 YOOl38 YOOI38 Y00138 YOOl 38 YOOl 38 YOOl38 YOOl39 Y00143 Y00143 YOOl48 YOOl48 YOOl49 Y00I5I Y00I5I YOOl52 YOOl52 YOOl54 YOOl 54 Y00155 Y00155 Y00156 Y00I57 YOOl57 YOOl58 YOOI58 YOOl59 YOOl59 Y00I6I YOOl63 Y00163 YOOl63 Y00163 YOOl63 YOOl63

Proiect # P000I557 P0001684 P000I7I1 P0001879 P000I713 P000I7I4 P00017I5 POO017I6 P000I752 P000I753 POOD1821 P000I822 P0001823 P000I824 P0001825 PO0OI828 P0001829 P0001830 P0001831 P000I832 P000I833 P000I834 P000I835 P0001836 P0001839 P0001840 P0001841 P0001842 P0001843 P0001954 P000I955 P0001956 P0001957 P000I693 P000I907 P0001908 P0O0I985 P000I988 P0001989 P0002I54 P0002155 P0002162 P0002I63 P0002I7I P0002I77 P0002174 P0002I76 P0002I75 P0O0I788 P0002I80 P0OO2I72 P0002I73 POOOI790 PO0O2I83 P0002I98 P0002223 P0002224 P0002225 P0002226 P0O02227 P0002228

Proiect Title Makakilo C&D Phi 46kV UG Ewa Nui Security Enhancement Chevron Electrical Upgrade Chevron 46kV Line Extension Iwilei Tl Replacement Iwilei TI 12kV Circuiting Iwilei T2 12kV Circuiting Iwilei T2 Replacement KoOlina Tsf #2 Sub Work Ko Olina Tsf #2 T&D Work First Wind Waialua Relay Switching Stn OuL ide Services First Wind Wahiawa Relay FW Switching Station First Wind T&D 46kV First Wind Telecom Testing First Wind Telecom Ward First Wind Telecom Wahiawa First Wind Telecom Kawela First Wind Telecom Mokulela First Wind Telecom Waialua First Wind Telecom MaunaKapu First Wind Telecom Kahuku First Wind Tel In-Kind CIAC First Wind MWTripler First Wind Site Const Kawela First Wind SiieConstMokulcia First WindSileConstMaunaKapu First Wind Site Con si Wahiawa Firxt Wind UFLS First Wind Kahipa Telecom First Wind Waialua Telecom First Wind Wahiawa Telecom NCTAMS Whitmore 46kV Line S. Punaluu Bridge 46kV Temp S. Punaluu Bridge 46kV Perm Extended AMI Test - MDMS Extended AMI Test - Meters Office Renovations CIS @ Waterhouse CIS @ Waterhouse/Fumiture CIP Admin 3rd Fir Furniture CIP Admin 3rd Fir Renovation Legal Dept Relocation Legal Dept FURNITURE Waiau Office Space Waiau Office - FURNITURE Credit Relocation FURNITURE Environmental Relocation Environmental Relo-FURNITURE Accting Division • FURNITURE Accting Division Relo Sy.stem Intergration Renovatn Sys Intergration - FURNITURE Test & Substation Renovation Makaha#I 12kV Bkr 1695 UFI^ Makalapa #2 12 Bkr 3166 UFLS Pohakupu #2 12 Bkr 2123 UFLS Waihee #2 12 Bkr 3047 UFLS Ft Weaver #112 Bkr 8024 UFL Ft Weaver #1 12 Bkr 8025 UFL

Proiect to Date

Recorded 12/31/10

1.042.205 4.998

289,604 121.765 22.696

1.531 20,628 30,520 12,682

222 155,601

(7) 217,310 627.098 94.287

5.991 89,726

128.624 10,618 7.856

347.207 16.546

265.576 ----• -

311,501 --.

1,691,753 66,987

-• --

97,142 174,228 118,536 197.245

-•

173,293 -

25,720 35,303

-•

-37.734 81.883

-

Expenditures

2011 Plant Addition Future Years 349

10,590 11,053 1,171

1,370,802 268,069 248,907

1,383,146 1,649,625

109,813 84,526

500,000 5.440

46,419 98

9,984 1,812 6,005 2.148 2.576

26,531 1.921

19,348 2.287,200

210 342,693 720,592 531,663 268,918

17,599 419

1,470 1,470

1,704,596 2,850

29.571 42,534

631,669 41,325

185,076 175.221 118.536 213.975 364.647 339.800 319.581

85.370 99,704

393.259 181.535 15,000

291,349 496,076 121,323 109,943 92,073 92,073 92,119 92.119 92,119 92.119

-----•

------------------------------------

57,500 -----------•

------

Total Update 349

10,590 11,053

1.171 1,370,802

268,069 248,907

1.383,146 1,649.625

109,813 84,526

500,000 5,440

46.419 98

9.984 1.812 6,005 2,148 2,576

26,531 1,921

19,348 2,287.200

210 342.693 720,592 531,663 268,918

17.599 419

1,470 1,470

1,704,596 2,850

29,571 42,534

631,669 41,325

185,076 175,221 118.536 271.475 364.647 339,800 319,581 85,370 99,704

393,259 181.535 15.000

291.349 496.076 121.323 109.943 92,073 92,073 92.119 92,119 92,119 92,119

100% ----------•

500,000 •

•

•

• -•

----•

2,287,200 210

342,693 720.592 531,663 268,918

-419

1,470 1,470

-•

29.571 42.534

631.669 41.325

---•

364,647 339.800

-85.370

--

181,535 15,000

291,349 --

109,943 92,073 92.073 92,119 92,119 92,119 92,119




Expenditures

Grand narent Proiect #

Y00163 P0002229 Y00I63 P0002230

Y00163 PO002231 Y48500 P0000922 Y49000 P000I05I Y49000 P000II36

Y49000 P000188I Y49000 P4900000

P0000062 P0000086 P0000287 P0000450 P0000465 P0000467 P0000485 P0000497 P000057I P00006I6 P0000636 P0000665 P0000677

P0000798

P0000956 P0000992 POOOIOOO POO0I078 P000108I

P0001109 P0001334 1*0001335 P0001341 P000I342 P000I367 POOOI388 P000I392 P000I393 P0001399 P0001403 P0001404

P0001418

P0001421 P0001434 P0001442 P0001478

P000I479 P0001480

roooi48i P000I490 P000I499 POO0I5O0 PO0OI50I P000I502 POOOI503 POOOI5I3 PO00I5I8 P000I538

POO0I54I

P000I547

P000I548 POO0I561

P000I572

Project Title Ft Weaver #2 12 Bkr 8594 UFL

Ft Weaver #2 12 Bkr 8595 UFL Wahiawa #2 12 Bkr 1219 UFLS

Kamoku 46kV UG All Phase 1 CIPI AES Subslalion Add

CIPl Unit Addiiion-Kahe Bkrs CIP Unit 1, Water treatment System CIPI Unit 1 Addition Ce-Terminaling Trust Esmnts WO Waiau WW Oil Detectors WO W1&2 Admn BIdg ReRoof KO Kahe Mtr Part Wash End K1&2 Service Air Compressors K3&4 Instr Air Compressors W3 Waiau FWH 35 Replace WO Waiau WW Pond Closure CIS Replacement

KO Kahe Parking Lot Addition WO Waiau Chlorine Dioxide WO Waiau Parking Lot Add

W7/8 Overhead Utilities W6 Instr Air Compr

WO WWTF Chem Feed Upgrades

Airport-Iwilei FO Replacemen KO Kahe Demin Water Tank #54 KO Kahe Maint Shop Reroof

Auahi Street 12kVOHtoUG Wahiawa 46Kv Ln-Schofield WIO Inlet Air Filtration

W9 Inlet Air FiUraiion Ellipse Migration to Unix Walman Manana OH Relocation

Distributed Energy Resource KO Replace Kahe Tank #32 WO WWTF Filler Press WO WWTF Misc Upgades W8 Main Transformer Replace Wah 138KV Unes - Schofield Kai Hwy at Makapuu - 12kV UG

W5 FWH Turb. Wtr. Ind. Pvt.

School St #1 SwgrRepl En DIvy C&.M Byard Impvmnts K5/K6 Diesel Tank Expansion Waiau l38KV,Bkr 107&I08Repl

HPP 46KV Bkr 4552 Replace Kahe-Wah/Kahc-Hal #2 Str 27 AES-CEIP #1 Relay Upgrade Ahuimanu PI OH & UG Cbl Upgr Kahe 138kV Bkr 247 Replace Kahe 138k V BkrI 33 Replace HPP 46kV Bkr 4553 Replace North South Rd Ph 1B UG Conv Kahe 138 kV Bkr 172 Replace Waiau 46kV Bkr 4499 Replace Spare48/80mvaTsf#2

K3 PCT Upgrade Pali Ckt Tree Wire Install

Ward ITS Generator RepI

Meter Engr Shop Reloc Kamokila #4 12 kV Line Ext

Bougainville Subd SV4613

Project

to Date Recorded

12/31/10

•

--

58,212,998

3,801,520 1,795,940 7,107,036

160,558,463 721,323

73.211 6,091

17,132 468,970

-771.925

93.696 828,098

57,830 848.330

31,502 452,506

26,366

604,309

-293,360

-31,232

440,974 1,523.250

298,306 265,790

31.581 12,169 86.780

487,950

•

2,146,840 13,712

220,681

226,947

585,469

-180,800

-266,013

91,292 525,993 107,181 378,793 334,911 283,688 229,197 329.012 150,592 656.585

402,513

416,675

395.269 •

577,183 118,610

2011 Plant Addition Future Years 92,165

92,165 92,165

288,433

8,406 2,096

20,000 799,087

97 214,834

6,091 17,132 8.313

325.752 3.829

414,175 1 2.220,098

57,830 415

31,502 984,521

218,678 1.602,888

524.471 1.979,677

144,881 200.059 34,425 440.974

306.643 2.229,429 149.099

265,790 167,274 1,018 627,855 703,868

1,359,511 291,731

2,357,425 1,037,712

590,184

226.947 1,206

107,221 455,993

3,391 5,178

461,212 16,952

107,181 8,528

10,148 25,062

212.727 10,148

284.047 11.481

77 1.925,438

419 7,905

172 118,610

Total Undate

92,165 92,165

92,165 288,433

8,406 2.096

20,000 799,087

97 214,834

6.091 17,132 8,313

325,752 3.829

414.176

2,220,098 57,830

415 31,502

984,521 218,678

1,602,888 524,471

1,979,677 144.881 234.484 440.974 306,643

2,378,528 265,790 168,292 627,855 703,868

1,359,511 291,731

2.357,425

1,037,712 590,184

226,947 1,206

107,221

455,993 3,391 5,178

461,212 16,952

107,181 8,528

10,148 25,062

212,727 10.148

284,047 11.481

77 1,925,438

419 7,905

172 118,610

100% 92.165

92.165 92.165

----------

325,752

-----•

-•

-524,471

-144,881

---------

291,731

•

----

107,221

-3,391

-• ------------

7.905

--




Grand oarent Project #

P0001577 POO0I590 P0001594 P0001597 P0001600 P000160I P0001622 P0001623 P0001628 P0001629 P0001630 P0001631 P000I632 P000I637 P000I639 P000I640 P0001646 P0001647 P0001658 P0001659 P0001660 P000I669 P000I670 P000I673 P000168I P0001682 P0001686 P0001688 P0001690 P0001694 P0001697 P0001707 P0001723 P000I728 P000I751 P0001756 POO0I759 P000I76I P000I772 P000I774 P000I78I P000I782 PO0OI784 PO0OI787 P0001792 P0001794 P000I795 P0001797 P000I798 P000I799 P0001800 P0001804 POO01807 P0001856 P0001859 P000I862 P0001871 P0001877 P0001899 P0001903 P0001904

Proiect Title K3 Biofuel Co-Firing Kailua 2 & Aalapapa 4kV Conv Allure Waikiki 12kV UG Reloc CEIP3 l38kVTsf Replacement 2010 Spare 8% Tsf #1 2010 Spare 10% Tsf #1 K4 Service Water Strainer K5 Service Water Strainer W7 RepI H2 Purity Meter W8 RepI H2 Purity Meter H9 Exciter Air Conditioning K3 RepI H2 Purity Meier K4 RepI H2 Purity Meter W4 Exciter Air Conditioning Kl Service Water Strainer K2 Service Water Strainer Koolau-Pukele #2 OPGW RepI Koolau-Pukele #1 SW Replacement W6 Turb-Gen Brg Fire Protect W7 Turb-Gen Brg Fire Protect W8 Turb-Gen Brg Fire Proiect Waiau l38kV Bkr 112 Replace Waiau l38kV Bkr 110 Replace Wahiawa 46kV Bkr 4448 Replace Halawa-School OPGW Kapolei IC, Phl-l2kV OH & UG Kapolei IC, Ph I -12k V OH Conv W5 BFP 51 Motor Replacement Ironwoods-12kVOHloUG CEIP46 Rccond(near Kalaeloa) Keehi Circuits Reconneclion K4 Static Exciter Ventilation K2 2I Traveling Screen Kalaeloa Dead Bus Energizing 2009 Spare 464 kVT.sf#l Archer-School HPFF Cbl RepI Kai Hwy, Keahole St-12kV UG H8 Sootblr Air Compressor 83 W8 Hot Reheat Line RepI. W7W8 Battery Bank Separation Waiau C&M Trailers (repi) Kahe C&M Trailer (repl) Archer Substation Phase 2 CPP 2Lst Fir Renovation K3 Feed Reg Valve Upgrade K4 32AUX CIg Hx Replacement K5 51 Aux CIg Hx Replacement K3/4 Emergency Generator Upg W5/6 Emergency Generator Upg W7/8 Emergency Generator Upg K5 Emergency Generator Upgra WIO Exciter Upgrade Halawa SS Access Road PI 3/2/72 Halawa Aces Rd KO Kahe Demin Anion Tanks P24-25 Vaikenburgh Pole Rep W8 CWP Upgrades P13HamakuaDr-46kVOH W9 Exciter Upgrade Ala Moana Park 4kV Conversio Waiau OCB 4655 Replace

Proiect to Dale

Recorded 12/31/10

4,957,350 71,020

464,386 423,636

--

102,151 3,696

869 25,651 20.267

359.944 220.206 316.138 108,532 122,532

5,947

-154,566

-788 970 970

-1,038,918

563,668 130,520 256,718 54,471

•

-71.452 5,548

50,118 535,894

2.095,002 132.253 513.857 153.763

----

299,623 177,471 313,788

-9,328 9,534

184,250

-1,674.630

305,310 24,545

262,417 442,825 240,519 32,605

330,097 120,982 199,590

E^enditures

2011 Plant Addition Future Years 272,727 173,485

5,100 427

688,554 695,683 131,370 64,426

171,281 166,448 233,308

35 306,973

10,099 3.171 3.171

2.214,808 1,797.609

2.975 250,005 236,845 344,989 344,937 260,251

1,388,162 402,376 157,639

340 561.589

1,389,965 229,006 275,791 288,773

6,212 536,178

761 1,465,069

902 1.392.678

406,991 410.207 489.579

-301,583

2,596 671,266 708,655 225.702 204,515 375.977 238,682

(2,615) 935.949 185,936 274.086 23,130

1,937,869 108,144

1,833,479 141,186 27,105

7,722

--•

----839

------•

-389,051

-•

------•

•

•

------

3,388

---------

29,619

----

Total Ut>date 272,727 173,485

5,100 427

688,554 703,405 131,370 64,426

171,281 166,448 233,308

35 306,973

10,099 3.171 3.171

2.214.808 1.797.609

2,975 250,844 236,845 344,989 344,937 260,251

1,388,162 402.376 157,639

340 950,640

1,389,965 229,006 275.791 288,773

6.212 536.178

761 1.465,069

902 1,392,678

406.991 410.207 489.579

-301,583

2,596 671.266 712.043 225.702 204.515 375.977 238.682

(2,615) 935.949 185,936 274,086 23.130

1,967.488 108,144

1,833,479 141,186 27,105

100%

----

688,554 695,683

------•

----

1.797.609

-250,005

---

260,251

-----

1.389.965 229.006

--------

406,991 410,207 489,579

-•

--

708,655

--•

238,682 ----------




Grand parent Proiect #

P0001905 P0001906 P0001930 P0001933 P0001934 P0001935 P0001936 P0001937 P0001938 P0001950 P0001953 P000197I P0O01972 P000I973 P0001976 P0001977 P0001996 P0002000 1*0002001 1'0002003 P0002005 P0002006 P0002007 P0002010 P0002011 P0002014 P0002015 P0002016 P00020I7 P00020I8 P00020I9 P0002020 P000202I P0002022 P0002023 P0002024 P0002053 P0002054 P0002055 P0002058 P0002059 P0002060 P0002061 P0002063 P0002064 P0002066 P0002067 P0002068 P0002I2I P0002122 P0002149 P0002152 P0002153 PO002178 P0002186 P0002188 P0002189 P0002197 P0002200 P0002201 P0002202

Proiect Title K5 CWP K51 motor replacement W7 CWP Upgrades P2-4X Kalaeloa Blvd Relocate Honolulu Units 5 & 7 Removal W7 BFP Recirc CV Upgrade Kailuana PI 1 Ph UG Install Kam Hwy/Ford Isle Line Reloc W3 ID Fan Rotor Replacement W8 UPS Upgrade Kamokila Ckt OH to UG Conver KO EMD VOLT REG UPGRADE Load Dispatch EMS Upgrade MOKIAWE V2V CABL REPL DLP/Web 2.0 Remedy Upgrade Help Desk v 7 WO Env Chem Lab Elec Upgrade 2010TSFInstall#l I0mva8% 2010Spare 10mva8%TSF#2 2010 Spare 138kVBKR#l 2010Spare lOmva I0%TSF#2 2010 spare 1 Omva 10% TSF #3 2010Spare 138kVBKR#2 2010 Spare 138kVBKR#3 2010 Spare 10mva8%TSF#4 2010Spare 10mva8%TSF#3 2011 Spare80mvaTSF#3 2011 Install #1 80mvaTSF Lowes Iwilei Pole Reloc KO Demin • HMI Addition KO Demin-System Split 2011 Install#146kVBKR 2011 Install #2 46kV BKR 2011 TSF In.stall#I 10mva8% 2011 TSF Install #2 1 Omva 8% 2011 TSF Install #3 1 Omva 8% 2011 TSF Inslal#l 1 Omva 10% 2011 Spare 1 Omva 8% TSF #2 2011 Sparc 1 Omva 8% TSF #3 2011 Spare 10mva8%TSF#4 2011 Spare 138kVBKR#l 2011 Spare 46kV BKR #1 2011 Spare 46kV BKR #2 2011 Spare 46kV BKR #3 W7 UPS Upgrade W7 UPS Panel Upgrade Middle Street P42 Relocation CIP FO Unloading Ladder Burger Subdiv 46kV OH to UG K-H#2/K-WAHIAWA STR3 K-W/K-H#l STR #38 Inst Load Bank for M003 Gen HPP EDI REPLACEMENT WO Waiau EOT 4/5 Drainage Mail In-sener Replacement W5 CWP51 Dischg Head RepI Ewa Nui 80MVA TSF A Install K3 H2 Cooler Replacement Harding Ave, Pole Relocation WAIMALU V3735E-3735F DB K4 H2 Cooler Tube Bundle Rep k5/6 Stillen Basin Hoist Rep

Proiect to Date

Recorded 12/31/10

-208,184 57,125 57,749

-64,814 75,965 52,939

193,776

-96,292

------

560,796 92,481

512,687 558,174 91.644

119,932 560,796 556,829

13,612

-151,940

8.533 62,147

-•

--------•

•

-162,571

17.114 41,887

8.203 73.847

--

24.493 104,277 207,966 181.398

-68,272

147.387 42,278

---

Expenditures

2011 Plant Addition 1

2,000,967 243,428

66,677 220,325 531.206 538,393 574,687 314.711 426,932 806.760 186,439

32 285,538 43,848

1,314 80.875

560.947 2.169

516,040 561.825

2,257 2.768

560.852 560.471

1.863.710 410,204

804 246.384 530,178 158,775 158.154 88.589 88.589 88.589 88.589

820,787 822.977 820,787 167.147 97.099 97,099 97.099

318,304 101.620 167,611 44.262

456.213 786.631 550.528

24.653 147.581 778,077

33.002 36.472 20.964

145,417 384.127 400.063 209,787 129,480

Future Years

--------•

-6,234

-----

10,118 •

--------

14.369

--

11,905 11,905 10,118 10,118 10,118 10.118 10,762 8,511

10.762 2,069

---------•

-•

-------•

-

Total Undate 1

2.000,967 243,428

66,677 220,325 531,206 538,393 574,687 314.711 426,932 812,994 186,439

32 285,538 43,848

1,314 90,993

560,947 2,169

516,040 561,825

2,257 2,768

560,852 560.471

1,863.710 424,573

804 246,384 530,178 170,680 170,059 98,707 98,707 98,707 98,707

831.549 831,488 831,549 169,216 97,099 97,099 97.099

318.304 101,620 167.611 44.262

456,213 786,631 550,528

24,653 147.581 778,077 33,002 36,472 20.964

145,417 384,127 400.063 209.787 129.480

100% 1

---

220,325

-•

--

426.932

-186,439

32 285,538 43,848

1.314 80,875

-•

-------

410,204

--•

158,775 158,154 88,589 88,589 88,589 88,589

820,787 822,977 820,787 167,147 97,099 97,099 97,099

-----

786,631 550,528

----

36.472

---

400,063 209,787 129,480


Grand parent



Project # Project Title P0002207 2011 80mva TSF Wahiawa #2 P0002208 2011 Sparc 80mva TSF #2 P0002209 2011 Spare 15kV Switchgeai^I P00022I0 2011 Spare 15kV Swiichgearit2 P00022n 2011 Spare 15kV Swiichgear#3 P00022I2 2011 Spare 15kV Switchgear#4 P0002213 KAALAKEI P29 • P30 DB P0002214 POHAKUPU 4 V2809-2810 DB P00022I8 Aliamanu I2KV UG Relocation P00022I9 W72 BFP MOTOR REPLACE P7650000 W8 Boiler Controls Upgrade

Expenditures Project to Date

Recorded 12/31/10

----------

3,767,471 304,591,483

2011 Plant Addition 1,962,457 1,739,408

363.404 363.404 363,404 363.404 619.460 443.721 144.845 195,324

5.227.145 123.209.174

Future Years 47.243

4,442

7,314 973,686

Total Uodate 2.009,700 1.743,850

363,404 363,404 363,404 363,404 619.460 443,721 144,845 195,324

5,234.459 124,182.860

% based on 12/31 cutoff Add 4 months

Total subject to 100%

100% 1,962,457 1.739,408

363,404 363,404 363.404 363.404 619,460 443,721 144,845 195,324

-32,648.041

26.50% 133.33% 35.33%

NOTE: This estimate of % qualified for 100% bonus is based on budgeled plant additions for 2011 and il a.ssumes only projects incurring costs after the 100% bonus depreciation effective date (9/9/2010) will qualify. The first step in this calculation was lo assume a 12/31/2010 cutoff/effeclive dale since the information for 9/9/2010 was not yet available. The second step was to gross up this percentage by a 33% factor to account for the additional 4 month period 100% bonus was available in 2010.

Hawanati tiectric uompany, inc. • r u BOX <;/OU • nonoiuiu, ni aDDtu-uuu i

Darcy L. Endo-Omoto Vice President • • • 5-.-', Governmoiil A CkmmunllyAffairs , _ . ^ „ , . c"' -—

January 24,2011 o ' : c_ ""1

; -- c: jr The Honorable Chairman and Members ' [ r..

of the Hawaii Public Utilities Commission :• - ^ Kekuanaoa Building, First Floor ?r 465 South King Street ^^ Honolulu, Hawaii 96813

Dear Commissioners:

Subject: Docket No. 2008-0083 - Hawaiian Electric 2009 Test Year Rate Case Hawaiian Electric Revised Schedules Resulting from Final Decision and Order

In accordance with the Final Decision and Order filed in this proceeding on December 29, 2010 ("Final D&O"), enclosed for the Commission's review and approval are Hawaiian Electric Company, Inc.'s ("Hawaiian Electric" or "Company") revised results of operations, supporting schedules and tariffs for the final rates, which reflect the increase in rates allowed by the Final D&O for the 2009 test year. Hawaiian Electric respectfully requests that the Commission allow the tariffs to go into effect on March 1, 2011.

Exhibit 1A provides the 2009 test year results of operations, incorporating the adjustments that the Commission's Final D&O requires. Page 1 of Exhibit lA shows that Ihe Final D&O results in a test year revenue requirement of $1,363,815,000 for a revenue increase of $66,375,(X)0 over revenues at current effective rates. This constitutes a reduction in test year revenue requirement compared to the interim revenue requirement of $1,371,209,000 and the interim revenue increase of $73,769,000 over current effective rates, as approved by the Second Interim Decision and Order (Exhibit A, page 1), issued on February 19, 2010, in this rate case.

The proposed tariffs in Exhibit 2A include rates that are based on the test year revenue requirement of $1,363,815,000, calculated using a rate of return on ratebase ("ROR") of 8.16%. As shown in Exhibit IA (page 2), tlus ROR incorporates a rate of return on common equity ("ROE") of 10.00%. As stated in the Final D&O (at 94), the Commission found 10.00% to be a fair and reasonable ROE. reflecting the lower business risk to Hawaiian Electric that would result from the implementation ofthe approved decoupling and other cost recovery mechanisms, and approved an ROR of 8.16% for the 2009 test year. Exhibit 2 also includes tariffs for the decoupling revenue balancing account ("RBA") and the revenue adjustment mechanism ("RAM"). Approving the tariffs in Exhibit 2A for the final rates and the decoupling mechanism


The Honorable Cbainnan and Members of the Hawaii Public Utilities Commission

January 24,2011 Page 2

to go into e^ect on March 1, 2011 (and therefore enabling the commencement of decoupling and the implementation of final rates that reflect the ROR of 8.16% to occur at the same time) will be consistent with the requirement in the Final Decision and Order (at 129) in the decoupling proceeding (Docket No. 2008-0274) that the "HECO Companies shall hnplement decoupling, and commence tracking target revenues and recorded adjusted revenues when rates that reflect a reduced ROR due to decoupling are approved by the commission in either an interim or final decision and order In the HECO Companies' pending rate cases."

Exhibit 2A also includes tariffs to implement other aspects ofthe decoupling mechanism, including the heat rate deadbands for the energy cost adjustment clause ("ECAC") and the earnings sharing mechanism.

If the Commission approves the proposed 2009 test year final rates for implementation effective March i, 2011, Hawaiian Electric's filing for the Energy Cost Adjustment Factor ("ECAF"), to be effective March 1, 2011. will reflect the calculation and form of the Energy Cost Adjustment Clause that is approved in the 2009 test year rate case. This is consistent with the process used in the HELCO 2006 and MECO 2007 rate cases to adjust the ECAF through separate filing, hi addition, Hawaiian Electric will terminate the 2007 Interim Rate Surcharge, related to Docket No, 2006-0386 and the 2009 Interim Rate Surcharge, related to Docket No. 2008-0083 effective March 1,2011.

Exhibit 3 explains the adjustments resulting from the Final D&O that are reflected in the revised schedules.

An index of the exhibits and attachments appears on the first page of the enclosed.

Should the Commission have any questions, please call Dean K. Matsuura at 543-4622.

Sincerely,

DarewL. Endo-Omoto Vice Resident Government & Community Affairs

Enclosures

cc: Division of Consumer Advocacy Dr. Kay Davoodi, Department of Defense James N. McCormick, Department of Defense

/;..


Index to Exhibits and Attachtnents

Exhibit I A: Results of Operations - Final D&O

Exhibit IB: Revenue Requirement Input Sheet

Exhibit IC: Summary of Income Statement Adjustments

Exhibit 2A: Proposed Tariff Sheets and Rate Schedules

Exhibit 2B: Exisling Tariff Sheets and Rate Schedules

Exhibit 2C: Summary of Revenue Increase Allocation by Rate Schedule

Exhibit 2D; Cost of Service Study Workpapers

Exhibit 2E: Workpapers Illustrating the Calculation of Present and Proposed Revenues by Rate Schedule

Exhibit 3: Adjuslmenis Resulting from and Implementation of Final D&O

HECO T-9 AttachmenI 1: Cost of Eight Temporary Meter Readers Removed from Final Rates

HECO T-11 Atlachment 1: Administrative and General Expense Summary

HECO T-11 Attachment 2: Administrative and General Expense, Interim and Final D&O Adjustments


EXHIBIT lA PAGE I OF 15

Hawaiian Electric Company, Inc. Final DiO

Results of Operations

Electric Sales Revenue Other Operating Revenue Gain on Sale of Land

TOTAL OPERATING REVENUES

Fuel Purchased Power Production Transmission Distribution Customer Accounts Allowance for Uncoil. Accounts Customer Service Administration u General

Operation and Maintenance

Depreciation & Amortization Amortization of State ITC Taxes Other Than Income Interest on Customer Deposits Income Taxes

TOTAL OPERATING EXPENSES

OPERATING INCOME

AVERAGE RATE BASE

RATE OF RETURN ON AVERAGE RATE BASE

2009 ousands)

Current Effective

Rates

1,292,685 4, 140

615

1,297,440

438,349 346,467 78,294 13,633 29,420 12,104 1,302 5,000

86,377

1,010,945

81,868 (1,453)

121,975 479

18,533

1,232,347

65,093

1,251,087

Additional Amount

66

66

5

23

29

36

,265 110

,375

0

0

895

533

428

947

(597)

Revenue Requirements to Produce

8.16% Return on Average Rate Base

1,358,950 4,250

615

1,363,815

438,348 346,467 78,294 13,633 29,420 12,104 1,302 5,000

86,377

1,010,945

81,868 (1,453)

127,870 479

42,066

1,261,775

102,040

1,250,490

5 . 2 0 % 8 . 1 6 %

PBase-Final DiO.x l s R e s u l t s 1/6/2011 5:45 PM


EXHIBIT lA PAGE 2 OF 15

Hawaiian E l e c t r i c Company, I n c .

F i n a l D&O COMPOSITE EMBEDDED COST OF CAPITAL

Estimated 2009 Average

Short-Term Debt

Long-Term Debt

Hybrid Securities

Preferred Stock

Common Equity

Total

A

Capit.

Amount in

Thousands

0

576,569

27,775

20,696

789,374

B

alization

Percent of

Total

0

40.76

1.96

1.46

55.81

C

Earnings Reqmts

0.75%

5.77%

7.41%

5.48%

10.00%

We:

Ea:

D

ighted

rnings Reqmts

(B) X (C)

0.000%

2.352%

0.146%

0.080%

5.581%

1,414,414 100.00

Estimated Composite Cost of Capital

o r

8.159%

8.16%

P B a s e - F i n a l D 6 0 . x l s CostCap 1 / 6 / 2 0 1 1 5:45 PM



Final D&O

2009 AVERAGE RATE BASE

($ Thousands)


investments in Assets

Serving Customers

Beginning

Balance

Net Cost of Plant in Service

Property Held for Future Use

Fuel Inventory

Materials & Supplies Inventories

Unamort. Net SFAS 109 Reg. Asset

Unamort Sys Dev Costs

RO Pipeline Reg Asset

ARC Reg Asset

Total Investments in Assets

Funds From Non-Investors

Unamortized CIAC

Customer Advances

Customer Deposits

Accumulated Def. Income Taxes

Unamort State ITC (Gross)

Unamortized Gain on Sale

Pension Reg Liability

OPEB Reg Liability

Total Deductions

Difference

Working Cash at Current Effective Rates

Rate Base at Current Effective Rates

End of

Year

Balance

Average

Balance

1,365

1 43 16 57 4

1,489

578 814 274 391 753 684

0 10

504

1

1

575,485

1,814

43,274

16,015

62,716

7, 936

6,366

12

713,620

1

1

470,532

1,814

43,274

16,203

60,236

6,310

3, 183

11

601,563

178

e 132 30 1 3

355

e Rates

ates

757 947 201 510 102 345 051 777

690

183

8 156 28

-3

375

375 807 581 551 650 746 4 54

433

689

181,066

877 8,391

144,531

29,376

1,046

-202

605

365,690

1,235,873

15,214

1,251,087

Change in Rate Base - Working Cash (597)

Rate Base at Proposed Rates 1,250,490

PBase-Final D&0,xls RateBase ]/6/2011 5:45 PM




Final D&O SUPPORT WORKSHEET

2009

Franchise Tax Electric Sales Revenues Less: Bad Debt Expense

Franchise Tax Rate x

Total Franchise Tax

TOTAL REVENUE TAX

INTEREST EXPENSE: Weighted Cost of Debt Short-Term Debt Long-Term Debt Hybrid Securities Total

Rate Base at Proposed Rates x

TOTAL INTEREST EXPENSE

INCOME TAX EXPENSE SUMMARY Current Deferred State ITC

TOTAL INCOME TAX EXPENSE

CALCULATIONS OF REVENUE TAX RATE: Franchise Tax Rate adjusted for Change in Oth Oper Revenues and Bad Debt

PSC Tax Rate adjusted for Bad Debt PUC Tax Rate adjusted for Bad Debt

REVENUE TAX RATE

CALCULATIONS OF COMPOSITE INCOME TAX RATE: State Tax Rate Federal Tax Rate

State Tax Rate

Federal Tax Rate x

Federal Tax Effect on State Tax

COMPOSITE INCOME TAX RATE

PBase-Final D&O.xls Support

1,292,685 (1,302)

1,291,383 2.500%

32,285

115,004

0.000% 2.352% 0.146% 2.498%

1,250,490

31,237

(5,508) 24,041

0

18,533

0.02496 0.05885 0.00500

0.08881

0.06015 0.35000

0.06015

0.35000

(0.02105)

0.38910

1/6/2011 5:45 PM


Final D&O SUPPORT WORKSHEET

2009



CALCULATIONS OF COMPOSITE CAPITAL GAINS TAX RATE: State Capital Gains Tax Rate Federal Tax Rate

0.03759 0.35000

State Capital Gains Tax Rate

Federal Tax Rate x

Federal Tax Effect on State Capital Gains Tax Rat€

COMPOSITE CAPITAL GAINS TAX RATE

0.03759 0.35000

(0.01316)

0.37444

CALCULATIONS OF EFFECTIVE INCOME TAX RATE: PSC Tax & PUC Fees Rates adjusted for Bad Debt Franchise Tax adjusted for Change in Oth Oper Rev

and Bad Debt Bad Debt Rate adjusted for Change in Oth Oper Rev

Revenue Tax and Bad Debt rate

0.06385

0.02496

0.08881

Rev Tax & Bad Debt Reciprocal (1 - O.O888I; Composite Income Tax Rate

EFFECTIVE INCOME TAX RATE AFTER CONSIDERING REVENUE TAX & BAD DEBT

0.91119 0.38910

0.35454

CALCULATIONS OF OPERATING INCOME DIVISOR: PSC Tax & PUC Fees Rates Franchise Tax adjusted for Change in Oth Oper Rev Bad Debt Rate adjusted for Change in Oth Oper Rev Effective Income Tax Rate after considering

revenue tax & bad debt

OPERATING INCOME DIVISOR (1 - 0.44335)

0.06385 0.02496

0

0

0

35454

44335

55665

PBase-Final DtO.xls Support 1/6/2C11 5:45 PH

/ / . •


Hawaiian Electric Company, Inc. - PO Box 2750 • Honolulu, HI 96840-0001

Darcy L. Endo-Omota Vice President Government & CcxrvTJunity Attsirs

The Honorable Chairman and Members of the Hawaii Public Utilities Commission

Kekuanaoa Building, 1st Floor 465 South King Street Honolulu, Hawaii 96813

July 20, 2009

-o CZ

r>co o

is OT—^

S P -ro o

-fr

m

Dear Commissioners:

Subject: Docket No. 2008-0083 - Hawaiian Electnc 2009 Test Year Rate Case Hawaiian Electric Supplemental Testimonies. Exhibits and Worlcpapers

In accordance with the Interim Decision and Order issued July 2, 2009 in Docket No. 2008-0083, enclosed for filing are Hawaiian Eiectric Company, Inc.'s ("Hawaiian Electric" or "Company") Supplemental Testimonies, Exhibits and Workpapers for the following Hawaiian Electric witnesses;

HECO ST-1 - Robert A. Aim HECO ST-3 - Peter C. Young HECO ST-4 - Ross H. Sakuda HECO ST-7 - Dan V. Giovanni HECO ST-8 - Robert K.S. Young HECO ST-9 - Darren S. Yamamoto HECO ST-10 - Alan K.C. Hee HECO ST-lOB - Jeff Makholm, Ph.D. HECO ST-11 - Patsy H. Nanbu HECO ST-12 - Russell R. Harris HECO ST-13 - Julie K. Price HECO ST-13A - Leonard E. Smothermon HECO ST-14 - Brace K. Tamashiro HECO ST-15 - Faye R. Chiogioji HECO ST-15 A - Gayle Funita-Okayaraa HECO ST-15B - Mike H. Mclnerny HECO ST-15C - Leon R. Roose HECO ST-15D - Scott W.H. Seu HECO ST-16 - Lon K. Okada HECO ST-17 - Lone Ann Nagata


The Honorable Chairman and Members of the Hawaii Public Utilities Commission

July 20,2009 Page 2

HECO ST- 17A - Robert C. Isler HECO ST-17B - Anthony L Lunardini HECO ST-17C - Brenner Munger HECO ST-17D - Ken T. Morikami HECO ST- 17E - Tom C. Simmons HECO ST-20-TayneS.Y. Sekimura HECO ST-21 - Steven M. Fetter HECO ST-22 - Peter C. Young

Information contained in the HECO ST-9 testimony and exhibit HECO-S-901 is confidential and is not to be provided or disclosed to the general public. The April and May 2009 information is submitted under protective order as the April and May 2009 information is confidential until publicly disclosed in the financial statements submitted to the Securities and Exchange Commission ("SEC"), which is scheduled for August 2009. The information will not be considered final until the Company issues its financial statements to the SEC. Should any of the preliminary information change, the Company will provide the revisions as soon as practicable.

Information contained in the HECO ST-15A testimony and exhibits HECO~S-15A02 and HECO-S-I5A03 is confidential and is not to be provided or disclosed to the general public. The information was gathered as part of private compensation and salary surveys. Survey participants are not linked specifically to the data in question, and the survey data and results are provided only to the participants. The information is deemed confidential and solely for the use as intended. Absent authorization from the surveyor the information is provided subject to the terms of the Protective Order filed November 21, 2008 in this proceeding.

Information contained in the HECO ST-15B testimony and exhibit HECO HECO-S-15B04 is based on third-party proprietary data, which is confidential and is submitted pursuant to the Protective Order filed November 21,2008 in this proceeding.

Sincerely,

:y L. Endo-Omoto Vice President

Government & Community AffaiTS

Enclosures

cc: Division of Consumer Advocacy Department of Defense

HECO-S-1403 DOCKET NO. 2008-0083 PAGE 1 OF I

I P>- tf) Ol ? 1

M SS, S "M

o a ^ l l « Z £ a UJ ta a .

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CO ^- in ^ 5

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HECO-S-1701 DOCKET NO. 2008-0083 PAGE I OF I

RATE CASE UPDATE DOCKET NO. 2008-0083 HECO T-l7 PAGE 6 OF 21

HECO-1703 DOCKET NO. 2008-0083 PAGE I OF 1 (REVISED 7/20/09)

Hawaiian Electric Company, Inc. Campbell Industrial Park Generating Station

and Transmission Additions Plant Additions

Projecl No. Descriplion 2008 2009 2010 Total

PO001O52 POOOIBS P0001340 POOO 158.5 P0001050 P0OOIO51 P0001I34 P000II36 POOOIl.'l?

P4900000

P0001084

CIP 1 CEIP Subslalion Mod* CIPI Unil Mdition-Micvowave* CIPI Unit Addition-Easements CIPI - Land-Gen Station CIPI AES-CEIP#2 Trans. Line CIPI AES Substation Add CIPI Unit Addition-Fiber CIPI Unit Addiiion-Kahe Bkrs CIPI Unit Addilion-Kalaeloa

CIPI Unit 1 Addition

Plant Additions

Parcel between Hanua Street and AE

4.857,924 1.261,761

6,119.685

S Substation (T^ included in Property Held for Future Use

ToUil Project Cost

3.890

5.790.887 3.153,1)0

531,769 1.720.778

289,912 143,809.745

155,300.091

^K 9-1-26:38)

50.000

50.000

3.890

-4,857,924 1.261,761 5,790.887 3,153.110

531.769 1,720.778

289,912 143,859,745

161,469,776

1.809.875

163,279.651

* In Service dales forthe projects P000I052 and POOOl 135 moved beyond 2008. See HECO T-l 7, Attachment 1, page 1 in the Company's Revised Schedules Resulting from Inlerim Decision and Order filed July 8, 2009. During Selllemenl, the Parties agreed lo include adjustments resulting from Ihe introduction of 2008 year-end actuals. Thus, plant additions included in the Stalemenl of Probable Entitlement include 2008 recorded plant additions but do not include updates to 2009 plant addition estimates. For CIPI, this results in $456,832 (POOOl052) and $523,193 (POOOl 135) being excluded.

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INTEROFFICE CORRESPONDENCE

Hawaiian Electric Co., Inc.


January 25, 2011

To:

From:

P. Nanbu B. Tamashiro J. Oshiro G. Ohashi G. Nitta J. Takamura L Okada (HEI) M. Zane (HEI)

M. KoyanagI

/

Subject: 2011 Accruals for - Book Depreciation and Amortization - State ITC -SFAS 109 Items

Please find attached the amounts for the above accrual for your processing or future reference.

If you have any questions, please call me at 543-7907.

Hawaiian Electric Company, inc. 2011 Book Depreciation and Amortization Accruals Includes State ITC and SFAS 109 Accruals


E?Ef

A l A l A l A l A l

A l

A l

DESCRIPVON

Utdfty Book Depreciation -Steam Prod Other Prod Transmission Distribution General

Subtotal Vehicles

Total

Leasehold Amortization -King, CPP, Hono Club

AMOUNT

Al Vintage Accounting Amortization

Selected Plant Accts (40304000)

Total Utility Book Depr & Amort

10,030.363 1.942.838

20.913,886 54.239.354 7.670.017

94,796,458 2.452,329

97.248,787

129,619

4,403,574

101,781,980

B

H

C

0

F

G

Non-Utlllty Book Depreciation -Heat Pump E-Business

Book Depreciation on Capitalized Items (Post-Norm Vintages)

CIAC Amortization

Amortization of Deferred ITC-1971 Rev Act(Acct 25502)

2011 State ITC Entries

Amortization of SFAS 109 Items

2,284 12,290 14,574

450,913

10,174,536

384,984

SEE ATTACHED

SEE ATTACHED

Note: tf more detaU required, please call Michelle KoyanagI E Ref rtot used

HAWAIIAN ELECTRIC COMPANY, INC. STATE ITC CALCULATION -FOR THE YEAR ENDING 12/31/2011 - ACCRUAL


1. 2011 VINTAGE STATE ITC

2011 Gross State ITC

STATE TAX Entries: DR State Current 1 ^ Liability (PA43A) CR State Current l/r Expense

To record 2011 vintage state ITC at gross

DR State Current l/T Expense (PA43B) CR Slate Cun-ent l/T Liability

To record state tax expense on state ITC (gross state ITC x 6.0150376%)

DR State ITC Defen-ed (PA43C) CR Ace Def State ITC

To record deferral of 2011 vintage state ITC

DR State Def'd l/r Liability CR Slate Def'd Tax Expense

(PA43H)

23611000 40911000

40911000 23611000

41211000 25520000

28302000 41013000

ANNUAL EST

4,008,700.00

4,008.700.00 (4.008,700.00)

241,124.81 (241,124.81)

4.008.700.00 (4,008,700.00)

241.124.81 (241,124.81)

To record state tax expense on deferral of 2011 vintage state ITC (gross state ITC x 6.0150376%)

FEDERAL TAX Entries: DR Federal Cun-ent l/T Expense (PA43D) CR Federal Current l/T Liability

To record federal tax expense on stats ITC (gross state ITC x 32.89473684%)

40901000 23601000

DR Federal Def'd l/T Liability (PA43E) 28301000 CR Federal Def'd Tax Expense 41011000

To record deferral of federal tax on 2011 vintage state ITC

2. 2011 AMORTIZATION OF STATE ITC

2011 Amortization of State ITC ^

STATE TAX Entrv: DR Ace Def state ITC (PA43F) CR State ITC Restored

To record 2011 amortization of state ITC

25520004 41230000

DR State Def'd Tax Expense (PA43I) 41013000 CR State Def'd l/r Liability 28302000

To record deferred tax on 2011 amortization of state ITC (amortization x 6.015%)

1,318.651.32 (1,318,651.32)

1,318,651.32 (1.318.651.32)

1,637,367.00

1.637.367.00 (1,637,367.00)

98.487.63 (98,487.63)

FEDERAL TAX Entfv: DR Fed Def'd Tax Expense CR Fed Defd l/r Liability

(PA43G) 41011000 28301000

538.606.96 (538,606.96)

To record federal deferred tax on 2011 amortization of state ITC (amortization x 32.8947%)


H A W A I U N ELECTRIC COMPANY, INC. AMORTIZATION OF SFAS 109 ITEMS 2011

ANNUAL AMORT.

STANDING JOURNAL ENTRIES Expense DR(CR)

MONTHLY FED TAX STATE TAX AMORT. on Amort on Amort

Gl CWIP Equity Transition 75,464 6,289 Activity #18673100 (5,317) (amort acOvity #40330003) (972)

G2 Flow Through 326,301 27,192 Activity #18673200 (22,988) (amort activity #40330001) (4,204)

G3 Plant Transition 1,022,958 85,247 Activity #18673300 (72,069) (arrort activity #40330002) (13,178)

Gl CWIP Equity Ongoing 1,307,274 108,940 Activity #18673400 (92,099) (amort activity #40330004) (16,841)

G4 Reg Uabiiity-Fed TTC (245,382) (20,449) Activity #18673500 17,288 (amort activity #40330006) 3,161

G5 Reg UaWlltv-Excess Defd 283 (57,600) (4,800) Activity #18673900 1,579 (amort activity #40330009) 289

G6 Reg Uability-Ddidt Defd 283 0 0 Activity #18673190 0 (amort activity #40330010) 0

G7 Reg Uabillty-Excess Defd 282 0 0 Activity #18673110 0 (amort activity #40330012) 0

GS Reg Asset-Deffdt Defd 282 110,682 9,224 Activity #18673120 (3,034) (amort activity #40330013) (555)

Note - Per discussion with Lon Okado 9/7/05 -Most reg asset/tlablllty was created in 1993 basically for employee benefits and other overhead which were expensed prior fw tax purposes. This would stay Mie same until amortized completely.

Component that would change Is Reg Uablllty - Fed ITC (credit) which Is decreasing as you go forward (no longer have rrC) and CWIP Equity Ongoing which Is the AFUDC (debit) which is increasing.


2010 General Order No. 7 (GO 7) Report Summary Plant Additions

2010 Projects Plant Addition (1)

Less than $1M 81.593.166 $1Mto$2.5M 12,593.511 Greater than $2.5M 10,831.348 Other Non G07 projects 6.505,174 PUC application fiied prior to July 1.2004 58.527,920

Total Plant Additions 170,051,118

Less: Major Project additions in 2010 CIPI Unit 1 Addition (straggling costs) (1,693.198) Beckoning Point Substation (3,232,567) Whitmore Sub & 46 kV Line (straggling costs) (212,825) CIPO Kahe RO Water Project (straggling costs) (373,480) Air Quality Monitoring Station {361,926) Kahe 3 Biofuel Co-Firing (4,957.351) K3 Boiler Control Upgrade (straggling costs) (24,522) Dispatch Center Building {straggling costs) (914) Kamoku 46kV UG Alt Phase 1 (58,502,483)

Subtotal Major Projects (69.359,268)

Less: HCEI Projects cost in 2010 (recovered thru surcharge) First Wind UFLS (2,567,414)

Add: Beckoning Point Substation - Customer Advance 777,838 (2)

Baseline Plant Additions 98.902,274

(1) Source: Attachment 4.5, pages 21-28 were filed in Hawaiian Electnc Companies' Exemption From ar)d Modification of General Order No. 7 Paragrapti No. 2.3(g), Relating to Capital Improvements Capital Projects Completed in 2010. in Docket No. 03-0257 on March 31, 2011.

(2) Attachment 4.5, page 30


Hawaiian Electric Company, Inc. Completed Projeels As Of 12/31/2010

Totat Cost Of SO to SJ.000.000

Item Number

Proiect Description

2010 Recorded

2010 Budget

Variance $

Variance %

P0000056 iH8 Boiler Elec Warm System P0000120 Corrective {Incl Emergency) OH Transformer Rpl P0000121 Corr (Inc Emg) UG Transformer Rpl P0000122 Corr (Inc Emg) Misc Cable Rpl P0000123 Corr (Inc Emg) OH Distribullon Rpl P0000124 Corr (Inc Emg) OH Subtransmission Rpl P0000125 Corr (Inc Emg) OH Transmission Rpl P0000301 K1 Kahe Feed Water Heater (FWH) 12 Replace P0000465 K1&2 Service Air Compressors P0000485 W3 Waiau FWH 35 Replace P00004e7 H8 Honolulu FWH 82 Replace P0000494 K1 Kahe FWH 11 Replace P0000500 Misc Office Furniture P0000501 Misc Olfice Equipment P0000503 Ward Ave Minor Addns P0000505 Olher Minor Gen PH Addns P0000571 CIS Replacement P0000622 Kl Kahe 13 FWH Replace P0000636 WO Waiau Chlorine Dioxide P0000637 KO Kahe Chlorine Dioxide P0000644 Kl Kahe FWH 14 Replace P0000653 Collaborative Communications P0000733 Trns Sub RTU Migration Pgm P0000786 Kl Kahe 1 Boiler Water (BW) Sump Upgrade P0000788 K2 Kahe 2 BW Sump Upgrade P0000789 K3 Kahe 3 BW Sump Upgrade POO00790 K4 Kahe 4 BW Sump Upgrade P0000791 K5 Kahe 5 BW Sump Upgrade P0000792 K6 Kahe 6 BW Sump Upgrade P0000797 W3-W4 Sen/ice Air Compressors P0000799 K2 Operator Console Upgrade P0000807 H8 Turbine Supervisory Instrumentation (TSI) Upgrade POOOOSOfl K3 Annunciator Replacement P0000827 K3 DCS Balance of Plant I/O POOOOflSl H8 operator Console Upgrade POO0C853 K2 Excitation System P0000858 H8 Annunciator Replacement P0000860 K2 Annunciator Replacement P0000861 Kl Annunciator Replacement P0000871 Kl Sootblower Controls P0000872 K3 Sootblower Controls P0000873 K2 Sootblower Controls POOOnai H9 Honolulu FWH 94 Replace POOOl 132 K6 Kahe FWH 64 Replace POOOl 174 K2 Boiler Feed Pump (BFP) Automated Test POOOl 202 W6 Hydrogen Gas Dryer P0001216 W6 TurlMne Drains P0001250 W7 Process Parameter Monitor P0001251 K3 Condensate Pump P0001257 KOKaheTankWII LvlGauge POOOl 258 KO Kahe Tank M12 Lvl Gauge POOOl 260 KO Kahe Tank #14 Lvl Gauge POOOl 309 Net Energy Metering P00013)6 inn Prk V4322 Trayer Switch RepI P0001324 Kl uninterruptible power supply (UPS) Panel Upgrade P0001327 W5 uninterruptible power supply (UPS) Panel Upgrade

s $ $ $ $ $ $ $ $ $ s $ $ $ $ $ $ $ $ s $ $ $ s $ $ $ $ s $ s s s s $ s s s s s $ $ $ $ s s s s s $ $ $ $ $ $ s

1.093 368,962

21,264 1.879,198 1,507,387

213,029 89,416 67,039 47,319 3,088

(3,368) 99,324

162 35,265

5.126 14.596

344.170 342

47.387 14.574

313 78.645 11,619 3,094 2,164 5,037 2,733 3,298 5,214

785,857 2,469 4.073

271 (23)

2.458 12,022 20,049 8,958

102,143 119,391 774,965

17.562 164,943 886.750 87,372

190,755 348,422

2,335 523,062

51,623 47,820 49.744 53.265

(,257 18,377

544

$ $ $ $ s $ $ $ $ $ $ $ $ s s s s $ $ $ $ $ $ s $ $ s $ $ $ 5

$ $ $ $ $ $ $ $ s $ s s $ $ s $ $ $ $ 5

$ $ $ $ $

446,253 472,075

6,482.928 3,001,362

553,657

----

276.418 21.233

481.061 85.637

----•

22,139 375,570

----•

-•

-•

499.305

907,524

-160,628 321,653

473,243

-

• ----

$ S

s s $ s $ $ $ s $ s $ s $ $ $ $ $ s s s

$ $ s s s s $ $ $ $ s $ $ s $ $ $ $ $ $ $ s $ s $ s s $ s i $ $ $ $

1.093 (77,291)

(450.811) (4,603,730) (1,493.975)

(340,628) 89,416 67,039 47.319 3.088

(3,368) 99.324

(276,236) 14.052

(475.935) (71.041) 344,170

342 47.387 14.574

313 56.506

(363,951) 3,094 2,164 5,037 2,733 3,298 5,214

785,857 2,469 4,073

271 (23)

2,458 12.022 20.049 8,958

102.143 119,391 275,660

17,562 164,943 (20,774)

87,372 30,127 26,769 2,335

49,619 51,623 47.820 49.744 53.265

1.257 18,377

544

(a) -17% (1) -95% (2) -71% (3) -50% (4) -62% (5)

(6) (a) (a) (a) (a) (a)

-100% (7) 66% (8)

-99% (9) -83% (10)

(a) (a) (a) (a) (a)

255% (11) -97% (12)

(a) (a) (a) (a) (a) (a) (13) (a) (a) (a) (a) (a) (a) (a) (a) (a) (a)

55% (14) (a) (a)

-2% (a)

19% (15) 8%

(a) 11%

(a) (a) (a) (a) (a) (a) (a)


Hawaiian Electric Company, Inc. Completed Projects AsOl 12/31/2010

Total CoEl of SO to $1,000,000

Item Number

Project Description

2010 Recorded

2010 Budget

Variance S

Variance %

P0001328 W6 uninterruptible power supply (UPS) Panel Upgrade P0001329 K6 uninterruptible power supply (UPS) Panel Upgrade P0001332 K2 uninterruptible power supply (UPS) Panel Upgrade POOOl 350 Baseyards Priority 2 - 2009 (Security upgrades) P0001357 Kapolei Pkwy Ext. OH to UG POOOl 381 K5 Kahe FWH 53 Replace PO001364 W6 Waiau FWH 62 Replace P0001391 Kl Opacity Monitor P0001404 Kai Hwy at Makapuu - 12kV UG P0001411 Waiau 138KV Breaker 111 Replace P0001415 Archer Breaker 6050 RepI P0001421 School St #1 Switch gear RepI P0001444 K6 Seal Air Damper Drive Replace P0001459 W6 FWH 61 Instnimentation P0001460 W6 FWH 63 Instrumentation P0001461 W6 FWH 64 Instrumentation P0001482 W6 FWH 65 Instrumenlatton POOOl 473 K6 Voltage Regulator Upgrade P0001478 Waiau 138KV Breaker 107&108 RepI P0001479 HPP 46KV Breaker 4552 Replace P0001481 AES-CEIP (tl Relay Upgrade P0001482 Mikilua Sub TAD Work POOOl 486 School St Relay Upgrd P0001490 Ahuimanu PI OH & UG Cable Upgr P0001499 Kahe 138kV Breaker 247 Replace P0001500 Kahe 138kV Breaker 133 Replace POOOl 501 HPP 46kV Breaker 4553 Replace P0001S02 North South Rd PhIB UG Conv P0001503 Kahe 138 kV Breaker 172 Replace P0001519 Mak-Airport 138kV Shield Wire (SW) RepI POOOl 525 Tesoro Electrical Upgrade POOOl 529 Power Supply • Capital Tools P0001S31 WO Startup Transformer P0001536 W3M Phase Shift Transformer POOOl 538 K3 Power Current Transformer (PCT) Upgrade POOOl 542 Call Queuing POOOl 547 Ward ITS Generator RepI POOOl 550 Sys Spare 20O8 80MVA Tsf S1 POOOl 552 Kahe-Permanente 46kV Nanakuli P0001553 Halawa-lwilei Shiekf Wire P0001557 Makakilo C&D Phi 46kV UG POOOl 560 Waiakamik) Tsf #2 Replace P0001561 Kamokila #4 12 kV Line Ext P0O01572 Bougainville Subd SV4613 POOOl 573 Kl Boiler Feedwater Pump (BFP) 12 Motor Replacement P0001574 K2 RepI H2 Purity Meter P0001575 Kl RepI H2 Purity Meter P00015e4 Chevron Refinery 12kV Reloc POOOl 594 Allure Waikiki 12kV UG Rekjc P0001596 Wah2 138kV Tsf Replacement P0001597 CEIP3 138kV Tsf Replacement P0001617 W6 Condensate Pump Replace P0001618 W6 Circulating Water Pump (CWP) No. 61 Replacement P0001627 W6 RepI H2 Purity Meter P0001631 K3 RepI H2 Purity Meter P0001637 W4 Exciter Air Conditioning

$ $ s s s s s $ s $ s s $ s $ $ s s s s s s s I

$ $ $ $ $ $ $ $ $ $ $ $ $ $ i $ s s s s E

$ i s s s s $ s s s s

90,006 1,984 8,460

47,688 43,010

109,148 886,147

4.752 220.681

6,013 587,701

23,610 (8.354)

152.278 139.687 126,469 99,254 4,760

78,295 2.112

525.993 2.237

365 107.181

6.603 13,628 3,670 2,899 3,929

946 632.323 578.067

1,166 29,884

402,513 23,003

395.269 204,832 (17,529)

14,812 6,632

37,273 577,183

61 (187)

945 (45,241)

25,735 464,386 22.839

116 394,221 733,202 249,754 359,944 316,138

S

s s s s $ $ $ $ s s s s $ $ $ $ s $ $ $ s s $ s s $ $ $ $ $ s $ $ s $ s $ s $ $ $ $ s s $ s $ s s s $ s s $ $

80,767

-----

739.780

-588.394

-•

-134,019 134.260 134,355 134,987

•

•

541.075

--

160,539

610,682

-

341,655

--•

•

•

549,926

-

413,098 •

-341.927

-191.909 245,559 222.195

s s $ $ $ $ s s

$ s $ $

$ s s s $ s $ s

s $ $ s s s s s $ s s

$ s s s $ s $

$ $ s s s s s $

$ $ s $ $ $ s s $ $

9,239 1,984 8,460

47,688 43,010

109,148 146,367

4.752 (367,713)

6,013 587,701

23,610 (8.354) 18,259 5.407

(7.886) (35,733)

4,760 78.295 2,112

(15,082) 2,237

365 (53.358)

6,603 13,628 3.670 2.899 3,929

946 632,323 (32.615)

1.166 29,884 60,858 23,003

395,269 204,832 (17,529)

14.812 6.632

37,273 27,257

61 (187)

945 (45.241)

25.735 51.286 22.839

116 52.294

733.202 57.845

114,385 93,943

11% (a) (a) (a) (a) (a)

20% (16) (a)

-62% (17) (a) (18) (a) (a)

14% 4%

-6% -26% (19)

(a) (a) (a)

•37o (a) (a)

•33% (20) (a) (a) (a) (a) (a) (a) (21)

•5% (a) la)

18% (22) (23) (24)

(a) (a) (a) (a) (a)

5% (a) (a) (a)

(25) (a)

12%

(a) (a)

15% (26) (27)

30% (28) 47% (29) 42% (30)


Hawaiian Electric Company, Inc. Completed Projects As Of 12/31/2010

Tota] Cosi ol $0 to $1,000,000

Item Number

Project Description

2010 Recorded

2010 Budget

Varlartce S

Variance %

P0001639 Kl Service Water Strainer P0001640 K2 Service Water Strainer P0001658 W6 Turbine Generator Bearings Rre Protect P0001682 Kapolei interchange (IC). Ph1-12kV OH & UG P0001686 Kapolei IC. Ph1-12kV OH Conv POOOl 687 K3 Boiler Feedwater Pump (BFP) 32 Motor Replacement P0001688 W5 BFP 51 Motor Replacement POOOl 692 Kahe-Permanente 46kV Impr Waianae P0001698 Check Processing Upgrade P0001705 Wrd undgd security cabling POOOl 706 East Kapolei II CircuH P0001708 Environmenial Lab Expansron P0001720 Purch, Inst, & Test AMI Metr P0001728 Kalaeloa Dead Bus Energizing P0001751 2009 Spare 46-4 kV Tsf lfl POOOl 754 Switchtward Replacement-Ward P0001755 Ward Fire Alarm Install 8. UG POOOl 756 Archer-School High Pressue Fluid Filled (HPFF) Cbl Repl P0001757 Iwilei 4kV Conversion T&D P0001761 H8 Sootblower Air Compressor 83 P0001764 Ward Byard Concrete Work P0001792 K3 Feedwater Regulator Valve Upgrade POOOl 805 HO #7 Freight Elevator Modernization P0001806 2009 Spar© 10% Tsf rtl P0001820 Iwilei Support Structure 138kV Terminator Replmt P0001844 School St Support Structure 138kV Terminator Replmt POOOl 845 HO Iwilei FO Tk 3 Floor Ren POOOl 852 HO Iwilei Fuel Oil Tank 4 Roor Ren POOOl 858 WO Fuel Oil Tank 4 Steam Coils POOOl 862 P24-25 Vaikenburgh Pole Rep P0001872 IBM MAINFRAME UPGRADE P0001876 Trump Tower 12kV Relocation P0001903 Ala Moana Park 4kV Conversion P0001904 Waiau 46kV Bkr 4655 Replace POOOl 905 replacement P0001931 2009 Spare 8% Tsf #2 POOOl 932 2009 Spars 8% Tsf tf 1 P0001972 MOKIAWE V2V CABL REPL POOOl 977 WO Env Chem Lab Elec Upgrade P0002001 2010 Spare 138kV BKR #1 P0002002 2010 Spare 46kV BKR N3 P0002004 2010 Spare 46kV BKR #4 P0002006 2010 Spare 138kV BKR «2 P0002007 2010 Spare 138kV BKR #3 P0002008 2010 Spare 46kV BKR #5 P0002009 2010 Spars 46kV BKR H6 P0002016 Lowes Iwilei Pole Reloc P0002065 K3 BFP 31 Motor Replacement P0002178 Mail Inserter Replacement P0002181 InfoPrinter Replacement P0002188 Ewa Nui 80MVA TSF A Install P1081000 ED Capitalized Tools & Equip P1243000 PCs, Servers & Network PI 244000 PrintersJCopigrs^axes P1250000 Capital Vehicle Budget P1251000 Misc Tel Eqpt (NT)

s s s $ s s s

5

$ s $ s 5 $ $ $ $ s $ s 5

$ $ $ $ $ s s s s E $ $ $ $ $ $ $ $ $ $ s s s $ s s s s s $ s $ $ $ s

454 4,398

154.566 563.668 130.520 246.041 256.718 (1,607)

224,216 966

449,551 6.565 (994)

849 535,894 234,202

88,188 6,644

79,537 513,857 141,921 177,471 163,670 651,770

7,279 9,460

45,806 309,800 318,277 442,825 (74,361) 883,455 32.513

199,590 214.059 636.165 635,612 361,878

89.066 92,481 53,122 53,065 91.644

119.932 58,226 58,170

151,940 216,903 161,398 118,132 68,273

833,595 1,737,592

119,695 6,252,516

458,766

S

s s s $ $ $ s $ s $ s $ $ $ $ $ $ $ $ s s s S

s $ $ $ s $ $ $ s s s s $ s s s s s s s $ $ $ $ s s s s s s s s

•

-192,315 901,117 237.923 244,196 95.574

---

606,839

---

^4.196

---

198.387 554,374

-250.574 182,321 641,939

1,484,964 1,487,265

142,421 142.421

502,418

-

132,246 268,620

------

-----

--

294,174 1,492,965

82,943 4,012,039

525,302

5 S

$ s $ $ $

$ s s s s

$ $

$ $ $ $ s s s

s s $

$ s s $ $ s s s

s s s s $ s s $ s s s $ 5

s s $ $ s $ $ $ $ s

s

454 4,398

(37,749) (337.449) (107,403)

1,845 161,144 (1,607)

224,216 966

(157.288) 6,565 (994)

849 (118,302)

234,202 88.188 6.644

(118,850) (40.517) 141,921 (73,103) (18,651)

9,631 (1.477.685) (1.477.805)

(98,615) 167,379 318,277 (59.593) (74,361) 883,455 (99,733) (69,030) 214,059 636,165 635,612 361,878

89.066 92.481 53.122 53,065 91,644

119,932 58,226 58,170

151,940 216,903 181,398 118,132 68,273

539.421 244.627 36.752

2.240.477 (66.536)

(a) (a)

-20% (31) -37% (32) -45% (33)

1% 169% (34)

(a) (35) (a)

-26% (36) (a)

(37) (a)

-18% (38)

(39) (40) (a)

-60% (41) -7%

(42) -29% (43) -10%

2% -100% (44)

•99% (45) •68% (46) 118% (47)

(48) -12%

(49) (a)

-75% (a) •26% (50)

(51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67)

183% (68) 16% (69) 44% (70) 56% (71)

•13%



Total Cost of $0 to $1,000.000

item Number

PI370000 P1373000 PI429000 PI470000 PI480000 P1500000 P1505000 P1510000 PI580000 PI670000 PI680000 PI690000 PI 700000 PI789000 PI793000 P1810000 PI820000 PI 870000 PI 990000 P3400000 P3401000 P3402000 Y00105 YOOl21 YOOl23 YOOl24 YOOl32 YOOl43

Project Description

Distr Rights of Way (R/W) Purch 46kv Righst of Way (RAV) Purch PROG Misc Power Plant Adds Minor Trans Sub Addns Minor Dist Sub Addns Comm a Control Program Mobile Radio Program - communication system support Misc OH Svc & Extn (CID) Minor OH Dist Addn (CID) Purchase, Install &Test Meiers & Mtr Eq Transformer & Equip Pur CID Minor T&D Customer Programs Misc UG Svc & Extn (CID) Preventive OH Transf Repl Preventive UG Transf RepI Prev Misc Cable Failure Rpl Minor UG Addns (CIO) PROG Power Station Misc Minor T&D System Programs Prev OH Dist RepI Prev OH Subtrans RepI Prev OH Trans RepI N. Kahana Bridge Temp OH Barters Pt TF Tsf #2 Install Kamokila Tsf #3 Install Ocean Pointe SS Tsf 2 Chevron 46kV Line Extension S. Punaluu Bridge 46kV Temp

2010 Recorded

$ S

$ s $ $ $ $ $ $ $ $ $ s $ s s s s s s $ $ s s s $ $

43.486 30

3,603,845 476,694

3,057.102 700,116 281.787

1,352,338 1,857,018 1,019,202 5,693,196

170,533 10.726,975

308.820 1,302,272 1.811,232 1,312,543

764,469 512.455

4,385,293 1,892,618 1,829,951

204,487 20,633

2,583 3,940

944.158 66,987

$ s s $ s $ $ $ $ $ $ $ s s $ $ $ $ s s s s $ $ $ s $ $

2010 Budget

60,000 36,000

2,619.471 810.139

1,717.392 304,878 174,188

1,406,284 1.906,395 1,407,855 4,825,312

253.678 12,546,933

518.627 505.125

3.462,942 1,666,026

196,475 1,588.488 4,235.806 3,188,450 1.915,437

187.293

-901,745

-

s s $ $ $ s s s s s $ s $ $ s s s $ $ $ s s s s $ s s s

Variance S (16.514) (35,970) 984,374

(333,445) 1,339,710

395.238 107,599 (53,946) (49,377)

(388,653) 867,884 (83,145)

(1,819,958) (209,807)

797,147 (1,651.710)

(353.483) 567.994

(1,076,033) 149,487

(1,295,832) (85,486)

17,194 20.633

2,583 3.940

42.413 66,987

Variance

% -28% (72)

-100% (73) 38% (74)

-41% (75) 78% (76)

130% (77) 62% (78) -4% -3%

-28% (79) 18% (80)

-33% (81) -15% (82) -40% (83) 158% (84) -48% (85) -21% (86) 289% (87) -68% (88)

4% -41% (89)

-4% 9%

(a) (a) (a)

5% (90)

~% 81,593.166 S 81.908,265 S

(a) Straggling cost - includes adjustments (increases or decreases) lo projects after being added to plant.

(315,119)



Total Cost of $1,000,000 to $2,500,000

Item Number

POOOl562 P0000484 P0000809 P00008i2 P0000815 P0000817 P0000a54 P0000856 poooosgs POOOl121 POOOl167 POOOl334 POOOl438 POOOl441 POOOl483

poooisis POOOl804

Project Description

Archer Bkr Rupture Disk Inst W7 Waiau FWH 75 Replace K6 Annunciator Replacement K5 Annunciator Replacement H9 Volt Reg/Exciter Replace W6 Exciter/Regulator Replace K l Excitation System VV7 Main Transformer H8 Main Xfmr Replacement Maunalani Heights Cable RepI Waiau-Ewa Nui Fiber Optic Replacement WIO Inlet Air Filtration W6 fvlain Condenser Refurb k l FWH Turb. Wtr. Ind. Pvt. Mikilua'Sub tsf #3 Woric Spare 48/80mva Tsf #2 WIO Exciter Upgrade

i s $ $ $ $ $ $ $ $ s $ s s

• $

$ $

2010 Recorded

1.108.299 6,569

16,376 1,318 1,403

1,824,683 50,339

2.484 3,499

85,352 1,460,521 1,523,250 2,222,568 1.943.750'

9,884 656.584

1,674.630

i $ $ $ $ $ S S

$ $ s S

s $ $ $ $

2010 Budget

1,807.212

1.616,869 1.778,201 1.497,476

2,234,620 1,471.360

S

$ $ $ $ S

$ s s $

$ $ s s $ $ $

Variance

$ 1.108,299

8,569 16,376

1.318 1,403

17.471" 50,339

2,484 3,499

85,352. (156.348) (254,951)

725,092 1.943,750

9.884 (1,578,0i36)

203,270

Variance

% (1) (a) (a) (a) (a)

1%

(a) (a) (a) (a)

•10% -14%' 48% (2)

(3) (a)

- 7 1 % (4) 14%

(a) Straggling cost 12,593,511 $ 10.405,738 S 983,996

(1) This project was unbudgeted in 2010. During the detailed inspections required lor the rupture disk installation, additional work was identified that needed to be addressed. This work was required to be completed at this time while Ihe equipment was open and the equipment vendor was on-site,

(2) This project variance Is largely due to the scope of work for the contractors increasing to include anti-vibration tube staking maten'al and labor and cathodic protection material and labor,

(3) This project was included in the 2009 approved capital budget for $980,000. II was not included In the 2010 capital budget as this project was initially projected to be completed in 2009. The cost overrun is due to more oquipment/material required than originally estimated, and the actual labor installation hours were higher than originally estimated. This projecl was a first-time "pilot' that HECO undertook, to retrofit turbine water induction countermeasures onto generating units not originally designed with these systems. After detailed design, and during procurement, it was determined that Ihe retrofit equipment would not meet performance requirements, necessitating changes that impacted material costs and installation labor.

(4) Project credited with $1,26M insurance coverage because Ihis spare unit was used immediately to replace the failed Ewa Nui Tsf A. Labor hours for assembling & testing the transformer as a spare unit under P0001518 was instead charged lo the Ewa Nui 80MVA Tsf A Replace (P0002188) project.

C;VDocumentsandSettings\jtakamur\LocalSettings\Temporarvlntemet Files\OLK2\20lOHECODraft PUCG0 7 Report031611.xls



Total Cost of $2,500,000 or Greater (PUC Application filed July 1, 2004 or later)

Docket Number

Item Number

Project Description

2010 Incurred

Cost CIAC

Recorded Net Cost In-Service

Date

Cost Report Filed

05-0145 Y49000 CIPI Unit 1 Addition 2008-0321 YOOl 18 Beckoning Point Substation 2008-0132 POOOl 390 Whitmore Sub & 46 kV Line

05-0146 P0001169 CIPO Kahe RO Water Projecl $ 05-0146 P0001170 CIPO AQ Monitoring Sins

2009-0155 P0001577 K3 Biofuel Co-Firing

$ $ $ $ s s

s

1,693.198 3,232,567

212,825 373,480 361,926

4,957,351

10,831,348

$ $ $ $ S

s

s

$ $ $ $ $ $

$

1,693,198 3,232,567

212,825 373,480 361.926

4,957.351

10.831.348

8/3^009 5/3/2010

11/25/2009 7/28/2009 8/13/2008 9/10/2010

10/2/2009 6^1/2010 2/22/2011

9/2/2009 2/11/2011

11/19/2010

(a)

(fl) (a)

(«)

(H) straggling Cosi



Other PUC Projects (non G07)

Docket Number

lt«m Number

Project Description

2010 IrKurred

Cost CIAC

Recorded Nel Cost In-Service

Date 2009-0176 Y00138 First Wind UFLS S 2.567,414 $ 2,762,034 2009-0351 Y00139 NCTAMS Whitmore Substation S 1,512,854 $ 1,400,000 2008-0279 Y00126 Mamala Phase 5 Mamala Sub $ 2,424.906 $ 2,498,112

(194,620) 112.854 (73.206)

12/19/2010 3/31/2010

10/15/2010

6.505.174 S 6,660,146 $ (154,973)



Total Cost of $500,000 or Greater (PUC Application filed prior to July 1, 2004)

Docket Number

Item Number

Project Description

2010 Incurred

Cost In-Service

Date

Cost Report Filed

02-0206 P9539000 03-0360 Y0D030 03-0417 Y48500

K3 Boiler Control Upgrade Dispatch Center Building Kamoku 46kV UG Alt Phase 1

24,522 914

58,502,483

9/19/2007 3/27/2006 6/29/2010

11/15/2007 (a) 4/21/2008 (a) 8/26/2010

58,527,920

(a) Straggling Cost • Final Cost Report filed 11/29/10


BEFORE THE-PUBLIC UTILITIES COMMISSION


In the Matter of the Application of


For Approval to Commit Funds in Excess of $2,500,000 (excluding Customer contributions) for Item Y00118, Beckoning Point Substation And 46 kV Circuit.


DECISION AND ORDER

By this Decision and Order, the commission approves

HAWAIIAN ELECTRIC COMPANY, INC.'S ("HECO") request to commit

approximately $3,285,391 (excluding customer contributions) for

Item y00118. Beckoning Point Substation and 46 kilovolt ("kV")

Circuit ("Proposed Project"), pursuant to Section 2.3.g.2 of

General Order No. 7, Standards for Electric Utilitv Service in

the State of Hawaii ("General Order No. 7"). The commission also

determines that it is appropriate for HECO to construct the 46 kV

subtransmission line above the surface of the ground, as proposed

in its application filed on December 23, 2008, under Hawaii

Revised Statutes ("HRS") § 269-27.6(a).

I.

Background

HECO, a Hawaii corporation, is a public utility as

defined by HRS § 269-1. HECO was initially organized under the

•; f-

c COST ESTIMATE


EXHIBIT XI PAGE 1 OF 3

o

Project Title: Installation of Beckoning Point Substation Budget Item: YOOl 18

LABOR ON-COST

Sub-Total

MATERIALS

OUTSIDE SERVICES

OTHER (Frei^t)

ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION

TOTAL COST OF PROJECT

ESTIMATED CONTRIBUTIONS 0 )

NET PROJECT COST (Less Cash Contributions)

TOTAL

$618,481 $78 U ^

$U99.710

$1,453,473

$971,197

$98,130

$140.719

$4,063,229

$777,838

$3,285^91

C

Note: CIAC is less the Hawaii GET of $3 8,464

C t) This amount was erroneously listed as a customer contribution in the Cost Estimate but should have been presented as a customer advance as indicated on page 5 of the Application and Certificate of Service (2008-0321). It is treated as an advance for the Rate Base RAM calculation.

.^'^


HECORT-9 DOCKETNO. 03-0417

REBUTTAL TESTIMONY OF EARLYNNE F. OSHIRO

PROJECT MANAGER PROJECT MANAGMENT DIVISION

ENGINEERING DEPARTMENT HAWAIIAN ELECTRIC COMPANY, INC.

Subject: Project Cost

HEGO-R-902 DOCKETNO PAGE 1 OF 2

'

S E n V t C E D A T e = >

l ^ m A L INSTALLATION COSTS Planning Costs

Estimated AFUDC

Permit t ing & Approval Costa Estimatad AFUDC

Subtransmission Lino Costs Estimated AFUDC

Tranmission Substation Costs Estimatad AFUDC

Dlstrtbul lon Substation Costs Estimated AFUDC

TOTAL

PUnVAL COSTS Subtransmission Une Costs Tranmisslon Substation Coats

Distr ibut ion Substation Cosia

NFW CYCLE COSTS Subtransmission Line Costs Tranmisslon Subststlon Costa

Distr ibution Substation Costs

O f M COSTS fANNUALl Subtransmission Une Costs Tranmisslon Substation Costa Distr ibution Substation Costs

COST INPUT DATA

2006

$25,269 $12,836 SI 2,433

$1,456 $1,159

$297

$5,1 S6 $4,916

$280

$8,408 $7,821

$5Q7

$1,258 $1,233

$2S

$41,587

$232 $95

$120

$201 $313 $487

$3,549 $585

$4,762

$820 $1,433 $2,233

$10 $54 $15

($ In OOO's)

PUC Applicat ion

No ls1 2043 2036 2052

2021 2036 2051

Note 1 2043 2036 2052

2021 2038 2051

Note 2 Note 2 Note 2

2008

SO N/A N/A

$578 S4t5 $164

$9,709 $8,969

$740

$3,549 $3,322

$227

$0 N/A N/A

$13,837

$W19 $17

$127 $41

$127

$6,890 $195

$1,073 $474

$4,604

$40 $108

$15

Note 1 2045 2023 2038 2053 2054

N o t s i 2046 2023 2038 2053 20S4

Notes Note 3 Notes

fK.l

2007

$26,396 $12,836 $13,580

$1,491 $1,172

$319

$3,398 $3,208

$191

$8,604 $7,830

$774

$2,003 $1,886

$117

$41,893

$239 $98

$123

$207 $322 $502 $108

$3,656 $603

$4,926

$948 $1,476 $2,300 $1,641

SIO $54 $15

P .L Revised Estimate

7

J

1-Note 1

2044 2037 2053

2022 2037 2052 2044

Note 1 2044 2037 2053

2022 2037 2052 2044

Note 4 Note 4 Note 4

2008

SO N/A N/A

$590 $420 $170

$9,528 $8,987

$541

$3 ,6 : ^ $3,326

$306

SO N/A N/A

$13,751

$348 S17

$131 $42

$131

$7,097 $201

SI.105 $489

$4,742

$40 S108

=:

Nota 1 2046 2024 2039 2054 2055

Note 1 2046 2024 2039 2054 2055

No tes No leS

$15 Notes . 6|

.o^-(m7

55,6 < ^

Nolea: 1. Year In wtilch removal and teplacafnant occurs. 2. O&M cosu appicabiD tor 2007 and 200S. 3. O&M costs appfcabU tor years 2009 arid beyond. 4. O&M costs appllC8bla lor 2008 and 200S. 5. O&M costs applicable lor ye in 2010 ana beyond. 6. O&M costs doeE not include maintenance on the translormer InstaDsd al Makaloa SubtiaUon

BI a iransformer at McCully Substation is removed. Ther«lare. the net allecl on dtstnbution tutisiation O&M is rK> cnarge.

EAST OAHU TRANSMISSION PROJECT C'EOTP") COSTS IN DOCKET NO. 03-0417 FOR THE DECOUPLING DOCKET NO. 2008-0274

Total EOTP costs $55,644,000

Phase 1 costs $41,893,000

Less planning co.sts ($12,836,000)

Less associated AFUDC f$13.560.000)

Source: Dkt. No. 03-0417, HECO-R-902. page I. Order No. 22104, pp. 4 and 8, Decision and Order No. 23747. p. 35.

Support for the EOTP costs. Refer to the referenced documents attached. Shaded information foots to dollars above.)

Att. A. In its rebuttal testimony in die EOTP proceeding, Dkt. No. 03-0417, Hawaiian Electric showed its revised cost estimates broken down by 2007 Phase I costs of $<4Ti893 (>pO and 2009 Phase 11 costs of$l3J5l,OOOJ.U}tal $55i®;pOp). For the Phase I costs, it showed planning costs of $12,836!wb and AFUDC associated with the.se costs of $nTsdoloOQ. HECO-R-902.'page 1.

Att. B. According to the Consumer Advocate's testimony. "(O^e estimated cost of the instant EOTP ranging from $55-64 ;;0Op lo $60,910,000 should be reduced by $12 miiUpri (i.e., $43,644,000 to $48,9l6,6ob) to remove the costs incurred during the period from 1991 through June 2002 lo plan, scope and receive public input, route selection, environmental review and CDUP process for the initial 138kV EOTP proposal. The costs .should also include any 'j llow^nreyfOT^FM jUsc^^^^ CoiKirucVioiv (iAE! ^ that were made for the costs incurred lo pursue the n8kV EOTP alternative." CA-T-1. page 9. lines 1-8. (For the decoupling docket, specifically $12,836,000 in planning costs and associated AFUDC of $13,560,000 provided in the Company's rebuttal.)

Att. C. According to die joint motion filed in Dkt. No. 03-0417, "'(ajny issue as to whether the pre-2003 planning and permitting costs, and related AFUDC should be included in the costs of the instant project has been reserved to and may be raised in the next general rate increase proceeding (or other proceeding) in which HECO seeks approval to recover the East Oahu Transmission Project costs." Joint Motion for Approval of Stipulation, page 5.

Att. D. The Commission approved the Stipulation, in part. 'The commission accepts the wiflidrawaJ ofthe Pre-2003 Permitting and Planning Costs issue from thi.s proceeding," but denied the request to withdraw the information on this from the record. Order No. 22104. Ordering Paragraph 2. pages 8-9.

http://the.se


Att. ^ In D&O No. 23747, the Commission approved HECO's request to expend an estimated $55,644,000 for EOTP, "provided that no part ofthe Proposed Project may be included in HECO's rate base unless and until the Proposed Project is in fact installed, and is used and useful for public utility purposes, and provided that HECO present data in the next rate proceeding concurrent with or following the in-service date of Phase 2 ofthe Proposed Project that demonstrates the need and use of the Archer D transformer." D&O No. 23474. Ordering Par. 1. pages 37-38. It is important to note tbat the PUC held to the Stipulation and Order No. 22104 approving the Stip:

1. However, the D&O also states that "(i)n approving the commitment of fands for the Proposed Project, the Commission notes that it is not modifying Order No. 22104 [which approved the Stipulation accepting the withdrawal of the permitting and planning costs}. The Consumer Advocate may raise the issue of whetiier the pFe-2003 planning and permitting costs, and related AFUDC should be included in the costs ofthe Proposed Project in the next general rate case proceeding (or other proceeding) in which HECO seeks approval to recover the costs ofthe Proposed Project." D&O 23474, footaote 17, page 35.

2. Moreover, the D&O reiterated that the Commission accepted the withdrawal of the permitting and planning costs issue, but denied the agreement to withdiaw the info on this from the record "Accordingly, as stated in Order No. 22104, the commission will not address the pre-2003 planning and permitting costs incurred by HECO in the Decision and Order." D&O .23747; p a ^ 26..

Att. F, EOTP without planning and permitting costs have been included in the Company's revenue decoupling proposal in Docket No. 2008-0274, which the Consumer Advocate and the parties agreed to in this proceeding. Refer to the Hawaiian Electric Companies Revenue Decoupling Proposal, January 30,2009, footnote 12, page 27 and Attachment 13 A, page 1. Also refer to the response to PUC-IR-6.


j I

ay BEFORE THE PUBLIC UTILITIES COMMISSION




For Approval to Commit Funds in Excess of $2,500,000 (excluding customer contributions) for the Purchase and Installation of the Capital Equipment, Item P0001577, For the Kahe 3 Biofuel Co-firing Demonstration Project, and for Approval of the Biofuel Supply Contract for the Kahe 3 Biofuel Co-firing Demonstration Project and to Include the Biofuel Supply Contract Costs in Hawaiian Electric's Energy Cost Adjustment Clause.


DECISION AND ORDER


HAWAIIAN ELECTRIC COMPANY, INC.'S ("HECO*) request: (1) to commit

an estimated $4,686,000 {excluding customer contributions) for

the purchase and installation of capital equipment, Item

P0001577, for the Kahe 3 Biofuel Co-firing Demonstration Project

("Biofuel Co-Firing Project"); (2) to approve the biofuel supply

contract ("Supply Contract") between HECO and Sime Darby

Biodiesel SDN BHD ("Sime Darby") to provide approximately

1,575,000 net U.S. gallons of biofuel for use in HECO's Biofuel

Co-Firing Project and the related throughput contract; and (3) to

include the costs of the Supply Contract and costs associated

with the biofuel, transportation, and related taxes in its

-i'.'Sp ^






For Approval to Commit Funds in Excess of $2,500,000 (Excluding Customer Contributions) for Item P7650000, the Waiau 8 Boiler Control System Upgrade Project


Decision and Order No. C. J 7 O ^

DECISION AND ORDER


HAWAIIAN ELECTRIC COMPANY, INC.'3 ("HECC) request to commit

approximately $3,987,730 for Item P7650000, the Waiau 8 Boiler

Control System Upgrade Project ("Project") , in accordance with

Paragraph 2.3(g)(2) of the commission's General Order No. 7,

StandayiJQ for Electric utilitv Service in the State of Hawaj.j,.

("G.O. No. 7').

I.

Background

A.

Application

HECO is a Hawaii corporation organized under the laws

of the Kingdom of Hawaii on or about October 13, 1891, and now

exists under and by virtue of the laws of the State of Hawaii.

HECO is an operating public utility engaged in the production.


RBA Rate Adjustment Revision Due to Issuance of Interim Decision & Order

The RBA Rate Adjustment is a per kilowatt-hour rate that provides for; 1) the collection or retum ofthe prior calendar year-end balance in the RBA; 2) the retum ofthe Eamings Sharing Revenue Credits, Major Capital Projects Credits or Baseline Capital Projects Credits' for the prior calendar year; and 3) recovery ofthe RAM Revenue Adjustment for the RAM Period as defined in the RAM Provision tariff. The RAM Period is typically January 1 through December 31 ofthe year the RAM filing is made. In 2011, the beginning ofthe RAM period is March I instead of January 1 due to the March 1, 2011 effective date ofthe RBA and RAM tariffs. The RBA Rate Adjustment will be billed on a lagged basis to customers over the subsequent June P' through May 31*' period (see Tariff Sheet 92 of Hawaiian Electric Company's approved RBA tariff). Thus, typically, the annual tariff filings in March of each year, including a test year, establish the target revenue for the entire calendar year and re-set the RBA rate adjustment to be effective June 1".

The Commission's issuance of a rate case interim decision and order within a test year resets the level of target revenue and supersedes the target revenue calculated under the RBA Provision tariff from the effective date ofthe interim rates. From that date, the RAM Revenue Adjustment for the remainder ofthe test year is adjusted to zero because the approved interim revenue requirement is recovered through interim rates.' *

Although the RAM Revenue Adjustment for the test year is adjusted to zero from the date the interim rates become effective, the RBA Rate Adjustment, which is billed to customers beginning June 1, must still be recalculated and reset to recover the RAM Revenue Adjustment accmed between the beginning ofthe test year (or from March 1, 2011, as reflected in this filing which is the effective date for decoupling and the effective

' Earnings Sharing Revenue Credits are amounts to be returned to customers as credits through the RBA Provision lo implement the eamings sharing percentages and procedures described in the RAM tariff provision on Tariff Sheets 93C and 93D. Major Capital Projects Credits and Basehne Capital Projects Credits are amounts to be returned to customers as credits through the RBA Provision as described in the RAM tariff provision on Tariff Sheets 93B and 93C. ^ The RAM Period is defined as the calendar year containing the Annual Evaluation Date. The Annual Evaluation Date is the Date the Company will make its annual filing under this [RAM] mechanism. The Annual Evaluation Date shall be no later than March 31" of each year, commencing March 31, 2011. (See Tariff Sheet 93.) ^ See letter from the HECO Companies and Consumer Advocate, filed June 25, 2009, attached Exhibit C at 8 (Revised 6/25/09), Docket No. 2008-0274. ' The RAM for the calendar year following the test year will be calculated and filed on March 31" of the year following the test year.

The establishment of a new target revenue does not affect the level of collection or return ofthe prior calendar year-end balance in the RBA or the Eamings Sharing Revenue Credits, Major Capital Projects Credits or Baseline Capital Projects Credits that are requested in the Company's annual filing for the RBA Rate Adjustment.


date ofthe RBA and RAM tariff provisions) and the date that interim rates become effective. Hawaiian Electric will revise the RBA Rate Adjustment to reflect the RAM Revenue Adjustment that must be included in the following maimer, which is further illustrated on page 4 of this attachment:^

1. Identify the interim rate effective date. This date would depend on provisions in the Commission's order approving interim rates.

2. Determine the number of calendar days from the beginning ofthe test year (or from March 1, 2011, as reflected in this filing which is the effective date for decoupling and the effective date ofthe RBA and RAM tariff provisions) and the effective date ofthe interim rates.

3. Prorate the annual RAM Revenue Adjustment based on the number of calendar days the RAM Revenue Adjustment is effective. Calculate the revised RAM Revenue Adjustment based on Step 2 for the period from the beginning ofthe test year (or from March 1, 2011, as refiected in this filing which is the effective date for decoupling and the effective date ofthe RBA and RAM tariff provisions) and the interim rates' effective date.

4. Estimate the RBA Rate Adjustment revenue recovered from ratepayers between June 1 and the interim rate effective date by multiplying the RBA Rate Adjustment filed on March 31 by the estimated kilowatthour sales between June 1 and the interim rate effective date.

5. Calculate the RBA Rate Adjustment revenues remaining to be recovered for the test year by subtracting the amount in Step 4 from the amount in Step 3.

6. Calculate a revised RBA Rate Adjustment to be effective on the same date that interim rates are effective, through May 31*' ofthe following year, by dividing the amount in Step 5 by projected kilowatthour sales over the same period.

As indicated above and in the accompanying illustration, the revised RBA Rate Adjustment as a result of an interim decision in the rate case is a function of 1) the impact on the RAM Revenue Adjustment for the calendar year based on when the interim rates become effecrive and 2) the estimated revenues collected for the RAM Revenue Adjustment through the RBA Rate Adjustment until that date. Prorating the RAM Revenue Adjustment will be done using calendar days.

Hawaiian Electric will submit the revised RBA tariff provision for the revised RBA Rate Adjustment as part ofthe rate case tariff filing to place interim rates in effect. The Company will request that both the interim rates and the revised RBA Rate Adjustment be effective on the same date.

^ There may be some overlap in the billing of interim rates and the billing ofthe RAM Revenue Adjustment through the RBA Rate Adjustment because while interim rates are billed immediately after they become effective, the billing ofthe RAM Revenue Adjustment through the RBA Rate Adjustment occurs on a lagged basis during the June 1 through May 31 period following the filing ofthe RBA Rate Adjustment.


The RAM Revenue Adjustment in a year that is a rate case test year would be designated interim and subject to refund in the event the Commission finds a lower authorized base revenue amount to be reasonable for the test year. (See page 23 ofthe Joint Final Statement of Position ofthe HECO Companies and Consumer Advocate, filed May 11, 2009, in Docket No. 2008-0274.) The refund, if one is necessary, would be included in the revised RBA tariff provision and revised RBA Rate Adjustment filed with the Commission with test year interim or final rates.

Based on the filing of the RBA tariff on March 31,2011, when it is probable the tariff will become effective, the Company will begin accming the RAM Revenue Adjustment ratably from March. The difference between the revenue accrued and the revenue collected through the RBA tariff will be included in a regulatory asset.


HAWAIIAN ELECTRIC COMPANY

DETERMINATION OF ADJUSTMENT to REVENUE BALANCING ACCOUNT (RBA) RATE ADJUSTMENT BASED ON REVISING THE RAM REVENUE ADJUSTMENT

ILLUSTRATION ASSUMING 2011 INTERIM RATE INCREASE EFFECTIVE JULY 1, 2011

In SOOOs In SOOOs

Ll

L2

L3 = Ll X L2

Step 1 Assumed Interim rate effective date; July 1, 2011 (Day of the year = 182)

Effective date of RBA and RAM: March 1, 2011 (Day of the year = 60)

Step 2 TOTAL RAM Attachment 2, Page 1

Adjustment for Adjusted RAM Period March 1,2011 -June 30, 2011 122 days -r 365 days

Step 3 Adjusted 2011 RAM to be Recovered

$15,199

33.42%

$5,080

L4

L5

L6

L7

L8 = (L6x 1000000) X (L7-r 100)-r 1000

L9 = L3 - L8

LIO

L l l =(L9x 1000x100) •r {LIO X 1000000)

RBA calendar year balance + Earnings Sharing Revenue Credits, Major Capital Projects Credits, and/or Baseline Capital Projects Credits

RBA Rate Adjustment revenue reflecting interim

Step 4 Estimated GWH Sales, June 2011 Attachment 2, Page 2

Initial RBA Rate Adjustment, c per kWh Effective June 1, 2011 through May 31, 2012

Estimated RBA Rate Adjustment Revenue June 2011

Step 5 Remaining Adjusted 2011 RAM to be Recovered July 2011 to May 2012

Step 6 Estimated GWH Sales (7521.8-633.0) July 2011 to May 2012

Attachment 2, Page 2

Revised RBA Rate Adjustment, $ per kWh Effective July 1, 2011 through May 31, 2012

633.0

0.1694

NA

$5,080

$1,072

$4,008

6,888.8

0.0582

L12 = L11 -100x600 Monthly Bill Impact @ 600 kWh $0.35





For Approval to Modify the RBA Rate Adjustment in its Revenue Balancing Account Provision Tariff


VERIFICATION

STATE OF HAWAII

ss. CITY AND COUNTY OF HONOLULU )

Darcy L. Endo-Omoto, being first duly sworn, deposes and says: That she is the Vice

President, Government and Community Affairs, of Hawaiian Electric Company, Inc., Applicant

in the above proceeding; that she makes this verificafion for and on behalf of Hawaiian Electric,

and is authorized so to do; that she has read the foregoing Application, and knows the contents

thereof; and that the same are true of her own knowledge except as to matters stated on

information or belief, and that as to those matters she believes them to be tme. A\V^^***"'"""//>

Subscribed and swom to before me this 31 st day of March, 2011.

STATE OF HAWAII NOTARY CERTIFICATION

Doc. Date: 3/31/2011 # of pages H "^ DEBORAH tCHlSHlTA

Notary Public, State of Hawaii ^ ^ ^ i c k ' * ^ ^ ) ^ ' ^ ^^"^e- ^^^Q^AH ICHlSHlTAFirst Circuit

My Commission expires J"ly18|2012 f^ /^^*^s^ '^ tDescr ip t ion : Hawaiian Electr ic

12(^04-409 ^Vji^"^™^*^'^^^ ^° - 11-02

% / O F V \ ;igtarySign Jtfbtary Sienature Dale





For Approval to Modify the RBA Rate Adjustment in its Revenue Balancing Account Provision Tariff


CERTIFICATE OF SERVICE

I hereby certify that the foregoing Transmittal No. 11-02 was served on the date of filing'

by hand delivery, or mail, postage prepaid and properly addressed, as indicated below.

JEFFREY T. ONO 2 Copies EXECUTIVE DIRECTOR Via Hand Delivery DIVISION OF CONSUMER ADVOCACY DEPT. OF COMMERCE AND CONSUMER AFFAIRS P.O. Box 541 Honolulu, Hawaii 96809

JAMES N. McCORMICK, ESQ. 1 Copy ASSOCIATE COUNSEL Via U.S. Mail NAVAL FACILITIES ENGINEERING COMMAND,

PACIFIC 258 Makalapa Drive, Suite 100 Peari Harbor, Hawaii 96860-3134

Dated: Honolulu, Hawaii, March 31, 2011.


Kyle Kawata