The move will result in a $3.31 increase per month for a typical Oahu residential customer using 600kWh of electricity a month effective 26 July 2011.
The company said that the 2.2% increase ($38m in annual revenues) will help pay for about $80m in capital improvements such as grid modernization and other projects.
The original request of HECO, filed in July last year, was for a 6.6% increase ($113.5m in revenues).
HECO executive vice president Robbie Alm said as the company strengthens its grid and adds more renewable energy, its customers will see lower and more stable electric bills than if it continues to rely so heavily on fossil fuels.
