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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: March 25, 2002
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Exact Name of Registrant Commission I.R.S. Employer
as Specified in Its Charter File Number Identification No.
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Hawaiian Electric Industries, Inc. 1-8503 99-0208097
Hawaiian Electric Company, Inc. 1-4955 99-0040500
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State of Hawaii
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(State or other jurisdiction of incorporation)
900 Richards Street, Honolulu, Hawaii 96813
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code:
(808) 543-5662 - Hawaiian Electric Industries, Inc. (HEI)
(808) 543-7771 - Hawaiian Electric Company, Inc. (HECO)
None
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
The following is an update of the Hawaii Electric Light Company, Inc. (HELCO)
power situation (see "HELCO power situation," which is incorporated herein by
reference to pages 8 to 13 of HEI's and HECO's Form 10-K):
In September 2000, the Third Circuit Court of the State of Hawaii (the Circuit
Court) orally ruled that, absent a legal or equitable extension properly
authorized by the Hawaii Board of Land and Natural Resources (BLNR), the three-
year construction period in the standard land use conditions of the Department
of Land and Natural Resources of the State of Hawaii (DLNR) expired in April
1999. In October 2000, HELCO filed with the BLNR a request for extension of the
construction deadline and, in January 2001, the BLNR sent the request to a
contested case hearing, which was held in September 2001. In a document dated
November 5, 2001, the hearings officer recommended that the BLNR approve HELCO's
request for extension of the construction deadline. The recommendation did not
state a time period for the extension, but concluded that an extension is
warranted, "under such conditions as the Board may deem advisable." Oral
arguments before the BLNR were conducted in January 2002. The BLNR, by Order
dated March 25, 2002, granted HELCO an extension through December 31, 2003. The
extension is subject to a number of conditions, including, but not limited to,
HELCO: complying with all applicable laws and with all conditions applicable to
the default entitlement, including the 15 standard land use conditions (except
where deviations are approved by the BLNR), and to each Conservation District
Use Permit and amendment previously awarded to HELCO for this site; agreeing to
indemnify and hold the State harmless from claims arising out of any act or
omission of HELCO relating to the "permit"; proceeding with construction in
accordance with construction plans to be submitted to and signed by the
chairperson of the BLNR; obtaining approval of the Department of Health of the
State of Hawaii (DOH) and the Board of Water Supply for any potable water supply
or sanitation facilities; complying with HELCO's representations relative to
mitigation, as set forth in the accepted environmental impact statement;
minimizing or eliminating any interference, nuisance or harm which may be caused
by this land use; filing, within 90 days of the Order, an application for
boundary amendment with the State Land Use Commission to remove the site from
the conservation district; and complying with other terms and conditions as
prescribed by the chairperson of the BLNR. The Order states that failure to
comply with any of these conditions shall render the "permit" void. The Order
also states that "no further extensions will be provided."
HELCO's assessment is that it will be able to comply with each of the
conditions in the Order. The parties have until April 3, 2002 to file any motion
for reconsideration with the BLNR. It is anticipated that opponents will file
an appeal of the Order with the Circuit Court by April 26, 2002, and may request
a stay while the appeal is pending. HELCO expects to prevail on such appeal and
does not expect that any stay request would be granted.
In December 2000, the Circuit Court granted a motion to stay further
construction until extension of the construction deadline is obtained from the
BLNR, at which time the Circuit Court would consider lifting the stay. In light
of the BLNR's March 25, 2002 Order, HELCO will file a motion with the Circuit
Court on April 4, 2002 to lift the stay, and expects the motion to be granted.
The motion is set for hearing on April 22, 2002.
Management currently expects that the installation of CT-4 and CT-5 will
begin when the stay is lifted by the Circuit Court, with an expected in-service
date by late 2003. There can be no assurances, however, that CT-4 and CT-5 will
be installed or that this time frame will be met.
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Forward-Looking Statements
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This report and other presentations made by Hawaiian Electric Industries, Inc.
(HEI) and its subsidiaries contain "forward-looking statements," which include
statements that are predictive in nature, depend upon or refer to future events
or conditions, and usually include words such as "expects," "anticipates,"
"intends," "plans," "believes," "predicts," "estimates" or similar expressions.
In addition, any statements concerning future financial performance (including
future revenues, expenses, earnings or losses or growth rates), ongoing business
strategies or prospects and possible future actions, which may be provided by
management, are also forward-looking statements. Forward-looking statements are
based on current expectations and projections about future events and are
subject to risks, uncertainties and assumptions about HEI and its subsidiaries,
the performance of the industries in which they do business and economic and
market factors, among other things. These forward-looking statements are not
guarantees of future performance.
Risks, uncertainties and other important factors that could cause actual
results to differ materially from those in forward-looking statements include,
but are not limited to, those listed under "Forward-Looking Statements" on page
vi of HEI's and HECO's Form 10-K, which is incorporated herein by reference.
Forward-looking statements speak only as of the date of the report,
presentation or filing in which they are made.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized. The signature of the undersigned
companies shall be deemed to relate only to matters having reference to such
companies and any subsidiaries thereof.
HAWAIIAN ELECTRIC INDUSTRIES, INC. HAWAIIAN ELECTRIC COMPANY, INC.
(Registrant) (Registrant)
/s/ Robert F. Mougeot /s/ Richard A. von Gnechten
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Robert F. Mougeot Richard A. von Gnechten
Financial Vice President, Treasurer and Financial Vice President
Chief Financial Officer
(Principal Financial Officer of HEI) (Principal Financial Officer of HECO)
Date: April 2, 2002 Date: April 2, 2002
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