WASHINGTON, D.C. – March 14, 2013 – (RealEstateRama) — Hawaiian Electric Company (Hawaiian Electric) seeks to lower the cost of electricity for its customers in the near term with qualified renewable energy projects on Oahu that can be quickly placed into service at a low cost per kilowatt-hour. To that end, Hawaiian Electric will consider requesting a waiver from the Hawaii Public Utility Commission (PUC) Competitive Bidding Framework for projects that meet these goals.
Hawaiian Electric understands that the complexity and significant timeline necessary to develop projects through the RFP may be deterring some renewable energy projects capable of much shorter development periods. Some project developers/prospective bidders may have already expended substantial time and resources in preparing their proposals in anticipation of bidding in to the RFP. It is possible that by proceeding immediately some projects will be able to realize significant savings and offer lower energy rates as a result. For example, costs related to retaining land rights for a project site prior to commercial operations may increase the overall cost of energy when the project comes into service.
To take advantage of potential savings on behalf of its customers, Hawaiian Electric will consider requesting a waiver to proceed with one or more projects (greater than 5 MW) that can be completed quickly and that meet several criteria.
For more information, see Hawaiian Electric’s offer.