LegalApr 10, 2026, 03:26 PM
Hawaiian Electric Authorizes First $479M Maui Wildfire Settlement Payment
AI Summary
Hawaiian Electric Industries, Inc. and Hawaiian Electric Company, Inc. announced that the final condition to payment under the November 2024 settlement agreements for the 2023 Maui windstorm and wildfires has been met. This condition was satisfied when a judgment on subrogation claims became final and unappealable after insurers dismissed their appeals. Consequently, the companies authorized the first of four equal annual $479 million installments, with funds for this initial payment already raised and held, making the settlement releases effective.
Key Highlights
- Final condition met for 2024 settlement agreements related to 2023 Maui wildfires.
- Hawaiian Electric authorized first of four equal annual $479 million installments.
- First $479 million payment funds were previously raised via September 2024 equity offering.
- Funds were held in a special purpose vehicle pending condition resolution.
- All conditions met, making releases in settlement agreements effective.