Today, Governor Ige signed the Hawaiʻi Ratepayer Protection Act into law establishing performance incentives for the electric utility to ensure it earns profits when it provides cheaper, renewable energy to its customers.
“This is the next logical step in Hawaiʻi’s transition to a clean energy future,” said Marti Townsend director for the Sierra Club of Hawaiʻi. “Performance based rates bring the financial interests of the investor-owned utility into line with the public’s interest in cheaper, cleaner energy for everyone.”
S.B. 2939, now Act 5, SLH 2018, guides the Public Utility Commission’s decision-making in the docket recently opened on performance incentives for the electric utility. The law directs the PUC to consider the “affordability” of customer bills, “rapid integration of renewable energy sources,” and the reliability of electrical service when setting the amount the electric utility can earn from ratepayers.
Performance based rates has been a top legislative priority for the Sierra Club of Hawaiʻi for several years. “We are extremely grateful to Gov. Ige for following through on his vision for a clean energy future for Hawaiʻi,” said Townsend. “After reviewing all of the evidence, Gov. Ige made the right choice for Hawaiʻi’s ratepayers and environment.”
The Hawaiʻi Ratepayer Protection Act sets the course for the utility of the future. Making S.B. 2939 law reduces electrical rates for Hawaiʻi residents, empowers the PUC to set strong, well-informed policies, and encourages the utility to ensure clean energy for all of Hawaiʻi’s residents.
S.B. 2939 SD2