HECO's First Annual Revenue Decoupling Mechanism Filing, March ...

CURSO: PSICOLOGIA - VARGINHA SEMESTRE: 2 ANO: 2011 C/H: 80DISCIPLINA: NEUROANATOMIACONTEÚDOSPLANO DE ENSINO1-Introdução ao estudo de neuroanatomia1.1.Generalidades1.2.Conceitos1.3.Divisão do sistema nervoso com base em critérios anatômicos1.4.Divisão do sistema nervoso com base em critérios embriológicos1.5. Divisão do sistema nervoso com base em critérios fumcionais2-Anatomia macroscópica da medula espinhal e envoltórios2.1-Conceito2.2-Limites2.3-Forma e estrutura geral da medula2.4-Topografia vértebro-medular2.5-Envoltórios da medula3-Anatomia macroscópica do tronco encefálico3.1-Divisões3.2-Generalidades de cada seguimento do tronco4-Inervação4.1-Conceito4.2-Função4.3-Tipos: - Espinhais: características principais- Cranianos: características principais dos doze pares e área inervada por cada par.5-Cerebelo5.1-Generalidades: localização, conexões, funções e divisões.5.2-Aspectos anatômicos: anatomia externa e interna6-Anatomia macroscópica do diencéfalo6.1-Generalidades6.2-III ventrículo6.3-Tálamo6.4-Hipotálamo6.5-Epitálamo6.6-Subtálamo7-Anatomia macroscópica do telencéfalo7.1-Generalidades7.2-Sulcos e giros7.3-Face súpero-lateral7.4-Face medial7.5-Face inferior7.5-Morfologia dos ventrículos laterais7.6-Plexos corióides7.7-Núcleos dabase8-Meninges e líquor8.1-Características das meninges8.2-Dura-máter: pregas e seios da dura-máter8.3-Aracnóide: cisternas subaracnóideas e granulações aracnóideas.8.4-Pia-máter8.5-Líquor9-Vascularização do S.N.C.9.1-Vascularização arterial: Sistema carotídeo e sistema vertebral9.2-Artéria carótida interna e seus ramos: artéria cerebral anterior e média9.3-Artérias vertebrais e basilar e seus ramos: artérias cerebrais direita e esquerda9.4-Círculo arterial do cérebro ou polígono de Willis9.5-Território das três artérias cerebrais9.5-Vascularização venosa:-Sistema venoso superficial

Hawaii Administrative Rules, Title 6, Chapter 61. The proposed tariff revision is in accordancewith the Final Decoupling Order, the Final Decision and Order filed December 29, 2010 inDocket No. 2008-0083 (Hawaiian Electric's 2009 test year rate case), and the Order Approving2009 Final Rates.IVHawaiian Electric's latest available balance sheet and income statement for the twelvemonths ending December 31, 2010, were filed with the Commission on February 22, 2011, andare incorporated by reference pursuant to Rule 6-61-76 ofthe Commission's Rules of Practiceand Procedure, Title 6, Chapter 61, HAR.VBy Order Initiating Investigation ("Opening Order"), filed October 24, 2008, theCommission opened the decoupling proceeding in Docket No. 2008-0274 to examineimplementing a decoupling mechanism for the Hawaiian Electric Companies^ that would modifythe traditional model of ratemaking for the Hawaiian Electric Companies by separating theHawaiian Electric Companies' revenues and profits from electricity sales. This proceeding arosefrom the Energy Agreement among the State of Hawaii, Division of Consumer Advocacy oftheDepartment of Commerce and Consumer Affairs, and the Hawaiian Electric Companies("Energy Agreement"), which the Governor ofthe State of Hawaii, the Department of Business,Economic Development, and Tourism ("DBEDT"), the Hawaiian Electric Companies and theDivision of Consumer Advocacy ofthe Department of Commerce and Consumer Affairs("Consumer Advocate") executed on October 20, 2008. The Energy Agreement resulted from^ The "Hawaiian Electric Companies" include Hawaiian Electric, Hawaii Electric Light Company, Inc. {"HELCO")and Maui Electric Company, Limited ("MECO").-3-

the Hawaii Clean Energy Initiative, a collaboration between the State of Hawaii and the U.S.Department of Energy with the goal of decreasing energy demand and accelerating the use ofrenewable, indigenous energy resources in Hawaii in the residential, building, industrial, utility,and transportation end-use sectors. The Energy Agreement committed the Hawaiian ElectricCompanies to facilitate the integration of substantial amounts of wind and other renewableenergy into their grids and to enable electricity consumers to manage their electricity use moreeffectively. It also included certain regulatory changes to allow the Hawaiian ElectricCompanies to better support the initiatives ofthe Energy Agreement, including the adoption of adecoupling mechanism.In the Opening Order, the Commission named the Hawaiian Electric Companies and theConsumer Advocate as parties to Docket No. 2008-0274 and directed them to file a jointproposal on decoupling within 60 days ofthe date ofthe order. Other parties that were grantedintervention in Docket No. 2008-0274 included the Department of Business, EconomicDevelopment, and Tourism ("DBEDT"), Haiku Design and Analysis ("HDA"), HawaiiRenewable Energy Alliance ("HREA"), Hawaii Solar Energy Association ("HSEA") and BluePlanet Foundation ("Blue Planet")."^ The Hawaiian Electric Companies, the ConsumerAdvocate, DBEDT, HDA, HREA, HSEA, and Blue Planet are collectively referred to as the"Parties." The Commission also retained a consultant, the National Regulatory ResearchInstitute ("NRRI"), for the decoupling proceeding."* Life ofthe Land ("LOL") was also granted intervention in the docket, bul the Commission subsequently approveda request by LOL to withdraw fromthe docket. Hawaii Holdings, LLC dba First Wind Hawaii ("First Wind")voluntarily changed from an intervenor to a participant in the docket. Tawhiri Power LLC was denied a motion foran enlargement of time to file a motion to intervene. After the issuance ofthe Final Decoupling Order, HDA filed amotion to withdraw fromthis proceeding, which the Commission approved.-4-

The Commission and the Parties underwent an extensive and in-depth investigation in thedecoupling proceeding, which included the filing of initial and final statements of position anddecoupling proposals, participation in technical workshops, responding to information requestsfrom the other parties and the Commission, participation in panel hearings and the filing of posthearingopening and reply briefs. The Commission's February 19, 2010 Order in DocketNo. 2008-0274 approved "the Joint Final Statement of Position ofthe HECO Companies andConsumer Advocate ["Joint FSOP"], filed on May 11, 2009, as amended by filings on June 25,2009 and July 13, 2009, and as subsequently modified by the proposals in the HECOCompanies' Motion of Interim Approval of a Decoupling Mechanism, filed on November 25,2009, to the extent agreed-upon by the HECO Companies and the Consumer Advocate, asindicated in the present record, subject to the Commission's issuance of a final Decision andOrder in this matter." {Order at 1-2.)On August 31, 2010, the Commission issued the Final Decoupling Order in DocketNo. 2008-0274 stating the "HECO Companies shall implement decoupling, and commencetracking target revenues and recorded adjusted revenues when rates that reflect a reduced ROR[rate of retum] due to decoupling are approved by the commission in either an interim or finaldecision and order in the HECO Companies pending rate cases," subject to certain conditionsand modifications. (Final Decoupling Order at 129.)On December 29, 2010, the Commission issued its Final Decision and Order inHawaiian Electric's 2009 test year rate case proceeding, Docket No. 2008-0083, stating that,"the commission approves the implementation of decoupling for HECO effective immediatelywith this Final Decision and Order. HECO may begin tracking target revenue and recordedadjusted revenue, which shall serve as the baseline for future decoupling calculations." {Final-5-

Decision and Order at 42.) In accordance with this Final Decision and Order, on January 24,2011, Hawaiian Electric filed its tariff sheets and rate schedules, reflecting the increase in ratesallowed by the Final Decision and Order. This filing included the Company's RBA and RAMtariff provisions, and added heat rate deadbands and a provision for Target Heat Rates to theEnergy Cost Adjustment Clause ("ECAC").^ The Commission approved the tariff sheets andrate schedules on February 25, 2011. The effective date ofthe tariffs was March 1, 2011.Currently, there is no per-kWh RBA Rale Adjustment in the tariff.VIAs explained above, the purpose of this filing is to modify Hawaiian Electric's existingRBA Tariff to include an RBA Rale Adjustment of $0.001694 per kwh for the June 1,2011through May 31, 2012 recovery period. (See Secfion E ofthe RBA tariff.) This RBA RateAdjustment is calculated as described in the tariff. Included in this transmittal are schedules anddocumentafion in support of this rate adjustment.As stated in the tariff, the Company will notify its customers ofthe RBA RateAdjustment filing via newspaper and bill statements. The RBA Rate Adjustment is an automaticrate adjustment clause.In Attachment 1, Hawaiian Electric submits its proposed RBA Tariff revision reflectingthe RBA Rate Adjustment of $0.001694 per kwh in paragraph E of Revised Sheet No. 92B.Attachment 1 also provides the existing Sheet Nos. 92 and 92A ofthe RBA Tariff so that theRefer to the Hawaiian Electric Revised Schedules Resuhing from Final Decision and Order, filed January 24,2011, Exhibit 2A, pages 32 and 152-163, DocketNo. 2008-0083.* The Joint FSOP at 23, filed May 11, 2009, Docket No. 2008-0083, states that "HECO would make subsequenttariff filings in March of each year to establish the target revenue for the calendar year based on the RAM RevenueAdjustment and to re-set the RBA rate adjustments for the calendar year plus recovering the RAM RevenueAdjustment for the current calendar year."-6-

proposed revision can be seen in the context ofthe entire RBA Tariff. Attachment 1A providesthe existing tariff sheets for the RBA Tariff.Attachment 2 provides a summary ofthe RBA rate adjustment and allocation, and itsimpact on customer bills. Attachment 2 also reflects the proration for 306 days out of 365 days,i.e., ten months, ofthe estimated annual O&M RAM and Rate Base RAM to reflect the March 1,2011, decoupling effective/implementation date.^ The O&M RAM component calculation andsupporting workpapers are submitted as Attachment 3 and the Rate Base RAM componentcalculation and supporting workpapers are submitted as Attachment 4.Finally, Attachment 5 provides an explanation of how the RAM will be revised to reflectthe effective date ofthe rates approved by the Commission in its interim decision and order inHawaiian Electric's 2011 test year rate case. Docket No. 2010-0080. The Commission'sissuance of a rate case interim decision and order within a test year resets the level of targetrevenue and supersedes the target revenue calculated under the RAM Provision from theeffective date ofthe interim rates. From that date the RAM Revenue Adjustment for the^ As reflected in Exhibit C, Item A, filed with the Letter dated June 25,2009, Subject: Revised and New Exhibitsfor the Joint SOP, Docket No. 2008-0274, the Hawaiian Electric Companies accepted a delayed filing date asproposed in "Consumer Advocate's HECO/MECO/HELCO Rate Adjustment Mechanism "RAM" ConceptualFramework Proposal", filed on January 30, 2009, Docket No. 2008-0274. The Consumer Advocate's proposalstates "A HECO RAM shall be implemented to commence with a 'base' year 2009 and with authorized revenuechanges effective on January I, 2010 and again at January 1, 2011, but with the corresponding rate adjustmentsdelayed to May 1 of each year so that the established revenue variance will be recovered over the subsequent eightmonths ofthe year." However, as explained above, because decoupling did not commence until March 1, 2011, theRAM Revenue Adjustment cannot begin prior to that date. As a resuh, the RAM Revenue Adjustment is proratedto only reflect the 2011 period that decoupling is in place. Furthermore, the Consumer Advocate and HawaiianElectric later agreed that the recovery of the established revenue variance would be over the subsequent 12 months,June 1" through May 31".* The Joint FSOP at 23, filed May 11, 2009, Docket No. 2008-0274 further explains that "The RAM RevenueAdjustment in the test year for HECO would be designated interim and subject to refund in the event theCommission finds a lower authorized base revenue amount to be reasonable for the 2011 test year. In addition,HECO will make tariff filings when necessary during the year to reset target revenues and to re-set RBA rateadjustments for re-calculated RAM Revenue Adjustments based on issuance of interim or final decision and ordersin pending rate cases."-7-

emainder ofthe test year is set to zero because the approved interim revenue requirement isrecovered through interim rates.Although the RAM Revenue Adjustment for the test year is set to zero from the date theinterim rates become effective, the RBA Rate Adjustment, which begins June 1, must still berecalculated and reset to recover the RAM Revenue Adjustment accrued between March 1, 2011,the effective date for revenue decoupling and the effective date ofthe RBA and RAM tariffprovisions, and the date that interim rates become effective. Hawaiian Electric will revise theRBA Rate Adjustment lo reflect the new RAM Revenue Adjustment as a result of an interimdecision in a rate case in the manner illustrated in Attachment 5.VIIWHEREFORE, Hawaiian Electric respectfully gives not less than 30 days' notice asrequired by law and requests that its proposed RBA Rate Adjustment be allowed to becomeeffecfive June 1,2011.DATED: Honolulu, Hawaii, March 31, 2011.HAWAIIAN ELECTRIC COMPANY, INC.L. Endo-OmotoPresident, Government andCommunity Affairs

ATTACHMENT 1PAGE 1 OF 3SHEET NO. 92Effective March 1, 2011REVENUE BALANCING ACCOUNT ("RBA") PROVISIONSupplement To:Schedule R - Residential ServiceSchedule G - General Service - Non-DemandSchedule J - General Service - DemandSchedule DS - Large Power Directly Served ServiceSchedule P - Large Power ServiceSchedule F - Public Street Lighting, HighwayLighting and Park, and PlaygroundFloodlightingSchedule U - Time-of-Use ServiceSchedule TOU-R - Residential Time-of-Use ServiceSchedule TOU-G - Small Commercial Tirae-of-Use ServiceSchedule TOU-J - Commercial Time-of-Use ServiceSchedule SS - Standby ServiceSchedule TOU EV- Residential Time-of-Use Service withElectric Vehicle PilotSchedule EV-R - Residential Electric Vehicle ChargingService PilotSchedule EV-C - Commercial Electric Vehicle ChargingService PilotAll terms and provisions of the above listed rate schedulesapplicable except that the total base rate charges for each billingperiod shall be adjusted by the Revenue Balancing Account RateAdjustments shown below:A: PURPOSE:The purpose of the Revenue Balancing Account ("RBA") is to record: 1)the difference between the Hawaiian Electric Company's target revenueand recorded adjusted revenue, and 2) monthly interest applied to thesimple average of the beginning and ending month balances in the RBA.In addition, the recovery provision of this tariff provides forcollection or return of the calendar year-end balance in the RBA andrecovery of the RAM Revenue Adjustment provided in the Rate AdjustmentMechanism ("RAM") Provision over the subsequent June 1^*^ through May31st period. Tracking of target revenue and recorded adjusted revenuewill commence on the effective date of the tariff that implements theFinal Decision and Order in Hawaiian Electric's 2009 test year ratecase. Docket No. 2008-0083, consistent with the Final Decision andOrder in the Decoupling case. Docket No. 2008-0274.B: TARGET REVENUE:For the purpose of the RBA, the target revenue is the most recentAuthorized Base Revenue approved by the Public Utilities CommissionHAWAIIAN ELECTRIC COMPANY, INC.Docket No. 2008-0083, Final Decision and Order, December 29, 2010.Transmittal Letter dated January 24, 2011.

ATTACHMENT IPAGE 2 OF 3SHEET NO. 92AEffective March 1, 2011REVENUE BALANCING ACCOUNT ("RBA") PROVISION(PUC), plus or minus the RAM Revenue Adjustment calculated under theRAM Provision, adjusted to remove amounts for applicable revenuetaxes. The target revenue will exclude revenue for fuel and purchasedpower expenses that are recovered either in base rates or in apurchased power adjustment clause and all revenue being separatelytracked or recovered through any other surcharge or rate trackingmechanism.The target revenue shall be revised to correct for any errors in thecalculation of the RAM Revenue Adjustment for any previous period tothe extent that such errors are identified 15 days prior to the Annualimplementation date specified in the RAM Provision.Monthly Allocation Factors for the Target Revenue are as follows:January 7.98%February7 30%March8 04%April7 87%May8 34%June8 36%July8 69%August9 05%September8 80%October8 90%November8 33%December8 34%Total10000%These factors are based on the mWh sales forecast that is approved bythe Commission in Hawaiian Electric's 2009 test year rate case andshall be updated in any subsequent test year rate case.C: BALANCING ACCOUNT ENTRIES:Entries to the RBA will be recorded monthly. A debit entry to the RBAwill be made equal to the target revenue as defined in Section B.above, times the appropriate monthly allocation factor in the tableabove. A credit entry to the RBA will be made equal to the recordedadjusted revenue. The recorded adjusted revenue is defined to includethe electric sales revenue from authorized base rates, plus revenuefrom' any authorized interim rate increase, plus revenue from any RBArate adjustment, but excluding revenue for fuel and purchased powerexpenses, IRP/DSM, any Commission Ordered one-time rate refunds orcredits or other surcharges, and adjusted to remove amounts forapplicable revenue taxes.HAWAIIAN ELECTRIC COMPANY, INC.Docket No. 2008-0083, Final Decision and Order, December 29, 2010.Transmittal Letter dated January 24, 2011.

Superseding SHEET NO. 92BEffective March 1, 2011ATTACHMENT 1PAGE 3 OF 3REVISED SHEET NO. 92BEffective June 1, 2011REVENUE BALANCING ACCOUNT ("RBA") PROVISIONInterest will be recorded monthly to the RBA by multiplying the simpleaverage of the beginning and ending month balance in the RBA times theInterest Rate divided by 12. The Interest Rate shall be 6 percent.D: RECOVERY OF BALANCING ACCOUNT AMOUNTS:At the Annual Evaluation Date provided in the Rate AdjustmentMechanism Provision, the Company will file with the Commission astatement of the previous calendar year-end balance in the RBA and theRAM Revenue Adjustment for the current calendar year, along withsupporting calculations.Both an amortization of the previous calendar year-end balance in theRBA, adjusted for any Earnings Sharing Revenue Credits or MajorCapital Projects Credits or Baseline Capital Projects Credits, andthe RAM Revenue Adjustment will be recovered through a per-kWh RBArate adjustment, over the 12 months from June 1 of the currentcalendar year to May 31 of the succeeding calendar year.E: REVENUE BALANCING ACCOUNT RATE ADJUSTMENT:The RBA rate adjustment is comprised of the calculated values fromSection D above, adjusted to include amounts for applicable revenuetaxes. The RBA rate adjustment is calculated based on the Company'sforecast of mWh sales over the RBA rate adjustment recovery period.Effective June 1, 2011 to May 31, 2012RBA Rate AdjustmentAll Rate Schedules0.1694

ATTACHMENT IAPAGE 1 OF 3SHEET NO. 92Effective March 1, 2011REVENUE BALANCING ACCOUNT ("RBA") PROVISIONSupplement To:Schedule R - Residential ServiceSchedule G - General Service - Non-DemandSchedule J - General Service - DemandSchedule DS - Large Power Directly Served ServiceSchedule P - Large Power ServiceSchedule F - Public Street Lighting, HighwayLighting and Park and PlaygroundFloodlightingSchedule U - Time-of-Use ServiceSchedule TOU-R - Residential Time-of-Use ServiceSchedule TOU-G - Small Commercial Time-of-Use ServiceSchedule TOU-J - Commercial Time-of-Use ServiceSchedule SS - Standby ServiceSchedule TOU EV- Residential Time-of-Use Service withElectric Vehicle PilotSchedule EV-R - Residential Electric Vehicle ChargingService PilotSchedule EV-C - Commercial Electric Vehicle ChargingService PilotAll terms and provisions of the above listed rate schedulesapplicable except that the total base rate charges for each billingperiod shall be adjusted by the Revenue Balancing Account RateAdjustments shown below:A: PURPOSE:The purpose of the Revenue Balancing Account ("RBA") is to record: 1)the difference between the Hawaiian Electric Company's target revenueand recorded adjusted revenue, and 2) monthly interest applied to thesimple average of the beginning and ending month balances in the RBA.In addition, the recovery provision of this tariff provides forcollection or return of the calendar year-end balance in the RBA andrecovery of the RAM Revenue Adjustment provided in the Rate AdjustmentMechanism ("RAM") Provision over the subsequent June 1^*^ through May31st period. Tracking of target revenue and recorded adjusted revenuewill commence on the effective date of the tariff that implements theFinal Decision and Order in Hawaiian Electric's 2009 test year ratecase. Docket No. 2008-0083, consistent with the Final Decision andOrder in the Decoupling case, Docket No. 2008-0274.B: TARGET REVENUE:For the purpose of the RBA, the target revenue is the most recentAuthorized Base Revenue approved by the Public Utilities CommissionHAWAIIAN ELECTRIC COMPANY, INC.Docket No. 2008-0083, Final Decision and Order, December 29, 2010.Transmittal Letter dated January 24, 2011.

ATTACHMENT lAPAGE 2 OF 3SHEET NO. 92AEffective March 1, 2011REVENUE BALANCING ACCOUNT ("RBA") PROVISION(PUC), plus or minus the RAM Revenue Adjustment calculated under theRAM Provision, adjusted to remove amounts for applicable revenuetaxes. The target revenue will exclude revenue for fuel and purchasedpower expenses that are recovered either in base rates or in apurchased power adjustment clause and all revenue being separatelytracked or recovered through any other surcharge or rate trackingmechanism.The target revenue shall be revised to correct for any errors in thecalculation of the RAM Revenue Adjustment for any previous period tothe extent that such errors are identified 15 days prior to the Annualimplementation date specified in the RAM Provision.Monthly Allocation Factors for the Target Revenue are as follows:January 7.98%February 7.30%March 8.04%April 7.87%May 8.3 4%June 8.36%July 8.69%August 9.05%September 8.80%October 8.90%November 8.33%December 8.34%Total 100.00%These factors are based on the mWh sales forecast that is approved bythe Commission in Hawaiian Electric's 2009 test year rate case andshall be updated in any subsequent test year rate case.C: BALANCING ACCOUNT ENTRIES:Entries to the RBA will be recorded monthly. A debit entry to the RBAwill be made equal to the target revenue as defined in Section B.above, times the appropriate monthly allocation factor in the tableabove. A credit entry to the RBA will be made equal to the recordedadjusted revenue. The recorded adjusted revenue is defined to includethe electric sales revenue from authorized base rates, plus revenuefrom any authorized interim rate increase, plus revenue from any RBArate adjustment, but excluding revenue for fuel and purchased powerexpenses, IRP/DSM, any Commission Ordered one-time rate refunds orcredits or other surcharges, and adjusted to remove amounts forapplicable revenue taxes.HAWAIIAN ELECTRIC COMPANY, INC.Docket No. 2008-0083, Final Decision and Order, December 29, 2010.Transmittal Letter dated January 24, 2011.

ATTACHMENT lAPAGE 3 OF 3SHEET NO. 92BEffective March 1, 2011REVENUE BALANCING ACCOUNT ("RBA") PROVISIONInterest will be recorded monthly to the RBA by multiplying the simpleaverage of the beginning and ending month balance in the RBA times theInterest Rate divided by 12. The Interest Rate shall be 6 percent.D: RECOVERY OF BALANCING ACCOUNT AMOUNTS:At the Annual Evaluation Date provided in the Rate AdjustmentMechanism Provision, the Company will file with the Commission astatement of the previous calendar year-end balance in the RBA and theRAM Revenue Adjustment for the current calendar year, along withsupporting calculations.Both an amortization of the previous calendar year-end balance in theRBA, adjusted for any Earnings Sharing Revenue Credits or MajorCapital Projects Credits or Baseline Capital Projects Credits, andthe RAM Revenue Adjustment will be recovered through a per-kWh RBArate adjustment, over the 12 months from June 1 of the currentcalendar year to May 31 of the succeeding calendar year.E: REVENUE BALANCING ACCOUNT RATE ADJUSTMENT:The RBA rate adjustment is comprised of the calculated values fromSection D above, adjusted to include amounts for applicable revenuetaxes. The RBA rate adjustment is calculated based on the Company'sforecast of mWh sales over the RBA rate adjustment recovery period.Effective June 1, 2011 to May 31, 2012RBA Rate AdjustmentAll Rate SchedulesC/kWhF: COMMISSION'S AUTHORITYThe Commission may suspend any or all parts of this Revenue BalancingAccount Provision. Such suspension shall remain in place untilremoved by Commission Order.HAWAIIAN ELECTRIC COMPANY, INC.Docket No. 2008-0083, Final Decision and Order, December 29, 2010.Transmittal Letter dated January 24, 2011.

ATTACHMENT 2PAGE 1 OF 2HAWAIIAN ELECTRIC COMPANYDETERMINATION OF 2011 REVENUE BALANCING ACCOUNT RATE ADJUSTMENTIn SOOOs In $000sLl 2010 Eamings Sharing Revenue Credit (N.1), (NA)Major Capital Projects Credits and/orBaseline Capital Projects CreditL2 RBA 2010 calendar year-end balance NAL3L4L5 = L3 + L4L6O&M RAMAttachment 3RATE BASE RAMAttachment 4TOTAL RAMAdjustment for RAM PeriodMarch 1, 2011 - December 31, 2011306 days -=- 365 days$5,629$9,570$15,19983.84%L7 = L5 X L6 2011 RAM to be Recovered $12.742LB = Ll + L2 + L7 Total RBA Rate Adjustment $12,742L9 Estimated GWH Sales, 7,521.8June 2011 to May 2012Attachment 2, Page 2L10 = (L8x 1000 X 100) RBA Rate Adjustment, e per kWh 0.1694•r (L9 X 1000000)Effective June 1, 2011 throughMay 31, 2012L11 = Ll 0 ^ 100 X 600 Monthly Bill Impact @ 600 kWh $1.02NA = Not Applicable (Implementation of Decoupling began on March 1, 2011)N.l Because decoupling was implemented on March 1, 2011, the first Evaluation PeriodEamings Sharing calculation as described in the RAM tariff provision, Sheet No. 93-C to 93-D, will be provided as part ofthe Company's 2012 Rate Adjustment Mechanism filing for theEvaluation Period of 2011.

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ATTACHMENT 3PAGE 1 OF 4Hawaiian Electric Company, Inc.2011 O&M Expense RAM($ Thousands)2010 O&M Expense Escalation 3,2412011 O&M Expense Escalation 2,3882011 O&M Expense RAM5,629See Attachment 3, page 2See Attachment 3, page 3

ATTACHMENT 3PAGE 2 OF 4Hawaiian Electric Company, Inc.2010 O&M EXPENSE Escalation for O&M RAM($ Thousands)(A)2009Base O&MExpenseO&M Bargaining Unit Labor Only 44,062O&M Non-Labor 119,033Payroli Taxes 3,864Total Expenses 166,959(B)(C)2010O&M Expense EscalationEscalation Exp Amount3.43% 1,5111.10% 1,3093.43% 1332,953(D) = (A)-H(C)2010O&M Expensewith RAM45,573120,3423,997169,912Revenue Tax FactorO&M RAM (Total Expenses x Rev Tax Factor)1.09753,241(A) See Attachment 3, page 4 O&M worksheet (O&M Labor tab)(B) Escalation RatesLabor;Bargaining Unit Wage IncreaseLess: Productivity FactorLabor Escalation Rate4.19% (See Attachment 3.1)Approved in Final D&O in Docket No. 2008-0274, page 71 (part of Amended Joint0.76% Proposal), filed on August 31, 20103.43%Non-Labor:GDP Price Index for 2010 1.1% (See Attachment 3.2, page 2)C) Computation of O&M RAM = Base O&M Expense x Applicable Escalation Factor x Revenue Tax FactorComputation of Revenue Tax FactorPublic Service Tax RatePUC Fees RateFranchise Tax RateTotal Rev Tax RateRevenue Tax Facotor= 1 / (1 - Total Rev Tax Rate)0.058850.005000.025000.088851.0975

ATTACHMENT 3PAGE 3 OF 4Hawaiian Electric Company, Inc.2011 O&M EXPENSE Esclation for O&M RAM($ Thousands)(A)(B)(C)(D) = (A) + (C)201020112011O&M ExpenseO&M Expense EscalationO&M Expensewith RAMEscalationExp Amountwith RAMO&M Bargaining Unit Labor Only45,5730.99% 45146,024O&M Non-Labor120,3421.40% 1,685122,027Payroll Taxes3,9970.99% 404,037Total Expenses169,9122,176172,088Revenue Tax FactorO&M RAM (Total Expenses x Rev Tax Factor)1.09752,388(A) See Attachment 3, page 4 O&M worksheet (O&M Labor tab)(B) Escalation RatesLabor:Bargaining Unit Wage IncreaseLess: Productivity FactorLabor Escalation Rate1.75% (See Attachment 3.1)Approved in Final D&O in Docket No. 2008-0274, page 71 (part of Amended Joint0.76% Proposal), filed on August 31, 20100.99%Non-Labor:GDP Price Index for 2011 1.4% (See Attachment 3.2, page 4)C) Computation of O&M RAM = Base O&M Expense x Applicable Escalation Factor x Revenue Tax FactorComputation of Revenue Tax FactorPublic Service Tax RatePUC Fees RateFranchise Tax RateTotal Rev Tax RateRevenue Tax Facotor= 1/(1 - Total Rev Tax Rate)0.058850,005000.025000.088851.0975

ATTACHMENT 3PAGE 4 OF 4(A) (B) (C)(A) + (B)(D)(E)(C) + (D)(F)(G)(E) + (F)Amount PerFinal D&OExcludedAmountsAmount for 2010 O&M 2011 O&M2010 2010 Expense 2011 ExpenseO&M RAM Escalation with RAM Escalation with RAMO&M Bargaining Unit (BU) LaborO&M Non-BU Labor44,06235,4150(35,415)44,062 1,511 45,573451 46,024O&M Labor79,47744,062 1,511 45,573451 46,024O&M Non-Labor (total less labor) 146,653 (27.620)Total O&M per 2nd Interim 226,130Payroll taxes to RAM calculation 6,970 (3,106)119,033 1,309 120,342 1,685 122,027163,095 2,820 165,915 2,136 168,0513,864 133 3,997 40 4.0372,953 2,176Excluded amounts:a Per Final Decoupling Decision and Order, page 130, filed 8/31/10, Docket No. 2008-0274, labor escalation not applied to non-BU labor. See Attachment 3.3.'' Tracked pension and OPEB expenses. See Attachment 3.6.'= Portion of payroll taxes related to non-BU labor (44.56%) 6,970".4456=3,106. See Attachment 3.3 for calculationo f percentagerelated non-BU labor.

ATTACHMENT 3.1PAGE 1 OF 1Hawaiian Electric Company, Inc.Bargaining Unit Wage Increase per Collective Bargaining Agreement - Effective November 1, 2007Bargaining Unit Wage Increase per Collective Bargaining Agreement - Effective January 1, 201111/1/20071/1/20091/1/20101/1/20113.5% of 10/31/2007 wage rates4.0% of 10/31/2007 wage rates4.5% of 12/31/2007 wage rates1.75% of 12/31/10 wage ratesIncrease effectiveincreaseamount(a)wage ratewith increase(b)relativeincrease(b)-(a)/prev (b)1.003.5% 11/1/20074.0% 1/1/20094.5% 1/1/20101.75% 1/1/20110.03500.04000.04500.01961.03501.07501.12001.13960.03500.03860.04190.01754.19%1.75%(a) Agreement ratified by the IBEW, Local 1260 on March 11, 2011, reflects a 1.75% increase effective1/1/2011. See HECO's Form 8-K dated March 11, 2011 filed with Securities and Exchange Commissionat www.hei.com, under SEC filings.

ATTACHMENT 3.2PAGE 1 OF 4Aspen PublishersBlue ChipEconomic IndicatorsTop Analysts' Forecasts ofthe U.S. Economic Outlook for the Year AheadVol. 35, No, 2 February 10, 2010Wolters KluwerLaw *& Business

ATTACHMENT 3.2PAGE 2 OF 4': • BLUE CHIP ECONOMIC INDICATORS • FEBRUARY 10. 2010FEBRUARY 2010Forecast For 2010SOURCE:RIIS1 ufiHTiM (lank*M.^-MccimumK AJvisew. LLC"' K-llll SllliUW1*11 Pimi"'H.irclayv CipiuiI 'li'urViitw KcotMunK'x*'Î'H.-K'ie ticncrale11' MiwpuiL hsMVVirIN Cjpitai Manmganent1 I.-IJH» (.">iT>oralionHIX^ Hcmiumici1 )iiiu.'a Sin:uniiei Amcnc*W.MKltev PariMi)r|t:(n SUnleyKnmtchNiiKirsI A!utn. of Home Huihjenl*'iiiimat: Hci«:4n:h iifMtp*SOM Kcononiic*, frw.Il.ink iir AnKnca-.Memll LyiKh'nr^mim • l.'niv. rji'MorylindJ W CtKint AJviutn1 • S, (.'lumber oltonitneTceNomura Socuntiei.•mi',11 ReMi'M(u 119ÎM)26 2 M172160nana125IJXIS.5naI7.JTX16016.013,710032 LMX10 312,714 3I3XX,915 JM4no [oa14415 6 ,•)47 214.520.5X6116— Aitrair Far »lt —10 II 12Im%.Rilli).«n.1.3 H1)302na0,70,20 5tr.20.20 3n.60 10 40.30 40 20,20 60 504040611 1II, 10 21171 1It 20,10,20.50,30,40 20.30.40 50.50.4060 50 50 304OS0 0 L060,40 504021 1O.-l080,104rnrti.S'oic*4 5 M3,9403 34-14,1424 04 14,34 14,440,1 744'.X404 24 34016IKIX1 X19i,X4 (3,7I X4 11 T403,9393,94 13.SJ,X4 11 13,94,04.14 21,73 1 L4 13 91 9431,74.24.04,13 63,9I ncn^RaMiCi«i97 "OXtooOH9 795lO.I•IH9,910 0S,X L•19fOO•IX10,010010,110 1•»,7.1610 09X•> 79.9[0 099•)X'*,99,9too10310. t9,910 1to.o10.1too9 710)100•)910,010 4 H10-310.2 '10 3lO.I9.710,110,3104 H10210.010,396ion- TMd taMa-»t«.11 14KemaigSum__t0,750h90 620 690,700,640.76OM0 650 760 730X5OhlOftj0,'4'1650 690.730,700.790 6706X0,760,59 L0 650.790 650670,710 67I) 790X>0 650.J40,65OM0,T40X40 670.71fl.NO0 670 750,650.650.71ox20.630 73AuM A 1 ((krrnick S«fc> 'iMil.)I2..1~12.5124113tl X12.4II 111 7II 5n K11 111.511 912,4II 612,012-1II 912212.112,6na12-012.012 4nana11 911,912.412011 711-2H,413,0na(30UK12.8113116II 6II I11,7M.410,8 LJII 7If 112 511 211.614,0 H'12.0f2xII 212,0-:oi». ~15Wttt:>purai;n05 SI-1J70>65,0173 1.1^^ 7310 0;os j-1.10 0.l

ATTACHMENT 3.2T. ,1. , PAGE 3 OF 4Aspen PublishersBlue ChipEconomic IndicatorsTop Analysts' Forecasts ofthe U.S. Economic Outlook for the Year AheadVol. 36, No. 2 February 10, 2011Wolters KluwerLaw & Business

2 • BLUE CHIP ECONOMIC INDICATORS • FEBRUARY 10,2011FEBRUARY 2011Forecast For 2011SOURCE:Pierponi SecuritiesMoody's AnalyticsMacroeconomic Adviscn. LLC**RBSDuPont"*Societe Genera icFord Motor Company"Morgan StanleyComerica Bank*General Motors CorporationAction EconomicsSOM Economics, Inc.Bank of Tokyo-Mitsubishi UFJJ P MoiKanChflscGoldman Sachs & Co.*Clear View Economics*Swiss ReUBSCredit SuisseWells FargoNational Assn. of Home BuiklersRDQ EconomicsKetlner Economic AdvisersWells Capital ManagementUS. Chamber of CommerceMoody's Capital MarketsRussell InvestmentsDaiwa Capital Markets AmericaFannie MacMesirow FinancialPoicmtac Research Group*Bank of America-Merrill LynchBMO Capital Markets*Haton CorporationBarcbys CapitalUCLA Business Forecasting Proj.*Naroff Economic Advisors*Northern Trust Company*FedEx CorporationWintTust Wealth Managcmcnl*PNC Financial Services GroupTurning Points (Micrometrics)Nomura SecuritiesStandard & Poors Corp.*Infomm - Univ. of MarylandEconoclaslGeorgia State University*Economist Intelligence UnitMacroFin AnalyticsJ,W, Coons AdvisorsNational Assn, of RealtorsConference Board*2011 Consensus: Febniary Avg.Top 10 Avg.Bonom 10 Avg.January Avg.2007200820U/2M02011 Real GDP Forecast Increases To 3.2%1Real GDP(Chiincd)(200SS)3,9 H3.73.73.63.63.53.53.53.53.53.43.43,43.43.43.33.33.33.33.33.33.23.23.23.23.23.23.23.23.23,23,23.23.13.13.13.03.03.03.03,03,03,03,02.92.92.82.72.72.6 L2.6 L2,6 L3

ATTACHMENT 3.3PAGE 1 OF 1HAWAIIAN ELECTRIC COMPANY, INC.DOCKET NO. 2008-00832009 TEST YEAR RATE CASESUMMARYOFOPERATIONS AND MAINTENANCE LABOR AND NON-LABOR EXPENSEBY BLOCK OF ACCOUNTSFinal D&O{'000)DESCRIPTION(1)BU LABOR(2)Non-BU LABOR(3)=(1)+{2)TotalLABOR(4)NON-LABOR(5)TOTALProductionTransmissionDistributionCustomer AccountsAllowance for Uncoil AccountsCustomer ServiceAdministrative & GeneralOperation and Maintenance23,5103,0859,3495,565-1772,37844,0628,9341,6382,5321,251-2,91618,14235,41532,4444,72311,8816,81603,09320,52079,47745,8508,91017,5405,2881,3021,90765.858146,65378,29413.63329,42012,1041,3025,00086.377226,130Percentage of Total O&M Labor55.44% 44.56% 100%' amounts may not add due to rounding(1) See Attachment 3.4, page 1(2) See Attachment 3.4, page 1See DOCKET NO. 2008-0083, January 24, 2011 Exhibit 1C, p.18, Operations and Maintenance Labor Adjustments - O&M(3)Summary (for Docket No. 2008-0083), col.(J).See DOCKET NO. 2008-0083, January 24, 2011 Exhibit 1C, p.27, Operations and Maintenance Non-Labor Adjustments -(4)O&M Summary (for Docket No. 2008-0083), col. (J), less Fuel and Purchased Power.See DOCKET NO. 2008-0083, January 24, 2011 Exhibit 1C, p. 9, Operations and Maintenance Labor and Non-Labor(5)Adjustments - O&M Summary (for Docket No. 2008-0083) col. (J), less Fuel and Purchased Power.

ATTACHMENT 3.4PAGE 1 OF 1HAWAIIAN ELECTRIC COMPANY, INC.BU vs Merit OSM Labor ExpensesProductionMeritBUMerit wOTSummer(A)Updal?9,26623,6435032733,439-(B)CIS(2)(3)(1)(6)(C)pSM0(D)Vacancy(49)(130)(3)(0)(182)(E)AdtustmentsMemReduction2009 TEST YEAR(128)(128)(F)HCEI(426)(426)(G)2007Levels(679)(679)(H)2nd ~Interim7,98223,5104992732,018(1) (J)' AdjustmentsTempMCE| Emolovees4264260(K)FinalD&O8.40823.5104992732.444TransmissionMeritBUMerit w OTSummer1,8583,0904,948555600(6)(10)(16)(43)(43)0(226)(226)1,6383,065004,723001,6383,085004,723DistributionMeritBUMerit w OTSummer3.0179,395412,41624(16)e0(9)(30)(0)(39)(80)(80)0(424)(424)2.5289.3494011.681002,5289,3494011,881Customer AccountsMeritBUMerit w OTSummer1,4135,5953535497,910(551)(13)(62)(646)0(4)(18)(1)(2)(25)(27)(27)0(142)(142)G885,5652705477,0700(254)(254)6885.5652702936.616Customer ServiceMeritBUMerit w OTSummer2,9901802163,386(5)(5)(41)(3)(44)(10)(1)(1)(11)(37)(37)(72)(72)(196)(198)2,62717721803,021727202,69917721803.093ASGMeritBUMerit w OTSummerTotalMeritBUMerit w OTSummer17,0632,3862,4834621,98335.607(14)(3)1(16)(493)0(41)(53.43)(7.45)(7.97)(0.14)(69)(131)(218)018)(533)(199)(199)(697)(1,160)(1,160)(2,829)44.2913.562624(30)(82)0(3)0D(196)(13)(2)00000000044,0623.46762200000(254)44,0623,46736855.44%0.46% a84.084 (605) (44) (342) (533) (697) (2,829) 79.034 697 (254) 79.477 100.00%15,4192,3782,4764820,32130,6631991996970015,6162,3782,4764820,52031,580CalculatedProDortlons44.10% a(A) ATTACHMENT 3.5, PAGES 1-9(B) DOCKET NO. 2008-0083, January 24. 2011 liSng, EXHIBIT 10, PAGE 10 OF 31(C) DOCKET NO. 2008-0083. January 24,2011 liBng, EXHIBIT 10, PAGE 10 OF 31(D) DOCKET NO. 2008-0083. January 24.2011 tiBng, EXHIBIT IC. PAGE 11 OF 31(E) DOCKET NO. 2008-0083, January 24, 2011 filing, EXHIBIT IC. PAGE 12 OF 31(F) DOCKET NO. 2008-O083, January 24,2011 tilng, EXHIBfT IC. PAGE 13 OF 31(G) DOCKET NO. 2006-0083, January 24,2011 filing, EXHIBIT IC. PAGE 13 OF 31(H) DOCKET NO. 2008-0083. January 24.2011 fifing, EXHIBIT 1C. PAGE 18 OF 31(I) DOCKET NO. 2008-0083. January 24,2011 fiing, EXHIBIT IC, PAGE 15 OF 31(J) DOCKET NO. 2008-OO83. January 24.2011 flBng, EXHIBIT 1C. PAGE 15 OF 31(K) DOCKETNO. 2008-0083, January 24.2011 filing, EXHIBR" IC. PAGE 18 OF 31Non-BU portion Ja - 44.56%

ATTACHMENT 3.5PAGE 1 OF 9BUDGET"HAWAIIAN ELECTRIC COMPANY, INC.BU vs Merit O&M Labor Expenses2009 Test YearBUD ADJNORMDIRECTADJUSTUPDATELABORADJUSTUPDATE W/OLABOR ADJD. GiovanniPRODUCTION O&M EXPENSEPRODUCTION OPERMERITBUMERIT WOTSUMMER5,3819,4944712729 (A)5.4109,49447127427 (B)5,8379,494471275,8379,49447127TOTAL15,373(A)29015,40242715,82915,829PRODUCTION MAINTMERITBUMERIT W OT3,42914.149323,42914,149323.42914,149323,42914,14932TOTAL17,610(A)0017,610017,61017,610PRODUCTIONMERITBUMERIT W OTSUMMERTOTAL8,81023,64350327290008.83923.6435032742709,26623,643503279,26623,64350327TOTAL32,983(A)29033,01242733.43933,439(A) DOCKET NO. 2008-0083, HECO-701 PAGE 1(B) DOCKET NO. 2008-0083, RATE CASE UPDATE, HECO T-7 ATTACHMENT 1 PAGE 1 (filed Dec. 12, 2008)" The breakdown ot the labor amounts lor BU, Merit, Merit with overtime and Summer was determined based on the labor class lor the individual budgeted latwr amounts tor 2009 inAttachrnent 3.7. which is provided electronically and Is consistent with the detailed budget data lile provided on July 14, 2008 in Dockei No. 2006-0083,

ATTACHMENT 3.5PAGE 2 OF 9BUDGET"HAWAIIAN ELECTRIC COMPANY, INC.BU vs Merit O&M Labor Expenses2009 Test YearBUD ADJNORMDIRECTADJUSTUPDATELABORADJUSTUPDATE W/OLABOR ADJR. YoungTRANSMISSION O&M EXPENSETRANSMISSION OPERMERITBU1,4311,4711,4311,47149 (A)1,4801.4711,4801,471TOTAL2,902 (C)002.902492.9512,951TRANSMISSION MAINTMERITBU3881,6953881.69534 (A)4221.6954221,695TOTAL2,083 (C)002,083342,1172,1172,117TRANSMISSION - TOTALMERITBU1,8193,16600001,8193,1668301,9023,166(44)(76)(B)(B)1,6583,090TOTAL4,985004,985835,068(120)4,948(A) DOCKET NO. 2008-0083, RATE CASE UPDATE, HECO T-8 ATTACHMENT 2 PAGE 1 (lited Dec. 4, 2008)(B) DOCKET NO. 2008-0083, RATE CASE UPDATE, HECO T-15 ATTACHMENT 6 PAGE 5 (filed Dec. 12, 2008)(C) DOCKET NO. 2008-0083. HECO-809 PAGE 1" The breakdown of the labor amounts lor BU. Merit, Merit with overtime and Summer was determined based on the labor class lor the individual budgeted labor amounts lor 2009 inAttachment 3.7. which is provided electronically arxlis consistent with the detailed budget data lile provided on July 14, 2008 in IDocKel No. 200S-O0B3.

ATTACHMENT 3.5PAGE 3 OF 9BUDGET"HAWAIIAN ELECTRIC COMPANY. INC.BU vs Merit O&M Labor Expenses2009 Test YearBUD ADJNORMDiR^gjADJUSTgpDAT^LABORADJUSTUPDATE W/OLABOR ADJD. MizumuraDISTRIBUTION O&M EXPENSEDISTRIBUTION OPERMERITBUMERIT W OT2,0914,617402,0914,6174151(A)2,2424,61742,2424.6174TOTALDISTRIBUTION MAINTMERITBU6,7127505,010(C)006.7127505,01015194(A)6,8638445,0106,6636,8638445.010TOTAL5,760(C)005,760945.8545,8545,854DISTRIBUTION - TOTALMERITBUMERIT WOT2,8419,627400002,8419,6274245003,0869,6274(69)(233)(0)(B)(B)3,0179,3954TOTAL12,4720012,47224512,717(302)12,416(A) DOCKET NO. 2008-0083, RATE CASE UPDATE, HECO T-8 ATTACHMENT2 PAGE 1 (filed Dec. 4, 2008)(B) DOCKET NO. 2008-0083. RATE CASE UPDATE. HECO T-15 ATTACHMENT 6 PAGE 5 (liled Dec. 12, 2008)(C) DOCKET NO. 2008-0083. HECO-809 PAGE 1" The breakdown ol the labor amounts lor BU. Merit, Merit with overtinw and Sumirter was determined based on the latmr class lor the individual budgeted labor amounts lor 2009 InAltachrmni 3.7, which is provided electronically artd is consistent with the detailed budget data lile provided on July 14, 2008 in Docket No. 2008-OOB3.

ATTACHMENT 3.5PAGE 4 OF 9BUDGET"HAWAIIAN ELECTRIC COMPANY, INC.BU vs Merit O&M Labor Expenses2009 Test YearBUD ADJNORMPIPECTADJUSTUPDATELABORADJUSTUPDATE W/OLABOR ADJD. YamamotoCUSTOMER ACCTS EXPENSE901 SUPERVISIONMERITBUMERIT W OT119581190581195811958TOTAL 901177 (B)001770177177902 METER READING EXPENSESMERITBUMERIT W OTSUMMER1302,420214451302,420214451302,420214451302,42021445TOTAL 9023,016 (B)003.01603,0163,016903 CUSTOMER RECORDS & COLLECT EXPMERIT 1,198BU 3,311MERIT W OT 283SUMMER 1171,1983.3112831171,1983,3112831171,1983,311283117TOTAL 9034.909 (B)4,9094.9094,909SUBTOTAL 8,102 (B) 0 8,102 0 8,102 8,102904 UNCOLLECTIBLE ACCOUNTSNON-LABORTOTAL 904 0 0 0 0905 MISC CUSTOMER ACCOUNTS EXPNON-LABOR 0TOTAL 905 00 0 00TOTAL 8,1028,1028,102 8.102CUSTOMER ACCOUNTS • TOTALMERITBUMERIT W OTSUMMER1,4475,7313625621,4475,7313625621,4475,731362562(34) (A)(136) (A)(9) (A)(13) (A)1,4135,595353549TOTAL8,1028,1028,102(192)7.910(A) DOCKET NO, 2008-0083. RATE CASE UPDATE. HECO T-15 ATTACHMENT 6 PAGE 5 (filed Dec. 12, 2008)(B) DOCKET NO. 2008-0083, HECO-901 PAGE 2" The breakdown ol ihe labor amounts tor BU, Merit, Merit with overtime and Summer was determined based on the labor class lor the individual budgeted labor amounts lor 2009 inAttachment 3.7. which is provided electronically and is consistent with the detailed budget data file provided on July 14, 2008 in Docket No. 2008-0083.

ATTACHMENT 3.5PAGE 5 OF 9BUDGET"HAWAIIAN ELECTRIC COMPANY, INC.BU vs Merit O&M Labor Expenses2009 Test YearBUD ADJNORMDIRECTADJUSTUPDATELABORADJUSTUPDATE W/OLABOR ADJA. HeeCUSTOMER SVC EXPENSE909 SUPERVISIONMERITBUMERIT W OT33705633705672 (B)4095640956TOTAL 909393 (D) 0039372465465910 CUSTOMER ASSISTANCE EXPMERIT 3,061 (434) (A) 2,627 2,627 2,627BU 179 179 179 179MERIT WOT 167TOTAL 910 3,407 (D) (434) 0 2.806 0 2.806 2,8062.973911 INFORMATIONAL ADVERTISING EXPMERIT 27BU 5TOTAL 911 32 (D) 002753202753227532912 MISC CUSTOMER SERVICE EXPENSESMERIT 0BU 0TOTAL 911 0 000000000CUSTOMER SERVICE - TOTALMERITBUMERIT W OT3.425184223(434)0TOTAL 3,832 (D) (434) 0 3,398 72 3,470 (82) 3,388(A) DOCKET NO. 2008-0083 HECO-1006 PAGE 1(B) DOCKET NO. 2008-0083 RATE CASE UPDATE HECO T-10 PAGE 15 (Dec, 5, 2008)(C) DOCKET NO. 2008-0083. RATE CASE UPDATE, HECO T-15 Attachment 6 PAGE 5 (Dec. 12, 2008)(D) DOCKET NO. 2008-0083, HECO-1005 PAGE 100" The breakdown ol the labor amounts for BU, Merit, Merit with overtime and Summerwas determined based on the labor class for the Individual budgeted labor amounts lor 2009 inAttachment 3.7, which is provided electronically and is consistent with the detailed budget data lile provided on July 14, 2008 in Docket No, 2008-0083,2,9911842237203,063184223(73) (C)(4) (C)(5) (C)2,990180218

ATTACHMENT 3.5PAGE 6 OF 9BUDGET-HAWAIIAN ELECTRIC COMPANY, INC.BU vs Merit O&M Lat)Or Expenses2009 Test YearBUD ADJ NORM DIRECT ADJUSTUPDATELABORADJUSTUPDATE W/OLABOR ADJP. NanbuADMIN a GENL O&M EXPENSEADMINISTRATIVE920 ADMIN & GENL EXPMERITBUMERIT W OTSUMMERTOTAL 920LABR15,0751,9842,3024919,4107 (A)15,0821,9842,3024919,417(2)(56)(58)(B)(B)15,0801,9842,2464919,35915,0801,9842,2484919,359921 ADMIN & GENL EXP - NLABRNON-LABOR0TOTAL 921 0000922 ADMIN EXPENSES TRANSFERREDNON-LABOR00TOTAL 922 0000TOTAL ADMINISTRATIVE 19,41019,417(58)19,35919,359OUTSIDE SERVICES923010 OUTSIDE SERVICES - LEGALNON-LABOR0TOTAL 923020 000000923020 OUTSIDE SERVICES - OTHERNON-LABOR0TOTAL 923020 000000923030 OUTSIDE SERVICES - ASSOC CONON-LABOR 00TOTAL 923030 000000TOTAL OS SVCS 000000TOTAL 920-923 EXPENSE 19,4107019,417(58)19,35919,359(A) DOCKET NO. 2008-0083. HECO-WP-1102 PAGE 1(B) DOCKET NO. 2008-0083, RATE CASE UPDATE HECO T-11 ATTACHMENT 3 PAGEl (filed Dec. 9, 2008)(C) DOCKET NO. 2008-0083, HECO-1101 PAGE 1" The breakdovim ol Ihe labor armunis for 6U, Merit. Merit with overtinw and Surrvner was determined based on the labor class lor the Individual budgeted labor amounts for 2009 InAttachment 3.7. which Is provided electronically and is consistent with the detailed budget data lile provided on July 14,2008 in Docket No. 2008-0083.

ATTACHMENT 3.5PAGE 7 OF 9HAWAIIAN ELECTRIC COMPANY, INC,BU vs Merit O&M Labor Expenses2009 Test YearBUDGET" BUD ADJ NORM DIRECT ADJUSTUPDATELABORADJUSTUPDATE W/OLABOR ADJR. HarrisINSURANCE EXPENSEINSURANCE924 PROPERTY INSURANCEMERITBUMERIT W OTTOTAL 9241217718216 (A)121771821612177182161217718216925 INJURIES & DAMAGESMERITBUMERIT WOTTOTAL 9251,089305561,450 (A)1,089305561,4501.089305561,4501,089305561,450TOTAL INSURANCE 1,6660 1,666 1.666 1.666(A) DOCKET NO. 2008-0083, HECO-1201 PAGE 1" The breakdown of Ihe labor amounts for BU, Merit, Merit with overtime and Summer was determined based on the labor class for the irvJividual budgeted labor amounts for 2009 inAllachmant 3,7, which is provided electronically and is consistent with the detailed budget data file provided on July 14. 2008 in Docket No, 2008'0083,

ATTACHMENT 3.5PAGE 8 OF 9BUDGET"HAWAIIAN ELECTRIC COMPANY, INC.BU vs Merit O&M Labor Expenses2009 Test YearBUD ADJ NPRM DIRECT ADJUST UPDATELABORADJUSTUPDATE W/OLABOR ADJJ. PriceEMPLOYEE BENEFITS EXPENSEEMPLOYEE BENEFITS926000 EMPL PENSIONS AND BENEFITSMERIT 672 672672672BUMERIT WOT 1690169169169TOTAL 926000 841 (B) 0 0 8410841841926010 EMPL BENEFITS - FLEX CREDITSMERIT 146 146{26) (26) (A) 120120BU 1 11 1 1 1MERIT WOT 64 64{10) (10) (A)5454TOTAL 926010 211 (B) 0 0 211 (35) {35)175175926020 EMPL BENEFITS TRANSFERNON-LABORTOTAL 926020 0 0 00000TOTAL EMPBEN 1,052 0 0 1.052 (36) 1.016 1,016(A) DOCKET NO. 2008-0083 RATE CASE UPDATE HECO T-13 ATTACHMENT 1 PAGE 1 (filed Dec, 5. 2008)(B) DOCKET NO. 2008-0083. HECO-1301 PAGE 1" The breakdown ol the labor amounts for BU. Merit, Merit with overtime and Summer was determined t>ased on the labor class lor the individual budgeted labor amounts lor 2009 inAttachment 3,7, which is provided electronically and is consistent with the detailed budget data file provided on July 14, 2008 In Docket No, 2008-0083,

ATTACHMENT 3.5PAGE 9 OF 9HAWAIIAN ELECTRIC COMPANY. INC.BU vs Merit O&M Labor Expenses2009 Test YearBUDGET" BUD ADJ NORM DIRECT ADJUSTUPDATELABORADJUSTUPDATE W/OLABOR ADJB. TamashiroOTHER ADMINISTRATIVE & GENERAL EXPENSEOTHER ADMIN & GENL928 REGULATORY COMMISSION EXPENSESNON-LABORTOTAL 928 09301 INSTITUTN/GOODWILL ADVERT EXPMERIT 1BU 13TOTAL 9301 141131411314113149302 MISCELLANEOUS GENERAL EXPENSESMERIT 298 (96) (A)BU 11MERIT W OT 7 (5) (A)202112202112202112TOTAL 9302 316 (E) (101)215215215931 RENTS EXPENSENON-LABORTOTAL 932932 ADMIN AND GENL MAINTENANCEMERIT 140 52 (A)BU 55192551925519255TOTAL 932 195 (E) 52247 0247247TOTAL OTHER A&GTOTAL A&G52522,653(49)(42)47622,6110(94)47622,51747622.517ADMIN & GENL - TOTALMERITBUMERIT W OTSUMMERTOTAL17.5422,4462.6164922.653(37)0(5)0(42)00017,5052,4462.6114922,611(28)0(66)0(94)17,4772,4462,5454922,517(414) (B)(58) (B)(62) (B){1) (B){534)17.0632,3682,4834821,983OTHER 0AM - TOTALMERITBUMERIT W OTSUMMERTOTAL35.88444,7973,70863885,027 (C)(442)0(5)0(447)00D35.44244,7973.70363884,5807990(66)073336,24144,7973,63763885,313(521)(507)(75)(14)(1,117)35,60744,2913,56262484,084 {D)(A) DOCKET NO. 2008-0083. HECO-1401 PAGE 1(B) DOCKET NO. 2008-0083, RATE CASE UPDATE HECO T-15 ATTACHMENT 6 PAGE 5 (filed Dec. 12. 2008)(C) DOCKET NO.-2008-0083, HECO-WP-IOI(A), p. 7(D) DOCKET NO, 2008-0083, January 24. 2011 filing, EXHIBIT 1C, PAGE 18(E) DOCKET NO. 2008-0083. HECO-1401 PAGE 1" The breakdown ol Ihe labor amounts lor BU. Merit, Merit with ovenime and Summer was determined based on the latx)r class lor the individual budgeted labor amounts for 2009 InAttachment 3,7, which Is provided electronically arxj Is consistent with the detailed budget data lile provided on July 14,2008 in Dockei No, 2008-0083.

ATTACHMENT 3.6PAGE 1 OF 2Hawaiian Electric Company, Inc.Non-Labor ExclusionAdjustment for O&M RAM($ thousands)Pension ExpenseOPEB ExpenseTotal before amounts transferO&M %31,8736,80538,67871.41%See HECO-S-1301, page 1Docket No. 2008-0083See HECO-S-1301, page 1Docket No. 2008-0083See Exhibit 1, page 53Settlement Agreement, filedMay 15, 2009 in Dkt No. 2008-0083Nominal Amount27,620See Reconciliation of Total A&G Expenses and Benefits Expenses.

ATTACHMENT 3.6PAGE 2 OF 2Hawaiian Electric CompanyReconciliation of Total A&G Expenses and Benefits ExpensesIn Second Interim D&OTotal A&G expenses in settlement 88,948SeeHECO-S-1101, HECO-SWP-1101Amount includes benefits expensesof $36,817( which included Pensionexpense of $31,873 and OPEB expenseof $6,805) as shown in HECO-S-1301Docket No. 2008-0083Less adjustments to A&G expenses for Interim D&OTotal A&G Expense in first interim D&OPlus adjustment for CT-1 labor for second interim(1,800)87,148138See Attachment A, page 1 toJuly 9, 2009 filing, column HDocket No. 2008-0083See Attachment A, page 1, toJuly 9, 2009 filing, column EDocket No. 2008-0083Total A&G Expense In second Interim D&OLess adjustments to A&G expense in final D&O87,286(909)See Attachment J, page 9, toJanuary 20, 2011 filing, column IDocket No. 2008-008386,377

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Pillar1 KPPMNT1 PPENGRLPPPLANl_PPSPVRTTVLBLR1 TVLELC1 TVLMCH1 TVLSPVLTVLTCH1 WPPMNTJ AIRSCIJ_CHEMSTJ_WHMAIDJ WHMSCIR COMELER COMENGR COMSUPR COMTECR CONCRWR_CONSUPR ENGMAPR_ENGSRER_ENGSTFR_ENGSUPR INSCRWR INSENGRJNSSUPR_OPEDISR OPESPTR OPESTFR OPESUPR RELCRWR RELENGR_RELSUPR_SUBCRWR_SUBENGR SUBPLNR SUBSUPR TECSPTW CUENGRW CUPLNRW DEPLNRW JPCORDW JRDRFTW JRPLNRW MTELECW MTENGRW_MTSUPVW PDSUPVW RECORDW RESHERY_GENPLNY IRPY PPDRAFY_PPELECY PPMECHY PPPROJY TECHSVY TRNPLNclass type for Merit OT tab (actuals)buMERITMERITMERITbububuMERITbubuMERITMERITMERITMERITbuMERITMERITbubuMERITbuMERITMERITMERITbuMERITMERITbuMERITMERITMERITbuMERITMERITbuMERITMERITMERITMERITMERITbubububububuMERITMERITMERITMERITbuMERITMERITbuMERITMERITMERITMERITMERITATTACHMENTS.?PAGE 54 OF 54

ATTACHMENT 4PAGE 1 OF 3Hawaiian Electric Company, Inc.Revenue Decoupling - 2011 Rate Base RAMBased on 2009 Test Year(SOOO's)(A)Test Year 2009(B)2011 Estimate(B)-(A)Difference-Rate Base RAMAverage Rate Base (RAMcomponents only)1,144,9351,159,19514,260 X12.91% (1)1,841Income Statement Effects:CIAC Amortization(9,335)(10,083)(748) ^91.12% (2)(820)Annualized Depreciation adjustedfor RAM purposes89,67897,4687,790 -91.12% (2)8,5499,570Source: Attachment 4 page 2(1) Effective Pre-Tax Rate of Retum. Attachment 4 page 3(2) Revenue Tax and Bad Debt Reciprocal. Attachment 4.5 page 8

Hawaiian Electric Company, inc.2011 Rate Base RAM($000's)ATTACHMENT 4PAGE 2 OF 3BHECO 2009 Test Year Rate Base I References for Col. A & BBeg. Balance Ending Balance12^1/2008 12^1/2009Actual12^1/2010HF + G2011 Rate Base RAM ~\ Reference for Col, H2011ChangesEstimated12/31/2011Net Plant In Srvlc.Plant In Servlea:Slaiting BalanceAdditionsRoUrementsEnding Balance2,946,750.6S 2,948,751 AtlBchment 4.1 page 191,838 91,838 Une 27 +Line 2891,8383,038,589 Sum: Lines 3..,5Accumulaled DeorBciation:Starting BalanceCost or RemovalSalvageOeprecistion AccnjalRetirementsEnding Balance(1,374,017)(99.920)(1,374.017} Attachment 4.1 page 1(99,920) Une 29(99,920) (1,473,937) Sum; Line3B..-12Net Plant In Service1,385,5781,575,485 Attachment 4.5 page S1,572,734(8,082) 1,564,652 Line6-Une13Peductlon*Starting BalanceUnamortized CIACAdjustment for CIAC amortization • previousyear's amortization portionEnding BalanceH7B,757)(183,375) Attachment 4.5 page 6(186,553)(166,553) Attachment4,1 pagel(10.222) (10.222) Une 32* Line 33(47)10,175 Une 34(186,600) Sum; Linos 16...18202122Accumulated Def Income Taxes;Starling BalanceAdditionsEnding Balance(132,510)(156,551) Attachment 4,5 page 6(212,931)(19,979)(19,979)(212,931) Attachment4.1 pagel(19,979) Attachment 4.4 page 1, line 13(232,910) Lino 20 + Line 2123Total Deductions(311,267)(330,926) Lnl9'Ln22(399.484)(20,026) (419,510) Lino 19 + Une 2224Nat Rate Bass (bslore wording cash)1,054,311 S1,235.559 Line 14 * Line 23$ 1,173,249 S(26,108) $ 1,145,141 Line 14 + Une 2325Average Rata Base (RAM components only)1,144,93!1,159,19526 Change in Rale Base:27 Basel ino Additions28 Major CIP Pnaject Additions29 Depreciation30 Net Plant31 ADIT' Baseline and Major Projects32 CIAC-Baseline33 CIAC • Major CIP34 Amortization of CIAC35 Total Change in Rate Base87,612 AttachmenI 4.1 page 24,026 AttachmenI 4.2 page 2(99,920) AttachmenI 4.1 page 1(8,062) Sum: Lines 27-2B(19,979) AttachmenI 4.4 p.1(10,222) Attachmenl4.1 page3AttachmenI 4.2 page 110,175 Attachmenl4.1 page 1^28.108] Sum; Lines 31-34Change InRevenueRoquiremenlReference for Col, G36 Effectiva Pre-Tax Retum37 Gross Return on Rate Base12.91% AttachmenI 4 page 3147.81112.91%S 149,652S 1,641Line 25 x Line 38Income Slatement Effects;38 Less: CIAC Amorlizatlon39 Add; Annualized Prior Year DepreciatiDn40 Revenue Requirement on Plant AdditionsChange m exp(748)7,700(820)8,549t 9,570Une 46Une 43Income Slatement Effecla;12011IAnnualized Prior Year Depreciation41 Est 20114243TY20092011 Change97,468 An, 4.1, p.1Attachment 4,5 page 11line 4*^5(Supplemental89.678 Testimonies)7,790 Una 41-Lino 42444546CIAC AmortizationEst. 2011TV 20092011 Change(10,083) Atl. 4.1,p. 1Attachment 4,5 page 11(Supplemental(9,335) Testimonies)(748) Lino 44 - Uno 45

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ATTACHMENT 4.1PAGE 1 OF 11Hawaiian Electric Company, Inc.2010 Recorded and 2011 Estimated InformationWorkpaper Supporting Input Sheet(in thousands)CIP CT-1 Costs in Excess of Interim 09 TY RC:CIP CT-1 Costs (actual as of 12/31/10)Less: Interim 2009 TY RCActual CIP CT-1 Cosis in Excess of InterimAmount192.912(161.470)31,442Source:Altachmcm4,l page7Attachment 4.5 page 12Plant In-Service:12/31/10 Plam BalanceLess: Actual CIP CT-1 Costs in Excess of InterimKamoku 46kV UG Alt Phase I Coses in Excess of Interim (EOTP)Kahe 3 Biofuel Co-Firing Costs in Excess of InterimFirst Winil (HCEI)Revised Plant In-Service at 12/31/103.024.037(31.442)(43.005)(271)(2.567)2,946,751Attachment 4.5 page 14Calculation aboveAttachment 4.1 page 8Attachment 4.1 page 8Attachment 4.1 page 10Accumulnteti Depreciation:12/31/10 Total Reserves for Depreciation and AmoniiationAdd: Removal Regulatory Liability & ARO Regulatory AssetAsset Retirement ObligationTotal Accumulaled DepreciationLess: (TT-l depreciation on YTD 2CX)9 excess costsAdjusted Beginning Balance(1,142,625)(183.381) (A)(48.423) (A)(1.374.429)412(1,374,017)Attachment 4.5 page 15AttachmenI 4.1 page 6Unamortized CIAC:12/31/2010 Unamortized CIAC BalanceLe.ss: Adj for First Wind (HCEI)Adjusted Beginning Balance at 12/31/102011 E.siimated Deprecialioti:Utility Btrak Depreciation and I.ea.sehold AmortizationVintage Accounting AmortizationTotal 2011 Depreciation AccrualLess: Adj for CIP CT-1 Costs in Excess of InterimAdj for Kamoku 46kV UG All Phase I Costs in Excess of InterimAdj for Kahe 3 Biofuel Co-Hring Costs in Excess of InterimAdj for Rrst Wind (HCEI)Adjusted 2011 Depreciation & Amortization AccnialLess: Vehicle DepreciationAdjusted 2011 Depreciation & Amortization Expense(189,315)2,762(186.553)97,3784,404101.782(466)(1.285)(5)(107)99,920(2,452)97,468Attachment 4.5 page 13Attachment 4,5 page 27Attachment 4.1 page 4Attachment 4.1 page 5Attachment 4.5 page 17Attachment 4.1 page 8Attachment 4.1 page 8AttachmenI 4.1 page 8Attachment 4.1 page 10Attachment 4.5 page 172011 Estimated CIAC Amortization:2011 Amortization Expensel.£s.s: Adj for Rrst Wind (HCEI)Adjusted 2011 CIAC Amonization Expense(10,175) Attachment 4.5 page 1792 (B)(10.083)Accumulaled Deferred Income Taxes:12/31/2010 Accumulated Defened Income Taxes BalanceExclude: FIN 48 taxADIT excluding FIN 48 taxLess: ADIT on Rrst WindADIT on Major Project Excess Depreciation12/31/2010 Accumulated Deferred Income Taxes Balance - Adjusted208.7317.397216,128(446)(2,751)212,931AttachmenI 4.3 page 1Attachment 4.3 page 1Attachment 4.3 page 1Attachment 4.3 page 1(A) Per HECO Detail General Ledger Summary asof 12-31-2010(B) First Wind CIAC - 2010 ActualDivided by 30 year amortization peritxJ2011 CIAC amortization relaied to Rrst Wind2,762 Attachment 4.5 page 2730 yrs92

ATTACHMENT 4.1PAGE 2 OF 11Hawaiian Electric Company, Inc.Estimated Decoupling Ratebase RAMBaseline Plant AJddltions CalculationSource: Dodiet No. 03-0257 General Ofcter No. 7 Plam Addttons Annual Reports filed witti ttw PUC dated: Âttachment 4.S p. 206/3^2005 5/31/2006 5/31/2007 5/30/2008 5/28/2009 5/28/2010NOTE (B) I2004NOTE (C)20052007 2008 2009 2010Total Plant Additions (Sum of Exhs. 1, 2, and 3 ol Reports)Less Mfllor PrQlects: (^S2.5 MilHonl Dkt No. liSmM146,577,617 109,529,898 131,037,917 106,094,62996,457,503 287,760,439 170,051,1182004 In-service:MokiMne SubstationKahe 5 Boilet Controls UpgradeWaiau Fuel Oil Pipeline02-014201-027201-0444Y00027P0000078Y00032(1,346,091)(3,415,223)(38,651,540)(4,890,666)(1.919,934)(625,846)(40.880)oi,ii6)c;(1.133)-2005 (n-aervice:Ward Air Conditioning ImprovementNew Kuahua SutistaUonSail Lake Boulevard WideningNew Dispatch Center00-004003-026001-018903-0360Y00023Y00021P0000143Y00030(4,381,591)C(8.161,978)(1,915.516)(1.190,385)(325,241)(1,919,335)(2,957,571)(24.339,825)(130.686) L_ {1.236)(4.377)(804)(1,323,478)1 3?^"257);(3.133)(914)2006 (n-setvice:Ford Island SubslalionOcean Poinie SubstationKatie 4 Bailer Control Upgrade04-027805-021702-0207Y00040Y00045P9454000[~:'(6p3:d89)i(23,880,234)(3,550,139)(4,560,910)126,673)1(107,525)(S0,422)Ci;• (UVfiiTf(1.765):(6,205)2007 In-service:Mamala SubstationKahe 3 Boiler Controls Upgrade04-035002-0206Y00039P953g000(7,424,707)1(4.185.117)!(17,073);(92.548)'(5,355)(24,522)2008 In-service:KoOlina SubstalionCIP Generating Unit05HD056C5K)145Y00044Y490OO(5,006,729)(8,119,686)(185,099,299)(1,693,198)2009 In-service:CIPO Kahe no Water ProjeclBarbois Point Fuel Oil TankWhitmore Substation05-0146 POOOIIGQ2007-0409 P00015342008-0132 P0001390C(749.833)!(3,931,173)(4,199.832)(373,480)(212,825)20101n-5enn'ce:Beckoning Point 46kv Une ExtBeckoning Point SubstationKamoku 46kv UG Alt Ph 1 (EOTP)K3 Biofuel Co-FiringAir Qu^lly Monlioring Station2008-0321 P00014972008-0321 P000U9803-0417 Y485002009-0155 P0001577Transfer Irom HELCO(1,506,538)(948,191) (I)(58,502,483)(4,957,351)(361,926)First Wind - cost recovered Ihru surcharge(2,567,414)Total Nat Plant AddlUona103,164,963 86,466,739 68,837,936 92,829,72484,726,04993,765,61098,902,275Last Five-Year Average87,205,08285,325,21287,812,319(1) Not of customer advance of $777,838. See Allachmeni 4.5 page 20.NOTE (A):Mighligtited amounts above were included in the Xost of Less Than $1 Million" plant addition section of the respectiveyear's G07 plant addition annual report. Included amounts for the purposes of this baseline five-year average calculation.NOTE{B):The total plant additions amount and the respective major projects' amounts are from the Company's 2010 recorded plantadditions accounting records which was used to prepare the 2010 G07 plant addition annual report. Reler to Attachment 4.5 pages20 thru 28 for excerpts from the 2010 annual report,NOTE(C):The total plant additions for 2005 Include approximately $2,070,000 of plant additions that were not Included in the original2005 G07 plant addition annual report. This addltionfil amount is primarily comprised of Waiau Fuel Oil Pipeline lateproject costs that were recorded In 2005 but not included in the 2005 G07 plant addition annual report.

ATTACHMENT 4.1PAGE 3 OF 11Hawaiian Electric Company, Inc.Estimated Decoupling Ratebase RAMBaseline CIAC Additions CatculatianSouicB ol CIAC baianc* ind •moil.2/8/2005 3/7/2006DecsmtMi Monthly RsfXirta fitod (ncHi-con)ldtnt>l bass) wUh tne PUC ditsd:3/1/2007 2J29/2008 2^7/2009 3/1/2010Attachment 4.1 p. 10S004200520062007200620092010CIAC Balance, January 1 (Dec Ppl. pg. tO}Less: CIAC Amonization (Dec RpL pg. 2)Less: CIAC Balance, December 31 (Dec Rpt, pg. 10)(143,ai4,23B)7,286,654144321,635(144,321,635)7,483,701156,287,107(156,287,107)8,055,713164,091,609(164,091,609)8.488,330176,424,632(176,424,632)9.009,447178.757,254(178,757,254)9,335,034179,585,120(179,585,120)9,614,759189,314,529Total CIAC Additions7,794,051 19,449,173 15,860,215 20,821.353 11,342,069 10,162,000 19,344,168Less Maior Protects:Did No.Item No.2004 In-service:Mokuone SubstationKahe 5 Boiler Controls UpgradeWalau Fuel Oil Pipeline2005 In-sefvlce:Ward Air CorvjiUonlng ImprovementNew Kuahua SubstationSalt l.al

ATTACHMENT 4.1PAGE 4 OF 1130-Mar-11Hawaiian SSectrlc Company, Inc.2011 Utility Book DepreciationBased on D & O 21331 (2000 Depr Study Approved Rates)AccountDepreciableAssetsasof 1/1/11Straight-LineRemaining-LifeRate6DepreciationAccrualYear 2011311312314315316Tot - Steam80,712.542,95306,043,667.57144,492,057.3951,194,369.7115.927,094.781598,369,732.400.019270.017140.013620.017370.023370.016761.555,330.705,245.568,461,967,981,82889.246.20372,216.2110,030,363.39341342343344345346Tot • Gas Turb36,265,255.2519,323,881.4762,613,810.1724,485,984.0033,659,862.76-16,616,862.381192,965,596.030.008900.015690.008760,011310.01776(0.00640)0.01007322,760.77303,191.70548,496.98276,936.48597,799.16(106.347.54)1,942.837.55Tot - Prod791,335,328.430.0151311,973,200.943501352353354355356357358359Tot - Transm1,959,714.8232,295,705.53255.715.063.9916,722.162.43173,901,887.52105,568.142.8160.034,491.0151,042.111.462,647,454.94699,886.734.510.009000.024000.025600.025700.030900.051900.017000.024100.015800.0298817,637.43775,096.936,546,305.64429.759.575,373.568.325,478,986.611,020,586.351,230,114.8941,829.7920,913.885.533601361362364365366367368369,1369.2370Tot - DIstr317,280.8019,557,286.47159,899,945.43122,201.753.5492,940,136.51211.108.957.33265,864,808.89159,235.812.3440,879,387,03153,703,064.1029,203,415.691.254,921,848.130.020500.033500.029900.032900.065400.022000.054500.060500.072600,039500,030500.043226,504.26655,504,104,781.008.374,020,437.696,078,284.934,644,397.0614,489,632.089.633,766.652,967,843.506.071,271.03890,704.1854.239.353.85Tot - T & D1,954,808,582.6475,153,239.38390394395397398Tot - General46,434,435.332,536,901.03__,_, 232,266.2195,001,488.42• 514,348.681144,719,439.670.040900.036700.034500.059400,051800.053001,899,168.4093.104.278,013.185.643,088.4126,643,267,670.017.52Sub-Total2.890,863,350.7494,796,457.843902 (King)3902 (CPP)3902 (Hon Cl)- 7,066,063.031,265,551.286,883.1 ij0.009460.04962066,825.0062,794.130.00Sub-Tot- LH Impr8,338,497.42129,619.1339233,732,178.060.072702,452,329.34UlHIty Total2,932,934,026.220.0332097.378,406.31For plant accounis which are 100% depreciable, used the plant ending balance @ 12/31/09 at A2 for thebasis. For plant accounts which are depreciable and amortizable, used the plant ending balance @@ 12/31/09 in Powerplant to determine the amortizable basis. Also used tiiis methodology for the 369plant account using tiie plant ending balance @ 12/31/09 in Powerplant to determine the 391.2 balance.SOURCE: PROPERTY ACCOUrfTING

ATTACHMENT 4.1PAGE 5 OF 1130-Mar-11Hawaiian Electric Company, Inc.2011 Utility Book AmortizationBased on D & O 21331 (2000 Depr Study Approved Rates)AccountAmort Amtsasof 1/1/11AmortizationRatesAmortizationAccrualYear 2011UnrecoveredAmortizedAmountsTotalAmortization316Tot - Steam8,540,778.61 18,540,778.610.050000.05000427,038.93427,038.930.000.00427,038.93427,038.93346Tot - Gas Turb1,483,5d2!65~'1,483,502.650.050000.0500074,175.1374,175.13) 0.000.0074,175.1374,175.13Tot - Prod10,024.281.260.05000501,214.060.00501,214.06391139123913393394395396398Tot - General15,360,639.692,019,360.246,988,674.401,215,858.1611,811,082.59625,209.19166,385.073,734,077.8841,921,287.220.142860.083340.066670.040000.066670.066670.055560.050000.093092,194,420.99168,293.48465,934.9248,634.33787,444.8841,682.709,244.35186,703.893,902,359.540.000.000.000.000.000.00Q.QO0.000.002,194,420.99168,293.48465,934.9248,634.33787,444,8841,682.709,244.35186,703.893,902,359.54Utility Total51,945,568.48 0.08477 4,403,573.60 0.00 4,403,573.60For plant accounts which are 100% amortizable, used the plant ending balance @ 12/31/09 at A2 forthe basis. For plant accounts which are depreciable and amortizable, used the plant ending balance@ 12/31/09 in Powerplant to determine the amortizable basis. Also used this methodology for the 369plant account using the plant ending balance @ 12/31/09 in Powerplant to dertermine the 391.2 balance.SOURCE: PROPERTY ACCOUNTING

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ATTACHMENT 4.1PAGE 11 OF 11HECO-CIAC198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200S20062007200820092010-adj 92-96 GET-adj 97 GET-adj 98 GET-adj 99 GET•adj 00 GET-adj 01 GET-adj 02 GET-adj 03 GET-adj 04 GET-adj 05 GET-adj 06 GET•adj 07 GET-adj 08 GET-adj 09 GET-adj 10 GETInkirnJCWg19881989199019911992199319941995ig95adjuslinl199619971998199920002001200220032004200520062007 Adj2007200820092010GL balance2008baianca274,236,00338.712.00513,525,00444,294.00525,644.00720,736.001,362,393.001,912,980.001,579,699.008,625,695.611,303,408.004,148,765.043,748,682,368,099,598.805,890,825.174,503,276.973,492,740.602,632.237.993,837,010.374,264,116.822.859,997.713,585,919,735,048,618,745,445,611,163,766,6334312.477,0274810,681.650,2511,297.046,1910,357,491.69(165,395,00)(60,736.60)(74,873.17)(97,497.67)(92,902.23)(137,183.50)(147,862.50)(199,610.70)(138,609.45)(283,050.23)(616.674.53)(494.285.90)(402.432.23)528,999,00576,760.00291,648.00610,262.001,684,712.001.418,466,862,342,269,394,742,990,17(98,679.78)2,387,683,411,232,895.452,360,666-691,849,482-513.764.249,581,562,321-313,398,564,445,120,839,093,126,819.485,310,277.964,737,891,770.009,324,547.411.387,009,47178,757,253.64200Samorl91,412,0084,678.00102,705,0074,049.0075,092.0090,092.00151.377.00191.298.00143,609.00718,806,000.00319,136-00267,763,00539,973,00368,176,00264,898.00194,041.00138,538.00191,850,00204,005.00130,000,00155,910.00210,359.00217,825.00144,871.00462,112.00381,488.00389,553.00345,250.00(8,705.00)(3.196.00)(3,743.00)(4.643,00)(4.223.00)(5,964.00)(6,161-00)(7,964,00)(5,331.00)(10,483,00)(22.024,00)(17.044,00)(13,415,00)52,901.0052,434.0024,305.0046,944,00120,337.0094,566,00146,391,00279,000,00(5,805,00)132,649.0064,889.00118,034,0088.071,00172.012,0067.927,00141,607,00204,834,00120,262.00196,677.00169J10.000.00321.536,0046,234,009,335,034,002009baianca182.624,00254,034,00410,620.00370,245,00450,552,00630,644,001,211.016.001,721.682.001,436.090-007,906,887.811,303,406-003,629,629.043,480,919,367,559,625.805,522,649.174,238,378,973,298,699,602.493,699,993,645,160,374,080,111,622,729,997,713.430,009,734,838559,745727.786,163,621.762,4312,014,915,4810,300.162,2510,907.493,1910,012.241,698,061,554,04(156,690.00)(57.540,80)(71.130.17)(92,854,67)(88.679.23)(131,219.50)(141,701,50)(191,626.70)(133,276,45)(272,567,23)(594,650.53)(477,241.90)(389,017.23)(360,621.20)476,098,00524,326,00267,343,00563,318,001,564,375,001,323,920,662.195,878.394,463,990,17(92,874,78)2,255,034411,168,006,452,242,634,691,761,411,513,612,237,581,494,394,313,256,957,444,916,005,093,006.557,485,113.600,984,568,681,770,009,003,011,411,340,775,472.461,967,87179,585,120,352010amort91.412,0084,678,00102.705,0074,049,0075,092,0090,092,00151,377,00191,298,00143,609,00718,608,000,00319,136,00267,763,00539,973,00368,176,00264,898,00194,041,00138,538,00191.850,00204,005.00130,000,00155,910.00210,359.00217,825.00144,871-00462,112,00381.488,00389,553,00345,250,00266,71847(8,705.00)(3,196,00)(3,743,00)(4,643.00)(4,223,00)(5,964,00)(6,161,00)(7,964,00)(5,331,00)(10,483,00)(22,024,00)(17,044,00)(13,415.00)(12,020,71)52,901,0052,434,0024,305-0046,944.00120,337.0094,566.00146,391,00279,000,00(5,805,00)132,649.0064,889,00118,034.0086,071.00172.012,0067,927.00141,607,00204,834.00120,262.00196,677.00169,210,000,00321,536.0046,234,0082.065.609,614,759,362010baianca (a)91.412-00169,356-00308,115,00296,196.00375,460,00540,552,001,059,639,001,530,384-001,292.481,007,188,079811,303.406,003,510.493.043,213,156,367,019,652,805,154,473,173,973.480,973,104,658,602,355.161,993,453,310,373,876,106,822,599,997713,274,099734,627,900,745,009,961,163,476,891.4311,552,603,469,918,674,2510,517,940,199,666,991,697,792,835,5714,552,305,31(147,985,00)(54,344,80)(67,387,17)(88,211,67)(84.456,23)(125,255,50)(135,540,50)(183,642,70)(127,947,45)(262,084,23)(572,626,53)(460.197,90)(375,602,23)(348,600,49)(524,224.27)423,197-00471,892-00243,038-00516,374,001,444,038,001,229,354,862,049,487,394,184,990,17(87,069.78)2,122,385411,103.117452,124,600,691,673,340,513,440,225,581,426,467,313,115,350,444,711,171,092,666,295,464,916,923,984,399,471.770,008,681,475411,294,541,472,379,902,275,316,086,58189,314,528,612011pmofllb)91,412.0084,678.00102,705,0074,049,0075,092,0090,092,00151,377,00191,298,00143,609,00718,808,000,00319,136,00267,763,00539,973,00368,176,00264,898.00194,041.00138,536.00191,850.00204,005.00130,000,00155,910-00210,359-00217,825,00144.871,00462,112.00361488.00389,553,00345,250,00268,71847485,076,84(8,705,00)(3,196,00)(3,743,00)(4,643,00)(4,223,00)(5,964,00)(6,161,00)(7,984,00)(5,331,00)(10,483-00)(22,024.00)(17,044,00)(13,415,00)(12,020.71)(17,474,14)52.901,0052.434,0024.305,0046,944,00120.337,0094,566,00146,391.00279,000,00(5,805.00)132,649.0064,889.00118,034,0088,071.00172.012.0067.927.00141,607.00204,834.00120,262.00196,677.00169,21000OOO321.536.0046,234,W82,065,60177,202,8910,174,535.95(a) Actual balance at 12/31/10 agrees to Attachment 4.5 page 13(b) Total annual amortization per Attachment 4.5 page 16

ATTACHMENT 4.2PAGE 1 OF 2Hawaiian Electric Company, Inc.Revenue Decoupling - Rate Base RAM2010 Major ProjectsDescriptionBeckoning Point Substation & 46KVAmount Qualifying for 2010 RAMCIACIn-Service DaleMay-10Amount2,454.729(a)(b)ReferenceDocket No. 2008-0321 (D&O dated 10/1/09}Note ANot applicableKamoku 46kv UG All Ph 1 (EOTP)Amount Qualifying for 2010 RAMCIACJun-1015.497.000(a)(b)Docket No. 03-0417 (D&O 23747 dated 10/19/07)NoteBNot applicableKafie 3 BiodieselAmount Qualifying for 2010 RAMCIACSep-104,686,000(a)(b)Docket No, 2009-0155 {D&O dated 6/10/10)Attachment 4,5 page 35Not applicableTotal Major CIPAmount Qualifying for 2010 RAMCIAC22,637,7292(3)1(b)Note A:Per Docket No. 200B-0321Total Project CostCustomer AdvanceAmount Qualifying for 2010 RAM3,232,567 Attachment 4,5 page 20(777,838) Attachment 4.5 page 202,454,729Note B:Per Docket No. 03-0417 HECO-R-902Total Phase 1 CostsPhase 1 Planning CostsPhase 1 AFUDC on Planning CostsAmount Qualifying for 2010 RAM41,893,000 Attachment 4.5 page 33(12,836,000) Attachment 4.5 page 33(13,560,000) Attachment 4.5 page 3315,497,000 Attachment 4.5 page 33

Hawaiian Electric Company, Inc.Revenue Decoupling • Rate Base RAM2011 Major ProjectsATTACHMENT 4.2PAGE 2 OF 2DescriptionWaiau 8 Boiler Control UpgradeAmount Qualifying for 2011 RAMCIACEstimated In-Service DateMay-11Amount3,987,730 (a)- (b)ReferencePer Docket No. 2007-0365 (D&O 23983, dated 1/28/2008)Attachment 4.5 page 36Not applicableBeckoning Point Substation & 46KV2011 Straggling costsMay-1010,019 (a)Docket No. 2008-0321 (D&O dated 10/1/2009)Pillar Budget filesCIPO Kahe RO Water Project2011 Straggling costsAug-09 Docket No. 05-0146 (D&O dated 06/27/2007)26,000 (a) Pillar Budget filesTotal Major CIPAmount Qualifying for 2011 RAMCIAC4,025.749 Z(a)• 1(b)

ATTACHMENT 4.3PAGE 1 OF 12HAWAIIAN ELECTRIC CO., INC.ACCUMULATED DEFERRED INCOME TAXES (ADIT)12/31/10 ACTUALSourceFED STATE TOTALActual 12/31/10 ADITAtt.4.3pg9&12183,536,789.18 25,194,868.32 208,731,657.50Exclude FIN 48 taxAtt.4.3pg8&ll5,620,585.00 1,776,139.00 7,396,724.00Subtotal189,157,374.18 26,971,007,32 216,128,381.50ADIT on First WindADIT on Major Project excess depreciationAtt. 4.3 pg 2Att. 4.3 pg 3(440,737.42) (5,507.19) (446,244,60)(2,419,597.10) (331,324.18) (2,750,921.28)Actual 12/31/10 ADIT- revised 186,297,039.66 26,634,175.96 212,931,215.62

HAWAIIAN ELECTRIC CO., INC.ADIT on First Wind tax depreciationATTACHMENT 4.3PAGE 2 OF 12FEDERAL DEFERRED TAXES1 Slate Tax Depreciation2 Effective Federal Tax Rate3 Federal Deferred Tax on State Deduction4 Addback Stale Tax Dcpreciaiion5 Federal Tax Depreciation6 Federal Stale Difference7 Tax Rale on Federal Only Adjustmenl8 Federal Deferred Tax Adju.stmeni9 Total Federal Deferred Taxes[Jnc 1 ' [Jne 2Une ILine 4 +I.Jne5Lincfj' line?Line 3 + Line H201091,55732.89473684%30,117(91.557)1.264,7581.173.20135%410,620440.737{STATE DEFERRED TAXES10 Slate Tax Depreciation11 Effective Slate Tax Rate12 Total State Deferred Taxes13 TOTAL DEFERRED TAXESLine 1Line 10 "Line 11] Lin.; 9 +Line 1291.5576,0150376%5.507446.245(A)Calculation of Depreciation AdjuslmenlFirst Wind personal property (subject to 50% bonu.s)First Wind real propertyTotal First Wind plant additionsLife20392,437.821129.5932.567.414Yrldepr rate0,03750,0010750%bonus1.218,911res depr45,709139 _totalfed depr1,264.6201391,264,758totalstale depr91.41813991.557NOTE> First Wind plant adds of $2,567,414 was included in the 2010 actuals. Upon further review. First Wind shouldnol have been included becau.se il will be recovered through an REIP program.Thus, we will reverse oul Ihe deferred taxes on the lax depreciadon of Rrst Wind,

noVJ-)mr'lt~~00tNma\ô\o+-JOC++cu.—.J*csu-J,—-J-S-J4-•noc c +~3 -J —13+

"si' SS "S-. t "^"1" --ATTACHMENT4.3PAGE 4 OF 12• 8 = 135 SS-^S^ll^5• "* 5 '^^115? . is^;S§5^11^^=5551sas 3 = asas.BCafft O rd Id in lA h.i; = >« s p ram *• of ed Ô -H* *• ^S a s' £ 5 ^ 3 § '~" * - " "1 * *^ e Eg gt d.. a; 3 r, - ifi S .T-1 - - -; ## * Is *asegsssEi ,alig8®a|S|ERES5 "'T *-• r^ o o> v I• -I a" m — cT 1v'rldrt ri -•ri pj rO -J -J nj m -J rf «o^ tf tf rf w" rf r>-^ i*T «" '*j •'•(ge iSnKP„K5uiqi «n A Dr^r^goirnôrnrfrfdrf5_ in- rJ V3as'3a88SS-S||S888S5 asei ssRB sassagaEsangj•fi^Si K!!;f ?; ?; 9; 3; ?; ?; s lfl s ?; R s 1°= 0)Hi3,Gt I&§§&&§&s§§ I ll I I s sIlllllllll£.33

ATTACHMENT 4.3PAGE 5 OF 121..- > •0)1/1oa.aOla>2 X3Rr*m*1- "D «" o r e(O OJ 4-;

ATTACHMENT 4.3PAGE 6 OF 12Non-Confidential 2/28/2011CA-IR-77DOCKET NO. 2010-0080ATTACHMENT 1PAGE 1 OF 1HAWAIIAN ELECTRIC COMPANY, INC.SUMMARY OF DEFERRED INCOME TAX LIABILITYBALANCES FOR RATE BASE PURPOSESFEDERAL AND STATE($ Thousand)AActualBalance12/31/2007BActual2008 Adds(Amort), NetCActualBalance12/31/2008DActual2009 Adds(Amort), NetEActualBalance12/31/2009Accelerated Depreciation over Straight Line1 FEDERAL 56,373 2,155 58,5282 STATE 6,553 (529) 6,0243 Subtotal 62,926 1,626 64,5528,701 67,229(122) 5,9028,579 73,131All Other Items4 FEDERAL5 STATE6 Subtotal63,78211,68675,4682,6695803,24966,45112,26678,717(312)(231)(543)66,13912,03578,1747 TOTAL138,3944,875143,2698,036151,305Revised Revised Revised RevisedExisting Depreciation Rates Depreciation Study RalesActual Actual Actual Estimate Estimate Estimate EstimateBalance 2010 Adds Balance 2011 Adds Balance 2011 Adds Balance12/31 /2009 (Amort), Net 12/31/2010 (Amort), Net 12/31/2011 (Amort), Net 12/31/2011Acceleraled Depreciation over Straight Line8 FEDERAL 67,229 19,052 86,281 33,831 120,1129 STATE 5^902 760 6^662 763 7,42510 Subtotal 73,131 19,812 92,943 34,594 127,53734,044 120,325802 7,46434,846 127,789All Other Items11 FEDERAL12 STATE13 Subtotal66,13912,03578,17431,1176,49737,61497,25618,532115,78813,8222,08515,907111,07820,617131,69514,2132,15716,370111,46920,689132,15814 TOTAL151,30557,426208,73150,501259,23251,216259,94715 AVERAGE BALANCE 233,982 234,339

Non-Confidential 2/28/2011HAWAIIAN ELECTRIC CO., INC.DEFERRED INCOME TAXESFEDERALLIAB (DRKRActual12-31-09Estimate2010Update toActual2010ATTACHMENT 4.3PAGE 7 OF 12CA-IR-77DOCKET NO. 2010-0080ATTACHMENT 2PAGEl OF 18Actual12-31-10283102831128312283132831428317283192832128323283262832728328283302833128332283332833528336283372833828340283412834728348284012840328404284052840628407284082840928410284112841228413284142841828419284222842728430284342843528436284402844128442285122851628520285222852628528Stale ITCUnearned LeaseAccrued VacationUncollectible AcciDirectors Def CompDiscounted Work CompCap to ConstruclionPensionExcess Benefit PlanDef Exec CompSoftwareG/L ACRS RcliremcnUEICPCIACCustomer AdvancesCapitalized InterestConnection FeesNondeductible InterestSupplemental Benefits -SERPNondeductible VacationLTIPWaipahu Baseyard IntWaiau Water Welt PmisNonutil Bad DebtGenl/Aulo {& Accidents)CWIP Debt TransitionCWIP Equity Trans[olani Cl Plaza SaleKaonohi SaleFAS 109 Flow ThroughPlant TransitionCWIP Equity NelCWIP Equity GrossupCWIP DebtGeneral/Auto Liability - LegalPost Retirement BenReg Liab Federal ITCIRP & DSM CostsReg Liab Excess 283MiscellaneousPrepaid ExpensesFMB X PremiumEEC ClaimsDifTerentialTIPKalaeloaSun PowerOverhaulRevenue Bond Cost AmortHonolulu Harbor ReserveDeferred Comp - restricied siockKnapp lawsuiiEmissions FeesSubstation land - Kuliouou(9,765,061.77)(1,238.63)1,188,845.47(1,451.194.61)(27,122.65)(846,886.41)36,020,900.982,354,017.75(489,341.67)(45,745.19)(71,021.43)9,682.471.72(214,727.14)(30,857,050.84)(354,979.97)(17.624.828.43)16.019.85(384.293.00)(720.761.33)(1,084,196,31)(238,412.97)(111,861.55)(324,369.24)8,047.29(193,142.13)424,494.421.301,658.34(157,505.23)37,751.681,655.171.8413.837,049.7521.992,602.3514,007,220.5010,415,692.29(43,158.14)(1,270,720.53)(943,863.07)10,971.54(389,608.61)(28.511.61)797,971.58151,601.94(3,848.00)758,798.92(278,702,11)(120,884.06)577.09(29,565.95)1,020,690.97(475,784.16)58,824.59(3,276.52)(360,374.99)(184.22)(1,199.028.26)420.66----3.164,408.59(1,303,739.66)--90,276.03328,947.00-(1,395,905.30)-(52.620.53)-•-------(20.889.45)(63,795.98)57,703.73-(275,857.92)(864,818.44)1.049.936.05668,729.53426,999.47-104,719.62285.052.645,379.0918.947.35-14.543.73(21,918.73)-(73.074.92)-15.153.83-11,355.07(155.127.06)---(86,202.86)-246,626.64-6,008.88818,693.09997.3740,668,36(640.271.13)7.635,522,67(55,808.23)2,515.47(4,599.66)220,337.15(93,599,24)(67,802.40)(325,484.74)822,971.62-301.946.3755.511.93-(321.924.31)-21,242.70-(289,850.00)0.00(0.00)(70.547.46)-0.000.00(45.720.09)(29.120.06)(50.263.00)(21.973.66)748,224.96-6,793.370.00(93,997.04)(45,082.31)-(9,515.47)(679.52)159,146.470.00-(55,606,00)508,812.0049.517.76(87,879.08)(2,473.68)-183.88(10.717,463.39)(817.97)1.194.854.35(632.501.52)(26,125.28)(806,218.05)38.545,038.448.685,800.76(545,149.90)(43,229.72)14,654.9410,231,755.87(308,326.38)(32,320,758.54)(680.464.71)(16,854.477.34)16.019.85(82,346,63)(665,249.40)(1,084,196.31)(560,337.28)(111,861.55)(303,126.54)8.047.29(482,992.13)403.604,971,237,862.36(170,348.96)37,751.681,379,313.9212,972.231.3122,996,818.3114,646,829.9710,792,428.76(65,131.80)(417,775.95)(658,810.43)23,144.00(370,661.26)(122.508.65)767,433.00129,683.21(13,363.47)685,044.48(119,555.64)(105,730.23)577.09(73,816,88)1,374.375.91(426,266.40)(29,054.49)(5.750,20)(446.577.85)(0.34)

Non-Confidential 2/28/2011ATTACHMENT 4.3PAGE 8 OF 12CA-IR-77DOCKETNO. 2010-0080ATTACHMENT 2PAGE 2 OF 18HAWAIIAN ELECTRIC CO^ INC.DEFERRED INCOME TAXESFEDERALLIAB (DR)CRActual12-31-09Estimate2010Update toActual2010Actual12-31-1028530 AES Hawaii PPA28532 CIS Project Costs28536 Substation land • Queen Emma28538 Rate Case • TY 200528540 Kalaeloa PPA28542 QUIPS amortization28544 OPEB Exec Life28546 Percentage Repairs Allowance28548 Copiializcd Interest (D&T)28550 E-Business hardware28552 OMS project costs28554 Subslalion Land • Palolo28556 Substalion Land - Waianae28558 Substation Land - Aiea28560 Solar tax credit28562 Revenue Adj - TY 200528564 HR Suites projecl costs28566 §481(a) adjustmenl (CIAC)28568 Solar Saver Program28570 Pension Tracker28572 OPEB Tracker28574 Substalion Land - Baiter's Pi28576 Substation Land - Haiku28578 Moving Expense28580 Blue Earth reserve28582 HMSA Premium28584 RO Water Pipeline28586 Big Wind costs28588 Microsoft Reserve28590 Repairs DeductionAOCI - NQ PensionAOCI-OPEB Exec LifeFIN 48 laxFIN 48 interest(39,506.54)1,297,529.93(10.069.12)305,995.63(49.263.21)466,201.98(3,735.083.57)4.530,848.195,537,884.0532,884.47287.906.37(5,074.61)(32,734.78)(22,659.36)(1,050.66)402,496.003,368,380.20(480,427.26)1,582,510.07(476,546,84)(9,221.40)(79,343.13)(191.307,35)(408,095,92)(15.759.85)783,448.46-(230,456.53)1,022,231.32(2,987,773.00)(162,888.00)3.948.68684,515.687,674.71-7,778.61(25.761.60)•73,061.23(6,297.15)-(58.921.74)2.899,7713.408.877.723.09-112.166.76(3,368.380.19)39.008,32(2,896,931.62)(1,621,118.58)2,555.8220,113.44.55,263.10(37,823.64)644.813.09--23,026.00-(10,507.24)(806,049.43)2,210.2658,669.430.000.0048,037.441.759,339.17(409,664.18)---321.82185.36-626.595.52-5.153,25•-61.36482.7389,387.3737,615.35-(334.244.22)29,741.078.87(289,506.00)(223,357.00)(2,655,838.00)•(46,065.10)1,175,996,18(184.15)364,665.06(41,484.60)440,440.38(3,687.046.13)6,363.248.595.121,922.7232,884.47228,984.63(2,174.84)(19.004.09)(14,750.91)(1,050.66)1,141,258.280.01(436,265.69)(1,314.421.55)(2,097.665.42)(6.604.22)(58.746.96)(101,919,98)(315.217.47)(53,583.49)1,094,017.3329,741,078,87(519.962.53)798,874.32(5.620.585.00)(162.888.00)TOTAL ACCOUNT 28357,510,213.93(5.587,684.07)36,973,495.4788,896.025.33ACCOUNT 282 DEPR67,228,640.06392,372.9218,659,621.0386,280.634.01TOTAL FEDERAL DEFERRED TAXLIABILITY (before rate case adjustments)124,738.853.99(5,195,311.15)55.633,116.50175,176,659.34TOTAL ACCOUNT 28357,510.213.93 (5.587,684.07) 36,973.495.47 88,896,025.33Less Rale Case Adjustments:283122831328314283172832328326283302833628337Accrued VacationUncollectible AccountDirectors Def CompDiscounted Work CompExcess Benefit PlanDef Exec Comp (Def LTIP)EICPNondeductible InterestSupplemental Benefits -SERP1,188,845.47(1,451,194.61)(27,122.65)(846,886.41)(489,341.67)(45,745.19)(214,727.14)(384,293.00)(720,761.33)6,008,88818,693.09997.3740,668,36(55,808,23)2,515.47(93,599.24)301,946.3755,511.931,194.854.35(632.501.52)(26.125.28)(806,218.05)(545,149.90)(43.229.72)(308.326.38)(82.346.63)(665.249.40)

Non-Confidential 2/28/2011ATTACHMENT 4.3PAGE 9 OF 12CA-IR-77DOCKETNO. 2010-0080ATTACHMENT 2PAGE 3 OF 18HAWAIIAN ELECTRIC CO., INC.DEFERRED INCOME TAXESFEDERALLIAB (DR)CRActual12-31-09Estimate2010Update toActual2010Actual12-31-1028338 Nondeductible Vacation28340 LTIP28341 Waipahu Baseyard Int28347 Waiau Water Well Pmts28348 Nonutil Bad Debt28401 Genl/Aulo (& Accidents)28412 Genl/Aulo Legal^„28418^: IRP Costs"28434"" EEC Claims28436 TIP[j285i'6"'iHonolulu Harfcor Reserve28520 Deferred Comp - restricted stock^_^285^jKnapp lawsuit28538 Rate Case - TY 200528544 OPEB Exec Life28550 E-Business hardware/iSSVO^'iBlue Earth reserve' .??5^Ci'^''^rosoft Rcser\eAOCI - NQ PensionAOCI - OPEB Exec LifeFIN 48 interest(1,084.196.31)(238,412.97)(111,861.55)(324.369.24)8.047.29(193,142.13)(43.158.14)10.971.54(3.848.00)(278,702.11)(475.784.16)58.824.59(3.276.52)305.995.63(3,735.083.57)32.884.47(191.307.35)-(230.456.53)1,022.231.32(162.888.00)-----•5,379.09•------------(321.924.31)-21,242.70-(289.850.00)(21,973.66)6.793.37(9.515.47)159.146.4749,517.76(87.879.08)(2.473.68)58.669.4348.037.44-89.387.37-(289.506.00)(223.357.00)-(1,084.196.31)(560,337.28)(111,861.55)(303,126.54)8,047.29(482.992.13)(65,131.80)23,144.00(13,363.47)(119,555.64)(426,266.40)(29,054.49)(5,750.20)364,665.06(3,687,046.13)32,884.47(101,919.98)-(519,962.53)798,874.32(162.888.00)FED DEFD TAX LIABILITY - OTHER66,138,972.20(5,593.063.16)36.710,246.1397,256,155.17FED DEFD TAX LIAB • ACCEL DEPR67.228,640.06392.372.9218,659.621.0386,280,634.01TOTAL FEDERAL DEFERRED TAXLIABILITY (after rale case adjustments)133,367,612.26(5,200,690.24)55.369,867.16183,536,789.18

Non-Confidential 2/28/2011ATTACHMENT 4.3PAGE 10 OF 12CA-IR-77DOCKETNO. 2010-0080ATTACHMENT 2PAGE 10 OF 18HAWAIIAN ELECTRIC CO., INC.DEFERRED INCOME TAXESSTATELIAB (DR)CRActual12-31-09Estimate2010Update toActual2010Actual12-31-10283102831128312283132831428317283192832128323283262832728328283302833128332283332833528336283372833828340283412834728348283502840128403284042840528406284072840828409284102841128412284132841428418284192842228427284302843228434284352843628437284382843928440284412844228443State ITCUnearned LeaseAccrued VacationUncollectible AcctDirectors Def CompDiscounted Work CompCap to ConstruclionPensionExcess Benefit PlanDef Exec CompSoftwareG/L ACRS RetirementsEICPCIACCustomer AdvancesCapitalized InterestConnection FeesNondeductible InterestSupplemental Benefits -SERPNondeductible VacationLTIPWaipahu Baseyard IntWaiau Water Well PmtsNonutil Bad DebtLoss Adj ExpGcnl/Auio (& Accidents)CWIP Debt Transit ionCWIP Equity Translolani Cl Plaza SateKaonohi SaleFAS 109 Flow ITiroughPlant TransitionCWIP Equity NelCWIP Equity GrossupCWIP DebtGeneral/Auto Liability - LegalPost Retirement BenReg Liab Federal ITCIRP & DSM CostsReg Liab Excess 283MiscellaneousPrepaid ExpensesFMB X PremiumCoal Gasif CostsEEO ClaimsDifferentialTIPHACOABONY RevGAQS TelKalaeloaSim PowerOverhaulEV Tax Credit(1,774,785.29)(148.51)220,911.82(260,720.93)(4,057.55)(155,111.43)6.595,379.19430,449.10(84,952.16)(8,365.93)5,983.161.780,054.93(23.093.99)(5.840,319.37)(64,247.82)(3.468,315.12)8,444.14(70,270.11)(121,511.74)(195,605.00)(43,595.35)(20,452.91)(59,329.00)1,317.6924,509.00(35,317.46)77,624.03238,018.14(12,521.71)6,942.61302,615.392,530,234.314,021,489,312,561,309.781,908,117.75(5,462.90)'(252,324.34)(173,429.89)1,769.44(71,882.74)16,970,02145,913.9627,722.7111,273.00(703.66)138,751.03(51,222.35)1,533.0074.00255.0026.806.67(0.28)(5.406.80)74.00(219,249.76)76.920.000.000.000.00578,771.32(238,396.89)0,000,0026.653.2760,150.000.00(253,106.37)0,002,509.280.000.000,000.000.000.000.000.000.000.00(3,819,77)(11,665.49)10,551.480.00(50.442.34)(158,137.41)191.987.32122,281.3478,079,500,0019,148,6352,123.651,461.743,464.640,002,659.41(4,007.97)0.000.00(13,362.20)0.000.000.000.002,770.970.002.076.350.0051.048.410.001.098.77149.703.16182.387.436.46(116,659.93)1,396,206.82(10,204.89)459.97(9,491.16)46,084.27(17,115.21)(12,397.96)(59,516.91)117,835.950.0055.212.7710,150.700.00(58,865.86)0.003,884.360.000.00(53,000.87)0.000,00(12,149.17)0.000.000.00(8,360.20)(5,324,78)(9,190.90)(4,018.02)136,817.690.00296.360.00(17.188.03)(8.243.58)0.000.00(1.739.96)(124.26)29.100.910.000.000.000.000.00(10,168.00)0.00(1,942,986.64)(71.59)222,010.59(111.017.77)(3,875.17)(147.674.97)7,057,490.581.588,259.03(95,157.05)(7,905.96)23,145.271,886,289.20(40,209.20)(6,105,823.70)(123,764.73)(3,347,969.89)8,444.14(15,057.34)(111,361,04)(195,605.00)(102,461.21)(20,452.91)(55,444.64)1,317,6924,509.00(88,318.33)73,804.26226,352.65(14,119.40)6,942.61252,173.052,372,096,904,205,116.432,678,266.341,977,006.35(9,480.92)(96,358,02)(121,306.24)3,527.54(68.418.10)(218.01)140,329.7923.714.7411,273.00(2,443.62)125,264.57(22,121.44)1,533.0074.00255.0029.577.64(0.28)(13.498.45)74.00

Non-Confidential 2/28/2011ATTACHMENT 4.3PAGE 11 OF 12CA-IR-77DOCKETNO. 2010-0080ATTACHMENT 2PAGE 11 OF 18HAWAIIAN ELECTRIC CO., INC.DEFERRED INCOME TAXESSTATELIAB (DR)CRActual12-31-09Estimate2010Update toActual2010Actual12-31-1028512285142851628520285222852628528285302853228536285382854028542285442854628548285502855228554285562855828560285622856428566285682857028572285742857628578285802858228584285862858828590Revenue Bond Cost AmoriAPPRISE SoftwareHonolulu Harbor ReserveDeferred Comp - restricted slockKnapp lawsuitEmissions FeesSubstation land - KuliououAES Hawaii PPACIS Project CostsSubstalion land - Queen EmmaRate Case - TY 2005Kalaeloa PPAQUIPS amortizationOPEB Exec LifePercentage Repairs AllowanceCapitalized Interest (D&T)E-Business hardwareOMS projecl cosisSubstalion Land - PaloloSubstalion Land - WaianaeSubstation Land - AieaSolar Tax CreditRevenue Adj • TY 2005HR Suites projecl costsg481(a) adjustment (CIAC)Solar Saver ProgramPension TrackerOPEB TrackerSubstalion Land - Barber's PtSubstation Land - HaikuMoving ExpenseBlue Earth reserveHMSA PremiumRO Water PipelineBig Wind costsMicrosoft ReserveRepairs DeductionAOCI - Qualified PensionAOCI - NQ PensionAOCI - OPEBAOCI - OPEB Exec LifeFIN 48 taxFIN 48 interest186,640.2222.551.00(87,001.27)10.756.64(598.65)(65.897.36)525.02(7.224.23)234.897.085,437.6355,953.69(9,007.83)85,248.62(682,983.42)982,447.161,065,354.958.206.9350,548.35(927.93)(2,698,01)176.03(192.12)0.0073.796,06615,929.22(87,849,11)289,371.79(87,139,55)(847.06)(7.415.57)0.00(34,981.74)(74,622.87)(2,881.79)143,258.410.000.00(50,735.50)0.00195,520.38(546.336.00)(29,788.00)(28,365.95)0.000.000.000.00(15,762.73)0.00722.04125,167.941,403.370.001.422.37(4,710.67)0.00(3,552.28)(10,125,89)0.00(10,774.2))530.242.451.891.412.210.000.0020,510.39(615.929.22)7.132.91(529,721.92)(296,431.59)467.353,677.870.000.0010,105.20(6,916.29)117.908.080.000.000.000,000.000.004,212.000.0093.040.000.009.054.63(16,069.25)(452.33)0.00(525.36)(1.921.32)(147,391.14)(6,315.21)10,728.120.000.008,783.70416,281.0732,143.150.000.000.00(919,46)(529,57)0.000.00114,577,470.00942,310.000.00(175.26)(1.379.21)0,0016.345,036,878.200.00(61,118.64)0.006,832.105.120.00(52,941.00)0.00(40,842.00)(1.234,015.00)0.00251.314.2722,551.00(77,946,64)(5.312.61)(1,050.98)(81,660.09)(0.34)(8,423.51)212,673.88525.7966,681.81(7,585.46)80,537.95(674,199.72)1,395,175.951,087,372.218,206,9339,774.14(397.69)(1.165.58)1.058.67(192.12)0.00208,883.920.00(79,773.89)(240,350.13)(383.571.14)(554.97)(5,116.91)0.00(18,636.71)(57.639.47)(9,798.08)200.047.850.006,832,105.120.00(103,676,50)0.00154,678,38(1,776,139.00)(29.788.00)TOTAL ACCOUNT 283 10,528,880.01 (1,022.589.27)7,568.043.3417.074,334.08ACCOUNT 282 DEPR 5,901,971.24 571,376.08188.921.136,662,268.45TOTAL STATE DEFERRED TAXLIABILITY (before rate case adjustments) 16,430,851.25 (451,213.19)7,756,964.47 23.736,602.53TOTAL ACCOUNT 283 10,528,880.01 (1,022,589.27)7,568,043.34 17,074,334.08Less Rale Case Adfustments;

Non-Confidential 2/28/2011ATTACHMENT 4.3PAGE 12 OF 12CA-IR-77DOCKETNO. 2010-0080ATTACHMENT 2PAGE 12 OF 18HAWAIIAN ELECTRIC CO., INC.DEFERRED INCOME TAXESSTATELIAB (DR)CRActual12-31-09Estimate2010Update toActual2010Actual12-31-1028312283132831428315283172832028323283242832628330283362833728338283402834128342283452834728348283492835028400284012841228418'2843428436285,!.6_28520285222853828544285502858028588Accrued VacationUncollectible AccountDirectors Def CompComputer Conversion CostsDiscounted Work CompGain HIRI Sub/miscExcess Benefit PlanNonop Deferred GainDef Exec Comp (Def LTIP)EICPNondeductible InterestSupplemental Benefits -SERPNondeductible VacationLTIPWaipahu Baseyard Int1990 Rate Case ExpRoss Cap Legal i-'eesWaiau Water Well PmtsNonuiil Bad DebtCap Corp LogoOutage Loss Adj Exp92 Rate CaseGen!/Auto (& Accidents)Genl/Aulo Legal^ IRP CostsEEO ClaimsTIPHonolulu Harbor ReserveDeferred Comp - restricted slockKnapp lawsuitRate Case-TY 2005OPEB Exec LifeE-Business hardwareBlue Earth reserveMicrosoft ReserveAOCI-Qualified PensionAOCI - NQ PensionAOCI - OPEBAOCI-OPEB Exec LifeFIN 48 interest220,911.82(260,720.93)(4,057.55)0.00»(155,111.43)0.00(84,952.16)0.00(8,365.93)(23.093.99)(70.270,1!)(121.511.74)(195.605.00)(43.595.35)(20.452.91)0.000,00(59.329.00)1.317.690.0024,509.000.00(35.317.46)(5.462.90)1.769.44(703.66)(51,222.35)(87,001.27)10,756.64(598.65)55,953.69(682,983.42)8,206.93(34,981.74)0.000.00(50,735.50)0.00195,520.38(29,788.00)0.000.000.000.000,000.000.000.000,000.000.000.000.000.000.000.000.000,000.000.000.000,000.000.001,461.740.000.000.000.000.000.000.000.000.000.000.000.000.000.000.001,098.77149,703.16182.380.007,436.460.00(10,204.89)0.00459,97(17,115.21)55,212.7710,150.700.00(58,865.86)0.000.000.003,884.360.000.000.000.00(53,000.87)(4,018.02)296.36(1,739.96)29,100.919,054.63(16,069.25)(452.33)10,728.128,783.700.0016,345.030,000.00(52,941.00)0.00(40,842.00)0.00222,010.59(111.017.77)(3,875.17)0.00(147,674.97)0.00(95,157.05)0.00(7,905.96)(40,209,20)(15,057.34)(111,361.04)(195,605.00)(102,461.21)(20,452.91)0.000.00(55,444.64)1,317.690.0024,509.000.00(88,318.33)(9,480.92)3.527.54(2.443.62)(22.121.44)(77.946.64)(5.312.61)(1.050.98)66,681.81(674,199.72)8.206.93(18.636.71)0.000.00(103,676.50)0.00154,678.38(29.788.00)STATE DEPDTAX LIABILITY -OTHER 12,035,795.47 (1,024,051.01) 7,520,855.41 18.532,599.87STATE DEPD TAX LIAB-ACCEL DEPR 5.901,971.24 571,376.08 188.921,13 6,662,268.45TOTAL STATE DEFERRED TAXLIABILITY (after rate case adjustments) 17.937.766.71 (452.674.93) 7.709.776.54 25.194,868.32

HAWAIIAN ELECTRIC CO., INC. ATTACHMENT 4.4ADIT ON TAX DEPRECIATION FOR VINTAGE 2011 P^Ê 1 OF 10FEDERAL DEFERRED TAXESTAX DEPR1 State Tax Depreciation 3,091,891.002 Effective Federal Tax Rate 32.8947%3 Federal Deferred Tax on State Tax Depreciation Line 1 x Line 2 1,017,069.414 Addback State Tax Depreciation Line 1 (3,091,891.00)5 Federal Tax Depreciation 56,737,310.006 Federal/State Difference 53,645,419.007 Tax Rate on Federal Only Adjustment 35%8 Federal Deferred Tax Adjustment Line 6 x Line 7 18,775,896.659 Total Federal Deferred Taxes Une 3 +Line 8 19,792,966.06STATE DEFERRED TAXES10 State Tax Depreciation Line 1 3,091,891.0011 Effective State Tax Rate 6.0150376%12 Total State Deferred Taxes Line 10 x Line 11 185,978.4113 TOTAL FED AND STATE DEFERRED TAXES Line 9 -i- Line 12 19,978,944.46 GRNOTE: In accordance with the tariff, the change in ADIT in the RAM year is based on thetemporary book/tax depreciation differences associated with the RAM year plant additions(major projects and baseline plant additions). It does not include any estimated ADIT relatedto the repairs deduction or CIAC on RAM year plant additions.

ATTACHMENT 4.4PAGE 2 OF 10CO tc o< IE Qfc >- Xto inaaâ!Q - UJIU CC QSSo m r~T- Sj tÔ CO rtO A CDCM r«- to^^^(0^ .^' f s£ ^=:".?r^ dV*sS, feS, 5-• in os.S.Qp ^ r y p i t o o i F i i O ' - f nt o r - c x j o u i t J i ' - u i i DiSi 5) 3 in CO 15r~^ o) w -^ o IDrJ cJ d cd ca COsSsSjS3?d^COID1^SIDH) inmojiDnoSi-miD3* ^ # 3? 3S SS0> O CO *- CO COcn (3 C3 C3 O (5--^ dCC3 d d tosS s5 a?3S00CO00to^JiatntaE0a.SVI10CQ JJtttj^ 3!^3? jg3«3SCO O) -- VÔ13 êg0IDtof- tfl: sis; crI.oLUeg lo Ol 3CM N O 4a «J •>»3S2'-" CO r-"CM r«. — o nCO CO m 00 inO C9 CM CM C>Jin r-,*CM CJ) -- (DCO ^ CO 01inc3 tn o•-" ID"^ m o tn rd 0) or-. •- CM to _i > I—*• 10 t3 Ol to Ol pl«> ^ cy CO _l > h-^ S, S. 5, -g £ «*• 10 13 O) IB .« Op«. -- ry CO —I > h-ccICUUJlu aUJ SZ I-

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HAWAIIAN ELECTRIC CO., INC.REPAIRS DEDUCTIONATTACHMENT 4.4PAGE 4 OF 10Distribution Non Steam SteamTransmissionRepairs %:Total book basis repairs (1999-2009)Total book basis adds (1999-2009)109,325,302.00456,506,196.002,932,077.0012,595,092.0056,615,131.00218,144,773.009.585,430.00148,712,375.00Repairs % 23.948262% 23.279520% 25.953008% 6.445817%

ATTACHMENT 4.4PAGE 5 OF 10Hawaiian Electric Company, Inc.2011 PLANT ADDITIONS - PROJECTSGrandparentYooonY00017Y00O47Y00064Y00065Y00066Y00068Y0007IY00073Y00073Y00074Y00074Y00074Y00074Y00079Y00081Y00083Y00083Y00083Y00084Y00084Y00084Y0O085Y00087Y00089Y00089Y00089Y00089Y00089Y00096Y00097Y00097Y00097Y00098Y00098Y00098Y00099Y00099Y00103YOG104Y00104YOG104Y001G4YOG105YOG106YOG106YGG107YGG107YOOIHYOGI 14YOGI 14Y00ir4Y00il4Y001I4YOOl14Y00II6YOGI 18YGG118YOG126YOG126YOOl26Project #PG00019IPGGG0I92PG001037PGGG1169P0GGil77PGGG119)PGGG1202P0GG12I7PGGG1251P00G1252P00G1254P0001257P0001258P0001260P00G0980P000I131P0000622P0000644PGGGG854PG000301P0000494P0000871P0000853P0000872P0000781P0O0O782PflO00869PG000874P9537000PGGG08I7PGGG0096PGGGG3I4P00008I8P0GGG3I5P0GGG810P7590000P0000316P000G811POOG1315PGGG1324POOOI325PGGG1328POGG1332PGGGI347P0GG135IPGGG1726PGGG1355PGGG1725PGG01459P0GG1463PGGG1464PO00I465P0001466P000I467P000I468P0OOI486P0GG1497P0001498P0001586PO001588P00G1589Proiect TitleWaikiki Rehab Projecl 2Waikiki Rehabilitation Project 3Puuloa Rd Widening - UGCIPO Kahe RO Water ProjectW8 BFP Automated TestW9 Gen Protective RelayW6 Hydrogen Gas DryerW7 Turbine DrainsK3 Condensate PumpK4 Condensate PumpWO Waiau Tank #3 Lvl GaugeKG Kahe Tank #11 Lvl GaugeKG Kahe Tank # 12 Lvl GaugeKG KaheTank#!4 Lvl GaugeH8 Battery Bank ReplacementH9 Honolulu FWH 94 ReplaceKl Kahe 13 FWH ReplaceKl Kahe FWH 14 ReplaceKl Excitation SystemKl Kahe FWH 12 ReplaceKl Kahe FWH II ReplaceKI Sootblower ControlsK2 Excitation SystemK3 Sootblower ControlsK4 Kahe FWH 41 ReplacementK4 Kahe FWH 42 ReplacementK4 Annunciator ReplacementK4 Sootblower ControlsK4 Turbine Controls UpgradeW6 Exciter/Regulator ReplaceW7 Sootblower Ctls UpgW7 APH Sootblower UpgradeW7 Exciter/Regulator RepIW7 Air Htr Steam CoilsW7 Annunciator ReplacementW7 Controls UpgradeW8 Air Htr Steam CoilsW8 Annunciator ReplacementCapitol Qr V66G8 Trayer Sw RplKl UPS Panel UpgradeW8 UPS Panel UpgradeW6 UPS Panel UpgradeK2 UPS Panel UpgradeN. Kahana Bridge Perm OHBa-seyards Priority 2 - 2010Baseyards Pr2-2011MEVAPriority 1-2GIGMEVA-Prl - 2011W6 FWH 61 InstrumentationW7 FWH 71 InstrumentationW7 FWH 72 InstrumentationW7 FWH 73 InstrumentationW7 FWH 74 InstrumentationW8 FWH 81 InstrumentationW8 FWH 82 InstrumentationSchool-Bkr4568RIyUpBeckoning Point 46kV Line ExBeckoning Point SubstationMamala Phase 5 T&DMamala Phase 5 Hickam SubMamala Phase 5 Mamala SubProiectto DateRecorded12/31/10-1.750,598404,7421.123,31312.0063,131-56.749523,062380.58522,69751,62347,82049.744467,772----911.785995.917531,431-774,965645,061597,533986,682525,6431,167.1191,824.683303.34112.911148.5967,424254,1741,419.90725.234705.22016,989129,92740,8719G,005122,19448,316----152,278----22.56925,08277,5651.506,5381.726,029750.977609.662896,916Expenditures2011 Plant Addition Future Years1,494,8041,914,242104,38628,00052,070113.44280437,2179,351474,83871,201285142142482.34889159140(25.388)872591,900(25.404)58.6501,064,5781,016,0751,453.207839,0302.176.9859.316643.212174,0851,729,773 11.590317.7301,232,148 14,918,113 103,327356,5421.375,15736.6054.620114,5067043.827108.23483,44028,61538,852131,68435103.386102,990102.990102,990157.383132.5101.9909.4445757725.21213.256Total Update1,494,8041,914,242104,38628,00052,070113,44280437.2179.351474.83871.201285142142482,34889159140(25,388)872591.900(25,404)58,6501.064,5781.016,0751,453,207839,0302,176,9859,316643,212174,0851,741,363317,7301,232,1495.G21.440356.5421,375,15736,6054,620114.5067043,827108,23483,44028,61538,852131.68435103.386102,990102,990102,990157,383132,5101.9909,4445757725.21213,256100%1,494,804----- 80-----•--89159140(25.388)---(25,404)•-•--------------•---83,44028,61538.852131.684•103,386102,990102,990102,990-•------

ATTACHMENT 4.4PAGE 6 OF 10Hawaiian Electric Company, Inc.2011 PLANT ADDITIONS - PROJECTSGrandoarentYOOl29YOOl 30YOOl32YOOl32YOOl33YOOl33YOOl34YOOl34YOOl36Y00136YOOl38YOOl38YOOl38YOOI38YOOl38YOOl38YOOl38YOOl38YOOI38YOOl38YOOl38YOOl38YOOl38YOOl 38YOOl38YOOl38YOOl38YOOl38YOOI38Y00138YOOl 38YOOl 38YOOl38YOOl39Y00143Y00143YOOl48YOOl48YOOl49Y00I5IY00I5IYOOl52YOOl52YOOl54YOOl 54Y00155Y00155Y00156Y00I57YOOl57YOOl58YOOI58YOOl59YOOl59Y00I6IYOOl63Y00163YOOl63Y00163YOOl63YOOl63Proiect #P000I557P0001684P000I7I1P0001879P000I713P000I7I4P00017I5POO017I6P000I752P000I753POOD1821P000I822P0001823P000I824P0001825PO0OI828P0001829P0001830P0001831P000I832P000I833P000I834P000I835P0001836P0001839P0001840P0001841P0001842P0001843P0001954P000I955P0001956P0001957P000I693P000I907P0001908P0O0I985P000I988P0001989P0002I54P0002155P0002162P0002I63P0002I7IP0002I77P0002174P0002I76P0002I75P0O0I788P0002I80P0OO2I72P0002I73POOOI790PO0O2I83P0002I98P0002223P0002224P0002225P0002226P0O02227P0002228Proiect TitleMakakilo C&D Phi 46kV UGEwa Nui Security EnhancementChevron Electrical UpgradeChevron 46kV Line ExtensionIwilei Tl ReplacementIwilei TI 12kV CircuitingIwilei T2 12kV CircuitingIwilei T2 ReplacementKoOlina Tsf #2 Sub WorkKo Olina Tsf #2 T&D WorkFirst Wind Waialua RelaySwitching Stn OuLîde ServicesFirst Wind Wahiawa RelayFW Switching StationFirst Wind T&D 46kVFirst Wind Telecom TestingFirst Wind Telecom WardFirst Wind Telecom WahiawaFirst Wind Telecom KawelaFirst Wind Telecom MokulelaFirst Wind Telecom WaialuaFirst Wind Telecom MaunaKapuFirst Wind Telecom KahukuFirst Wind Tel In-Kind CIACFirst Wind MWTriplerFirst Wind Site Const KawelaFirst Wind SiieConstMokulciaFirst WindSileConstMaunaKapuFirst Wind Site Con si WahiawaFirxt Wind UFLSFirst Wind Kahipa TelecomFirst Wind Waialua TelecomFirst Wind Wahiawa TelecomNCTAMS Whitmore 46kV LineS. Punaluu Bridge 46kV TempS. Punaluu Bridge 46kV PermExtended AMI Test - MDMSExtended AMI Test - MetersOffice RenovationsCIS @ WaterhouseCIS @ Waterhouse/FumitureCIP Admin 3rd Fir FurnitureCIP Admin 3rd Fir RenovationLegal Dept RelocationLegal Dept FURNITUREWaiau Office SpaceWaiau Office - FURNITURECredit Relocation FURNITUREEnvironmental RelocationEnvironmental Relo-FURNITUREAccting Division • FURNITUREAccting Division ReloSy.stem Intergration RenovatnSys Intergration - FURNITURETest & Substation RenovationMakaha#I 12kV Bkr 1695 UFI^Makalapa #2 12 Bkr 3166 UFLSPohakupu #2 12 Bkr 2123 UFLSWaihee #2 12 Bkr 3047 UFLSFt Weaver #112 Bkr 8024 UFLFt Weaver #1 12 Bkr 8025 UFLProiectto DateRecorded12/31/101.042.2054.998289,604121.76522.6961.53120,62830,52012,682222155,601(7)217,310627.09894.2875.99189,726128.62410,6187.856347.20716.546265.576----•-311,501--.1,691,75366,987-•--97,142174,228118,536197.245-•173,293-25,72035,303-•-37.73481.883-Expenditures2011 Plant Addition Future Years349 -10,590 -11,053 -1,171 -1,370,802 -268,069•248,907 -1,383,146 -1,649,625 -109,813 -84,526 -500,000 -5.440 -46,419 -98 -9,984 -1,812 -6,005 -2.148 -2.576 -26,531 -1.921 -19,348 -2.287,200 -210 -342,693 -720,592 -531,663 -268,918 -17,599 -419 -1,470 -1,470 -1,704,596 -2,850 -29.571 -42,534 -631,669 -41,325 -185,076 -175.221 -118.536 -213.975 57,500364.647 -339.800 -319.581 -85.370 -99,704 -393.259 -181.535 -15,000 -291,349 -496,076 -121,323 -109,943•92,073 -92,073 -92,119 -92.119 -92,119 -92.119 -Total Update34910,59011,0531.1711,370,802268,069248,9071.383,1461,649.625109,81384,526500,0005,44046.419989.9841.8126,0052,1482,57626,5311,92119,3482,287.200210342.693720,592531,663268,91817.5994191,4701,4701,704,5962,85029,57142,534631,66941,325185,076175,221118.536271.475364.647339,800319,58185,37099,704393,259181.53515.000291.349496.076121.323109.94392,07392,07392.11992,11992,11992,119100%----------•500,000••••-•----•2,287,200210342,693720.592531,663268,918-4191,4701,470-•29.57142.534631.66941.325---•364,647339.800-85.370--181,53515,000291,349--109,94392,07392.07392,11992,11992,11992,119

ATTACHMENT 4.4PAGE 7 OF 10Hawaiian Electric Company, Inc.2011 PLANT ADDITIONS - PROJECTSGrandnarent Proiect #Y00163 P0002229Y00I63 P0002230Y00163 PO002231Y48500 P0000922Y49000 P000I05IY49000 P000II36Y49000 P000188IY49000 P4900000P0000062P0000086P0000287P0000450P0000465P0000467P0000485P0000497P000057IP00006I6P0000636P0000665P0000677P0000798P0000956P0000992POOOIOOOPOO0I078P000108IP0001109P00013341*0001335P0001341P000I342P000I367POOOI388P000I392P000I393P0001399P0001403P0001404P0001418P0001421P0001434P0001442P0001478P000I479P0001480roooi48iP000I490P000I499POO0I5O0PO0OI50IP000I502POOOI503POOOI5I3PO00I5I8P000I538POO0I54IP000I547P000I548POO0I561P000I572Project TitleFt Weaver #2 12 Bkr 8594 UFLFt Weaver #2 12 Bkr 8595 UFLWahiawa #2 12 Bkr 1219 UFLSKamoku 46kV UG All Phase 1CIPI AES Subslalion AddCIPl Unit Addiiion-Kahe BkrsCIP Unit 1, Water treatment SystemCIPI Unit 1 AdditionCe-Terminaling Trust EsmntsWO Waiau WW Oil DetectorsWO W1&2 Admn BIdg ReRoofKO Kahe Mtr Part Wash EndK1&2 Service Air CompressorsK3&4 Instr Air CompressorsW3 Waiau FWH 35 ReplaceWO Waiau WW Pond ClosureCIS ReplacementKO Kahe Parking Lot AdditionWO Waiau Chlorine DioxideWO Waiau Parking Lot AddW7/8 Overhead UtilitiesW6 Instr Air ComprWO WWTF Chem Feed UpgradesAirport-Iwilei FO ReplacemenKO Kahe Demin Water Tank #54KO Kahe Maint Shop ReroofAuahi Street 12kVOHtoUGWahiawa 46Kv Ln-SchofieldWIO Inlet Air FiltrationW9 Inlet Air FiUraiionEllipse Migration to UnixWalman Manana OH RelocationDistributed Energy ResourceKO Replace Kahe Tank #32WO WWTF Filler PressWO WWTF Misc UpgadesW8 Main Transformer ReplaceWah 138KV Unes - SchofieldKai Hwy at Makapuu - 12kV UGW5 FWH Turb. Wtr. Ind. Pvt.School St #1 SwgrReplEn DIvy C&.M Byard ImpvmntsK5/K6 Diesel Tank ExpansionWaiau l38KV,Bkr 107&I08ReplHPP 46KV Bkr 4552 ReplaceKahe-Wah/Kahc-Hal #2 Str 27AES-CEIP #1 Relay UpgradeAhuimanu PI OH & UG Cbl UpgrKahe 138kV Bkr 247 ReplaceKahe 138k V BkrI 33 ReplaceHPP 46kV Bkr 4553 ReplaceNorth South Rd Ph 1B UG ConvKahe 138 kV Bkr 172 ReplaceWaiau 46kV Bkr 4499 ReplaceSpare48/80mvaTsf#2K3 PCT UpgradePali Ckt Tree Wire InstallWard ITS Generator RepIMeter Engr Shop RelocKamokila #4 12 kV Line ExtBougainville Subd SV4613Projectto DateRecorded12/31/10•--58,212,9983,801,5201,795,9407,107,036160,558,463721,32373.2116,09117,132468,970-771.92593.696828,09857,830848.33031,502452,50626,366604,309-293,360-31,232440,9741,523.250298,306265,79031.58112,16986.780487,950•2,146,84013,712220,681226,947585,469-180,800-266,01391,292525,993107,181378,793334,911283,688229,197329.012150,592656.585402,513416,675395.269•577,183118,610Expenditures2011 Plant Addition Future Years92,16592,16592,165288,4338,4062,09620,000799,08797214,8346,09117,1328.313325.7523.829414,175 12.220,09857,83041531,502984,521218,6781.602,888524.4711.979,677144,881200.059 34,425440.974306.6432.229,429 149.099265,790167,274 1,018627,855703,8681,359,511291,7312,357,4251,037,712590,184226.9471,206107,221455,9933,3915,178461,21216,952107,1818,52810,14825,062212.72710,148284.04711.481771.925,4384197,905172118,610Total Undate92,16592,16592,165288,4338,4062.09620,000799,08797214,8346.09117,1328,313325,7523.829414.1762,220,09857,83041531,502984,521218,6781,602,888524,4711,979,677144.881234.484440.974306,6432,378,528265,790168,292627,855703,8681,359,511291,7312.357,4251,037,712590,184226,9471,206107,221455,9933,3915,178461,21216,952107,1818,52810,14825,062212,72710.148284,04711.481771,925,4384197,905172118,610100%92.16592.16592.165----------325,752-----•-•-524,471-144,881---------291,731•----107,221-3,391-•------------7.905--

ATTACHMENT 4.4PAGE 8 OF 10Hawaiian Electric Company, Inc.2011 PLANT ADDITIONS - PROJECTSGrandoarent Project #P0001577POO0I590P0001594P0001597P0001600P000160IP0001622P0001623P0001628P0001629P0001630P0001631P000I632P000I637P000I639P000I640P0001646P0001647P0001658P0001659P0001660P000I669P000I670P000I673P000168IP0001682P0001686P0001688P0001690P0001694P0001697P0001707P0001723P000I728P000I751P0001756POO0I759P000I76IP000I772P000I774P000I78IP000I782PO0OI784PO0OI787P0001792P0001794P000I795P0001797P000I798P000I799P0001800P0001804POO01807P0001856P0001859P000I862P0001871P0001877P0001899P0001903P0001904Proiect TitleK3 Biofuel Co-FiringKailua 2 & Aalapapa 4kV ConvAllure Waikiki 12kV UG RelocCEIP3 l38kVTsf Replacement2010 Spare 8% Tsf #12010 Spare 10% Tsf #1K4 Service Water StrainerK5 Service Water StrainerW7 RepI H2 Purity MeterW8 RepI H2 Purity MeterH9 Exciter Air ConditioningK3 RepI H2 Purity MeierK4 RepI H2 Purity MeterW4 Exciter Air ConditioningKl Service Water StrainerK2 Service Water StrainerKoolau-Pukele #2 OPGW RepIKoolau-Pukele #1 SW ReplacementW6 Turb-Gen Brg Fire ProtectW7 Turb-Gen Brg Fire ProtectW8 Turb-Gen Brg Fire ProiectWaiau l38kV Bkr 112 ReplaceWaiau l38kV Bkr 110 ReplaceWahiawa 46kV Bkr 4448 ReplaceHalawa-School OPGWKapolei IC, Phl-l2kV OH & UGKapolei IC, Ph I -12k V OH ConvW5 BFP 51 Motor ReplacementIronwoods-12kVOHloUGCEIP46 Rccond(near Kalaeloa)Keehi Circuits ReconneclionK4 Static Exciter VentilationK2 2I Traveling ScreenKalaeloa Dead Bus Energizing2009 Spare 464 kVT.sf#lArcher-School HPFF Cbl RepIKai Hwy, Keahole St-12kV UGH8 Sootblr Air Compressor 83W8 Hot Reheat Line RepI.W7W8 Battery Bank SeparationWaiau C&M Trailers (repi)Kahe C&M Trailer (repl)Archer Substation Phase 2CPP 2Lst Fir RenovationK3 Feed Reg Valve UpgradeK4 32AUX CIg Hx ReplacementK5 51 Aux CIg Hx ReplacementK3/4 Emergency Generator UpgW5/6 Emergency Generator UpgW7/8 Emergency Generator UpgK5 Emergency Generator UpgraWIO Exciter UpgradeHalawa SS Access RoadPI 3/2/72 Halawa Aces RdKO Kahe Demin Anion TanksP24-25 Vaikenburgh Pole RepW8 CWP UpgradesP13HamakuaDr-46kVOHW9 Exciter UpgradeAla Moana Park 4kV ConversioWaiau OCB 4655 ReplaceProiectto DaleRecorded12/31/104,957,35071,020464,386423,636--102,1513,69686925,65120.267359.944220.206316.138108,532122,5325,947-154,566-788970970-1,038,918563,668130,520256,71854,471•-71.4525,54850,118535,8942.095,002132.253513.857153.763----299,623177,471313,788-9,3289,534184,250-1,674.630305,31024,545262,417442,825240,51932,605330,097120,982199,590Eênditures2011 Plant Addition Future Years272,727173,4855,100427688,554695,683131,37064,426171,281166,448233,30835306,97310,0993.1713.1712.214,8081,797.6092.975250,005236,845344,989344,937260,2511,388,162402,376157,639340561.5891,389,965229,006275,791288,7736,212536,1787611,465,0699021.392.678406,991410.207489.579-301,5832,596671,266708,655225.702204,515375.977238,682(2,615)935.949185,936274.08623,1301,937,869108,1441,833,479141,18627,1057,722--•----839------•-389,051-•------•••------3,388---------29,619----Total Ut>date272,727173,4855,100427688,554703,405131,37064,426171,281166,448233,30835306,97310,0993.1713.1712.214.8081.797.6092,975250,844236,845344,989344,937260,2511,388,162402.376157,639340950,6401,389,965229,006275.791288,7736.212536.1787611.465,0699021,392,678406.991410.207489.579-301,5832,596671.266712.043225.702204.515375.977238.682(2,615)935.949185,936274,08623.1301,967.488108,1441,833,479141,18627,105100%----688,554695,683------•----1.797.609-250,005---260,251-----1.389.965229.006--------406,991410,207489,579-•--708,655--•238,682----------

ATTACHMENT 4.4PAGE 9 OF 10Hawaiian Electric Company, Inc.2011 PLANT ADDITIONS - PROJECTSGrandparent Proiect #P0001905P0001906P0001930P0001933P0001934P0001935P0001936P0001937P0001938P0001950P0001953P000197IP0O01972P000I973P0001976P0001977P0001996P00020001*00020011'0002003P0002005P0002006P0002007P0002010P0002011P0002014P0002015P0002016P00020I7P00020I8P00020I9P0002020P000202IP0002022P0002023P0002024P0002053P0002054P0002055P0002058P0002059P0002060P0002061P0002063P0002064P0002066P0002067P0002068P0002I2IP0002122P0002149P0002152P0002153PO002178P0002186P0002188P0002189P0002197P0002200P0002201P0002202Proiect TitleK5 CWP K51 motor replacementW7 CWP UpgradesP2-4X Kalaeloa Blvd RelocateHonolulu Units 5 & 7 RemovalW7 BFP Recirc CV UpgradeKailuana PI 1 Ph UG InstallKam Hwy/Ford Isle Line RelocW3 ID Fan Rotor ReplacementW8 UPS UpgradeKamokila Ckt OH to UG ConverKO EMD VOLT REG UPGRADELoad Dispatch EMS UpgradeMOKIAWE V2V CABL REPLDLP/Web 2.0Remedy Upgrade Help Desk v 7WO Env Chem Lab Elec Upgrade2010TSFInstall#l I0mva8%2010Spare 10mva8%TSF#22010 Spare 138kVBKR#l2010Spare lOmva I0%TSF#22010 spare 1 Omva 10% TSF #32010Spare 138kVBKR#22010 Spare 138kVBKR#32010 Spare 10mva8%TSF#42010Spare 10mva8%TSF#32011 Spare80mvaTSF#32011 Install #1 80mvaTSFLowes Iwilei Pole RelocKO Demin • HMI AdditionKO Demin-System Split2011 Install#146kVBKR2011 Install #2 46kV BKR2011 TSF In.stall#I 10mva8%2011 TSF Install #2 1 Omva 8%2011 TSF Install #3 1 Omva 8%2011 TSF Inslal#l 1 Omva 10%2011 Spare 1 Omva 8% TSF #22011 Sparc 1 Omva 8% TSF #32011 Spare 10mva8%TSF#42011 Spare 138kVBKR#l2011 Spare 46kV BKR #12011 Spare 46kV BKR #22011 Spare 46kV BKR #3W7 UPS UpgradeW7 UPS Panel UpgradeMiddle Street P42 RelocationCIP FO Unloading LadderBurger Subdiv 46kV OH to UGK-H#2/K-WAHIAWA STR3K-W/K-H#l STR #38Inst Load Bank for M003 GenHPP EDI REPLACEMENTWO Waiau EOT 4/5 DrainageMail In-sener ReplacementW5 CWP51 Dischg Head RepIEwa Nui 80MVA TSF A InstallK3 H2 Cooler ReplacementHarding Ave, Pole RelocationWAIMALU V3735E-3735F DBK4 H2 Cooler Tube Bundle Repk5/6 Stillen Basin Hoist RepProiectto DateRecorded12/31/10-208,18457,12557,749-64,81475,96552,939193,776-96,292------560,79692,481512,687558,17491.644119,932560,796556,82913,612-151,9408.53362,147-•--------••-162,57117.11441,8878.20373.847--24.493104,277207,966181.398-68,272147.38742,278---Expenditures2011 Plant Addition12,000,967243,42866,677220,325531.206538,393574,687314.711426,932806.760186,43932285,53843,8481,31480.875560.9472.169516,040561.8252,2572.768560.852560.4711.863.710410,204804246.384530,178158,775158.15488.58988.58988.58988.589820,787822.977820,787167.14797.09997,09997.099318,304101.620167,61144.262456.213786.631550.52824.653147.581778,07733.00236.47220.964145,417384.127400.063209,787129,480Future Years--------•-6,234-----10,118•--------14.369--11,90511,90510,11810,11810,11810.11810,7628,51110.7622,069---------•-•-------•-Total Undate12.000,967243,42866,677220,325531,206538,393574,687314.711426,932812,994186,43932285,53843,8481,31490,993560,9472,169516,040561,8252,2572,768560,852560.4711,863.710424,573804246,384530,178170,680170,05998,70798,70798,70798,707831.549831,488831,549169,21697,09997,09997.099318.304101,620167.61144.262456,213786,631550,52824,653147.581778,07733,00236,47220.964145,417384,127400.063209.787129.480100%---1220,325-•--426.932-186,43932285,53843,8481.31480,875-•-------410,204--•158,775158,15488,58988,58988,58988,589820,787822,977820,787167,14797,09997,09997,099-----786,631550,528----36.472---400,063209,787129,480

ATTACHMENT 4.4PAGE 10 OF 10Hawaiian Electric Company, Inc.2011 PLANT ADDITIONS - PROJECTSGrandparentProject # Project TitleP0002207 2011 80mva TSF Wahiawa #2P0002208 2011 Sparc 80mva TSF #2P0002209 2011 Spare 15kV SwitchgeaiÎP00022I0 2011 Spare 15kV Swiichgearit2P00022n 2011 Spare 15kV Swiichgear#3P00022I2 2011 Spare 15kV Switchgear#4P0002213 KAALAKEI P29 • P30 DBP0002214 POHAKUPU 4 V2809-2810 DBP00022I8 Aliamanu I2KV UG RelocationP00022I9 W72 BFP MOTOR REPLACEP7650000 W8 Boiler Controls UpgradeProjectto DateRecorded12/31/10----------3,767,471304,591,483Expenditures2011 Plant Addition1,962,4571,739,408363.404363.404363,404363.404619.460443.721144.845195,3245.227.145123.209.174Future Years47.2434,4427,314973,686Total Uodate2.009,7001.743,850363,404363,404363,404363,404619.460443,721144,845195,3245,234.459124,182.860100%1,962,4571.739,408363,404363,404363.404363.404619,460443,721144,845195,324-32,648.041% based on 12/31 cutoffAdd 4 monthsTotal subject to 100%26.50%133.33%35.33%NOTE:This estimate of % qualified for 100% bonus is based on budgeled plant additions for 2011 and il a.ssumes only projects incurring costsafter the 100% bonus depreciation effective date (9/9/2010) will qualify. The first step in this calculation was lo assume a 12/31/2010cutoff/effeclive dale since the information for 9/9/2010 was not yet available. The second step was to gross up this percentage by a33% factor to account for the additional 4 month period 100% bonus was available in 2010.

ATTACHMENT 4.5PAGE 1 OF 36Hawanati tiectric uompany, inc. • ru BOX

ATTACHMENT 4.5PAGE 2 OF 36The Honorable Cbainnan and Membersof the Hawaii Public Utilities CommissionJanuary 24,2011Page 2to go into eêct on March 1, 2011 (and therefore enabling the commencement of decoupling andthe implementation of final rates that reflect the ROR of 8.16% to occur at the same time) will beconsistent with the requirement in the Final Decision and Order (at 129) in the decouplingproceeding (Docket No. 2008-0274) that the "HECO Companies shall hnplement decoupling,and commence tracking target revenues and recorded adjusted revenues when rates that reflect areduced ROR due to decoupling are approved by the commission in either an interim or finaldecision and order In the HECO Companies' pending rate cases."Exhibit 2A also includes tariffs to implement other aspects ofthe decoupling mechanism,including the heat rate deadbands for the energy cost adjustment clause ("ECAC") and theearnings sharing mechanism.If the Commission approves the proposed 2009 test year final rates for implementation effectiveMarch i, 2011, Hawaiian Electric's filing for the Energy Cost Adjustment Factor ("ECAF"), tobe effective March 1, 2011. will reflect the calculation and form of the Energy Cost AdjustmentClause that is approved in the 2009 test year rate case. This is consistent with the process used inthe HELCO 2006 and MECO 2007 rate cases to adjust the ECAF through separate filing, hiaddition, Hawaiian Electric will terminate the 2007 Interim Rate Surcharge, related to DocketNo, 2006-0386 and the 2009 Interim Rate Surcharge, related to Docket No. 2008-0083 effectiveMarch 1,2011.Exhibit 3 explains the adjustments resulting from the Final D&O that are reflected in the revisedschedules.An index of the exhibits and attachments appears on the first page of the enclosed.Should the Commission have any questions, please call Dean K. Matsuura at 543-4622.Sincerely,Enclosurescc: Division of Consumer AdvocacyDr. Kay Davoodi, Department of DefenseJames N. McCormick, Department of DefenseDarewL. Endo-OmotoVice ResidentGovernment & Community Affairs/;..

ATTACHMENT 4.5PAGE 3 OF 36Index to Exhibits and AttachtnentsExhibit I A: Results of Operations - Final D&OExhibit IB: Revenue Requirement Input SheetExhibit IC: Summary of Income Statement AdjustmentsExhibit 2A: Proposed Tariff Sheets and Rate SchedulesExhibit 2B: Exisling Tariff Sheets and Rate SchedulesExhibit 2C: Summary of Revenue Increase Allocation by Rate ScheduleExhibit 2D; Cost of Service Study WorkpapersExhibit 2E: Workpapers Illustrating the Calculation of Present and Proposed Revenuesby Rate ScheduleExhibit 3: Adjuslmenis Resulting from and Implementation of Final D&OHECO T-9 AttachmenI 1: Cost of Eight Temporary Meter Readers Removed from Final RatesHECO T-11 Atlachment 1: Administrative and General Expense SummaryHECO T-11 Attachment 2: Administrative and General Expense, Interim and Final D&OAdjustments

ATTACHMENT4.5PAGE 4 OF 36EXHIBIT lAPAGE I OF 15Electric Sales RevenueOther Operating RevenueGain on Sale of LandTOTAL OPERATING REVENUESHawaiian Electric Company, Inc.Final DiOResults of Operations2009ousands)CurrentEffectiveRates1,292,6854, 1406151,297,440AdditionalAmount66,26511066 ,375RevenueRequirementsto Produce8.16%Return onAverageRate Base1,358,9504,2506151,363,815FuelPurchased PowerProductionTransmissionDistributionCustomer AccountsAllowance for Uncoil. AccountsCustomer ServiceAdministration u GeneralOperation and Maintenance438,349346,46778,29413,63329,42012,1041,3025,00086,3771,010,94500438,348346,46778,29413,63329,42012,1041,3025,00086,3771,010,945Depreciation & AmortizationAmortization of State ITCTaxes Other Than IncomeInterest on Customer DepositsIncome Taxes81,868(1,453)121,97547918,53352389553381,868(1,453)127,87047942,066TOTAL OPERATING EXPENSES1,232,347294281,261,775OPERATING INCOME65,09336947102,040AVERAGE RATE BASERATE OF RETURN ON AVERAGERATE BASE1,251,087(597) 1,250,4905.20% 8.16%PBase-Final DiO.xls Results 1/6/2011 5:45 PM

ATTACHMENT 4.5PAGE 5 OF 36EXHIBIT lAPAGE 2 OF 15Hawaiian Electric Company,Inc.Final D&OCOMPOSITE EMBEDDED COST OF CAPITALEstimated 2009 AverageABCDAmountinThousandsCapit. alizationPercentofTotalEarningsReqmtsWe: ightedEa: rningsReqmts(B) X (C)Short-Term Debt000.75%0.000%Long-Term Debt576,56940.765.77%2.352%Hybrid Securities27,7751.967.41%0.146%Preferred Stock20,6961.465.48%0.080%Common Equity789,37455.8110.00%5.581%Total1,414,414 100.00Estimated Composite Cost of Capital8.159%or8.16%PBase-Final D60.xls CostCap 1/6/2011 5:45 PM

ATTACHMENT4.5PAGE 6 OF 36Hawaiian Electric Company,Inc.EXHIBIT lAPAGE 3 OF 15Final D&O2009 AVERAGE RATE BASE($ Thousands)BeginningBalanceEnd ofYearBalanceAverageBalanceinvestments in AssetsServing CustomersNet Cost of Plant in ServiceProperty Held for Future UseFuel InventoryMaterials & Supplies InventoriesUnamort. Net SFAS 109 Reg. AssetUnamort Sys Dev CostsRO Pipeline Reg AssetARC Reg Asset1,365143165745788142743917536840101575,4851,81443,27416,01562,7167, 9366,366121470,5321,81443,27416,20360,2366,3103, 18311Total Investments in Assets1,4895041713,6201601,563Funds FromNon-InvestorsUnamortized CIACCustomer AdvancesCustomer DepositsAccumulated Def. Income TaxesUnamort State ITC (Gross)Unamortized Gain on SalePension Reg LiabilityOPEB Reg Liability178e1323013757947201510102345051777183815628-33758075815516507464 54433181,0668778,391144,53129,3761,046-202605TotalDeductions355690375689365,690Difference1,235,873Working Cash at Current Effective e Rates15,214Rate Base at Current Effective Rates1,251,087Change in Rate Base - Working Cash (597)Rate Base at Proposed Rates 1,250,490PBase-Final D&0,xls RateBase ]/6/2011 5:45 PM

ATTACHMENT 4.5PAGE 7 OF 36EXHIBIT lAPAGE 12 OF 15Hawaiian Electric Company, Inc.Franchise TaxElectric Sales RevenuesLess: Bad Debt ExpenseFranchise Tax RateTotal Franchise TaxTOTAL REVENUE TAXINTEREST EXPENSE:Weighted Cost of DebtShort-Term DebtLong-Term DebtHybrid SecuritiesTotalRate Base at Proposed RatesTOTAL INTEREST EXPENSEINCOME TAX EXPENSE SUMMARYCurrentDeferredState ITCTOTAL INCOME TAX EXPENSEFinal D&OSUPPORT WORKSHEET2009CALCULATIONS OF REVENUE TAX RATE:Franchise Tax Rate adjusted for Change in Oth OperRevenues and Bad DebtPSC Tax Rate adjusted for Bad DebtPUC Tax Rate adjusted for Bad DebtREVENUE TAX RATECALCULATIONS OF COMPOSITE INCOME TAX RATE:State Tax RateFederal Tax Ratexx1,292,685(1,302)1,291,3832.500%32,285115,0040.000%2.352%0.146%2.498%1,250,49031,237(5,508)24,041018,5330.024960.058850.005000.088810.060150.35000State Tax RateFederal Tax RateFederal Tax Effect on State TaxCOMPOSITE INCOME TAX RATEx0.060150.35000(0.02105)0.38910PBase-Final D&O.xlsSupport1/6/2011 5:45 PM

ATTACHMENT4.5PAGE 8 OF 36EXHIBIT lAPAGE 13 OF 15Hawaiian Electric Company, Inc.Final D&OSUPPORT WORKSHEET2009CALCULATIONS OF COMPOSITE CAPITAL GAINS TAX RATE:State Capital Gains Tax RateFederal Tax RateState Capital Gains Tax RateFederal Tax RateFederal Tax Effect on State Capital Gains Tax Rat€COMPOSITE CAPITAL GAINS TAX RATECALCULATIONS OF EFFECTIVE INCOME TAX RATE:PSC Tax & PUC Fees Rates adjusted for Bad DebtFranchise Tax adjusted for Change in Oth Oper Revand Bad DebtBad Debt Rate adjusted for Change in Oth Oper RevRevenue Tax and Bad Debt rateRev Tax & Bad Debt ReciprocalComposite Income Tax Rate(1 - O.O888I;EFFECTIVE INCOME TAX RATE AFTER CONSIDERINGREVENUE TAX & BAD DEBTx0.037590.350000.037590.35000(0.01316)0.374440.063850.024960.088810.911190.389100.35454CALCULATIONS OF OPERATING INCOME DIVISOR:PSC Tax & PUC Fees RatesFranchise Tax adjusted for Change in Oth Oper RevBad Debt Rate adjusted for Change in Oth Oper RevEffective Income Tax Rate after consideringrevenue tax & bad debt0.063850.02496003545444335OPERATING INCOME DIVISOR (1 - 0.44335)055665PBase-Final DtO.xls Support 1/6/2C11 5:45 PH//.•

ATTACHMENT 4.5PAGE 9 OF 36Hawaiian Electric Company, Inc. - PO Box 2750 • Honolulu, HI 96840-0001Darcy L. Endo-OmotaVice PresidentGovernment & CcxrvTJunity AttsirsThe Honorable Chairman and Members of theHawaii Public Utilities CommissionKekuanaoa Building, 1st Floor465 South King StreetHonolulu, Hawaii 96813Dear Commissioners:July 20, 2009-oCZr>cooisOT—^S P -roo-frmSubject:Docket No. 2008-0083 - Hawaiian Electnc 2009 Test Year Rate CaseHawaiian Electric Supplemental Testimonies. Exhibits and WorlcpapersIn accordance with the Interim Decision and Order issued July 2, 2009 in DocketNo. 2008-0083, enclosed for filing are Hawaiian Eiectric Company, Inc.'s ("HawaiianElectric" or "Company") Supplemental Testimonies, Exhibits and Workpapers for thefollowing Hawaiian Electric witnesses;HECO ST-1 - Robert A. AimHECO ST-3 - Peter C. YoungHECO ST-4 - Ross H. SakudaHECO ST-7 - Dan V. GiovanniHECO ST-8 - Robert K.S. YoungHECO ST-9 - Darren S. YamamotoHECO ST-10 - Alan K.C. HeeHECO ST-lOB - Jeff Makholm, Ph.D.HECO ST-11 - Patsy H. NanbuHECO ST-12 - Russell R. HarrisHECO ST-13 - Julie K. PriceHECO ST-13A - Leonard E. SmothermonHECO ST-14 - Brace K. TamashiroHECO ST-15 - Faye R. ChiogiojiHECO ST-15 A - Gayle Funita-OkayaraaHECO ST-15B - Mike H. MclnernyHECO ST-15C - Leon R. RooseHECO ST-15D - Scott W.H. SeuHECO ST-16 - Lon K. OkadaHECO ST-17 - Lone Ann Nagata

ATTACHMENT 4.5PAGE 10 OF 36The Honorable Chairman and Members of theHawaii Public Utilities CommissionJuly 20,2009Page 2HECO ST- 17A - Robert C. IslerHECO ST-17B - Anthony L LunardiniHECO ST-17C - Brenner MungerHECO ST-17D - Ken T. MorikamiHECO ST- 17E - Tom C. SimmonsHECO ST-20-TayneS.Y. SekimuraHECO ST-21 - Steven M. FetterHECO ST-22 - Peter C. YoungInformation contained in the HECO ST-9 testimony and exhibit HECO-S-901 isconfidential and is not to be provided or disclosed to the general public. The April andMay 2009 information is submitted under protective order as the April and May 2009information is confidential until publicly disclosed in the financial statements submitted to theSecurities and Exchange Commission ("SEC"), which is scheduled for August 2009. Theinformation will not be considered final until the Company issues its financial statements tothe SEC. Should any of the preliminary information change, the Company will provide therevisions as soon as practicable.Information contained in the HECO ST-15A testimony and exhibits HECO~S-15A02and HECO-S-I5A03 is confidential and is not to be provided or disclosed to the generalpublic. The information was gathered as part of private compensation and salarysurveys. Survey participants are not linked specifically to the data in question, and the surveydata and results are provided only to the participants. The information is deemed confidentialand solely for the use as intended. Absent authorization from the surveyor the information isprovided subject to the terms of the Protective Order filed November 21, 2008 in thisproceeding.Information contained in the HECO ST-15B testimony and exhibit HECOHECO-S-15B04 is based on third-party proprietary data, which is confidential and issubmitted pursuant to the Protective Order filed November 21,2008 in this proceeding.Sincerely,Enclosurescc: Division of Consumer AdvocacyDepartment of Defense:y L. Endo-OmotoVice PresidentGovernment & Community AffaiTS

ATTACHMENT 4.5PAGE 11 OF 36HECO-S-1403DOCKET NO. 2008-0083PAGE 1 OF II P>- tf) Ol ?1MSS, S "MSSô a ^l l «Z £ aUJ ta a.< u< oo a.oCO ^- in ^ 5- (73--. S'S'5^3'5'-^-^.9îiilifl!•rtTfiftiOKoaoi °

ATTACHMENT 4.5PAGE 12 OF 36Hawaiian Electric Company, Inc.Campbell Industrial Park Generating Stationand Transmission AdditionsPlant AdditionsHECO-S-1701DOCKET NO. 2008-0083PAGE I OF IRATE CASE UPDATEDOCKET NO. 2008-0083HECO T-l7PAGE 6 OF 21HECO-1703DOCKET NO. 2008-0083PAGE I OF 1(REVISED 7/20/09)Projecl No. Descriplion 2008 2009 2010 TotalPO001O52POOOIBSP0001340POOO 158.5P0001050P0OOIO51P0001I34P000II36POOOIl.'l?P4900000CIP 1 CEIP Subslalion Mod*CIPI Unil Mdition-Micvowave*CIPI Unit Addition-EasementsCIPI - Land-Gen StationCIPI AES-CEIP#2 Trans. LineCIPI AES Substation AddCIPI Unit Addition-FiberCIPI Unit Addiiion-Kahe BkrsCIPI Unit Addilion-KalaeloaCIPI Unit 1 Addition4.857,9241.261,7613.8905.790.8873.153,1)0531,7691.720.778289,912143,809.74550.0003.890-4,857,9241.261,7615,790.8873,153.110531.7691,720.778289,912143,859,745Plant Additions6,119.685155,300.09150.000161,469,776P0001084Parcel between Hanua Street and AE S Substation (T^ ^K 9-1-26:38)included in Property Held for Future UseToUil Project Cost1.809.875163,279.651* In Service dales forthe projects P000I052 and POOOl 135 moved beyond 2008. See HECO T-l 7,Attachment 1, page 1 in the Company's Revised Schedules Resulting from Inlerim Decision and Orderfiled July 8, 2009. During Selllemenl, the Parties agreed lo include adjustments resulting from Iheintroduction of 2008 year-end actuals. Thus, plant additions included in the Stalemenl of ProbableEntitlement include 2008 recorded plant additions but do not include updates to 2009 plant additionestimates. For CIPI, this results in $456,832 (POOOl052) and $523,193 (POOOl 135) being excluded.

ATTACHMENT 4.5PAGE 13 OF 36r- rtomiA I inin wonoi I eaOl i/fr> I H I cnct 9ta eo I r^ (^ o (Fl ^ 11- 1a t ^ ^ H H m s inio • rt •0«fO«r>r4 r«a lie I0i/to(Ortr>inwnrtinmîBmoiniA• -1 • •inr* i/i•«n rtrt I n >o I d 1rt 1» Ir-1 « >1 o >1 f-i >oiâi>A«rioinomouii-trt^tHrna>o« 0(0wr-oir-Hrt> in I1 a Iii« >1 n 11 A >iin >1 C- 11 in 1ri «o ir- •o «eo iD •^MO •Ol II'4ior«(nrti/) • n iavoHrtw > r- IHrHîeinoi I r- •HrtrtHfiin rtOioKomm I ooiroia i r-rtnoiiHror- i a ioinnrtI ct I n Ia> I rt II • IOH I i-l Irt I rt 1n I r< IU I l« IooHrtO'Vir-cooler- ,• in Ioie^Hvovn «»* Ol IoAnurtino r»r- la IOMrtria^H rt •* Ior-cor«a)iAm loooor-Hr-1 * I o Ioeavin • oi i rt•ifVÔ Irt 1 r*i n w r t 101 I ininineen i eo i o < inrtlOrl 1 H I 01inOkrt t q> 1 t-rtrt 1 V ' Hvr* > to Ioo • O IOIO • 01 •ooi I ot Irtr« I in ctiHrt rt* • Olmrtoi I tn r mrt Ol I rto o Ol o r-rioiso n rtOOlOrtWIOin rirtortin«ianeo i u>oaifoaiwio wiflrtwinpirirt >o«[înoeB'«r4 ooinuir>io I n • o> -t i m • m i rtM 1 ina o r - o 110 I •• I r-in ir«t-waui 1 w 1 rl I rtrl I incoioinui I r- I rt I or* It*HrlT^rt 1 n I Ol IrtOrt I IC I a> Im n 1 in 1 H I•*OMrtrtin I r4 1coôHrtio I r> If-iH*ioinoi I c* IrtPlHrlMUV 1 O 1rtOIOIOrtrt O 1OYftuir-oio r-1. • . < • > . I .1HrtOiHrtt- 1 n IoiniD I Ii I n •rt eo 1 rt I> • IOH I H I ooHrta«(-ioor>r- i m iM I M 1 OW-fHÔlrt *•

ATTACHMENT 4.5PAGE 14 OF 36iifj " i3 ?• -"& ^1R SI"uis* s* a •* tn n lfl ^ ^2g&Nkg§3!* ingogr«IsiUl I-siii5?m o •> r* (

ATTACHMENT 4.5PAGE 15 OF 3601 •- w m re Pc» 3> S ri 01 •-10 r>- N « (0 9rt r» tf) rt (N «M" •- V ^ o' P-'ortCMnrt01IOOl H> o r> o> ID•- ts. >A 10 n no in in t* o ird a ID ri fl oSSSS s sO ut u) C:' Ul •ifn•- •- fsNinmor- N•-it HO • o5%5|S268916494072031637T- • lo r* " tIT»^% Jio Ol in r* o «s" s" s a s 8^ ID w. Q_ B9 m_a tf) lri r-" inT- T- r>-

ATTACHMENT 4.5PAGE 16 OF 36INTEROFFICECORRESPONDENCEHawaiian Electric Co., Inc.January 25, 2011To:From:P. NanbuB. TamashiroJ. OshiroG. OhashiG. NittaJ. Takamura /L Okada (HEI)M. Zane (HEI)M. KoyanagISubject:2011 Accruals for- Book Depreciation and Amortization- State ITC-SFAS 109 ItemsPlease find attached the amounts for the above accrual for your processing orfuture reference.If you have any questions, please call me at 543-7907.

ATTACHMENT 4.5PAGE 17 OF 36Hawaiian Electric Company, inc.2011 Book Depreciation and Amortization AccrualsIncludes State ITC and SFAS 109 AccrualsE?EfAlAlAlAlAlAlAlAlBHC0DESCRIPVONUtdfty Book Depreciation -Steam ProdOther ProdTransmissionDistributionGeneralSubtotalVehiclesTotalLeasehold Amortization -King, CPP, Hono ClubVintage Accounting AmortizationSelected Plant Accts (40304000)Total Utility Book Depr & AmortNon-Utlllty Book Depreciation -Heat PumpE-BusinessBook Depreciation on CapitalizedItems (Post-Norm Vintages)CIAC AmortizationAmortization of Deferred ITC-1971 Rev Act(Acct 25502)AMOUNT10,030.3631.942.83820.913,88654.239.3547.670.01794,796,4582.452,32997.248,787129,6194,403,574101,781,9802,28412,29014,574450,91310,174,536384,984FG2011 State ITC EntriesAmortization of SFAS 109 ItemsSEE ATTACHEDSEE ATTACHEDNote: tf more detaU required, please call Michelle KoyanagIE Ref rtot used

ATTACHMENT 4.5PAGE 18 OF 36HAWAIIAN ELECTRIC COMPANY, INC.STATE ITC CALCULATION -FOR THE YEAR ENDING 12/31/2011 - ACCRUAL1. 2011 VINTAGE STATE ITC2011 Gross State ITCSTATE TAX Entries:DR State Current 1^ Liability(PA43A)CR State Current l/r ExpenseTo record 2011 vintage state ITC at grossDR State Current l/T Expense(PA43B)CR Slate Cun-ent l/T LiabilityTo record state tax expense on state ITC(gross state ITC x 6.0150376%)DR State ITC Defen-ed(PA43C)CR Ace Def State ITCTo record deferral of 2011 vintage state ITC236110004091100040911000236110004121100025520000ANNUALEST4,008,700.004,008.700.00(4.008,700.00)241,124.81(241,124.81)4.008.700.00(4,008,700.00)DR State Def'd l/r LiabilityCR Slate Def'd Tax Expense(PA43H) 2830200041013000To record state tax expense on deferral of 2011 vintage state ITC(gross state ITC x 6.0150376%)241.124.81(241,124.81)FEDERAL TAX Entries:DR Federal Cun-ent l/T Expense (PA43D)CR Federal Current l/T LiabilityTo record federal tax expense on stats ITC(gross state ITC x 32.89473684%)40901000236010001,318.651.32(1,318,651.32)DR Federal Def'd l/T Liability (PA43E) 28301000CR Federal Def'd Tax Expense 41011000To record deferral of federal tax on 2011 vintage state ITC2. 2011 AMORTIZATION OF STATE ITC2011 Amortization of State ITC ^1,318,651.32(1.318.651.32)1,637,367.00STATE TAX Entrv:DR Ace Def state ITC(PA43F)CR State ITC RestoredTo record 2011 amortization of state ITC25520004412300001.637.367.00(1,637,367.00)DR State Def'd Tax Expense (PA43I) 41013000CR State Def'd l/r Liability 28302000To record deferred tax on 2011 amortization of state ITC(amortization x 6.015%)FEDERAL TAX Entfv:DR Fed Def'd Tax Expense(PA43G) 41011000CR Fed Defd l/r Liability28301000To record federal deferred tax on 2011 amortization of state ITC(amortization x 32.8947%)98.487.63(98,487.63)538.606.96(538,606.96)

ATTACHMENT 4.5PAGE 19 OF 36HAWAIUN ELECTRIC COMPANY, INC.AMORTIZATION OF SFAS 109 ITEMS2011ANNUALAMORT.STANDING JOURNAL ENTRIESExpense DR(CR)MONTHLY FED TAX STATE TAXAMORT. on Amort on AmortGl CWIP Equity Transition 75,464 6,289Activity #18673100 (5,317)(amort acOvity #40330003) (972)G2 Flow Through 326,301 27,192Activity #18673200 (22,988)(amort activity #40330001) (4,204)G3 Plant Transition 1,022,958 85,247Activity #18673300 (72,069)(arrort activity #40330002) (13,178)Gl CWIP Equity Ongoing 1,307,274 108,940Activity #18673400 (92,099)(amort activity #40330004) (16,841)G4 Reg Uabiiity-Fed TTC (245,382) (20,449)Activity #18673500 17,288(amort activity #40330006) 3,161G5 Reg UaWlltv-Excess Defd 283 (57,600) (4,800)Activity #18673900 1,579(amort activity #40330009) 289G6 Reg Uability-Ddidt Defd 283 0 0Activity #18673190 0(amort activity #40330010) 0G7 Reg Uabillty-Excess Defd 282 0 0Activity #18673110 0(amort activity #40330012) 0GS Reg Asset-Deffdt Defd 282 110,682 9,224Activity #18673120 (3,034)(amort activity #40330013) (555)Note - Per discussion with Lon Okado 9/7/05 -Most reg asset/tlablllty was created in 1993 basically for employee benefits and other overhead whichwere expensed prior fw tax purposes. This would stay Mie same until amortized completely.Component that would change Is Reg Uablllty - Fed ITC (credit) which Is decreasing as you go forward(no longer have rrC) and CWIP Equity Ongoing which Is the AFUDC (debit) which is increasing.

2010 General Order No. 7 (GO 7) Report SummaryPlant AdditionsATTACHMENT 4.5PAGE 20 OF 362010Projects Plant Addition (1)Less than $1M 81.593.166$1Mto$2.5M 12,593.511Greater than $2.5M 10,831.348Other Non G07 projects 6.505,174PUC application fiied prior to July 1.2004 58.527,920Total Plant Additions 170,051,118Less: Major Project additions in 2010CIPI Unit 1 Addition (straggling costs) (1,693.198)Beckoning Point Substation (3,232,567)Whitmore Sub & 46 kV Line (straggling costs) (212,825)CIPO Kahe RO Water Project (straggling costs) (373,480)Air Quality Monitoring Station {361,926)Kahe 3 Biofuel Co-Firing (4,957.351)K3 Boiler Control Upgrade (straggling costs) (24,522)Dispatch Center Building {straggling costs) (914)Kamoku 46kV UG Alt Phase 1 (58,502,483)Subtotal Major Projects (69.359,268)Less: HCEI Projects cost in 2010 (recovered thru surcharge)First Wind UFLS (2,567,414)Add: Beckoning Point Substation - Customer Advance 777,838 (2)Baseline Plant Additions 98.902,274(1) Source: Attachment 4.5, pages 21-28 were filed in Hawaiian Electnc Companies' ExemptionFrom ar)d Modification of General Order No. 7 Paragrapti No. 2.3(g), Relating to CapitalImprovements Capital Projects Completed in 2010. in Docket No. 03-0257 on March 31, 2011.(2) Attachment 4.5, page 30

ATTACHMENT 4.5PAGE 21 OF 36Hawaiian Electric Company, Inc.Completed ProjeelsAs Of 12/31/2010Totat Cost Of SO to SJ.000.000ItemNumberProiectDescriptionP0000056 iH8 Boiler Elec Warm SystemP0000120 Corrective {Incl Emergency) OH Transformer RplP0000121 Corr (Inc Emg) UG Transformer RplP0000122 Corr (Inc Emg) Misc Cable RplP0000123 Corr (Inc Emg) OH Distribullon RplP0000124 Corr (Inc Emg) OH Subtransmission RplP0000125 Corr (Inc Emg) OH Transmission RplP0000301 K1 Kahe Feed Water Heater (FWH) 12 ReplaceP0000465 K1&2 Service Air CompressorsP0000485 W3 Waiau FWH 35 ReplaceP00004e7 H8 Honolulu FWH 82 ReplaceP0000494 K1 Kahe FWH 11 ReplaceP0000500 Misc Office FurnitureP0000501 Misc Olfice EquipmentP0000503 Ward Ave Minor AddnsP0000505 Olher Minor Gen PH AddnsP0000571 CIS ReplacementP0000622 Kl Kahe 13 FWH ReplaceP0000636 WO Waiau Chlorine DioxideP0000637 KO Kahe Chlorine DioxideP0000644 Kl Kahe FWH 14 ReplaceP0000653 Collaborative CommunicationsP0000733 Trns Sub RTU Migration PgmP0000786 Kl Kahe 1 Boiler Water (BW) Sump UpgradeP0000788 K2 Kahe 2 BW Sump UpgradeP0000789 K3 Kahe 3 BW Sump UpgradePOO00790 K4 Kahe 4 BW Sump UpgradeP0000791 K5 Kahe 5 BW Sump UpgradeP0000792 K6 Kahe 6 BW Sump UpgradeP0000797 W3-W4 Sen/ice Air CompressorsP0000799 K2 Operator Console UpgradeP0000807 H8 Turbine Supervisory Instrumentation (TSI) UpgradePOOOOSOfl K3 Annunciator ReplacementP0000827 K3 DCS Balance of Plant I/OPOOOOflSl H8 operator Console UpgradePOO0C853 K2 Excitation SystemP0000858 H8 Annunciator ReplacementP0000860 K2 Annunciator ReplacementP0000861 Kl Annunciator ReplacementP0000871 Kl Sootblower ControlsP0000872 K3 Sootblower ControlsP0000873 K2 Sootblower ControlsPOOOnai H9 Honolulu FWH 94 ReplacePOOOl 132 K6 Kahe FWH 64 ReplacePOOOl 174 K2 Boiler Feed Pump (BFP) Automated TestPOOOl 202 W6 Hydrogen Gas DryerP0001216 W6 TurlMne DrainsP0001250 W7 Process Parameter MonitorP0001251 K3 Condensate PumpP0001257 KOKaheTankWII LvlGaugePOOOl 258 KO Kahe Tank M12 Lvl GaugePOOOl 260 KO Kahe Tank #14 Lvl GaugePOOOl 309 Net Energy MeteringP00013)6 inn Prk V4322 Trayer Switch RepIP0001324 Kl uninterruptible power supply (UPS) Panel UpgradeP0001327 W5 uninterruptible power supply (UPS) Panel Upgrades$$$$$$$$$s$$$$$$s$$$s$$$$s$sss$sssss$$$$sssss$$$$$s2010Recorded1.093368,96221,2641.879,1981,507,387213,02989,41667,03947,3193,088(3,368)99,32416235,2655.12614.596344.17034247.38714.57431378.64511,6193,0942,1645,0372,7333,2985,214785,8572,4694.073271(23)2.45812,02220,0498,958102,143119,391774,96517.562164,943886.75087,372190,755348,4222,335523,06251,62347,82049.74453.265(,25718,377544$$$$s$$$$$$$$ssss$$$$$$s$$s$$$5$$$$$s$ss$$s$$$$5$$$2010Budget446,253472,0756,482.9283,001,362553,657----276.41821.233481.06185.637---•22,139375,570----•-•-•499.305907,524-160,628321,653473,243-•---$Sss$s$$$s$s$s$$$$sss$$ssss$$$$s$$s$$$$$$$s$s$ss$si$$$Variance$1.093(77,291)(450.811)(4,603,730)(1,493.975)(340,628)89,41667,03947.3193.088(3,368)99.324(276,236)14.052(475.935)(71.041)344,17034247.38714.57431356.506(363,951)3,0942,1645,0372,7333,2985,214785,8572,4694,073271(23)2,45812.02220.0498,958102.143119,391275,66017,562164,943(20,774)87,37230,12726,7692,33549,61951,62347.82049.74453.2651.25718,377544Variance%(a)-17% (1)-95% (2)-71% (3)-50% (4)-62% (5)(6)(a)(a)(a)(a)(a)-100% (7)66% (8)-99% (9)-83% (10)(a)(a)(a)(a)(a)255% (11)-97% (12)(a)(a)(a)(a)(a)(a)(13)(a)(a)(a)(a)(a)(a)(a)(a)(a)(a)55% (14)(a)(a)-2%(a)19% (15)8%(a)11%(a)(a)(a)(a)(a)(a)(a)

ATTACHMENT 4.5PAGE 22 OF 36Hawaiian Electric Company, Inc.Completed ProjectsAsOl 12/31/2010Total CoEl of SO to $1,000,000ItemNumberP0001328P0001329P0001332POOOl 350P0001357POOOl 381PO001364P0001391P0001404P0001411P0001415P0001421P0001444P0001459P0001460P0001461P0001482POOOl 473P0001478P0001479P0001481P0001482POOOl 486P0001490P0001499P0001500POOOl 501P0001S02P0001503P0001519POOOl 525POOOl 529P0001S31P0001536POOOl 538POOOl 542POOOl 547POOOl 550POOOl 552P0001553P0001557POOOl 560P0001561P0O01572POOOl 573P0001574P0001575P00015e4POOOl 594P0001596P0001597P0001617P0001618P0001627P0001631P0001637ProjectDescriptionW6 uninterruptible power supply (UPS) Panel UpgradeK6 uninterruptible power supply (UPS) Panel UpgradeK2 uninterruptible power supply (UPS) Panel UpgradeBaseyards Priority 2 - 2009 (Security upgrades)Kapolei Pkwy Ext. OH to UGK5 Kahe FWH 53 ReplaceW6 Waiau FWH 62 ReplaceKl Opacity MonitorKai Hwy at Makapuu - 12kV UGWaiau 138KV Breaker 111 ReplaceArcher Breaker 6050 RepISchool St #1 Switch gear RepIK6 Seal Air Damper Drive ReplaceW6 FWH 61 InstnimentationW6 FWH 63 InstrumentationW6 FWH 64 InstrumentationW6 FWH 65 InstrumenlattonK6 Voltage Regulator UpgradeWaiau 138KV Breaker 107&108 RepIHPP 46KV Breaker 4552 ReplaceAES-CEIP (tl Relay UpgradeMikilua Sub TAD WorkSchool St Relay UpgrdAhuimanu PI OH & UG Cable UpgrKahe 138kV Breaker 247 ReplaceKahe 138kV Breaker 133 ReplaceHPP 46kV Breaker 4553 ReplaceNorth South Rd PhIB UG ConvKahe 138 kV Breaker 172 ReplaceMak-Airport 138kV Shield Wire (SW) RepITesoro Electrical UpgradePower Supply • Capital ToolsWO Startup TransformerW3M Phase Shift TransformerK3 Power Current Transformer (PCT) UpgradeCall QueuingWard ITS Generator RepISys Spare 20O8 80MVA Tsf S1Kahe-Permanente 46kV NanakuliHalawa-lwilei Shiekf WireMakakilo C&D Phi 46kV UGWaiakamik) Tsf #2 ReplaceKamokila #4 12 kV Line ExtBougainville Subd SV4613Kl Boiler Feedwater Pump (BFP) 12 Motor ReplacementK2 RepI H2 Purity MeterKl RepI H2 Purity MeterChevron Refinery 12kV RelocAllure Waikiki 12kV UG RekjcWah2 138kV Tsf ReplacementCEIP3 138kV Tsf ReplacementW6 Condensate Pump ReplaceW6 Circulating Water Pump (CWP) No. 61 ReplacementW6 RepI H2 Purity MeterK3 RepI H2 Purity MeterW4 Exciter Air Conditioning$$sssss$s$ss$s$$sssssssI$$$$$$$$$$$$$$i$ssssE$issss$ssss2010Recorded90,0061,9848,46047,68843,010109,148886,1474.752220.6816,013587,70123,610(8.354)152.278139.687126,46999,2544,76078,2952.112525.9932.237365107.1816.60313,6283,6702,8993,929946632.323578.0671,16629,884402,51323,003395.269204,832(17,529)14,8126,63237,273577,18361(187)945(45,241)25,735464,38622.839116394,221733,202249,754359,944316,138Sssss$$$$ssss$$$$s$$$ss$ss$$$$$s$$s$s$s$$$$ss$s$sss$ss$$2010Budget80,767-----739.780-588.394-•-134,019134.260134,355134,987••541.075--160,539610,682-341,655--•••549,926-413,098•-341.927-191.909245,559222.195ss$$$$ss$s$$$sss$s$ss$$sssss$ss$sss$s$$$sssss$$$s$$$ss$$VarianceS9,2391,9848,46047,68843,010109,148146,3674.752(367,713)6,013587,70123,610(8.354)18,2595.407(7.886)(35,733)4,76078.2952,112(15,082)2,237365(53.358)6,60313,6283.6702.8993,929946632,323(32.615)1.16629,88460,85823,003395,269204,832(17,529)14.8126.63237,27327,25761(187)945(45.241)25.73551.28622.83911652.294733.20257.845114,38593,943Variance%11%(a)(a)(a)(a)(a)20% (16)(a)-62% (17)(a)(18)(a)(a)14%4%-6%-26% (19)(a)(a)(a)•37o(a)(a)•33% (20)(a)(a)(a)(a)(a)(a)(21)•5%(a)la)18% (22)(23)(24)5%(a)(a)(a)(a)(a)(a)(a)(a)(25)(a)12%(a)(a)15% (26)(27)30% (28)47% (29)42% (30)

ATTACHMENT 4.5PAGE 23 OF 36Hawaiian Electric Company, Inc.Completed ProjectsAs Of 12/31/2010Tota] Cosi ol $0 to $1,000,000ItemNumberProjectDescriptionP0001639 Kl Service Water StrainerP0001640 K2 Service Water StrainerP0001658 W6 Turbine Generator Bearings Rre ProtectP0001682 Kapolei interchange (IC). Ph1-12kV OH & UGP0001686 Kapolei IC. Ph1-12kV OH ConvPOOOl 687 K3 Boiler Feedwater Pump (BFP) 32 Motor ReplacementP0001688 W5 BFP 51 Motor ReplacementPOOOl 692 Kahe-Permanente 46kV Impr WaianaeP0001698 Check Processing UpgradeP0001705 Wrd undgd security cablingPOOOl 706 East Kapolei II CircuHP0001708 Environmenial Lab ExpansronP0001720 Purch, Inst, & Test AMI MetrP0001728 Kalaeloa Dead Bus EnergizingP0001751 2009 Spare 46-4 kV Tsf lflPOOOl 754 Switchtward Replacement-WardP0001755 Ward Fire Alarm Install 8. UGPOOOl 756 Archer-School High Pressue Fluid Filled (HPFF) Cbl ReplP0001757 Iwilei 4kV Conversion T&DP0001761 H8 Sootblower Air Compressor 83P0001764 Ward Byard Concrete WorkP0001792 K3 Feedwater Regulator Valve UpgradePOOOl 805 HO #7 Freight Elevator ModernizationP0001806 2009 Spar© 10% Tsf rtlP0001820 Iwilei Support Structure 138kV Terminator ReplmtP0001844 School St Support Structure 138kV Terminator ReplmtPOOOl 845 HO Iwilei FO Tk 3 Floor RenPOOOl 852 HO Iwilei Fuel Oil Tank 4 Roor RenPOOOl 858 WO Fuel Oil Tank 4 Steam CoilsPOOOl 862 P24-25 Vaikenburgh Pole RepP0001872 IBM MAINFRAME UPGRADEP0001876 Trump Tower 12kV RelocationP0001903 Ala Moana Park 4kV ConversionP0001904 Waiau 46kV Bkr 4655 ReplacePOOOl 905 replacementP0001931 2009 Spare 8% Tsf #2POOOl 932 2009 Spars 8% Tsf tf 1P0001972 MOKIAWE V2V CABL REPLPOOOl 977 WO Env Chem Lab Elec UpgradeP0002001 2010 Spare 138kV BKR #1P0002002 2010 Spare 46kV BKR N3P0002004 2010 Spare 46kV BKR #4P0002006 2010 Spare 138kV BKR «2P0002007 2010 Spare 138kV BKR #3P0002008 2010 Spare 46kV BKR #5P0002009 2010 Spars 46kV BKR H6P0002016 Lowes Iwilei Pole RelocP0002065 K3 BFP 31 Motor ReplacementP0002178 Mail Inserter ReplacementP0002181 InfoPrinter ReplacementP0002188 Ewa Nui 80MVA TSF A InstallP1081000 ED Capitalized Tools & EquipP1243000 PCs, Servers & NetworkPI 244000 PrintersJCopigrsâxesP1250000 Capital Vehicle BudgetP1251000 Misc Tel Eqpt (NT)sss$sss5$s$s5$$$$s$s5$$$$$ssssE$$$$$$$$$$sss$sssss$s$$$s2010Recorded4544,398154.566563.668130.520246.041256.718(1,607)224,216966449,5516.565(994)849535,894234,20288,1886,64479,537513,857141,921177,471163,670651,7707,2799,46045,806309,800318,277442,825(74,361)883,45532.513199,590214.059636.165635,612361,87889.06692,48153,12253,06591.644119.93258,22658,170151,940216,903161,398118,13268,273833,5951,737,592119,6956,252,516458,766Ssss$$$s$s$s$$$$$$$$sssSs$$$s$$$ssss$sssssss$$$$ssssssss2010Budget•-192,315901,117237.923244,19695.574---606,839---^4.196---198.387554,374-250.574182,321641,9391,484,9641,487,265142,421142.421502,418-132,246268,620-------------294,1741,492,96582,9434,012,039525,3025S$s$$$$ssss$$$$$$sssss$$ss$$sssssss$ss$sss$5ss$$s$$$$ssVarlartceS4544,398(37,749)(337.449)(107,403)1,845161,144(1,607)224,216966(157.288)6,565(994)849(118,302)234,20288.1886.644(118,850)(40.517)141,921(73,103)(18,651)9,631(1.477.685)(1.477.805)(98,615)167,379318,277(59.593)(74,361)883,455(99,733)(69,030)214,059636,165635,612361,87889.06692.48153.12253,06591,644119,93258,22658,170151,940216,903181,398118,13268,273539.421244.62736.7522.240.477(66.536)Variance%(a)(a)-20% (31)-37% (32)-45% (33)1%169% (34)(a)(35)(a)-26% (36)(a)(37)(a)-18% (38)(39)(40)(a)-60% (41)-7%(42)-29% (43)-10%2%-100% (44)•99% (45)•68% (46)118% (47)(48)-12%(49)(a)-75% (a)•26% (50)(51)(52)(53)(54)(55)(56)(57)(58)(59)(60)(61)(62)(63)(64)(65)(66)(67)183% (68)16% (69)44% (70)56% (71)•13%

ATTACHMENT 4.5PAGE 24 OF 36Hawaiian Electric Company, Inc.Completed ProjectsAs Of 12/31/2010Total Cost of $0 to $1,000.000itemNumberPI370000P1373000PI429000PI470000PI480000P1500000P1505000P1510000PI580000PI670000PI680000PI690000PI 700000PI789000PI793000P1810000PI820000PI 870000PI 990000P3400000P3401000P3402000Y00105YOOl21YOOl23YOOl24YOOl32YOOl43ProjectDescriptionDistr Rights of Way (R/W) Purch46kv Righst of Way (RAV) PurchPROG Misc Power Plant AddsMinor Trans Sub AddnsMinor Dist Sub AddnsComm a Control ProgramMobile Radio Program - communication system supportMisc OH Svc & Extn (CID)Minor OH Dist Addn (CID)Purchase, Install &Test Meiers & Mtr EqTransformer & Equip Pur CIDMinor T&D Customer ProgramsMisc UG Svc & Extn (CID)Preventive OH Transf ReplPreventive UG Transf RepIPrev Misc Cable Failure RplMinor UG Addns (CIO)PROG Power Station MiscMinor T&D System ProgramsPrev OH Dist RepIPrev OH Subtrans RepIPrev OH Trans RepIN. Kahana Bridge Temp OHBarters Pt TF Tsf #2 InstallKamokila Tsf #3 InstallOcean Pointe SS Tsf 2Chevron 46kV Line ExtensionS. Punaluu Bridge 46kV Temp$S$s$$$$$$$$s$ssssss$$ss$2010Recorded43.486303,603,845476,6943,057.102700,116281.7871,352,3381,857,0181,019,2025,693,196170,53310.726,975308.8201,302,2721.811,2321,312,543764,469512.4554,385,2931,892,6181,829,951204,48720,6332,5833,940944.15866,987$s$s$$$$$$ss$$$$ssss$$s$$2010Budget60,00036,0002,619.471810.1391,717.392304,878174,1881,406,2841.906,3951,407,8554,825,312253.67812,546,933518.627505.1253.462,9421,666,026196,4751,588.4884,235.8063,188,4501.915,437187.293-901,745-~% 81,593.166 S 81.908,265 Sss $$$ssss$s$$sss$$$ssss$ssVarianceS(16.514)(35,970)984,374(333,445)1,339,710395.238107,599(53,946)(49,377)(388,653)867,884(83,145)(1,819,958)(209,807)797,147(1,651.710)(353.483)567.994(1,076,033)149,487(1,295,832)(85,486)17,19420.6332,5833.94042.41366,987(315,119)Variance%-28% (72)-100% (73)38% (74)-41% (75)78% (76)130% (77)62% (78)-4%-3%-28% (79)18% (80)-33% (81)-15% (82)-40% (83)158% (84)-48% (85)-21% (86)289% (87)-68% (88)4%-41% (89)-4%9%(a)(a)(a)5%(90)(a) Straggling cost - includes adjustments (increases or decreases) lo projects after being added to plant.

ATTACHMENT 4.5PAGE 25 OF 36Hawaiian Electric Company, Inc.Completed ProjectsAs Of 12/31/2010Total Cost of $1,000,000 to $2,500,000ItemNumberPOOOl562P0000484P0000809P00008i2P0000815P0000817P0000a54P0000856poooosgsPOOOl121POOOl167POOOl334POOOl438POOOl441POOOl483poooisisPOOOl804ProjectDescriptionArcher Bkr Rupture Disk InstW7 Waiau FWH 75 ReplaceK6 Annunciator ReplacementK5 Annunciator ReplacementH9 Volt Reg/Exciter ReplaceW6 Exciter/Regulator ReplaceKl Excitation SystemVV7 Main TransformerH8 Main Xfmr ReplacementMaunalani Heights Cable RepIWaiau-Ewa Nui Fiber Optic ReplacementWIO Inlet Air FiltrationW6 fvlain Condenser Refurbkl FWH Turb. Wtr. Ind. Pvt.Mikilua'Sub tsf #3 WoricSpare 48/80mva Tsf #2WIO Exciter Upgradeis$$$$$$$$s$ss• $$$2010Recorded1.108.2996,56916,3761,3181,4031,824,68350,3392.4843,49985,3521,460,5211,523,2502,222,5681.943.750'9,884656.5841,674.630i$$$$$SS$$sSs$$$$2010Budget1,807.2121.616,8691.778,2011.497,4762,234,6201,471.360S$$$$S$ss$$$ss$$$Variance$1.108,2998,56916,3761.3181,40317.471"50,3392,4843,49985,352.(156.348)(254,951)725,0921.943,7509.884(1,578,0i36)203,270Variance%(1)(a)(a)(a)(a)1%(a)(a)(a)(a)•10%-14%'48% (2)(3)(a)-71% (4)14%(a) Straggling cost12,593,511 $ 10.405,738 S 983,996(1) This project was unbudgeted in 2010. During the detailed inspections required lor the rupture disk installation, additional work wasidentified that needed to be addressed. This work was required to be completed at this time while Ihe equipment was open andthe equipment vendor was on-site,(2) This project variance Is largely due to the scope of work for the contractors increasing to include anti-vibration tube staking maten'aland labor and cathodic protection material and labor,(3) This project was included in the 2009 approved capital budget for $980,000. II was not included In the 2010 capital budget as thisproject was initially projected to be completed in 2009. The cost overrun is due to more oquipment/material required than originallyestimated, and the actual labor installation hours were higher than originally estimated. This projecl was a first-time "pilot' thatHECO undertook, to retrofit turbine water induction countermeasures onto generating units not originally designed with thesesystems. After detailed design, and during procurement, it was determined that Ihe retrofit equipment would not meet performancerequirements, necessitating changes that impacted material costs and installation labor.(4) Project credited with $1,26M insurance coverage because Ihis spare unit was used immediately to replace the failed Ewa Nui TsfA. Labor hours for assembling & testing the transformer as a spare unit under P0001518 was instead charged lo the Ewa Nui80MVA Tsf A Replace (P0002188) project.C;VDocumentsandSettings\jtakamur\LocalSettings\Temporarvlntemet Files\OLK2\20lOHECODraft PUCG0 7 Report031611.xls

ATTACHMENT 4.5PAGE 26 OF 36Hawaiian Electric Company, Inc.Completed ProjectsAs Of 12/31/2010Total Cost of $2,500,000 or Greater(PUC Application filed July 1, 2004 or later)DocketNumberItemNumberProjectDescription05-0145 Y49000 CIPI Unit 1 Addition $2008-0321 YOOl 18 Beckoning Point Substation $2008-0132 POOOl 390 Whitmore Sub & 46 kV Line $05-0146 P0001169 CIPO Kahe RO Water Projecl $05-0146 P0001170 CIPO AQ Monitoring Sins2009-0155 P0001577 K3 Biofuel Co-Firingss2010IncurredCost1,693.1983,232,567212,825373,480361,9264,957,351CIACRecorded$$$$Ss$$$$$$Net Cost1,693,1983,232,567212,825373,480361.9264,957.351In-ServiceDate8/3^0095/3/201011/25/20097/28/20098/13/20089/10/2010CostReportFiled10/2/20096^1/20102/22/20119/2/20092/11/201111/19/2010(a)(fl)(a)(«)s10,831,348s$10.831.348(H) straggling Cosi

ATTACHMENT 4.5PAGE 27 OF 36Hawaiian Electric Company, Inc.Completed ProjectsAs Of 12/31/2010Other PUC Projects (non G07)DocketNumberlt«mNumberProjectDescription2010IrKurredCostCIACRecorded2009-0176 Y00138 First Wind UFLS S 2.567,414 $ 2,762,0342009-0351 Y00139 NCTAMS Whitmore Substation S 1,512,854 $ 1,400,0002008-0279 Y00126 Mamala Phase 5 Mamala Sub $ 2,424.906 $ 2,498,112In-ServiceNel Cost Date(194,620) 12/19/2010112.854 3/31/2010(73.206) 10/15/20106.505.174 S 6,660,146 $ (154,973)

ATTACHMENT 4.5PAGE 28 OF 36Hawaiian Electric Company, Inc.Completed ProjectsAs Of 12/31/2010Total Cost of $500,000 or Greater(PUC Application filed prior to July 1, 2004)DocketNumberItemNumberProjectDescription2010IncurredCostIn-ServiceDateCostReportFiled02-0206 P953900003-0360 Y0D03003-0417 Y48500K3 Boiler Control UpgradeDispatch Center BuildingKamoku 46kV UG Alt Phase 124,52291458,502,4839/19/20073/27/20066/29/201011/15/2007 (a)4/21/2008 (a)8/26/201058,527,920(a) Straggling Cost• Final Cost Report filed 11/29/10

ATTACHMENT 4.5PAGE 29 OF 36BEFORE THE-PUBLIC UTILITIES COMMISSIONOF THE STATE OF HAWAIIIn the Matter of the Application ofHAWAIIAN ELECTRIC COMPANY, INC.For Approval to Commit Funds inExcess of $2,500,000 (excludingCustomer contributions) for ItemY00118, Beckoning Point SubstationAnd 46 kV Circuit.Docket No. 2008-0321DECISION AND ORDERBy this Decision and Order, the commission approvesHAWAIIAN ELECTRIC COMPANY, INC.'S ("HECO") request to commitapproximately $3,285,391 (excluding customer contributions) forItem y00118. Beckoning Point Substation and 46 kilovolt ("kV")Circuit ("Proposed Project"), pursuant to Section 2.3.g.2 ofGeneral Order No. 7, Standards for Electric Utilitv Service inthe State of Hawaii ("General Order No. 7"). The commission alsodetermines that it is appropriate for HECO to construct the 46 kVsubtransmission line above the surface of the ground, as proposedin its application filed on December 23, 2008, under HawaiiRevised Statutes ("HRS") § 269-27.6(a).I.BackgroundHECO, a Hawaii corporation, is a public utility asdefined by HRS § 269-1.HECO was initially organized under the•; f-

cCOST ESTIMATEATTACHMENT 4.5PAGE 30 OF 36EXHIBIT XIPAGE 1 OF 3oProject Title: Installation of Beckoning Point SubstationBudget Item: YOOl 18LABORON-COSTSub-TotalMATERIALSOUTSIDE SERVICESOTHER (Frei^t)ALLOWANCE FOR FUNDS USED DURING CONSTRUCTIONTOTAL COST OF PROJECTESTIMATED CONTRIBUTIONS 0)NET PROJECT COST(Less Cash Contributions)TOTAL$618,481$78 U^$U99.710$1,453,473$971,197$98,130$140.719$4,063,229$777,838$3,285^91Note: CIAC is less the Hawaii GET of $3 8,464C t) This amount was erroneously listed as a customer contribution in the Cost Estimate but shouldhave been presented as a customer advance as indicated on page 5 of the Application andCertificate of Service (2008-0321). It is treated as an advance for the Rate Base RAM calculation.C.^'^

ATTACHMENT 4.5PAGE 31 OF 36HECORT-9DOCKETNO. 03-0417REBUTTAL TESTIMONY OFEARLYNNE F. OSHIROPROJECT MANAGERPROJECT MANAGMENT DIVISIONENGINEERING DEPARTMENTHAWAIIAN ELECTRIC COMPANY, INC.Subject:Project Cost

ATTACHMENT 4.5PAGE 32 OF 36HEGO-R-902DOCKETNO .o^-(m7PAGE 1 OF 2'COST INPUT DATA($ In OOO's)fK.lP^.LSEnVtCEDATe=>2006PUC Application20082007Revised Estimate2008l^mAL INSTALLATION COSTSPlanning CostsEstimatedAFUDC$25,269$12,836SI 2,433SON/AN/A$26,396$12,836$13,5807JSON/AN/APermitting & Approval CostaEstimatadAFUDC$1,456$1,159$297$578S4t5$164$1,491$1,172$319$590$420$170Subtransmission Lino CostsEstimatedAFUDC$5,1 S6$4,916$280$9,709$8,969$740$3,398$3,208$191$9,528$8,987$541Tranmission Substation CostsEstimatadAFUDC$8,408$7,821$5Q7$3,549$3,322$227$8,604$7,830$774$3,6:^$3,326$306Dlstrtbullon Substation CostsEstimatedAFUDCTOTAL$1,258$1,233$2S$41,587$0N/AN/A$13,837$2,003$1,886$117$41,8931-SON/AN/A$13,751=:55,6 cnarge.

ATTACHMENT 4.5PAGE 33 OF 36EAST OAHU TRANSMISSION PROJECT C'EOTP") COSTS INDOCKET NO. 03-0417 FOR THE DECOUPLING DOCKET NO. 2008-0274Total EOTP costs $55,644,000Phase 1 costs $41,893,000Less planning co.sts ($12,836,000)Less associated AFUDCf$13.560.000)Source: Dkt. No. 03-0417, HECO-R-902. page I.Order No. 22104, pp. 4 and 8, Decision and OrderNo. 23747. p. 35.Support for the EOTP costs. Refer to the referenced documents attached. Shadedinformation foots to dollars above.)Att. A. In its rebuttal testimony in die EOTP proceeding, Dkt. No. 03-0417, HawaiianElectric showed its revised cost estimates broken down by 2007 Phase I costs of$pO and 2009 Phase 11 costs of$l3J5l,OOOJ.U}tal $55i®;pOp). For thePhase I costs, it showed planning costs of $12,836!wb and AFUDC associatedwith the.se costs of $nTsdoloOQ. HECO-R-902.'page 1.Att. B. According to the Consumer Advocate's testimony. "(Oê estimated cost of theinstant EOTP ranging from $55-64^;;0Op lo $60,910,000 should be reduced by $12miiUpri (i.e., $43,644,000 to $48,9l6,6ob) to remove the costs incurred during theperiod from 1991 through June 2002 lo plan, scope and receive public input, routeselection, environmental review and CDUP process for the initial 138kV EOTPproposal. The costs .should also include any 'j^llow^nreyfOT^FM^jUsc^^^^CoiKirucVioiv^(iAE!^^that were made for the costs incurred lo pursuethe n8kV EOTP alternative." CA-T-1. page 9. lines 1-8. (For the decouplingdocket, specifically $12,836,000 in planning costs and associated AFUDC of$13,560,000 provided in the Company's rebuttal.)Att. C. According to die joint motion filed in Dkt. No. 03-0417, "'(ajny issue as towhether the pre-2003 planning and permitting costs, and related AFUDC shouldbe included in the costs of the instant project has been reserved to and may beraised in the next general rate increase proceeding (or other proceeding) in whichHECO seeks approval to recover the East Oahu Transmission Project costs."Joint Motion for Approval of Stipulation, page 5.Att. D. The Commission approved the Stipulation, in part. 'The commission accepts thewiflidrawaJ ofthe Pre-2003 Permitting and Planning Costs issue from thi.sproceeding," but denied the request to withdraw the information on this from therecord. Order No. 22104. Ordering Paragraph 2. pages 8-9.

ATTACHMENT 4.5PAGE 34 OF 36Att. ^ In D&O No. 23747, the Commission approved HECO's request to expend anestimated $55,644,000 for EOTP, "provided that no part ofthe Proposed Projectmay be included in HECO's rate base unless and until the Proposed Project is infact installed, and is used and useful for public utility purposes, and provided thatHECO present data in the next rate proceeding concurrent with or following thein-service date of Phase 2 ofthe Proposed Project that demonstrates the need anduse of the Archer D transformer." D&O No. 23474. Ordering Par. 1. pages 37-38.It is important to note tbat the PUC held to the Stipulation and Order No. 22104approving the Stip:1. However, the D&O also states that "(i)n approving the commitment of fandsfor the Proposed Project, the Commission notes that it is not modifyingOrder No. 22104 [which approved the Stipulation accepting the withdrawalof the permitting and planning costs}. The Consumer Advocate may raisethe issue of whetiier the pFe-2003 planning and permitting costs, and relatedAFUDC should be included in the costs ofthe Proposed Project in the nextgeneral rate case proceeding (or other proceeding) in which HECO seeksapproval to recover the costs ofthe Proposed Project." D&O 23474,footaote 17, page 35.2. Moreover, the D&O reiterated that the Commission accepted the withdrawalof the permitting and planning costs issue, but denied the agreement towithdiaw the info on this from the record "Accordingly, as stated in OrderNo. 22104, the commission will not address the pre-2003 planning andpermitting costs incurred by HECO in the Decision and Order." D&O.23747; pa^ 26..Att. F, EOTP without planning and permitting costs have been included in theCompany's revenue decoupling proposal in Docket No. 2008-0274, which theConsumer Advocate and the parties agreed to in this proceeding. Refer to theHawaiian Electric Companies Revenue Decoupling Proposal, January 30,2009,footnote 12, page 27 and Attachment 13 A, page 1. Also refer to the response toPUC-IR-6.

ATTACHMENT 4.5PAGE 35 OF 36jayIBEFORE THE PUBLIC UTILITIES COMMISSIONOF THE STATE OF HAWAIIIn the Matter of the Application ofHAWAIIAN ELECTRIC COMPANY, INC.For Approval to Commit Funds inExcess of $2,500,000 (excludingcustomer contributions) for thePurchase and Installation of theCapital Equipment, Item P0001577,For the Kahe 3 Biofuel Co-firingDemonstration Project, and forApproval of the Biofuel SupplyContract for the Kahe 3 BiofuelCo-firing Demonstration Projectand to Include the Biofuel SupplyContract Costs in HawaiianElectric's Energy Cost AdjustmentClause.Docket No. 2009-0155DECISION AND ORDERBy this Decision and Order, the commission approvesHAWAIIAN ELECTRIC COMPANY, INC.'S ("HECO*) request: (1) to commitan estimated $4,686,000 {excluding customer contributions) forthe purchase and installation of capital equipment, ItemP0001577, for the Kahe 3 Biofuel Co-firing Demonstration Project("Biofuel Co-Firing Project"); (2) to approve the biofuel supplycontract ("Supply Contract") between HECO and Sime DarbyBiodiesel SDN BHD ("Sime Darby") to provide approximately1,575,000 net U.S. gallons of biofuel for use in HECO's BiofuelCo-Firing Project and the related throughput contract; and (3) toinclude the costs of the Supply Contract and costs associatedwith the biofuel, transportation, and related taxes in its-i'.'Sp ^

ATTACHMENT 4.5PAGE 36 OF 36BEFORE THE PUBLIC UTILITIES COMMISSIONOF THE STATE OF HAWAIIIn the Matter of the Application ofHAWAIIAN ELECTRIC COMPANY, INC.For Approval to Commit Funds inExcess of $2,500,000 (ExcludingCustomer Contributions) for ItemP7650000, the Waiau 8 BoilerControl System Upgrade ProjectDocket No. 2007-0365Decision and Order No. C. J7 O ^DECISION AND ORDERBy this Decision and Order, the commission approvesHAWAIIAN ELECTRIC COMPANY, INC.'3 ("HECC) request to commitapproximately $3,987,730 for Item P7650000, the Waiau 8 BoilerControl System Upgrade Project ("Project") , in accordance withParagraph 2.3(g)(2) of the commission's General Order No. 7,StandayiJQ for Electric utilitv Service in the State of Hawaj.j,.("G.O. No. 7').I.BackgroundA.ApplicationHECO is a Hawaii corporation organized under the lawsof the Kingdom of Hawaii on or about October 13, 1891, and nowexists under and by virtue of the laws of the State of Hawaii.HECO is an operating public utility engaged in the production.

ATTACHMENT 5PAGE 1 OF 4RBA Rate Adjustment Revision Due toIssuance of Interim Decision & OrderThe RBA Rate Adjustment is a per kilowatt-hour rate that provides for; 1) the collectionor retum ofthe prior calendar year-end balance in the RBA; 2) the retum ofthe EamingsSharing Revenue Credits, Major Capital Projects Credits or Baseline Capital ProjectsCredits' for the prior calendar year; and 3) recovery ofthe RAM Revenue Adjustment forthe RAM Period as defined in the RAM Provision tariff.^ The RAM Period is typicallyJanuary 1 through December 31 ofthe year the RAM filing is made. In 2011, thebeginning ofthe RAM period is March I instead of January 1 due to the March 1, 2011effective date ofthe RBA and RAM tariffs. The RBA Rate Adjustment will be billed ona lagged basis to customers over the subsequent June P' through May 31*' period (seeTariff Sheet 92 of Hawaiian Electric Company's approved RBA tariff). Thus, typically,the annual tariff filings in March of each year, including a test year, establish the targetrevenue for the entire calendar year and re-set the RBA rate adjustment to be effectiveJune 1".The Commission's issuance of a rate case interim decision and order within a test yearresets the level of target revenue and supersedes the target revenue calculated under theRBA Provision tariff from the effective date ofthe interim rates. From that date, theRAM Revenue Adjustment for the remainder ofthe test year is adjusted to zero becausethe approved interim revenue requirement is recovered through interim rates.'^*Âlthough the RAM Revenue Adjustment for the test year is adjusted to zero from thedate the interim rates become effective, the RBA Rate Adjustment, which is billed tocustomers beginning June 1, must still be recalculated and reset to recover the RAMRevenue Adjustment accmed between the beginning ofthe test year (or from March 1,2011, as reflected in this filing which is the effective date for decoupling and the effective' Earnings Sharing Revenue Credits are amounts to be returned to customers as credits through the RBAProvision lo implement the eamings sharing percentages and procedures described in the RAM tariffprovision on Tariff Sheets 93C and 93D. Major Capital Projects Credits and Basehne Capital ProjectsCredits are amounts to be returned to customers as credits through the RBA Provision as described in theRAM tariff provision on Tariff Sheets 93B and 93C.^ The RAM Period is defined as the calendar year containing the Annual Evaluation Date. The AnnualEvaluation Date is the Date the Company will make its annual filing under this [RAM] mechanism. TheAnnual Evaluation Date shall be no later than March 31" of each year, commencing March 31, 2011. (SeeTariff Sheet 93.)^ See letter from the HECO Companies and Consumer Advocate, filed June 25, 2009, attached Exhibit C at8 (Revised 6/25/09), Docket No. 2008-0274.' The RAM for the calendar year following the test year will be calculated and filed on March 31" of theyear following the test year.The establishment of a new target revenue does not affect the level of collection or return ofthe priorcalendar year-end balance in the RBA or the Eamings Sharing Revenue Credits, Major Capital ProjectsCredits or Baseline Capital Projects Credits that are requested in the Company's annual filing for the RBARate Adjustment.

ATTACHMENT 5PAGE 2 OF 4date ofthe RBA and RAM tariff provisions) and the date that interim rates becomeeffective. Hawaiian Electric will revise the RBA Rate Adjustment to reflect the RAMRevenue Adjustment that must be included in the following maimer, which is furtherillustrated on page 4 of this attachment:^1. Identify the interim rate effective date. This date would depend on provisions inthe Commission's order approving interim rates.2. Determine the number of calendar days from the beginning ofthe test year (orfrom March 1, 2011, as reflected in this filing which is the effective date fordecoupling and the effective date ofthe RBA and RAM tariff provisions) and theeffective date ofthe interim rates.3. Prorate the annual RAM Revenue Adjustment based on the number of calendardays the RAM Revenue Adjustment is effective. Calculate the revised RAMRevenue Adjustment based on Step 2 for the period from the beginning ofthe testyear (or from March 1, 2011, as refiected in this filing which is the effective datefor decoupling and the effective date ofthe RBA and RAM tariff provisions) andthe interim rates' effective date.4. Estimate the RBA Rate Adjustment revenue recovered from ratepayers betweenJune 1 and the interim rate effective date by multiplying the RBA RateAdjustment filed on March 31 by the estimated kilowatthour sales between June 1and the interim rate effective date.5. Calculate the RBA Rate Adjustment revenues remaining to be recovered for thetest year by subtracting the amount in Step 4 from the amount in Step 3.6. Calculate a revised RBA Rate Adjustment to be effective on the same date thatinterim rates are effective, through May 31*' ofthe following year, by dividing theamount in Step 5 by projected kilowatthour sales over the same period.As indicated above and in the accompanying illustration, the revised RBA RateAdjustment as a result of an interim decision in the rate case is a function of 1) the impacton the RAM Revenue Adjustment for the calendar year based on when the interim ratesbecome effecrive and 2) the estimated revenues collected for the RAM RevenueAdjustment through the RBA Rate Adjustment until that date. Prorating the RAMRevenue Adjustment will be done using calendar days.Hawaiian Electric will submit the revised RBA tariff provision for the revised RBA RateAdjustment as part ofthe rate case tariff filing to place interim rates in effect. TheCompany will request that both the interim rates and the revised RBA Rate Adjustmentbe effective on the same date.^ There may be some overlap in the billing of interim rates and the billing ofthe RAM Revenue Adjustmentthrough the RBA Rate Adjustment because while interim rates are billed immediately after they becomeeffective, the billing ofthe RAM Revenue Adjustment through the RBA Rate Adjustment occurs on alagged basis during the June 1 through May 31 period following the filing ofthe RBA Rate Adjustment.

ATTACHMENT 5PAGE 3 OF 4The RAM Revenue Adjustment in a year that is a rate case test year would be designatedinterim and subject to refund in the event the Commission finds a lower authorized baserevenue amount to be reasonable for the test year. (See page 23 ofthe Joint FinalStatement of Position ofthe HECO Companies and Consumer Advocate, filed May 11,2009, in Docket No. 2008-0274.) The refund, if one is necessary, would be included inthe revised RBA tariff provision and revised RBA Rate Adjustment filed with theCommission with test year interim or final rates.Based on the filing of the RBA tariff on March 31,2011, when it is probable the tariffwill become effective, the Company will begin accming the RAM Revenue Adjustmentratably from March. The difference between the revenue accrued and the revenuecollected through the RBA tariff will be included in a regulatory asset.

ATTACHMENT 5PAGE 4 OF 4HAWAIIAN ELECTRIC COMPANYDETERMINATION OF ADJUSTMENT to REVENUE BALANCING ACCOUNT (RBA) RATE ADJUSTMENTBASED ON REVISING THE RAM REVENUE ADJUSTMENTILLUSTRATION ASSUMING 2011 INTERIM RATE INCREASE EFFECTIVE JULY 1, 2011In SOOOsIn SOOOsStep 1 Assumed Interim rate effective date; July 1, 2011(Day of the year = 182)Effective date of RBA and RAM: March 1, 2011(Day of the year = 60)LlStep 2TOTAL RAMAttachment 2, Page 1$15,199L2Adjustment for Adjusted RAM PeriodMarch 1,2011 -June 30, 2011122 days -r 365 days33.42%L3 = Ll X L2Step 3Adjusted 2011 RAM to be Recovered$5,080L4RBA calendar year balance +Earnings Sharing Revenue Credits,Major Capital Projects Credits, and/orBaseline Capital Projects CreditsNAL5RBA Rate Adjustment revenue reflecting interim$5,080L6L7Step 4 Estimated GWH Sales, June 2011Attachment 2, Page 2Initial RBA Rate Adjustment, c per kWhEffective June 1, 2011 throughMay 31, 2012633.00.1694L8 = (L6x 1000000)X (L7-r 100)-r 1000Estimated RBA Rate Adjustment RevenueJune 2011$1,072L9 = L3 - L8Step 5Remaining Adjusted 2011 RAM to be RecoveredJuly 2011 to May 2012$4,008LIOLll =(L9x 1000x100)•r {LIO X 1000000)Step 6 Estimated GWH Sales (7521.8-633.0)July 2011 to May 2012Attachment 2, Page 2Revised RBA Rate Adjustment, $ per kWhEffective July 1, 2011 throughMay 31, 20126,888.80.0582L12 = L11 -100x600 Monthly Bill Impact @ 600 kWh $0.35

BEFORE THE PUBLIC UTILITIES COMMISSIONOF THE STATE OF HAWAIIIn the Matter ofthe Application ofHAWAIIAN ELECTRIC COMPANY, INC.Transmittal No. 11-02For Approval to Modify the RBA RateAdjustment in its Revenue Balancing AccountProvision TariffVERIFICATIONSTATE OF HAWAIICITY AND COUNTY OF HONOLULU )ss.Darcy L. Endo-Omoto, being first duly sworn, deposes and says: That she is the VicePresident, Government and Community Affairs, of Hawaiian Electric Company, Inc., Applicantin the above proceeding; that she makes this verificafion for and on behalf of Hawaiian Electric,and is authorized so to do; that she has read the foregoing Application, and knows the contentsthereof; and that the same are true of her own knowledge except as to matters stated oninformation or belief, and that as to those matters she believes them to be tme.A\V^^***"'"""//>Subscribed and swom to beforeme this 31 st day of March, 2011.DEBORAH tCHlSHlTASTATE OF HAWAII NOTARY CERTIFICATIONDoc. Date: 3/31/2011 # of pages H "^Notary Public, State of Hawaii^^îck'*^^)^'^ ^^"ê- ^^^QÂH ICHlSHlTAFirst CircuitMy Commission expires J"ly18|2012 f^/^^*^s^'^tDescription: Hawaiian Electric12(^04-409 ^Vji^"^^*^'^^^ ^°- 11-02%/OFV\ ^Jtfbtary ;igtarySign SienatureDale

BEFORE THE PUBLIC UTILITIES COMMISSIONOF THE STATE OF HAWAIIIn the Matter ofthe Application ofHAWAIIAN ELECTRIC COMPANY, INC.Transmittal No. 11-02For Approval to Modify the RBA RateAdjustment in its Revenue Balancing AccountProvision TariffCERTIFICATE OF SERVICEI hereby certify that the foregoing Transmittal No. 11-02 was served on the date of filing'by hand delivery, or mail, postage prepaid and properly addressed, as indicated below.JEFFREY T. ONOEXECUTIVE DIRECTORDIVISION OF CONSUMER ADVOCACYDEPT. OF COMMERCE AND CONSUMER AFFAIRSP.O. Box 541Honolulu, Hawaii 96809JAMES N. McCORMICK, ESQ.ASSOCIATE COUNSELNAVAL FACILITIES ENGINEERING COMMAND,PACIFIC258 Makalapa Drive, Suite 100Peari Harbor, Hawaii 96860-31342 CopiesVia Hand Delivery1 CopyVia U.S. MailDated: Honolulu, Hawaii, March 31, 2011.HAWAIIAN ELECTRIC COMPANY, INC.Kyle Kawata

HECO's First Annual Revenue Decoupling Mechanism Filing, March ...

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