Hawaiian Electric Industries is the parent company of Hawaiian Electric Company (HECO). The company was founded in 1891 to supply the Hawaiian island of Oahu with electricity. By 1914 the company had 2,500 customers and was marketing products such as refrigerators and irons.
When Hawaii became a state in 1959, HECO was providing power to the entire island of Oahu and had a new 116,000 KW plant in downtown Honolulu.
Today Hawaiian Electric Industries is not only the holding company of HECO, but also of Maui Electric and Hawaii Electric Light. The company produces power for 95% of the population of Hawaii, or 450,000 people. It is the sole electric power supplier for the Hawaiian islands of Oahu, Maui, Lanai, and Molokai. Hawaiian Electric Industries also operates American Savings Bank, which has 57 retail branches in Hawaii.
Hawaiian Electric Industries trades publicly on the New York Stock Exchange under the ticker symbol HE, is a member of the S&P 400, is #692 in the Fortune 1000, has 3,966 employees, and had $3.28 billion in revenue in 2013.
