Posted at 2:01 p.m., Monday, November 6, 2006
Hawaiian Electric sees electricity sales down this year
Advertiser Staff
Hawaiian Electric Industries Inc., the operator of three Hawai'i utilities, said electricity sales will be down this year but forecast a rebound in electricity sales next year and another gain in 2008.Kilowatt-hour sales this year probably will be 0.3 percent lower than 2005 because of cooler, less humid weather and lower homeowner use, the company said on a conference call this morning. It said the sales should increase 1.2 percent and 1.6 percent respectively, in the next two years.
The company last Wednesday reported earnings in the three months ended Sept. 30 fell by 16 percent to $32.3 million compared with a year earlier. The company said the profit decline was primarily caused by lower investment gains. Electricity demand was up slightly during the third quarter, while the company had lower profit at its American Savings Bank unit.
