Hawaiian Electric Co. said today it is seeking a 5.2 percent rate hike that would take effect in mid-2009 at the earliest.

HECO said it needs to increase its rates to pay for its new biodiesel generating plant planned for Campbell Industrial Park as well as other maintenance and operating costs. HECO's fuel costs are calculated separately and are passed on directly to customers through a fuel surcharge.

"There is no good time to ask for a rate increase, but we have a responsibility to meet the current and future energy needs of our residential and business customers on O'ahu," said Robbie Alm, HECO's executive vice president for public affairs.

The 5.2 percent rate hike request, or $97 million, is subject to approval by the Public Utilities Commission.