State, HECO announce renewable energy deal
Gov. Linda Lingle and Hawaiian Electric Co. on Monday announced a sweeping new agreement aimed at fast-tracking the state’s renewable energy goals.
The agreement, which the governor called “historical and transformational,” includes multiple commitments from both the state and the utility to reduce regulatory roadblocks to reach the state’s energy independence goals more quickly.
The agreement was announced at the State Capitol by Lingle and Hawaiian Electric Industries CEO Constance Lau, with U.S. Sen. Daniel Inouye, D-Hawaii, in attendance. Highlights include:
• HECO will add 1,100 megawatts of renewable energy to its portfolio, including 700 megawatts within the next five years.
• HECO will speed up so-called purchase power agreements. Currently, these contracts for buying renewable energy such as wind and solar take several years to negotiate.
• HECO will request approval from the state Public Utilities Commission by July 2009 for a feed-in tariff system. The system would require the utility to publish in advance the rates it will pay for renewable power, and in effect, encourage investors to put money into renewable energy projects.
• A ban on increasing infrastructure for power plants that run on fossil fuels.
• HECO will lift its caps on net-energy metering for residential and commercial renewable energy projects. Net-energy metering refers to selling back excess energy to the utility’s grid.
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