HB982 forces everyday residents to pay for HECO’s wildfire risks—whether the company was at fault or not. The bill allows HECO to recover $1 billion through charges on customer electric bills, locking in higher rates for years to come. Instead of holding the utility accountable, the state is giving it a financial shield—paid for by you.

While families face higher monthly energy costs, HECO executives stand to profit if this bill passes. CEO Scott Seu could earn up to $2.87 million, with his compensation tied to financial performance goals made possible by securitization. This bill protects executive pay while making customers bear the financial consequences of wildfires.

HECO says rates will go up by “just” $4 a month—but there’s no limit on how high charges could go. In a state where residents already pay the highest electricity rates in the nation—triple the national average—even small increases add up. With interest and administrative costs, the actual price tag for customers could balloon.

Because state and county agencies are among the largest electricity users, securitization acts like a hidden tax. Government energy bills could rise by tens of millions of dollars. That means taxpayers will pay twice—once through their own electric bills and again when public agencies pass the costs along through higher taxes or service cuts.

The bill will drive up costs for businesses across the state. Medium-size commercial customers could see annual increases of up to $2,000, while large industrial ratepayers may pay nearly $39,000 more each year. These costs won’t stop at the utility—they’ll be passed along to all of us in the form of higher prices on food, goods, and services.