In an opinion for Seeking Alpha on May 9, 2024, investment analyst R.A. Moss cited Hu Honua’s case as part of a broader assessment of Hawaiian Electric’s declining stock performance, electric grid reliability challenges, and connection with the Maui wildfires.

In particular, he noted:

  • Innovative power producers in Hawaii are piling on, challenging Hawaiian Electric’s grip on the market. Hu Honua, which has converted an old sugar mill on Hawaii island into a bioenergy plant to be fueled by eucalyptus trees and other invasive crops, has called on Hawaiian energy regulators to bring the plant online. Hu Honua executives say the renewable, bioenergy plant would end the current power shortage and bolster the reliability of Hawaii’s grid going forward.
  • Hawaiian Electric had planned to buy the energy produced by the Hu Honua plant, but the utility later canceled the purchase agreement citing construction delays. Shortly thereafter, Hawaiian Electric bought energy producer Hamakua Energy Partners, a conspicuous move that Hu Honua has alleged was part of an anti-competitive scheme to keep Hu Honua’s plant out of the market. Generator problems at Hamakua’s plant have been central to the recent energy crisis.
  • Hu Honua is seeking $1 billion in damages from Hawaiian Electric in an ongoing lawsuit. For HE investors, the litigation with Hu Honua has been largely drowned out by headlines about last year’s wildfires – for good reason.

To read the full article, please click here.

Moss also previously wrote a Wall Street Journal article in January 2024 regarding Hu Honua and Hawaiian Electric, which can be found here