Hawaiian Electric Launches Massive Renewable Energy RFP
Key Questions
What is Hawaiian Electric seeking through its new RFP?
Hawaiian Electric is requesting proposals for one of its largest renewable energy procurements, including renewable energy, storage, and firm generation. This covers up to 500 MW of LNG on Oahu and 1,600 GWh of solar and wind capacity by 2034.
What role does JERA play in the Hawaiian energy proposals?
JERA has proposed a 500 MW LNG power plant, which adds tension with HECO and introduces political considerations tied to the governor's influence over the Maui wildfire settlement. The inclusion of LNG is notable given previous opposition.
How could this RFP affect commercial real estate in Hawaii?
Sustained demand for industrial and utility land for solar, battery, and LNG facilities is expected. Energy costs and reliability will directly influence tenant demand and operating expenses for commercial real estate properties.
Hawaiian Electric is seeking proposals for one of its largest ever RFPs for renewable energy, storage, and firm generation, including up to 500 MW of LNG on Oahu and 1,600 GWh of solar/wind by 2034. JERA has proposed a 500 MW LNG plant, creating tension with HECO and adding a political dimension via the governor's leverage over the Maui wildfire settlement. This signals sustained demand for industrial/utility land for solar, battery, and possibly LNG facilities. Energy costs and reliability directly affect tenant demand and operating expenses for CRE. The inclusion of LNG is notable given past opposition.