Hawaii Electric Light Co. Reviewing Proposals to Energy Contracts (The Business Journal)
Hawaii Electric Light Co. is reviewing proposals from Puna Geothermal Venture and another unnamed energy supplier to renegotiate contracts to stop tying energy costs to the price of oil.
The Hawaii Tribune Herald reports a spokesman for HELCO, a subsidiary of Hawaiian Electric Industries Inc. , said energy prices had been tied to oil because of a 19702-era law that has since changed. The newspaper reports Puna Geothermal Venture's last two contracts have been negotiated at lower rates, but the original contract, which covers 25 of the 38 MWe the utility agreed to buy, was negotiated before the law was amended and remains unchanged.
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