Hawaiian Electric is on a mission to reach net zero carbon emissions by 2045. To achieve this ambitious goal, the company must reduce their carbon emissions by more than two-thirds over the next decade. To make this happen, Hawaiian Electric is looking for the right partners and technological innovation to solve Hawaii's highest priority energy problems. To speed up the deployment of new technologies, programs, and business models, they have created the Innovation Pilot Framework. Hawaiian Electric is committed to finding partners that can bring value to their customers. Grid modernization helps the energy provider regulate fluctuations in energy supply and demand more effectively and deliver energy more efficiently.
This provides the power grid with greater flexibility to integrate renewable energy and offers more energy management tools and pricing options, such as time-of-use rates. Electrification of transport (EoT) is also a key factor in allowing Hawaiian Electric to further integrate renewable energy generation. Models show that, while energy rates may increase in the short term during the transition to clean energy, they will be lower and less volatile than if Hawaiian Electric continued to rely on fossil fuels for power generation. The growth of renewable energy and the electrification of transportation (EoT) are complementary. If both objectives are achieved together, greater clean energy impacts and value for customers can be generated.
Smart meters digitally record energy consumption and let Hawaiian Electric know if they are getting electricity from the grid. The successful implementation of their plan will depend on their ability to take immediate action, as well as improved energy policies, coordination of regulatory processes, and strong community participation.