Hawaiian Electric Industries Inc. $(HEI)$ has announced that a significant regulatory approval has been granted for an amended fuel supply contract aimed at reducing electricity costs for residents on Oahu. Approved by the Public Utilities Commission (PUC), this contract amendment is expected to lower typical monthly residential electric bills by approximately $2.77 for customers using 500 kilowatt-hours. The contract, negotiated with Par Hawaii, includes a modified pricing structure to minimize price volatility and ensure price stability amidst economic uncertainties. Additionally, it extends the agreement for an additional three years, through January 31, 2029, while reducing Hawaiian Electric's annual fuel costs by $31 million. The contract also guarantees an emergency fuel supply for Hawaiian Electric's Schofield Generation Station. This initiative is a part of HEI's efforts to provide stable and cost-effective energy solutions for its customers.
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