Hawaiian Electric reported a challenging fourth quarter and full-year 2024, reflecting the financial impact of Maui wildfire settlement accruals and related wildfire expenses alongside ongoing investments in wildfire safety and renewable energy integration. For the quarter, revenue was $486.95 million with a net loss of $67.77 million and EPS of -0.40, driven by wildfire-related costs and nonrecurring settlement accruals that weighed on bottom-line profitability. On a cleaner basis, utility core net income stood at $181 million for the full year 2024, down modestly from $195 million in 2023, as higher O&M and vegetation management costs pressured margins even as the company advanced its renewables agenda. The company also delivered meaningful liquidity improvements in 2024: the ASB bank sale closed for $405 million (90.1% stake), generating approximately $380 million of net proceeds to repay holding company debt; additional liquidity came from a $250 million ATM at the holding company and a $250 million AR-backed facility at the utility, culminating in the strongest liquidity position in HE’s history at year-end. Importantly, HE achieved a 36% renewable portfolio standard (RPS) in 2024, up from 33% in 2023, and reduced the average residential bill by 7% in the year, underscoring resilience and affordability amid transition. Management continues to emphasize a disciplined path toward investment-grade credit, ongoing wildfire mitigation efforts, and a three-year wildfire safety and grid modernization program with an estimated cost of about $450 million (roughly $400 million in capex). The roadmap includes sizable but strategically calibrated CapEx for 2025–2027 (roughly $350–$375 million in 2025 with higher activity in 2026–2027), a potential rate case, and a policy environment that may involve securitization and a wildfire-recovery framework. While the near-term earnings trajectory remains muted from wildfire settlements, HE’s liquidity, regulatory progress, and renewables push position the company to navigate toward long-term profitability and investment-grade metrics, contingent on regulatory support and legislative outcomes.