Electric rates in Hawaii continue to climb upward. So much so, that rates in the islands hit another record high, the second record high in three months. Hawaiian Electric Company (HECO) are blaming the rate increases on rising prices for fuel oil it buys from the local Chevron and Tesoro refineries.
It is kind of a vicious circle to be honest. Electric rates are hitting all-time highs, and will probably do so again. HECO is blaming Chevron and Tesoro because of oil prices. Gas prices in Hawaii still lead the nation, and while the rest of the nation has gotten some relief at the pump, Hawaii has not felt any relief.
High electric prices, high gas prices, both of them ties to each other. Where will it stop?
The median bill for a family using 600 kilowatt-hours of electricity rose to a record $207.04 in October, which is a $2.20 increase from September, according to HECO. The October bill broke the previous record of $205.44 set in August. The rate per kilowatt-hour rose to 33.1 cents in October from 32.7 cents in September.
“We are as dismayed as our customers are by the high prices for electricity, especially as we watch oil prices elsewhere that are flat or declining,” said Robbie Alm, HECO executive vice president.
“This situation again highlights how important it is to get off oil as completely and quickly as we can. It is exactly for this reason that we are pursing renewable on all fronts with a new push for geothermal, a nationally ranked solar program, more wind farms and biofuels.”
Hawaii does lead the rest of the nation in using and creating renewable energy, and it continues on this hopeful path. However, the fact that we lead the nation in green/renewable energy has not translated to relief from our high gas and electric rates.
So what is the point then? Chevron and Tesoro monopolize Hawaii. Isn’t a monopoly illegal? Food for thought.