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Electricity provider Hawaiian Electric on Monday said it was advancing a plan to replace six fossil-fuel generators at a major power plant with renewable energy sources as it transitions to cleaner power generation.

Hawaiian Electric beat analyst expectations with preliminary numbers. However, the company said it would not be able to file SEC documents in a timely manner.

Hawaiian Electric Industries, Inc. HE reported earnings per share (EPS) of 56 cents in the third quarter of 2023, meeting the Zacks Consensus Estimate. The bottom line, however, dropped 1.7% from 57 cents reported in the prior-year quarter.

Hawaiian Electric Industries (HEI) told investors the fundamentals of its business remain strong months after deadly wildfires on Maui that are alleged to have started after it failed to de-energize its power lines. Reporting third-quarter results, Hawaii's largest supplier of electricity said while it suffered utility equipment damage and lost the branch of its ASB subsidiary in the town of Lahaina in the August fires, both its electric utility and the bank have made the necessary adjustments to continue serving the people of Maui.

Hawaiian Electric Industries, Inc. (NYSE:HE ) Q3 2023 Earnings Conference Call November 9, 2023 4:30 PM ET Company Participants Mateo Garcia – Director-Investor Relations Scott Seu – President and Chief Executive Officer Scott Deghetto – Executive Vice President, Chief Financial Officer and Treasurer Shelee Kimura – President and Chief Executive Officer-Hawaiian Electric Company, Inc. Paul Ito – Chief Financial Officer Conference Call Participants Mike Lonegan – Evercore Julien Dumoulin-Smith – Bank of America Paul Patterson – Glenrock Associates Operator Good day, everyone, and welcome to the Hawaiian Electric Industries Third Quarter 2023 Earnings Call. Today's call is being recorded and all lines have been placed on mute to prevent any background noise.

Utility firm Hawaiian Electric Industries said on Friday it was in discussions with the government and other parties to implement a new policy to de-energize power lines as a preventive measure to mitigate wildfire risks.

Hawaiian Electric operates a utility in Hawaii. The company is under intense scrutiny over its role in the massive fires in that state.

Hawaiian Electric's stock has undergone a substantial two-thirds decline, attributed to potential liability arising from the Maui wildfires.

Hawaiian Electric CEO Shelee Kimura told the U.S. House Energy and Commerce Committee on Thursday that the company did not de-energize its power lines while anticipating high winds ahead of the deadly Maui wildfires because the pre-emptive shutdown of power lines was not part of its protocols.

Hawaiian Electric is facing lawsuits filed by Maui residents and the county, and has been sued by its investors, all largely claiming that the utility was responsible.