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Hawaiian Electric Announces Sale of American Savings Bank
Lahaina : 350 Building Permits ‘stuck in limbo’
HNN: … Probst’s Lahaina roots go back 130 years. His grandmother built this home off Front Street in 1964.
It is one of more than 2,000 buildings destroyed in last year’s inferno.
“Was a single-story, single wall construction, jalousie windows,” he said.
Probst discovered that getting a permit to rebuild his simple home was not so simple.
“We felt like we were stuck in limbo,” Probst said. “We had our application in for a month and a half, two months go by, and still no word and no response on what we need to do or what’s happening or where we are, and then it hit me that we are running on a deadline.”
Probst’s home was one of the many that was underinsured. He qualified for a Small Business Administration loan, but that expires in September.
Probst knew that without his permit, he could lose that money.
As a result, he and his family, like so many others, may be forced to move from Maui.
“For those of us dealing with this, there’s a lot of anger and frustration. But what underlies that is that we’re scared. We’re scared that we’re not going to be able to rebuild. We’re scared that we may not be able to stay in Maui. We’re scared. And if we can recognize that we’re scared, maybe we can approach it with a little more compassion to the people trying to help,” said Probst….
After waiting for more than two and a half months, Probst’s permit was granted minutes after Hawaii News Now reached out to the county for comment….
Out of the 543 building permits that have been submitted, county records show 194 have been issued....
read … Maui fire survivor encourages those struggling with permitting process to not give up
Water commission leader seeks ‘emergency’ power to block new developments, force people to move to Vegas
HPR: … The new head of the state Commission on Water Resource Management could be looking for steeper penalties for water code violations and quicker responses to water emergencies.
First Deputy Ciara Kahahane, who Gov. Josh Green appointed to the commission in August, recently informed commissioners of potential measures she wants to include in the governor’s legislative package for the upcoming session.
One proposal would give CWRM the ability to declare a water emergency or shortage. Kahahane said that would allow the commission to respond more quickly to water-related emergencies — compared to the current rulemaking process, which requires public input.
(TRANSLATION: They want to be able to block new water meters so developments cannot be built and more local families will be forced to move to the mainland. Don’t worry, this will only apply to developments which are not KSBE.)
“We're sort of flipping the existing processes under … the water code in a way that we hope will front-end some of that community consultation so that we can have a faster and more decisive action when an emergency actually arises,” Kahahane told CWRM.
The other measure would set a minimum fine of $50 for those who violate the water code, which was established in the 1980s to protect and improve the quality of Hawaiʻi’s water resources.
Perhaps more noteworthy is the proposed change to the maximum fine. It’s currently $5,000 — and Kahahane said it hasn’t changed since 2004. But she wants to raise it to $25,000 and keep increasing the penalty ceiling every five years until it reaches $75,000 in 2040….
read … Water commission leader supports higher code violation fines, quicker emergency response
Legislative Plan Save HECO from Bankruptcy – Higher Electric Bills
CB: … Hawaiian Electric Co. customers would have to pay $4 more per month under a proposal to create a settlement fund meant to bolster the power company’s battered credit rating in an era of catastrophic wildfires.
The proposed $1 billion Hawaii Wildfire Recovery Fund, capitalized with the new fees, would be used to pay property damage claims related to future wildfires, according to a draft bill being circulated to Hawaiʻi lawmakers, who reconvene next month. The proposal would also limit HECOʻs liability from property claims due to wildfires, even those which the companyʻs equipment starts, such as the devastating Lahaina fire in 2023….
HECO’s proposal is far from a done deal. Lawmakers declined to give the utility a blank check to bail it out last session. And at least one key lawmaker briefed on this year’s measure has voiced concerns about raising bills for customers who already pay three times the national average for electricity….
Another stated goal — which HECO poses as a public benefit — is to create an efficient alternative to expensive and time-consuming litigation. Jim Kelly, the company’s vice president for government relations and corporate communications, stressed the bill wouldn’t prevent people from pursuing claims in court instead of accessing the fund.
“The fund has been the thing that they have told us was their highest priority to stabilize the company from the beginning,” said Sen. Jarrett Keohokalole, who held hearings on HECO-related bills last session as chair of the Senate Commerce and Consumer Protection Committee.
“Absolutely,” HECO’s Kelly said, when asked if the fund was HECO’s top priority. “It’s number one.” …
After the Maui fires, corporate rating agencies tanked HECO’s credit rating, meaning the company must pay higher interest rates to borrow money. Such costs can be passed to Hawaii ratepayers, who already pay the nation’s highest electricity rates, according to the U.S. Energy Information Administration.
HECO is in continuing talks with the three main rating agencies — Fitch Ratings, Moody’s and S&P Global — Kelly said. While the agencies aren’t promising anything, they are providing guidance on policies Hawaii and HECO can adopt to shore up the company’s credit rating, Kelly said.
“They’re more than willing to share their insight,” he said
In fact, the key elements of HECO’s policy playbook for 2025 are outlined in a paper titled “Liability reform will be key to support credit quality of utilities in wildfire-prone states,” which Moody’s published in November. The paper focuses on the problem that wildfire risks poses for utilities nationally, particularly in U.S. western states….
Moody’s recommends more than merely establishing a fund. It also calls for limiting the utilities’ liability. HECO’s proposed bill would do this by limiting HECO’s liability for non-economic damages, things like pain, suffering and emotional distress.
The third element of Moody’s risk reduction outline requires utilities to establish operational measures to prevent wildfires from happening in the first place.
“When a state establishes definitive fire prevention and response guidelines or certification programs, it is strongly credit positive for regulated utilities because it ensures that their actions can be assessed transparently and reduces the risk of hindsight bias following a fire,” Moody’s says.
HECO is seeking to establish this by regulation. It plans to submit a wildfire mitigation plan for review and approval by the Public Utilities Commission in January….
read … Plan To Bail Out HECO's Credit Rating Would Cost Customers $48 A Year - Honolulu Civil Beat
Maui Wildfire Settlement -- Hawaii Supreme Court Sets Oral Arguments
IM: … Oral arguments in the court case, SCRQ-24-0000602, will be held on Thursday, February 6, 2025, at 10 a.m. The proceedings may be viewed live at the Supreme Court Courtroom, Ali‘iōlani Hale, 2nd Floor, 417 South King Street, in Honolulu.
The oral argument will also be livestreamed for public viewing via the Judiciary’s YouTube channel at YouTube.com/hawaiicourts and ‘Ōlelo at olelo.org/tv-schedule/.
"The Circuit Court for the Second Circuit reserved three questions regarding insurers’ subrogation rights in the context of a proposed settlement to the complex litigation arising from the August 2023 wildfires on Maui."
“Question 1: Does the holding of Yukumoto v. Tawarahara, 140 Hawaiʻi 285, 400 P.3d 486 (2017)[,] that limited the subrogation remedies available to health insurers to reimbursement from their insureds under HRS § 663-10 and barred independent actions against tortfeasors who settled with the insureds extend to property and casualty insurance carriers?”
“Question 2: Is a property and casualty insurer’s subrogation right of reimbursement prejudiced by its insured’s release of any tortfeasor when the settlement documents and release preserve those same rights under HRS § 663-10?”
“Question 3: Under the circumstances of the Maui Fire Cases and the terms of the “Global Settlement,” does the law of the State of Hawaiʻi require that insureds be made whole for all claimed injuries or damages before their insurers can pursue a subrogation right of recovery or reimbursement against a thirty-party tortfeasor?” ….
read … Maui Wildfire Settlement -- Hawaii Supreme Court Oral Arguments
Macquarie Considers a Potential $5 Billion-Plus Sale of Former Cincinnati Bell
B: …Macquarie Group Ltd. is beginning to explore strategic options including a sale for Altafiber, the telecommunications carrier formerly known as Cincinnati Bell, as appetite surges for companies offering broadband internet services, according to people familiar with the matter.
Macquarie, which owns Altafiber through an infrastructure fund managed by its asset management arm, is working with advisers on options for Altafiber, which could fetch more than $5 billion in a sale, said the people, who asked not to be identified discussing confidential information. Macquarie is poised to begin formally soliciting interest in the company next year, one of the people said….
read … Macquarie Considers a Potential $5 Billion-Plus Sale of Hawaiian Tel parent company
Usual Suspects ‘Concerned’ About Navy Mine Training
HNN: … The Navy’s first open house will be on Jan. 15, from 4 to 7 p.m., at the Keehi Lagoon Memorial. There’s also a Kauai meeting next day and other virtual meetings. As usual, the usual suspects sense an opportunity to disarm the United States. What a surprise! Learn more here ....
read … Proposal to expand mine warfare training around Hawaii sparks concerns
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