HI HB1176

Establishes regulatory framework for Public Utilities Commission to certify cable companies to develop, finance, and construct inter-island high-voltage electric transmission cable systems to transmit renewable energy between Hawaiian islands.

Allows cable companies to use non-recourse project financing and permits electric utilities to acquire cable systems through turnkey contracts or cable purchase agreements upon commercial operations.

Authorizes establishment of a cable surcharge mechanism for cost recovery of transmission cable infrastructure, with electric utilities collecting surcharges on behalf of certified cable companies without owning the assets.

Requires Public Utilities Commission to hold public hearings on each island connected by the transmission cable system to obtain community input before approving cable company certification applications.

Exempts cable surcharge amounts collected by electric utilities from gross income taxes, franchise taxes, and public utilities commission fees to facilitate project financing.