HI SB367

Establishes regulatory framework for developing, financing, and constructing undersea high-voltage transmission cables (120 kilovolts or greater) connecting electric utility systems between Hawaiian islands.

Requires cable companies to obtain a certificate of public convenience and necessity from the Public Utilities Commission within 180 days of application, with commission review considering cost-effectiveness, financial fitness, and renewable portfolio standard compliance.

Authorizes electric utility companies to acquire cable systems through turnkey contracts or cable purchase agreements, with costs recoverable through an automatic rate adjustment clause and cable surcharge on ratepayers.

Requires the Public Utilities Commission to hold public hearings on each affected island before approving cable certification to obtain community input on the transmission system projects.

Exempts cable surcharge revenues collected by utilities from gross income calculations for state income tax and public utilities commission fee purposes, applying to both the utility acting as collection agent and the certified cable company.