HI HB338

Amends Hawaii Revised Statutes Section 269-27.2(c) to allow the Public Utilities Commission to include adjustments for unavoidable increases in financing costs in rates paid to nonfossil fuel electricity producers.

Requires producers to prove financing cost increases by clear and convincing evidence, such as increases resulting from a public utility's credit status downgrades.

Specifies that these financing cost adjustments are reasonable and appropriate incremental adjustment mechanisms alongside existing adjustment options like inflation indices.

Addresses challenges faced by renewable energy producers whose fixed-price bids no longer account for higher interest rates needed to finance projects due to investor-owned utility credit downgrades.

Effective July 1, 3000.