HI HB338

Amends Hawaii Revised Statutes Section 269-27.2 to allow the Public Utilities Commission to include rate adjustments for renewable energy producers to compensate for unavoidable increases in financing costs caused by a public utility's credit status downgrade

Renewable energy producers must prove increased financing costs by "clear and convincing evidence" to qualify for rate adjustments

Addresses challenges facing independent power producers and community-based renewable energy projects that bid contracts based on the investor-owned utility's former investment-grade credit rating, which has since been downgraded to sub-investment-grade status

Aims to prevent cancellation of renewable energy projects that can no longer secure financing at original projected interest rates due to the utility's credit downgrade

Effective date set to July 1, 3000 (placeholder date indicating further action needed)