Effects from the war in Ukraine will soon be felt in Hawaiʻi homes and businesses. Hawaiian Electric says residents should expect higher electric bills partly due to the American boycott of Russian oil.
HECO forecasts that residential bills for Oʻahu customers will rise by about 10%, while those on Hawaiʻi Island and Maui may see a spike of 20%.
HECO officials say the heads-up is intended to let customers and businesses better prepare for cost increases.
HECO says it hopes to see price increases moderate by this summer, but that depends in part on how long and intense the war in Ukraine gets.
This week President Joe Biden announced a ban on all Russian oil imports due to that country’s invasion of Ukraine.
Hawaiʻi Energy, which advises residents and businesses on how to save energy, says there are ways to lower energy usage in the home. These include warming up meals in a microwave rather than a conventional oven, using the dishwasher only when it’s full, washing clothes in cold water, and shortening showers.
Due to Russia’s invasion, oil recently closed above $100 a barrel for the first time since 2014, causing a jump in gas prices.
