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Renewable energy usage has doubled in the last decade. Hawaii is leading the charge

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Renewable energy usage has doubled in the last decade. Hawaii is leading the charge


Renewable power is having a second.

In response to the U.S. Vitality Data Company, renewable sources of power like hydropower, wind and photo voltaic will account for twenty-four% of the nation’s power provide in 2023, greater than double what it was a decade in the past.

The quantity is being pushed by a rise in producing capability from wind and photo voltaic and the retirement of coal and nuclear vegetation.

Whereas massive states like California, Texas and Washington paved the way on complete renewable power era, one small state has been main differently.

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In 2015, Hawaii turned the primary state to move a regulation saying all electrical energy would come from renewable sources by 2045.

Jeff Mikulina is an environmentalist in Hawaii, who pushed for the clear power normal. Initially, the thought was not effectively acquired.

“The governor on the time referred to as me Harry Potter, which I believed was a little bit of an honor. We saved on pushing,” Mikulina stated.

Why, Harry Potter?

“He stated it was magical considering,” he added.

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Since then, Hawaii’s electrical energy combine has undergone important adjustments.

For instance, in 2013, the state bought lower than 1% of its electrical energy from photo voltaic. By 2021 that quantity grew to 17.5%. Whereas 5.1% of that comes from photo voltaic farms, 12.4% comes from issues like rooftop photo voltaic, on non-public properties.

“It has been unbelievable that the adoption of rooftop photo voltaic during the last ten or 15 years in Hawaii,” Mikulina stated. “Now now we have almost 100,000 mini energy vegetation on individuals’s rooftops statewide,” he added.

The dedication to 100% renewal power in Hawaii is forward of schedule and has led to different noticeable adjustments just like the closure of the state’s final remaining coal plant in 2022.

However the state continues to be closely reliant on oil imported from locations like Libya and till not too long ago Russia, the price of electrical energy has additionally gone up and most of the simpler steps have already been taken.

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Mikulina says it is well worth the continued effort.

“The underside line is we have to get off fossil gas as quick as attainable. And it isn’t a query of, can we obtain it? It is a ethical query that we should,” Mikulina stated. 



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Hawaii

Hawaii ‘master of disguise’ sentenced for escape, now facing murder charge out of California

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Hawaii ‘master of disguise’ sentenced for escape, now facing murder charge out of California


HONOLULU (HawaiiNewsNow) – The Hawaii man known as a “master of disguise” has been sentenced for walking away from work furlough.

Tyler Adams will serve five years for the escape charge in addition to the years left on for his theft convictions.

The attorney general’s office asked for consecutive sentences because of his history of fraud.

Adams claimed he escaped and left Laumaka Work Furlough in 2019 because he was being assaulted and extorted in Halawa Correctional Facility.

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His attorney, Myles Breiner, told the circuit court judge that he was afraid of the gangs in the prison.

“The gangs run the system. The guards give them free run so long as they don’t cause trouble for the guards,” Breiner said.

Deputy Attorney General Adrian Dhakhwa said Adams deserves the consecutive time because he didn’t turn himself in; he was captured four years after he escaped.

“He not only left the jurisdiction, he re-offended,” Dhakhwa said. “He got subsequent convictions in Texas and California.”

Breiner told the judge his client won’t be getting out of prison because he is wanted in the federal system for other crimes including border violations and a murder case.

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He is accused of killing his girlfriend whose body was found in Tijuana, Mexico. No charges could be found on the federal court system, but Breiner said in court that he was in touch with deputy U.S. attorneys out of San Diego who told him his client was wanted for the murder case.

While Adams lived in Hawaii, he was also known as Kevin Kennedy, Lance Irwin, and Michael Whittman, supposedly names of students at the University of Hawaii law school.

Adams, who is now 52, was taken into custody in Newport Beach, California last year and was extradited to Hawaii.



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Central Pacific's deal talks for American Savings in Hawaii stall

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Central Pacific's deal talks for American Savings in Hawaii stall


The CEO of Central Pacific Bancorp in Honolulu said the bank recorded $3.1 million in pretax expenses “related to our evaluation and assessment of a strategic opportunity.”

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Central Pacific Bancorp in Honolulu, reportedly in talks this year to buy Hawaiian Electric’s American Savings Bank, said deal discussions are now on ice.

“While the parties are no longer currently engaged in discussions, we remain interested in the opportunity under the right terms and conditions,” Central Pacific Chairman and CEO Arnold Martines said Wednesday during the $7.4 billion-asset bank’s third quarter earnings call.

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He said Central Pacific recorded $3.1 million in pretax expenses “related to our evaluation and assessment of a strategic opportunity.”

He did not name American Savings. When asked by an analyst for more detail, Martines said, “At this point, we cannot comment on this further. We just can’t comment further about it.”

Citing unnamed sources, Bloomberg in September reported that Central Pacific was in discussions with multiple alternative asset managers to help buy the $9.3 billion-asset American Savings from Hawaiian Electric, the utility under scrutiny for its role in the August 2023 Lahaina wildfires that devastated a town on the island of Maui and killed more than 100 people.

Central Pacific reported third-quarter net income of $13.3 million, or 49 cents per share. Those results compared with net income of $13.1 million, or 49 cents, a year earlier.

Excluding the expense hit related to the deal talks, Central Pacific said its adjusted net income was $15.7 million, or 58 cents per share.

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Earlier this year, Bloomberg reported that Hawaiian Electric was looking to sell American Savings to create a cash buffer against dozens of lawsuits across state and federal courts. Many of the complaints accused the utility of sparking the blazes that ultimately caused more than $5 billion of property damage.

After that report, Evercore ISI analyst Michael Lonegan noted that the bank was in a strong financial position and had suffered minimal direct impact from the fires. “We would value the bank in the range of $600-$800 million in these circumstances,” Lonegan said.

American Savings, also based in Honolulu, on Wednesday reported third-quarter net income of $18.8 million, up from $11.4 million a year earlier. As a unit of Hawaiian Electric, it does not hold an earnings call.

“We remain well-positioned to support our customers and community for the long term, with a strong capital and liquidity position, strong credit quality, and ample lending capacity,” Ann Teranishi, president and CEO of American Savings, said in the bank’s earnings release.

Hawaiian Electric is scheduled to report earnings and hold a call with analysts on Nov. 8.

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Earlier this month, authorities culminated an investigation with a report blaming the Lahaina fire on Hawaiian Electric. The report from the Maui Fire Department and the Federal Bureau of Alcohol Tobacco, Firearms and Explosives said the disaster was started from a blaze caused by broken power lines.

“We deeply regret that our operations contributed to the fire. … We have looked closely at our protocols and actions that day and have made many changes in our operations and resilience strategies to ensure we fulfill our commitment to keep the public safe, especially in extreme weather events, which are becoming more frequent and severe,” Hawaiian Electric said in a statement.

American Savings is not the only Hawaiian bank on the potential sale block. The $17.4 billion-asset Hope Bancorp in Los Angeles agreed in April to an all-stock deal valued at $78.6 million to buy Territorial Bancorp in Honolulu. Hope said its offer priced Territorial at $8.82 per share and that it expected to close the transaction by Dec. 31. 

The seller’s shareholders are slated to vote on the pending sale to Hope on Nov. 6. Approval is hardly a sure thing, however, given there is a competing offer on the table. An investor group led by Blue Hill Advisors and former Bank of Hawaii CEO Allan Landon made a competing offer in August. Its initial cash bid valued Territorial at $12 per share. It has since upped that to $12.50 per share. 

More than 100 banks announced plans to sell in 2024. That put the industry ahead of last year’s total of 98 deals, according to updated data from S&P Global Market Intelligence.

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One of the biggest transactions of the year was announced this month. Atlantic Union Bankshares in Richmond, Virginia, said it would acquire Sandy Spring Bancorp in Olney, Maryland, for $1.6 billion of stock. It marked the third-largest bank acquisition announced this year by deal value.

Winter Haven, Florida-based SouthState Corp.’s May announcement that it would pay $2 billion in stock to acquire Independent Bank Group in McKinney, Texas, was the largest bank deal to date in 2024. Kansas City-based UMB Financial’s April plan to purchase Heartland Financial USA in Denver in an all-stock transaction valued at just under $2 billion was second.



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Shock snow in Hawaii turns mountain into winter wonderland

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Shock snow in Hawaii turns mountain into winter wonderland


There was shock in Hawaii this week as now fell on the state’s tallest peak, turning the mountain top into a winter wonderland.

The summit area of Mauna Kea on the Big Island got about two inches (five centimeters) of the white powder.

Hawaii is better known to many for its warm weather, beaches and rainforests. But it’s not unusual for snow to fall at the higher elevations on Mauna Kea during the wetter, winter months.

The summit is so high — it sits 13,803 feet (4,207 meters) above sea level — that temperatures there can drop below freezing year-round, creating the potential for snow during any month.

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This week, an upper level disturbance brought colder temperatures as moisture came in from the east and moved over the islands on Sunday through to Monday, said Maureen Ballard, a senior meteorologist with the National Weather Service in Honolulu.

“Combination of cold temperatures and moisture equals snow when it’s below freezing,” Ballard said.

Mauna Kea in Hawaii
Mauna Kea in Hawaii (Hawaii Tourism/PA)

Webcams mounted on the Canada-France-Hawaii Telescope showed the ground covered in white shortly after sunrise on Monday. Two days later, the cameras showed the snow was gone.

Nobody lives on Mauna Kea’s summit, which is sacred to many of the Native Hawaiians. Centuries-old stories say Mauna Kea is the first-born son of the sky father and earth mother.

The limited light pollution and dry atmosphere at the mountain top also make it one of the world’s best places to observe the night sky and stars. Astronomers have built about a dozen telescopes at the summit, leading to Nobel Prize-winning discoveries and some of the first images of planets outside our solar system.

Meanwhile, this week, Mount Fuji in Japan is yet to see any snow on its slopes this year, with forecasters saying its a record.

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The active volcano just west of Tokyo is the country’s highest peak at 3,776m and usually sees its first snow of the year in early October.

Since records began 130 years ago, this is the latest date in the year the mountain has gone without snow. The volcano last erupted about 300 years ago.



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