19.96%SPY 79.52 
5.39%XLF 9.68 3.09%
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HONOLULU - Hawaiian Electric Co. is expected to seek approval from state officials for another rate hike.
| HE | 27.08 |  2.24 |
The company cites higher expenses and investments in a new plant and equipment for the increase.
The company says it has not determined the amount of the proposed rate increase or when it would go into effect.
Meanwhile, the earnings of Hawaiian Electric's parent company in the first quarter of 2008 have surpassed analysts' expectations.
Hawaiian Electric Industries Inc. shows profits of $34 million in the three-month period ending March 31. That's up significantly from last year's first quarter earnings of nearly $7 million.
Company officials credit better results from the company's utility and banking operations for the jump.
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