HAWEL Hawaiian Electric Co Inc

Management Discussion

• Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations
• Recent developments—COVID-19.
• On March 11, 2020, the World Health Organization declared the virus strain severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), and the resulting disease COVID-19, to be a pandemic. In response, the Governor of the State of Hawaii issued a number of emergency and supplementary proclamations to limit the spread of the virus. These actions have significantly reduced the number of new cases, allowing the state to move toward a reopening of the Hawaii economy. Currently, generally all business activities have resumed, with the exception of activities related to large venues and clubs, and are allowed as long as social distancing and Safe Practices (as defined in the proclamations) are followed. Travelers from out of state are subject to a 14-day quarantine upon arrival; however, beginning September 1, 2020, travelers that test negative for COVID-19 within 72 hours of arrival and present valid documentation will not be subject to the mandatory 14-day quarantine. In addition to the restrictions imposed within Hawaii, due to the numerous other state and local jurisdictions around the world that have imposed “shelter-in-place” orders, quarantines, and similar government orders and restrictions, and in particular, travel restrictions that directly impact Hawaii tourism, economic activity in the state has been severely impacted. See “Economic Conditions” for further discussion.