What caused HE's Q4 earnings to miss forecasts?

Hawaiian Electric Industries (HE) reported a net income of -$67.77 million for Q4 2024, missing the forecast. The factors contributing to this earnings miss are not directly reported in the earnings release. However, we can infer some possible reasons based on related news and analysis:

1. **Electricity Price Reductions**: In Q4 2024, there were significant reductions in electricity prices in Pakistan and Thailand, which could have impacted HE's earnings. For instance, in Pakistan, the National Electric Power Regulatory Authority (Nepra) reduced electricity prices by Rs1.90 per unit for consumers nationwide. Similarly, in Thailand, the government planned to expand renewable energy and lower electricity prices to attract data center investments, targeting a reduction to 2.5 baht per kilowatt-hour (kWh), which is approximately 0.074 USD. These price reductions could have led to lower revenue for HE.
2. **Renewable Energy Competition**: The growth of renewable energy sources has intensified competition in the electricity market. As more renewable energy capacity is added, traditional utilities like HE face increased competition for market share and revenue. This competition could have led to pricing pressures and lower average revenue per unit sold.
3. **Strategic Alliances and Innovation**: Huaneng Power International, Inc. (HE) has been focusing on strategic alliances and product innovation to capitalize on emerging market opportunities. However, the effectiveness of these strategies in Q4 2024 may not have met expectations, potentially impacting earnings.

In summary, HE's Q4 2024 earnings miss may be attributed to a combination of electricity price reductions, intensified renewable energy competition, and the outcome of strategic alliances and innovation efforts.