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Hawaiian Electric Industries, Inc. (HE) — this company's answers

The model's full reasoning — Q2 2023 call → NOWe need to determine if the transcript shows the dynamic described. The question asks about a "recently emerged positive element of the business" whose meaningful contribution began only within roughly the last few quarters. Analysts probe it, and management responds with unhesitating, granular operational command, answering follow-ups with specific present-tense working detail, while conveying that the element's contribution is still early. We need to identify what element is being probed. The transcript has Q&A. Analysts ask about several things: bank NIM, utility procurement, IGP, etc. The question says "recently emerged positive element" - could be something like the performance incentive mechanisms (PIMs) under PBR? Or the fuel cost risk-sharing? Or the interconnection approval? Or the IGP? Or the smart meters? Or the bank's deposit stability? But the question says "positive element" that is "recently emerged" and "meaningful contribution began only within roughly the last few quarters." Also management conveys that most of the effect lies ahead. Let's read the Q&A. The first question from Julien Dumoulin-Smith asks about bank guidance and NIM, then about procurement avenues and T&D investment. The second from Paul Patterson asks about bank competition and NIM. Third from Jonathan Reeder asks about wholesale funding and IGP. Fourth from Ashar Khan asks about bank earnings breakdown. The question specifically says "when analysts probe a RECENTLY EMERGED positive element of the business — something whose meaningful contribution began only within roughly the last few quarters." What could that be? Possibly the performance incentive mechanisms (PIMs) under PBR? But that's not really probed in Q&A. Or the fuel cost risk-sharing? Or the interconnection approval? Or the IGP? The IGP is a plan, not current. The smart meters? Not probed. Maybe the "recently emerged positive element" is the utility's performance under PBR? But that's been around for a while. Or the bank's deposit stability? That's not new. Let's look at the prepared remarks: They mention "fuel cost risk-sharing mechanism" and "interconnection approval PIM" as offsets to RPSA PIM reduction. They also mention "higher fuel cost risk-sharing reward" and "rewards from our interconnection approval PIM." These are PIMs under PBR. Are these recently emerged? Possibly, but not sure.

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