On November 2 at the University of Hawaii, Program on Energy and Sustainable Development (PESD) Director Frank Wolak gave a special seminar "How Should the Public Utilities Commission Regulate Hawaiian Electric Company for Better Integration of Renewable Energy?" He summarized inefficiencies in Hawaii's electricity system and advocates a "cost based" market in which long-term competitive contracts for power would be used in conjunction with a regulated optimization model that would set real-time prices for buying and selling of electricity and grid services.  

Read more (includes links to video of Professor Wolak's talk and slides)