To reduce Hawaii's dependence on foreign oil Science Applications International Corporation (SAIC) (NYSE: SAI) was awarded a contract by Hawaii Public Utilities Commission (PUC) to continue work as Program Administrator for the Hawaii Energy Efficiency Program.
The $66 million contract will last for another two years through 2013 with the option for a three-year extension beyond that time frame.
The initial contract was awarded in March 2009 and since then SAIC has received $105 million in funding for the program.
Residents of Hawaii pay the highest fuel prices out of all 50 states in America with a 90 percent dependence on imported petroleum according to SAIC. The Mclean-based defense contractor will provide continue to provide program operations, outreach, market evaluation, general administration, information technology and transformational infrastructure development initiatives. The services are expected to save Hawaii $320 million in utility costs, an 875 percent return.
"SAIC is proud to expand our services to meet Hawaii's aggressive efficiency goals with our proven efficiency program management techniques," stated JT Grumski, SAIC senior vice president and business unit general manager. "The contract enables SAIC to continue to develop energy efficiency infrastructure initiatives in Hawaii and help improve energy security, increase economic development, and decrease dependence on foreign oil."