SunEdison Inc., the worst-performing renewable-energy company, faces a fee of $2.45 million after utility Hawaiian Electric Co. canceled plans to buy power from a solar farm it’s developing in the state.

Hawaiian Electric is due “damages calculated by multiplying the contract capacity by $50/KW” for the Kawailoa solar farm, the utility said in a regulatory filing. Kawailoa will produce 49 megawatts, according to Hawaiian Electric’s measurement.

“Under the terms of the Kawailoa contract, SunEdison would face a penalty of $2.45 million, which would be refunded entirely to Hawaiian Electric customers,” Darren Pai, a spokesman for the utility, said Thursday in an emailed statement.

Ben Harborne, a spokesman for Maryland Heights, Mo.-based SunEdison, said Wednesday the company is fighting the cancellation.

Hawaiian Electric canceled its agreements to buy power from the Kawailoa, Waipio and Lanikuhana projects after SunEdison failed to meet deadlines. The Waipio and Lanikuhana projects do not include similar penalties, Pai said.

Hawaii’s $2.60 gas price highest in U.S.

The statewide average gas price in Hawaii was $2.60 Thursday, down 1 cent from a week ago but still the highest in the nation, according to the AAA Hawaii Weekend Gas Watch. The $2.60 average gas price is 3 cents less than last month and 41 cents less than a year ago, according to the AAA Fuel Gauge Report.

“Hawaii ($2.60) leads the market with an average pump price that is 24 cents a gallon above second-place California ($2.36),” said AAA Hawaii General Manager Liane Sumida. “Regional neighbors Alaska ($2.25), Nevada ($2.05) and Washington ($2.03) round out the nation’s top five most expensive markets for retail gasoline. The nation’s least expensive markets for gas are Oklahoma ($1.42), Missouri ($1.46) and Kansas ($1.47), and motorists in 33 states are paying averages at or below $1.75 per gallon.”

In Honolulu Thursday’s average price was $2.41, which was 2 cents less than last week, 5 cents less than last month and 51 cents lower than last year. The Hilo average price was $2.55, down 1 cent from Feb. 11, a penny lower than last month and 42 cents lower than on this date a year ago. Wailuku’s average was $3.12, 1 cent lower since last week, 3 cents less than last month and 1 cent more than at this time last year.

Average 30-year mortgage rate remains at 3.65 percent

WASHINGTON >> Average long-term U.S. mortgage rates were unchanged this week but remained at historically low levels amid worries about the global economy.

Mortgage buyer Freddie Mac says the average rate on a 30-year, fixed-rate mortgage remained at 3.65 percent this week after dropping for six straight weeks. The average rate on 15-year fixed-rate mortgages was also unchanged from last week at 2.95 percent after falling for five consecutive weeks.

The average rate on five-year adjustable-rate mortgages was up to 2.85 percent this week from 2.83 percent last week.

Interest rates are still low two months after the Federal Reserve raised the short-term rate it controls for the first time since 2006. Worries about the global economy have coaxed investors into seeking the security of U.S. Treasuries. Their purchases have pushed down the yield on the benchmark 10-year Treasury note, which influences long-term mortgage rates, to 1.81 percent from 2.27 percent before the Fed hiked rates Dec. 16.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.

Higher costs hurt Walmart’s earnings

NEW YORK >> Wal-Mart Stores Inc. is spending billions of dollars to pay its hourly workers more and spruce up its stores and online services. But its fourth-quarter results show that it’ll take time to fix its business. The world’s largest retailer’s adjusted fourth-quarter results beat Wall Street estimates. But profit fell 8 percent as the company faces higher costs.

Walmart also reported a revenue shortfall for the quarter and lowered its annual sales forecast because of the negative impact of a strong U.S. dollar and the company’s move to close some stores globally. And even though Walmart reported its sixth straight increase in sales at established stores in the U.S., that pace marked a slowdown from the third quarter.

Even online sales have been losing steam. During the fourth quarter, global e-commerce rose 8 percent, well below the 20 percent pace just a few years ago.

Walmart earned $4.57 billion, or $1.43 a share, in the three-month period ended Jan. 31. That compares with $4.97 billion, or $1.53 a share, in the year-ago period. On an adjusted basis the figure was $1.49, higher than the $1.46 per share estimated by FactSet. Revenue was $128.6 billion, lower than the $130.5 billion expected by FactSet.

On The Move

>> Embassy Suites by Hilton-Waikiki Beach Walk has named Jeong Eun “Jamie” Choi the resort’s director of sales and marketing. Choi was previously director of sales for Double Tree by Hilton Alana Waikiki Beach as well as regional salesmanager at the Hilton Hawaiian Village.

>> CBRE Group has hired James Nakano as the lead in its research division. As a leader he will streamline its local team and services in order to provide its clients with local information and reporting. Prior to joining the company, Nakanoserved as a state economic development specialist as well as a procurement specialist for the state.