Hawaii’s PUC orders reverse on NextEra merger plan

Pursuant to an order from the Hawaii Public Utilities Commission (PUC), a proposed merger agreement between Florida’s NextEra Energy Inc. and Hawaiian Electric Industries Inc. is off the table, NextEra announced recently from Juno Beach.


Pursuant to an order from the Hawaii Public Utilities Commission (PUC), a proposed merger agreement between Florida’s NextEra Energy Inc. and Hawaiian Electric Industries Inc. (HEI) is off the table, NextEra announced recently from Juno Beach.

"As a result of the PUC's order, we have terminated our merger agreement," Jim Robo, NextEra Energy’s chairman and CEO, said. "We wish Hawaiian Electric the best as it serves the current and future energy needs of Hawaii, including helping the state meet its goal of 100 percent renewable energy by 2045. Looking forward, NextEra Energy remains extremely well-positioned to execute on our strategy and deliver exceptional results for our customers and shareholders."

NextEra is required to pay Hawaiian Electric Industries Inc. $90 million, a contingency included in the original contract, as well as an amount up to $5 million in order to reimburse the company for transaction-generated expenses.

"We appreciate NextEra Energy's interest in Hawaii and in our company," Connie Lau, HEI's president and CEO, who also serves as chairman of the boards of Hawaiian Electric and American Savings Bank, said. "All of us at HEI, Hawaiian Electric and American Savings Bank remain committed to serving our customers, and we look forward to working together with communities across our state to realize the clean energy future we all want for Hawaii and to ensure a vibrant local economy."

 

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