PUC: NextEra-HECO Sale/Merger Disapproved

Hawaiʻi Public Radio | By Wayne Yoshioka

Published July 17, 2016 at 11:54 AM HST

Update: NextEra Energy and Hawaiian Electric have announced termination of plans to merge. In a statement form NextEra, Chairman Jim Robo said “As a result of the PUC’s order, we have terminated our merger agreement”.

Under the terms of the merger agreement, NextEra Energy will pay Hawaiian Electric Industries a $90 million break-up fee and up to $5 million for reimbursement of expenses associated with the transaction.

The Public Utilities Commission rejected the purchase of Hawaiian Electric Company by Florida-based NextEra Energy on Friday. HPR’s Wayne Yoshioka reviewed the PUC findings.

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Wayne Yoshioka

Wayne Yoshioka is an award-winning journalist who has worked in television, print and radio in Hawaiʻi. He also has been on both sides of politics as a state departmental appointee and political/government reporter. He covered Hurricane Iwa (1982) as a TV reporter; was the State Department of Defense/Civil Defense spokesperson for Hurricane Iniki (1992); and, commanded a public affairs detachment in Afghanistan (2006). He has a master's degree in Communication from the University of Hawaiʻi at Mānoa and is a decorated combat veteran (Legion of Merit, Bronze Star and 22 other commendation/service medals). He resides in Honolulu.