PUC: NextEra-HECO Sale/Merger Disapproved

Jul 17, 2016

Public Utilities Commission members disapproved NextEra and Hawaiian Electric Industries sale/merger. L-R, Lorraine Akiba, chair Randy Iwase and Tom Gorak (abstained from voting)
Credit Wayne Yoshioka

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.