Hawaii: Regulators denied Florida’s NextEra Energy US$4.3 billion bid for takeover of the Hawaiian Electric Companies (HECO)

Hawaii nixes NextEra takeover of Hawaiian Electric Companies

Hawaii: Regulators denied Florida’s NextEra Energy US$4.3 billion bid for takeover of the Hawaiian Electric Companies (HECO)

On Friday, the Public Utilities Commission in the U.S. state of Hawaii rejected Florida’s NextEra Energy US$4.3 billion takeover bid for Hawaiian Electric Companies (HECO) by 2-0. One commissioner, who was newly appointed, abstained from the decision.

The reasons for the denial are lack of adequate commitments to clean energy and distributed generation. These two points stand out among the reasons for the rejection of the deal by the Hawaiian regulators.

The commission explained that the two companies did not make sufficient offers and commitments to make the merger benefit public interest. Further issues stated by the commission were that the applicants “failed to put forth near-term commitments for specific action tailored to Hawaii’s unique circumstances and clean energy goals,” and instead were only supporting the status quo.

NextEra may apply with different propositions, as this is a possibility that the ruling offers. On Friday, the power company said in a brief statement that it is reviewing the commission’s order.

Sourse: pv magazine