NextEra, HEI Merger Approved by FERCMarch 31, 2015, 9:44 AM HST (Updated March 31, 2015, 9:46 AM)
The Federal Energy Regulatory Commission has approved the merger of NextEra Energy, Inc. and Hawaiian Electric Industries, Inc, which includes Hawaii Electric Light Company, Inc. and Maui Electric Company Limited. The original announcement of the merger was made in December 2014.
According to chairman and chief executive officer of NextEra Energy, Jim Robo, “Approval by the Federal Energy Regulatory Commission represents a significant step toward the completion of our merger.”
Robo continued, “Through our partnership, we will apply our combined expertise and resources to deliver significant savings and value to Hawaiian Electric customers. We will continue to work closely with our partners at Hawaiian Electric in pursuing the remaining necessary approvals to complete the merger and begin to deliver the more affordable clean energy future we all want for Hawai’i.”
Approval from the Hawai’i Public Utilities Commission, the spinoff of ASB Hawai’i, additional regulatory approvals, and other customary conditions are being awaited. The transaction remains subject to the approval of these additional authorities.
“We are pleased with this substantial progress on our proposed merger,” said Connie Lau, HEI’s president and chief executive officer and chairman of the boards of American Savings and Hawaiian Electric. “Hawaiian Electric is gaining a partner that is the world’s largest generator of renewable energy from the wind and sun, with a commitment to supporting rooftop solar in Hawai’i and a proven track record of lowering electric bills. This approval provides further momentum toward ultimately delivering that substantial value to our customers and communities.”