NextEra losing support for plan to purchase HEI
Opposition to NextEra Energy Inc.’s proposed $4.3 billion purchase of Hawaiian Electric Industries is growing among Hawaii residents, according to the latest Hawaii Poll.
The poll of 433 residents conducted between Dec. 28-Jan. 9 showed 53 percent don’t think NextEra’s purchase of HEI would be good for Hawaii. That’s up from a year ago when 46 percent of respondents opposed the sale.
Of those surveyed, 26 percent said the sale would be good for the state, down from 32 percent who supported the sale in the January 2015 poll. The undecideds were flat at 21 percent in the recent poll versus 23 percent a year ago.
The survey was conducted by Ward Research Inc. with a margin of error of plus or minus 4.7 percentage points.
Florida-based NextEra announced in December 2014 its plan to buy HEI — the parent company of Hawaiian Electric Co., Hawai‘i Electric Light Co. and Maui Electric Co. — and spin off its American Savings Bank subsidiary. The sale must be approved by the state Public Utilities Commission, which has been holding hearings on the matter and is expected to decide later this year.
NextEra has been campaigning for public support, saying the company could accelerate Hawaii’s goal of 100 percent renewable electricity by 2045 while lowering electric rates. NextEra promised to save customers $60 million over four years after the sale closes.
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Some residents said they did not support NextEra because it hasn’t done enough to encourage rooftop solar at its regulated electric utility in Florida. There are approximately 3,000 Florida Power & Light customers with rooftop solar among the utility’s 4.8 million customers. Hawaiian Electric has about 71,000 rooftop solar systems among its 450,000 customers.
“My main concern is that NextEra seems to have a dismal record promoting renewables in Florida and they seem to be painting a picture of themselves as a white knight in that department here,” said Kahala resident Richard Reese, 70. “That doesn’t seem to jive with their record.”
“I don’t doubt that HECO needs a financially stronger partner,” Reese said. “I’m not sure that NextEra is the one. I want the person that is going to walk the walk, not talk the talk and that is where I have reservations.”
Two things may have hurt NextEra’s public support in the past year. In July, Gov. David Ige said he was opposed to the sale. Then an email came out during the PUC hearings in December in which Connie Lau, Hawaiian Electric’s CEO, quoted another top HEI official as saying Hawaiian Electric is just a “snack” for NextEra on its way to the “buffet” of buying more mainland utilities.
“I think the better thing is for us to keep the money local instead of shoveling money out the door to somebody else,” said Valley of the Temples resident Jim Miller, 50. “They have been lobbying all sorts of things. They have commercials on the radio station. It kind of seems like it is a false facade.”
The sale has gained support from local unions and business leaders. The International Brotherhood of Electrical Workers Local 1260 praised the sale in October after talks with NextEra. Since IBEW’s announcement, four chambers of commerce and a union coalition announced support for the purchase.
Still, most union members — 54 percent — surveyed in the poll were opposed to the sale with 24 percent in favor.
21 responses to “NextEra losing support for plan to purchase HEI”
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cholo surprised 24 percent of union members in support of nextera. thought would be even lower than that.
Union leaders and workers need to talk. It’s not going to get any better.
Bottom line, NextEra is a business and their pockets come first and not the people of the State of Hawaii. They provide vague non-committal answers to our questions, bad history in Florida with rooftop solar, even the Gov doesn’t want them. To the workers, I doubt that many of you have experienced going through a acquisition or merger. All this talk about it will be better for you is shibai. Some of you may be re-trained but an absolute certain is that jobs will be lost. Unless you are part of the leadership they are paying off, ask yourself will I be one of the chosen who remains? It’s not hard to read between the lines of what NextEra states. We need change but NextEra’s history shows more negatives than positives being brought to the table. And how many plates does Connie Lau need to fill at the buffet table? One plate not enough? Need 5-10 more to feed all the relatives and neighbors? If she feels NextEra is so great for Hawaii, why doesn’t she share some positive history that that they have done elsewhere? The show is over and we don’t believe you. Go home.
Hawaii can keep Wall Street out by speaking up.
Connie has a 10 million dollar reason to support NextEra.
So NexEra rather withdrawal from Hawaii, than give us the other half of the story.
The NextEra disclaimer that appears IN FINE PRINT on every one of its ads and TV commercials says it all – i.e,, WHY NEXTERA IS NOT TO BE TRUSTED IN ANYTHING IT SAYS OR PROMISES IT WILL DO.
“Disclaimer
Forward Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as “may,” “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “predict,” and “target” and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE and HEI caution readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NEE and HEI, including future financial or operating results of NEE or HEI, NEE’s or HEI’s plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the value, as of the completion of the merger or spin-off of HEI’s bank subsidiary or as of any other date in the future, of any consideration to be received in the merger or the spin-off in the form of stock or any other security, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties …”
In my opinion, this more than shows NextEra’s true nature and the duplicity of its actions. By their own weasel words, they broadcast their true intentions of weaseling out of everything they have “promised”.
Publicly held companies are required to use this disclaimer which is standard. All it says is that information users especially investors have their eyes open before making any financial decisions.
Got a credible reference to back up your claim?
Then again you are a paid rail blogger who now has a second job working for NextEra as their paid blogger.
Bottom Line – Your posts are not credible.
Yes. standard disclaimer. Perhaps PUC should evaluate HECO’s long range planning more carefully. It may be obvious that it will come up short. HEUO may have to lay off people to accomplish its goals.
This guy, uku, IS a paid blogger for NextEra period! His constant rants are groundless and a bunch of b.s. and lies. Also SA, which is also pushing NextEra looks foolish because more and more people, realizing after they were also lied to by the folks at the Rail (uku and crowd) are losing this argument. Keep NextEra out of Hawaii!
The fact that 54% of union members are opposed to NextEra’s acquisition is either a sign that union leadership is out of sync with its members, or they have already been given promises of personal rewards/payoffs as has been HEI CEO Lau’s leadership team. But they will only collect if NextEra wins.
They see nothing wrong with their personal self-interest getting in the way of integrity and representing their members. If the farmer (HEI’s Lau) a la Orwell’s Animal Farm can do it, why shouldn’t they. They’re following the lead of our “honorable” mayor cladwell and his “illustrious” council.
correct me if i am wrong.
if the deal does not go through, HECO is responsible for the $90 million breakup fee.
How can their be a “Breakup Fee” when they never got together in the first place? Where are you getting your shibai from?
I guess he meant if HECO decides not to go through with the deal after everyone else approves it.
Nope. HECO did it’s part by getting shareholder approval. The ball is in Next Era’s court now. It has to prove to union members that it can be trusted.
I believe they said they won’t layoff anyone for 2 years. You can trust they will after that. They can do the same job with 1/3 the manpower.
Disagree. We should be planning for expansion. New renewable plants for power for rail, electric cars, 200,000 more people and water desalination.
The SA makes no long term reporting. The power company plans for 50 years in the future. My guess is that HECO doesn’t have the ability to supply long term needs. Ige is making the same mistake.
Just wait until our PV solar is connected to a battery. No need for the grid anymore.
Public opinion doesn’t matter here, all that does is what is best for the Democratic party and it’s leaders. Ige and his PUC puppets will approve the sale despite what he’s saying publicly. The sale was approved before Connie even announced it to the public. Ige is playing the voters for the fools they are.