Hawaiian Electric is at the forefront in addressing a vast array of complex issues associated with Hawaii’s clean energy transformation, and its goals — including increasing renewables to 65 percent, tripling distributed solar and lowering customer bills 20 percent in real terms by 2030 — are among the most ambitious in the nation. Meeting these goals is critical because the reality remains that, due largely to the state’s dependence on imported oil, Hawaiian Electric customers pay the highest electric rates in the nation.
No company is better suited than NextEra Energy to help, and this is why we believe our combination is so compelling. NextEra Energy has the expertise, resources and track record to strengthen and accelerate Hawaiian Electric’s transformation as it works to secure a more affordable clean-energy future for Hawaii.
Like Hawaii, NextEra Energy’s Florida-based utility, FPL, was heavily dependent upon oil for power generation. In 2001, FPL burned more oil than any utility in America. Since 2001, FPL has reduced its reliance on oil by 99 percent. As a result of FPL’s investment in modern, fuel-efficient technologies, customers have saved more than $7.5 billion. FPL also has installed and operates more solar in Florida than anyone else. In fact, FPL just recently announced plans to install 223 megawatts of new solar PV, which will include more than 1 million solar panels and produce the equivalent of 68,000 average-sized rooftop systems. This customer-first, cost-effective approach has translated into residential bills that are more than 25 percent lower than the national average and service reliability of 99.98 percent — the best in Florida and among the best in America.
We plan to bring our customer-first approach to Hawaii and, by adding our experience and capabilities to those of Hawaiian Electric, are confident that the combined company will be able to deliver significant value to customers here. For example, as recently outlined in our merger application with the Hawaii Public Utilities Commission, we expect Hawaiian Electric customers to benefit from approximately $60 million in savings, as well as NextEra Energy’s commitment to not file for a general base rate increase for at least four years.
We recognize that addressing Hawaii’s energy challenges requires Hawaii-specific energy solutions, including a robust and diverse renewable energy portfolio. For example, we understand the significant role rooftop solar plays here. Hawaii already is top in the nation, and a world leader, in distributed solar penetration. But more can be done, and that’s why NextEra Energy supports Hawaiian Electric’s goal of tripling distributed solar by 2030.
As we work toward bringing our two companies together, we’ve been gathering feedback from across the state, and we’ll continue to meet with many stakeholders in the coming months. Through our work over the past several years developing renewable and other energy projects in the islands, we’ve gained some understanding and appreciation for what makes Hawaii such an extraordinary place. And we’re committed to doing business the right way in Hawaii. For example, NextEra Energy will continue HEI’s overall current level of corporate giving. Consistently giving back to our local communities is integral to how we do business and has resulted in NextEra Energy being recognized among the top 10 companies worldwide for both community responsibility and innovativeness on Fortune’s 2015 list of "World’s Most Admired Companies," and, for the eighth year in a row, as a 2015 World’s Most Ethical Company(R) by the Ethisphere Institute.
This is a story about combining two leaders in clean and renewable energy. NextEra Energy stands ready to be a strong, long-term partner for all of Hawaii as we work together to build a more affordable, equitable and inclusive clean energy future.
