Select an option below to continue reading this premium story.
Already a Honolulu Star-Advertiser subscriber? Log in now to continue reading.
Gov. David Ige said Thursday he still opposes NextEra Energy Inc.’s proposed buyout of Hawaiian Electric Industries even after the Florida-based utility added commitments to its original proposal.
When asked during a press event at the Capitol if he still opposed the sale, Ige said, “I know that we had submitted our testimony in that docket. Based on the exchange of information to this point, I still oppose the merger.”
Ige’s administration said last week it is not in favor of NextEra’s purchase of HEI despite NextEra revising its proposal in August and adding more than 50 new binding commitments.
The state Office of Planning; the Department of Business, Economic Development and Tourism; and the state Consumer Advocate filed more than 480 pages Oct. 7 with the Public Utilities Commission, saying that even with NextEra’s revised commitments, the sale is not in the public interest.
NextEra said in December it planned to buy HEI for $4.3 billion. The purchase has been approved by HEI and NextEra shareholders and the Federal Energy Regulatory Commission.
NextEra’s added commitments in August included customer savings of nearly $465 million and approximately $500 million in economic benefits over the first five years following the close of the merger. Residential customer savings are estimated to be $372 for Oahu customers over five years. The company also said it would help Hawaii get 100 percent of its utility electrical generation from renewable resources by 2045, “if not sooner.”
The sale needs approval from the PUC to close.