The push and pull between state authorities and the utility companies needing their approval is generating some powerful electricity of its own.

Recent fluctuations in the share price of Hawaiian Electric Industries signal nervousness among investors about whether the proposed sale of the company to Florida-based NextEra Energy Inc. will go through in the end. The market hates uncertainty, and for those viewing Hawaii’s energy future dispassionately, there’s no shortage of that.

Government officials, including members of the state Public Utilities Commission in particular, have helped to fuel that uncertainty by communicating their ongoing dissatisfaction with the shape of the deal as it’s been revealed so far. Voices — from the consumer advocate, the state energy office, the PUC and the governor himself — have been raised in concern that the acquisition may not sufficiently advance state goals or provide relief to ratepayers.

In the interest of Hawaii’s consumers, this stance must be maintained to negotiate the best energy environment possible. So far, as evidenced by continuing PUC doubts aired last week, HEI and its prospective buyer still seem to be holding back on commitments to making the kind of radical changes necessary to transition to a largely renewable-energy future.

There have been signs that Next- Era is winning over new supporters; many of these are acknowledging the utility’s capacity to absorb costs that have challenged the smaller HEI companies.

For example, the Honolulu Board of Water Supply, formerly one of 26 groups intervening in the PUC’s review of the acquisition deal, has changed its position. The water utility on Nov. 3 announced it was now backing the deal, having signed an agreement with Next- Era and HEI that will enable the water board to cut costs through various renewable-energy programs and improve its emergency-response planning.

On Oct. 20, the International Brotherhood of Electrical Workers signaled its support, too, similarly after striking a deal in the interests of its members who are employed by HEI.

But while some dominoes appear to be falling in NextEra’s favor — and there’s little doubt the company’s financial resources have the depth to back up the enormous overhaul needed in Hawaii’s energy system — officials are wisely reserving judgment.

For the second time, the PUC has turned thumbs-down on Hawaiian Electric Co.’s Power Supply Improvement Plan (PSIP).

The Oahu utility and subsidiary of HEI revised the PSIP, which was to have been a blueprint for conversion to renewable energy and lower rates, but it was lambasted for “repeated failures to properly plan” that transition. The commission chided HECO in a 192-page response for not being more aggressive in seeking lower-cost renewables. The goal posts have been shifting with the target of 100 percent renewables now adopted in state law.

Among the PUC’s correct observations was that the plan puts too much reliance on liquefied natural gas as a “bridge fuel” in the utility’s move to clean energy. Increasingly, as falling oil prices have changed the economics of fuel sourcing, the capital investments in building new infrastructure for LNG seems a dubious bargain for the ratepayer, setting aside the environmental objections.

It’s a smart move to add Next-Era to a list of participants aiding in the crafting of the next PSIP revision. Before approving the sale of HEI to new owners, the state does need to see what changes NextEra is ready to make.

HEI and its suitor clearly want to show their commitment to the public — the announcement of discounted rates for public schools last week was a welcome sign of that.

But an even stronger demonstration is necessary, and now the state must wait to see if the would-be partners will come through.