Much has been said about the pending merger of Hawaiian Electric Industries with NextEra Energy.

Given the sheer magnitude of this business combination, it is an event of historical importance to our island state.

It is all the more noteworthy because it concerns energy, which touches all of our lives.

Yet, this merger is about something as large, maybe even larger than the energy future of our state, as important as that is.

It is also about preserving Hawaii’s ability to attract capital from outside the state.

Hawaii needs many tens of billions of dollars’ worth of investment capital, from private as well as public sources, if we are to sustain and grow our economy, and ultimately maintain our way of life.

Hawaii is a small state with limited resources, so most of the capital we need must come from mainland and international investors.

To secure necessary capital investment, we need to do more than just be open to it: We must compete for it both in the private and public sectors.

Capital from around the world flows to those jurisdictions with friendly climates for investment.

Our state unfortunately is at risk of being viewed as hostile to investment, particularly from outsiders.

While we are privileged to do business at home, Hawaii is regularly ranked as one of the worst business climates in the U.S.

Regardless of one’s views on particular projects, the plight of high-profile initiatives, the most recent being the Thirty Meter Telescope, have not enhanced our reputation as an attractive place to invest or do business.

Hawaiian Electric Industries announced its decision to merge with NextEra Energy in December 2014, believing that together they would be a stronger company and better able to achieve the state’s energy transformation goals which are ambitious, daunting and exciting.

This brings us to Next- Era Energy.

Widely recognized as one of the world’s leading energy companies, it has come to our islands interested and committed to investing billions of dollars to upgrade our energy infrastructure, while also providing clean energy expertise and economies of scale to reduce costs to consumers and achieve the state’s 100 percent renewable energy goal by 2045.

The state Public Utilities Commission (PUC) has a large and challenging responsibility in their review of this case. We don’t envy the commissioners in their task because no matter how they decide, there will be critics.

The Legislature provided the three PUC commissioners with additional resources to assist in this review and analysis. Like many others, we hope the PUC’s determination will be fair, and based on the facts and the law.

That said, the worst outcome for Hawaii would be if the PUC did not make a timely determination.

A timely determination means a decision before the expiration date of the merger on June 3, exactly 18 months since it was first announced.

Simply put, after an exhaustive regulatory review process, should the PUC opt not to rule in time, thereby allowing the merger agreement to expire and NextEra Energy to walk away, it would be a lasting black eye for Hawaii.

The global investment community is interested and observing this case.

Let us demonstrate that Hawaii is a great place to invest and to do business. There is much at stake.

Whether or not, like us, you support the proposed merger, we should all be urging a timely PUC decision that brings closure and a forward-looking direction for Hawaii’s energy future.

The people of Hawaii deserve no less.