Connie Lau hopeful state will approve sale of HEI to NextEra
STAR-ADVERTISER / DEC. 2014
Connie Lau, CEO of Hawaiian Electric Industries, Inc.
During Hawaiian Electric Industries’ annual shareholder meeting today, Connie Lau, HEI president and chief executive officer, said she is hopeful state regulators will find that the sale of HEI to Florida-based NextEra Energy Inc. will provide significant benefits for customers and the entire state.
“We continue to believe NextEra Energy is the right partner,” Lau said. “(NextEra) brings a powerful combination of renewable energy experience … and financial strength necessary for advancing and modernizing our infrastructure and achieving Hawaii’s 100 percent renewable energy goal.”
The state Public Utilities Commission is reviewing NextEra’s application to purchase HEI for $4.3 billion, which was announced in December 2014.
HEI — the parent company for the state’s major utilities Hawaiian Electric Co., Maui Electric Co. and Hawaii Electric Light, and American Savings Bank — said today that first quarter profit was $32.4 million, or 30 cents per share, compared with $31.9 million, or 31 cents a share, for the first quarter of 2015.
The company spent of $1.6 million on costs related to its sale to NextEra Energy Inc. in the first quarter of 2016. The company paid $4.7 million in the first quarter of 2015.
Lau said shareholders will benefit from a greater value of their shares if the sale is approved by the PUC, as shareholders are expected to get 37.07 cents a share as of May 3 compared to 33.50 cents a share when the sale was originally announced. HEI shares closed at $33.16 today, up 42 cents.
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Lau said in addition to the merger “we continued to keep our core companies healthy.”
HEI said Hawaiian Electric Co., its electric utility subsidiary, reported a profit of $25.4 million in the first quarter of 2016 compared to $26.9 million in the first quarter of 2015. HEI said the $1.5 million decline was mainly because increasing investments in its service, system, and integration of more renewable energy.
American Savings Bank, its bank subsidiary, net income declined 6 percent in the first quarter as it increased its provision for potential loan losses and endured higher expenses. It’s earnings fell to $12.7 million from $13.5 million in the year-earlier quarter.
19 responses to “Connie Lau hopeful state will approve sale of HEI to NextEra”
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She wants her $12M payoff resulting from the sale.
Got that right!
Is that the number? Any reporting of anything Lau says about the merger should probably note what dollars she would make from the merger.
Yup…and she lacks any understanding of electricity or solar. She has no scientific or financial background. She rushed into a bad sale. The horrible governance and management of this expensive, unreliable service are really outrageous.
While you and I may agree this deal is terrible, you should research Mrs. Lau’s education and history before deriding her background:
She has a Juris doctor law degree from the University of California’s Hastings College of Law, a Master’s degree in Business Administration from Stanford University’s Graduate School of Business, and a Bachelor’s degree from Yale College.
No9t sure that the degrees are relevant to her current circumstances. There is a common fallacy in your thinking. Argumentum ad vericundium.
“I continue to believe NextEra Energy is the right partner to write me a check for $12 million while screwing over all of you peons like they did in Florida and Georgia.” – Connie Lau
Lau is only interested in the ‘brown envelopes’ that NexError will slip under the table if this sale goes through.
Now you got me saying that !!!
I think it will be direct deposited, and I doubt it will be to American Savings Bank.
Typical Chinese . All about money and herself. People of the state of Hawaii beware. We got snagged by rail and now the sell out lay.
You can reject Connie on reasons other than a wildly racist comment. Try a little harder.
There are dozens if not hundreds of reasons to reject this merger that have nothing to do with race. Use one of them.
agree..race has nothing to do with her poor judgment
Chinese nothing. If you was her you’d be doing the same thing.
Don’t do it…
Well….duhhhhhhhhh
Ms. Lau has it wrong. HECO is behind times. She should have retained some of the profits to improve the system instead of padding her bonuses.
In other words she wasn’t dong her job.
It’s all about Shares and not Rate Payer. No sale.
down on her knees… begging