first published week of: 07/18/2016
The Hawaii Public Utilities Commission has voted to not approve a merger between Florida-based NextEra and Hawaii’s largest utility, saying the companies didn’t show they would provide adequate benefits to ratepayers or help the state meet its aggressive renewable energy goals.
The regulatory body announced Friday that it voted 2-0 to reject the merger. One commissioner, recently appointed by Gov. David Ige, abstained.
The commission said NextEra and Hawaiian Electric failed to show the merger would be in the public’s interest. They called the companies’ proposed $60 million in benefits to ratepayers — who pay the highest electricity rates in the nation — inadequate and uncertain.
“The proposed $60 million is a conditional guarantee that is not irrevocable,” they wrote in the decision summary. “Accordingly, it does not represent a ‘guaranteed’ benefit to ratepayers.”
In a joint statement, NextEra and Hawaiian Electric said late Friday that they received the order and are currently reviewing it. continued…