Hawaii’s PUC Rejects NextEra’s Bid for Hawaiian Electric Company
One of the biggest merger deals in the history of Hawaii which Governer David Ige was not in favor of has been rejected by a vote of 2-0 by the Public Utilities Commission. The panel denied the merger deal between HECO and NextEra.
NextEra's $4.3 billion takeover offer for control of Hawaii's power company HECO (Hawaiian Electric Industries Company) was rejected by regulators because they say it was not clear how the merger would support public interest and also the benefits the merger offered were not adequate and certain.
NextEra filed for regulatory approval about a year and a half back to takeover of the utility company which operates on Oahu, Maui and Hawaii Islands.
Along with raising questions about benefits to consumers, the regulatory panel also raised concerns regarding the loss of local control of Hawaiian Electric Industries Company. It also was nor certain about the commitments of the companies, to deploying rooftop solar systems.
However, the rejection might allow NextEra , the Juno Beach, Florida based company to focus netter on its pursuit of Texas utility company , Oncor Electric Delivery Co. Reports say, NextEra has submitted a bid to buy the electric energy company.