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Monday, March 30, 2015
Feds Approve NextEra-HEI Merger
By News Release @ 5:31 PM :: 4426 Views :: Energy

Federal Energy Regulatory Commission Approves Proposed Merger between NextEra Energy and Hawaiian Electric Industries

Approval Represents an Important Milestone in Advancing a More Affordable Clean Energy Future for Hawaii

News Release from NextEra and Hawaiian Electric

JUNO BEACH, Fla., and HONOLULU – March 30, 2015- NextEra Energy, Inc. (NYSE:NEE) and Hawaiian Electric Industries, Inc. (NYSE:HE) (HEI), whose subsidiaries include Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company Limited (collectively referred to as Hawaiian Electric), today announced that the Federal Energy Regulatory Commission (FERC) has given its approval to the companies’ proposed merger that was announced in December 2014.

“Approval by the Federal Energy Regulatory Commission represents a significant step toward the completion of our merger,” said Jim Robo, chairman and chief executive officer of NextEra Energy.  “Through our partnership, we will apply our combined expertise and resources to deliver significant savings and value to Hawaiian Electric customers. We will continue to work closely with our partners at Hawaiian Electric in pursuing the remaining necessary approvals to complete the merger and begin to deliver the more affordable clean energy future we all want for Hawaii.”

“We are pleased with this substantial progress on our proposed merger,” said Connie Lau, HEI’s president and chief executive officer and chairman of the boards of American Savings and Hawaiian Electric.  “Hawaiian Electric is gaining a partner that is the world’s largest generator of renewable energy from the wind and sun, with a commitment to supporting rooftop solar in Hawaii and a proven track record of lowering electric bills. This approval provides further momentum toward ultimately delivering that substantial value to our customers and communities.”

Merger Approvals Process

The transaction remains subject to approval by the Hawaii Public Utilities Commission, HEI shareholders, the spinoff of ASB Hawaii and additional regulatory approvals and other customary conditions.

NextEra Energy, Inc.

NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.0 billion, approximately 44,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 13,800 employees in 27 states and Canada as of year-end 2014. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.7 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world’s largest generator of renewable energy from the wind and sun. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune’s 2015 list of “World's Most Admired Companies.” For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com,www.NextEraEnergyResources.com.

Hawaiian Electric Industries

HEI supplies power to approximately 450,000 customers or 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, one of Hawaii's largest financial institutions.

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