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.