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Tue, Sep. 1, 12:49 PM
- NextEra Energy (NEE -2.7%) and Hawaiian Electric (HE -2.7%) pledge 50 new commitments as part of their proposal to merge that they say would accelerate Hawaii’s goal of getting all of its power from renewable resources.
- The companies say the commitments, filed with the Hawaii Public Utilities Commission, strengthen the benefits the merger will produce for customers, saving them nearly $465B plus ~$500M in economic benefits to the state in the first five years after the merger closes; NEE also says it will maintain HE’s charitable donations and keep the utility locally managed.
- NEE has faced rising state opposition to its $2.63B takeover of HE; Hawaii's governor has said he was against the deal because it failed to align with the state’s goal of 100% renewable power, and the state's consumer advocate has said the deal is not in the public interest.
Mon, Aug. 10, 6:04 AM
Wed, Jun. 24, 4:57 PM
- Northwest Natural Gas (NYSE:NWN) discloses that Gregory Hazelton has been named as Senior VP and CFO, effective June 30, replacing Stephen Feltz, who earlier announced his decision to retire.
- Hazelton most recently was VP of Finance and Treasurer of Hawaiian Electric Industries (NYSE:HE) since August 2013.
Thu, Jun. 11, 9:52 AM
- NextEra Energy (NEE +0.3%) has emerged as the frontrunner in an auction for bankrupt Energy Future Holdings' Oncor Electric, Bloomberg reports.
- Energy Future could name NEE the stalking horse bidder for its 80% stake in Oncor, which is the biggest owner and operator of power lines in Texas, in the next few weeks, according to the report.
- Oncor is considered the crown jewel of Energy Future, which filed for Chapter 11 last April after taking on too much debt in a $48B leveraged buyout, because Texas is adding electricity customers and state regulators support power line investments.
- Separately, Hawaiian Electric (NYSE:HE) shareholders approve the company's merger with NEE.
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Dec. 3, 2014, 5:39 PM
Dec. 3, 2014, 5:13 PM
- NextEra Energy (NYSE:NEE) and Hawaiian Electric (NYSE:HE) agree to merge in a deal valued at $4.3B including the assumption of $1.7B in HE debt.
- HE also plans to spin off its ASB Hawaii banking subsidiary to HEI shareholders and establish it as an independent publicly traded company.
- NEE says the deal expands its regulated holdings and further balances its earnings mix, and is expected to be neutral to EPS for NEE shareholders in the first full year post-close and accretive thereafter.
- The total value to HEI shareholders is estimated at $3.5B, or ~$33.50/share.
- HE +11.4% AH.
Nov. 6, 2014, 5:57 PM
Oct. 30, 2014, 5:38 PM
Sep. 11, 2014, 7:58 AM
- Hawaiian Electric (NYSE:HE) names veteran utility and telecom executive Alan Oshima as President and CEO effective Oct. 1.
- Oshima became VP for corporate and community advancement in 2011 and had served on the company's board for three years.
- He will replace Richard Rosenblum, who has held been President/CEO since 2009 and announced his retirement earlier this year.
Sep. 5, 2014, 5:55 PM
- Fortis (OTCPK:FRTSF) is expected to beat out the various liquefied natural gas consortiums considering investments on Canada's west Coast and start supplying LNG to Hawaiian Electric (NYSE:HE) under a 15-year agreement starting mid-2017, subject to regulatory approvals.
- Fortis plans to use its Tilbury Island LNG facility in Delta, B.C., which is in the midst of a $400M expansion to boost output and storage facilities.
- While small, the Hawaii deal underscores the breadth of possibilities and untapped markets for Canadian natural gas, Financial Post reports.
Sep. 5, 2014, 12:49 PM| Sep. 5, 2014, 12:49 PM | 5 Comments
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