Sep. 1, 2015, 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.
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.
Sep. 5, 2014, 12:49 PM| Sep. 5, 2014, 12:49 PM | 5 Comments
Jun. 4, 2013, 10:52 AM
Hawaiian Electric (HE -2.5%) slips this morning after lowering its FY13 EPS guidance to $1.52 - $1.62, from its previous range of $1.58 - $1.68. Analysts were expecting an EPS of $1.64. The company cites the final rate case decision and order issued by the Hawaiian Public Utilities Commission in May as the reason for the cut, which translates into $7.8M lower MECO annual revenues.| Jun. 4, 2013, 10:52 AM | 2 Comments