HEI-NextEra merger approved

[kalakoa]

http://www.hawaiitribune-herald.com/news...era-merger

I can hardly wait to see what they lobby for next.

[opihikao]

PUC to hold public meetings re: "merger" on all islands.

Co-op is a viable choice, considering the big picture. There seems to be lots of support for this effort on our island.

FYI:

http://hawaiitribune-herald.com/news/loc...hei-merger

This docket is full, and will be crucial to Hawai'i island. Of note, we have geothermal as a base load, and solar, and perhaps wind to fulfill our island's needs.

Drafting my PUC testimony in favor of a Co-op. HELCO/HECO/HEI and now the "merger" with Nextera may not be in the best interest of the public.

JMO.

[kalakoa]

Now, those profits will be going to Florida.

Some of that profit will be "invested" in lobbying -- it's illegal to be off-grid in Florida, just think how much better off we'd be with that kind of regulation.

[kalakoa]

multiple ways to make big profits from Hawaii island

Yes: it's called "manipulating a captive audience".

can't see any way to make a local profit due to everything being too expensive

You simply have to play by the same rules, eg, find a way to get paid mainland dollars.

[opihikao]

FYI: Update (*Snipped - More at link)

Consumer Advocate Opposes NEXTERA Deal:

http://westhawaiitoday.com/news/state-wi...n-electric


West Hawaii Today

Hawaii’s consumer advocate on Monday recommended the Public Utilities Commission reject the $4.3 billion sale of Hawaii Electric Industries to Florida-based NextEra Energy.

Consumer Advocate Jeffrey Ono said he believes the current proposal is not in the public interest, because NextEra has not met its burden of proving that the merger will result in significant quantifiable benefits to consumers.

Among many questionable claims, NextEra offers flawed and broad speculative savings estimates, repeatedly touting benefits of millions of dollars in savings for customers, Ono said. The company’s filings do not clearly or consistently explain how these savings will materialize to the full extent they have been claimed. This includes, for example, millions of dollars in purported savings resulting from broad reductions in operations and maintenance expenses that have not been clearly laid out despite the company having ample opportunity to clarify these and other benefits during the discovery period.

“These kinds of asserted savings based on NextEra’s faulty calculations effectively overstate the potential benefits of the proposed merger, thereby creating an illusory benefit,” said Ono. “Since our mission is to protect and advance the interests of Hawaii’s consumers, we have serious concerns about this proposed merger.”

If the PUC plans to approve the merger, Ono recommends several conditions be adopted to protect consumers and immediately return merger synergy savings to consumers. Details of the recommendations were neither released nor posted on the PUC’s website.



Gov. David Ige said July 21 that he did not support the sale of Hawaiian Electric to Florida-based NextEra Energy. At the time, Ige said he supported capital investment in Hawaii, but he joined critics saying he’s concerned that NextEra may not be able to fulfill Hawaii’s goal that its utilities use 100 percent renewable energy by 2045.

The merger was approved by Hawaiian Electric’s shareholders in June but still needs approval from the state Public Utilities Commission.

The companies valued the deal at $2.6 billion in December, or $4.3 billion including the assumption of Hawaiian Electric’s debt.

NextEra owns one of the country’s largest electrical utilities, Florida Power & Light Co., and a major wind and solar energy company.

[kalakoa]

Details of the recommendations were neither released nor posted on the PUC’s website.

Remember, Citizen: your only reponsibility is to fund government agencies.

[leilanidude]

Now, those profits will be going to Florida.
------------
Currently, HELCO's profits go to stockholders, who may already live in Florida, not to mention, all over the world. What about those people that own stock in Next-Era and live in Hawaii. What's the difference?

[PauHana]

Don't blame the retiree trying to live on their savings. Thirty years ago the dividends on 200 shares of Hawaiian Electric would pay your electric bill for the year, now it might just pay for two months. The stock price is about the same now as then so 400 shares would buy a new car then, while today you would need 800 shares to buy a new car.

Stockholders get the crumbs left on the table after the Executives have had their fill. I assume NextEra is worse, I couldn't find those numbers.

HONOLULU (HawaiiNewsNow) -

"Hawaiian Electric Industries Inc., the parent of the Hawaiian Electric Company, or HECO, recently received an "F" grade for its CEO's salary, the highest in the state.

Glass, Lewis & Co., a proxy advisory firm that's closely followed by Wall Street and institutional investors, said the $5.8 million paid to CEO Constance Lau last year was more than what similar sized utilities paid their bosses.

"Overall, the company paid more than its peers, but performed worse than its peers," the report said. "The company has been deficient in linking executive pay to corporate performance."

Pay is an expense so the company can show a loss and the CEO is still getting rich. In fact often the CEO gets an incentive bonus even when there is a loss. Lobbying is also a deductable expense by the way.

An old script from a familiar opera:

CEO to PUC: " We need a rate increase because our costs went up (my pay doubled) to remain profitable."

PUC: "DUH? OK."



OH, and then there is this.

"HEI CEO Constance Lau would receive $10.6 million in cash and other benefits if she is let go from the company, with or without cause, within two years of the merger, according to her change-in-control agreement filed with the U.S. Securities and Exchange Commission. "

http://www.civilbeat.com/2015/01/hawaiia...tera-deal/

Of course I am sure this had no influence on her enthusiasm for the merger, but some inquiring minds might be suspicious.
"Fire me; PLEASE!"

[punaticbychoice]

Constance Lau didn't come from the HE part of the company.She came from The American Savings Bank part of the corporation. Which had it's own problems and moral and ethical issues.

[RJHampton]

http://www.kitv.com/news/nextera-outline...s/35026712
It has been a busy week for renewable energy and I am very pleased with the direction our very wise governor is choosing to take and that is to reject the HEI/NextEra merger. In doing so NextEra Energy is attempting to sweetened and make the deal more attractive by offering its ratepayers more unsubstantiated savings now 1 billion (up from 60 million) and has added 50 more commitments that we don’t get a chance to study and ask our attorneys' to inspect, yet what are we being asked is to make comments on the amendments . It is obvious that there are many who will see this as a move of desperation and a violation of some legal rule on mergers. Our governor knows what day it is and he knows that Hawai'i is quite capable of applying for loans directly from the Federal Government and is familiar with the RFP process, it is our right being that Hawai'i is outside of the Federal Energy Regulatory Commission (FERC) to set our own rules and do business with whomever we please. Our state and counties needs more control over its energy systems and future programs, and take actions to support other companies besides HECO. Energy storage is the perfect complement to solar powered mini-grids because it enables solar, geothermal and wind generation companies to provide dependable, 24/7 electricity. Oh and here is an interesting article that goes with the research we did on “Waste to Wealth” a hydrogen demonstration project was in the news here in Hawai'i. This article will lead to a discussion of hydrogen production, storage and use for our electrical and transportation needs. ***The Big Island is capable of providing all the Hydrogen this state needs. Without the Previous or Nextera's help
https://share.sandia.gov/news/resources/...eKITZcgQzw
Oil is up 26% in three day! hum[]

"Politic is the science of citizenship"
Trump them just for the heck of it