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Totally missed the point by too many mainland comparisons. HE wasn't formed with some malevolent plan, beyond plantation owner absolute control. The power plants were put in for the plantations, the excess started to be used by the residents. As the plantations collapsed, local people began buying the independent electric utility that a single plantation represented, then started linking those together.
Always with the highest cost. Hawaii overall is still over 70% oil burning plants, no matter how often this is pointed out, it is just as quickly ignored by agenda addicts. Comparing it to the mainland? Remember, there are still large areas getting most of their power from nuclear, which is competitive with hydroelectric, if the cost of dealing with the radioactive waste is ignored.
The discussion isn't whether a co-op is better. The fact is HE isn't interested in selling off in pieces. It would be like somebody coming up to you and saying, yeah, they didn't want the whole car but they liked the engine, and by the way, here is the extortion to make you do it. Finding out HE was open to being sold, and that a mainland bidder wants to buy did open a dialogue crack but unless HE corporate changes their mind completely, they are open to a complete sale. If the PUC disapproves the merger, then everything stays the same. This is a $5 billion business with a 5% regulated profit margin and despite all the complaints about high rate costs, is barely squeaking out a 1% profit now. So far, it looks like the PUC isn't filled with Punatic meth head sympathizers, so progress is being made slowly, regardless. Pre-peak oil means the electric rates come down more, more alternative energy is gradually bringing down rates. Nothing for drama queens to faint over.
"Aloha also means goodbye. Aloha!"
*Japanese tourist on bus through Pahoa, "Is this still America?*
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Not so fast (as to the title of this thread)...The overwhelming support for our own "Public Utility", via a Co-Op, at both PUC meetings on this island were telling. Not to mention, Maui and Oahu are considering the same.
Now, the question is, what will the PUC do? Mr. Iwase has the burden to bear. Another question (or two), what will HEI/NextEra do to preserve the investment made so far? What will the Legislature/Senate do? What will the public at large do (within our menial bounds)?
The option to open this purchase/merger to the highest bidder (the Co-Op has a good chance with solid backing), may be a fair, reasonable, public serving (riiiight...not holding my breath, just hopeful [xx(]) decision.
As an aside, wonder what NextEra thinks of geothermal, and why it is not part of the overall plan? It is considered a "baseload" (24/7).
We shall soon see. Tired of paying the highest rates in the nation, while the select few gain millions in salary, benefits, and bonuses.
A'ole. Time for change.
JMO.
ETA: clarity/typo.
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This article says it best. Here is the PUC taking public input to approve or disapprove the Nextera merger with Hawaiian Electric. The public rambles off on how they would like to see a co-op. WTH? That isn't the question. PUC is asking simply, approve or disapprove Nextera merger, why or why not? What is going on with people that they can't focus on the specific subject?
http://www.civilbeat.com/2015/10/nextera...ig-island/
The Public Utilities Commission hears a lot about alternative utility ownership models, but little about a proposed sale of Hawaiian Electric Industries.
"Aloha also means goodbye. Aloha!"
*Japanese tourist on bus through Pahoa, "Is this still America?*
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Well, pahoated, the obvious response to the agenda item with regard to NextEra was "NO".
Keep to the subject, yes, interject a viable option, absolutely. The PUC does not afford the public many opportunities to discuss these huge decisions. Given the Governor's position, and the PUC holding meetings (not required by law) on all the islands prior to making a decision speaks volumes.
Why didn't HEI offer the sale/merger to other entities? Why just NextEra? Hell, the business mind would tell you take the "highest bidder", if your only intent is the bottom line (like it is for HEI apparently).
It took a couple votes for stockholders to "buy" into this proposal. Why? Perhaps the deal wasn't "sweet enough" at the time.
IMUA CO-OP. Let's "own the power". A "Public Utility" needs to serve the public.
We shall see what transpires.
JMO.
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People need to stop putting the cart way before the horse. First step, approve or disapprove the merger. If the local public can't find specific legitimate reasons for disapproving the merger besides they don't like the feelsies of the deal, then the PUC might give more weight to Hawaiian Electric reasons to approve the deal. If it gets disapproved, then the existing scenario stays the same. It will have shown HE would consider selling and it was probably Nextera that made the initial offer. That is what big mainland utilities are doing, buying up smaller territories.
So, second step is either Nextera is in charge with approved merger, or HE stays as it is, and HE shareholders have to agree to split off and sell the MECO and HELCO divisions. That, as they say, doesn't "pencil out".
"Aloha also means goodbye. Aloha!"
*Japanese tourist on bus through Pahoa, "Is this still America?*
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Why didn't HEI offer the sale/merger to other entities? Why just NextEra? Hell, the business mind would tell you take the "highest bidder", if your only intent is the bottom line (like it is for HEI apparently).
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How do we know that they didn't try to shop around?
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quote:
Originally posted by leilanidude
Why didn't HEI offer the sale/merger to other entities? Why just NextEra? Hell, the business mind would tell you take the "highest bidder", if your only intent is the bottom line (like it is for HEI apparently).
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How do we know that they didn't try to shop around?
As Pahoated stated, apparently NextEra approached HEI (sans American Savings Bank).
Here is a good article from Hawaii Business on the deal:
http://www.hawaiibusiness.com/which-next...awaii-get/
The PUC will have the final say, and with the current Chairman, who knows where the decision will fall. If, as PT points out, the deal doesn't go through, does it indeed revert back to status quo? The legal aspect will dictate the outcome, perhaps years from now.
As an aside, one of our ohana is a shareholder, and it was like pulling teeth to get the majority to agree to this proposal. (*Our ohana did not agree)
The basis is we should be a "Public Utility", to serve the public. We (the public) must manage our own resources, and maintain the goal towards alternate energy.
The monopoly must stop. Enough is enough. (As another aside, Hawaiian Air needs competition, too. Another damn monopoly. Kala mai, O/T.)
JMO.
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we should be a "Public Utility", to serve the public
State and County governments should be restructured under the same paradigm.
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Would "we the public" be able to manage an electric company as well as "we the people" have been at running the county?
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Would "we the public" be able to manage an electric company as well as "we the people" have been at running the county?
False equivalence: County is not run by "we the people".
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