0000354707-16-000150.txt : 20160718 0000354707-16-000150.hdr.sgml : 20160718 20160715215737 ACCESSION NUMBER: 0000354707-16-000150 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20160715 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160718 DATE AS OF CHANGE: 20160715 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC INDUSTRIES INC CENTRAL INDEX KEY: 0000354707 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 990208097 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08503 FILM NUMBER: 161770562 BUSINESS ADDRESS: STREET 1: 1001 BISHOP STREET, SUITE 2900 CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085435662 MAIL ADDRESS: STREET 1: P.O. BOX 730 CITY: HONOLULU STATE: HI ZIP: 96808-0730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC CO INC CENTRAL INDEX KEY: 0000046207 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 990040500 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04955 FILM NUMBER: 161770563 BUSINESS ADDRESS: STREET 1: 900 RICHARDS ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085437771 MAIL ADDRESS: STREET 1: 900 RICHARDS STREET CITY: HONOLULU STATE: HI ZIP: 96813 FORMER COMPANY: FORMER CONFORMED NAME: HAWAIIAN ELECTRIC CO LTD DATE OF NAME CHANGE: 19670212 8-K 1 heiheform8-k07x15x16.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report: July 15, 2016

Exact Name of Registrant
Commission
I.R.S. Employer
as Specified in Its Charter
File Number
Identification No.
Hawaiian Electric Industries, Inc.
1-8503
99-0208097
Hawaiian Electric Company, Inc.
1-4955
99-0040500


State of Hawaii
(State or other jurisdiction of incorporation)
 
1001 Bishop Street, Suite 2900, Honolulu, Hawaii  96813 - Hawaiian Electric Industries, Inc. (HEI)
900 Richards Street, Honolulu, Hawaii  96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)
(Address of principal executive offices and zip code)
 
Registrant’s telephone number, including area code:
 
(808) 543-5662 - HEI
(808) 543-7771 - Hawaiian Electric
 
None
(Former name or former address, if changed since last report.)
  
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 7.01 Regulation FD Disclosure.
On July 15, 2016, HEI issued a joint news release with NextEra Energy, Inc., “NextEra Energy and Hawaiian Electric Industries Release Statement Regarding Pending Merger.” This news release is furnished as HEI Exhibit 99.1. The Hawaii PUC’s news release and release supplement, dated July 15, 2016 and July 14, 2016, respectively, are furnished as HEI Exhibit 99.2 and 99.3.
Investors may also refer to the Hawaii PUC website at http://dms.puc.hawaii.gov/dms/ in order to review the PUC’s decision and order and other documents in the docket (Docket No. 2015-0022 for this filing). No information on the PUC website is incorporated by reference into this document or in HEI’s and Hawaiian Electric’s other SEC filings.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits    

HEI Exhibit 99.1
News release, dated July 15, 2016, “NextEra Energy and Hawaiian Electric Industries Release Statement Regarding Pending Merger.”

HEI Exhibit 99.2
Hawaii PUC News Release, dated July 15, 2016, “PUC Votes to Not Approve the HECO Companies and NextEra Energy’s Joint Application for Change of Control.”
HEI Exhibit 99.3
Hawaii PUC Release Supplement, dated July 14, 2016, "Summary of Decision and Order No. 33795, Docket No. 2015-0022."





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.

HAWAIIAN ELECTRIC INDUSTRIES, INC.
HAWAIIAN ELECTRIC COMPANY, INC.
(Registrant)
(Registrant)
/s/ James A. Ajello
/s/ Tayne S. Y. Sekimura
James A. Ajello
Tayne S. Y. Sekimura
Executive Vice President and
Senior Vice President and
Chief Financial Officer
Chief Financial Officer
 
 
 
 
Date: July 15, 2016
Date: July 15, 2016
 
 

1


EXHIBIT INDEX

Exhibit No.        Description

HEI Exhibit 99.1
News release, dated July 15, 2016, “NextEra Energy and Hawaiian Electric Industries Release Statement Regarding Pending Merger.”
HEI Exhibit 99.2
Hawaii PUC News Release, dated July 15, 2016, “PUC Votes to Not Approve the HECO Companies and NextEra Energy’s Joint Application for Change of Control.”
HEI Exhibit 99.3
Hawaii PUC Release Supplement, dated July 14, 2016, "Summary of Decision and Order No. 33795, Docket No. 2015-0022."


2
 EX-99.3 2 heiexhibit993.htm EXHIBIT 99.3 Exhibit


HEI Exhibit 99.3

07/14/2016 Release Supplement
Page 1 of 5

PUBLIC UTILITIES COMMISSION


Summary of Decision and Order No. 33795, Docket No. 2015-0022

In assessing whether or not the Application should be approved, the Commission applied two legal standards: (1) is the Application reasonable and in the public interest; and (2) is the applicant (NextEra) fit, willing, and able to provide the services currently offered by the HECO Companies. It is the Applicants’ evidentiary burden to prove that both of these legal standards are met by a preponderance of the evidence. After reviewing the entire record, the Commission concluded that while NextEra is fit, willing, and able to step into the shoes of the HECO Companies without a loss in performance, the Application for the proposed Change of Control is not in the public interest.
In reaching this decision, the Commission considered the ninety-five (95) specific commitments proposed by the Applicants, as well as the evidentiary record as a whole. Specifically, the Commission concluded that the Applicants had not shown the Application to be reasonable and in the public interest with respect to five fundamental areas of concern: (1) benefits to ratepayers; (2) risks to ratepayers posed by NextEra’s complex corporate structure; (3) Applicants’ clean energy commitments; (4) the proposed Change of Control’s effect on local governance; and (5) the proposed Change of Control’s effect on competition in local energy markets.

Benefits To Ratepayers
The Commission concluded that Applicants did not demonstrate, by a preponderance of the evidence, that their proposed benefits (represented through a combination of rate credits, investment funds, and a rate case moratorium) would provide adequate or assured benefits to ratepayers:
•
The proposed $60 million is a conditional guarantee that is not irrevocable. Accordingly, it does not represent a "guaranteed" benefit to ratepayers.

•
Additionally, the $60 million is inextricably linked to Applicants’ proposed four-year moratorium for seeking rate increases. Specifically, the $60 million in rate credits is designed to be spread over the four-year rate case moratorium, with the bulk of the rate credits "back-loaded" (i.e., more is due in the latter years of the moratorium, rather than the earlier years). However, the record demonstrates that the rate case moratorium could be prematurely terminated for a number of reasons, some of which are not clearly defined. The result is that there is the potential that the rate case moratorium may be ended prematurely,





07/14/2016 Release Supplement
Page 2 of 5

and that any pending rate credits would be nullified. This is especially concerning given the back-loaded nature of the proposed rate credits.

•
Likewise, the $60 million in rate credits is conditioned upon Commission guarantees that certain ratemaking policies, which could ultimately cost customers more than the value of the rate credits, could not be changed during the moratorium. For example, the Commission would be required to continue to allow the HECO Companies to adjust the way capital expenditures and expenses are recorded (through a tariff known as the Rate Adjustment Mechanism), which would allow the HECO Companies to accelerate their recovery of costs from ratepayers, which could lead to an increase in ratepayers’ bills during the rate case moratorium. This could diminish or offset completely the $60 million in rate credits.

•
Applicants also failed to present sufficient evidence to support that $60 million in rate credits is an appropriate amount. Applicants did not retain a third party to provide a quantitative analysis, and the HECO Companies instead relied on estimates provided by NextEra - an entity with no direct experience on the impact of revenues and expenses on customer bills in Hawaii.

•
The actual impact of the $60 million on ratepayers’ actual monthly bills is relatively minor. When considered in the context of an actual ratepayers’ monthly bill, the Commission observed that the $60 million in rate credits would likely translate to less than a dollar per month in savings over the four-year rate case moratorium.

•
Regarding Applicants’ estimated $1 billion in state-wide benefits, the Commission noted that this projection was based on: (1) approximately $464.4 million in savings to ratepayers; and (2) approximately $496.1 million in derivative benefits that would result from these estimated ratepayer savings. Regarding ratepayer benefits, the Commission observed that a large portion of these estimated benefits are premised on assumptions and/or expectations about the future.

•
Similarly, Applicants projected sizeable savings from the estimated reduction in the HECO Companies’ borrowing costs as a result of merging with NextEra. However, Applicants were unable to show that a credit upgrade to the HECO Companies would be a guaranteed result if the proposed Change of Control was approved.

•
Even assuming an improved credit rating, the Commission noted that it is highly unlikely that the HECO Companies would be able to refinance all of their existing debt at once; rather, the more likely scenario would be a gradual refinancing as debt matured.

•
Regarding the derivative effects to the State’s economy, the Commission concluded that while such benefits can be accepted in theory, Applicants had failed to provide specific quantifications or analytical methods to support their projected benefit of $496.1 million.




07/14/2016 Release Supplement
Page 3 of 5

Risks To Ratepayers
The Commission concluded that Applicants failed to put forth sufficient ring-fencing measures to adequately protect ratepayers from the increased risks presented by joining NextEra’s corporate structure.
•
The Commission defined "ring fencing measures" as measures necessary to insulate a specific corporate entity, such as the HECO Companies, from the potential risks posed by its corporate affiliations or by events not of their own making, such as the adverse actions of NextEra or one of its subsidiaries or affiliates.

•
In the event of a bankruptcy by NextEra or one of its affiliates, there is the risk that the bankruptcy court would consolidate the HECO Companies as part of the bankruptcy estate, which would effectively turn control of the HECO Companies over to the bankruptcy court.

•
The Commission observed that Applicants’ primary ring-fencing measure, the formation of the holding company HEUH, stopped short of offering the full protections of a "bankruptcy remote entity". Rather, Applicants described HEUH as a "special purpose entity", but did not provide sufficient details regarding the structure, relationship, and authority of HEUH so as to permit the Commission to determine if it offered a similar level of protection.

•
NextEra was unwilling to seek an opinion of a qualified bankruptcy professional prior to forming HEUH, which only served to deepen Commission concerns about the effectives of HEUH as a ring-fencing measure.

•
The Commission listed a number of concerns which Applicants’ proposed ring-fencing commitments did not address, including: a provision for an independent board member whose consent must be given before any member of NextEra’s corporate family may file for voluntary bankruptcy (a "golden share"); requiring an annual financial audit of the HECO Companies, HEUH, and HEH performed by a recognized independent auditor; and requiring distinct legal counsel and financial advice for HEUH separate from that of NextEra.

Commitments Regarding The State’s Clean Energy Goals
The Commission concluded that NextEra possesses considerable resources and experience with renewable energy. Two of NextEra’s primary subsidiaries, NextEra Energy Resources, Inc., and Florida Power and Light, have extensive experience in developing utility scale renewable energy projects and implementing smart meters and grid modernization, respectively. However, the Commission observed that NextEra lacks direct experience in the specific and unique renewable energy issues facing Hawaii, such as integrating very high levels of distributed energy resources - particularly residential rooftop solar PV systems - into isolated island grids.
•
The Commission expressed concern over Applicants’ lack of specific details concerning its plans to achieve Hawaii’s energy goals. In particular, NextEra




07/14/2016 Release Supplement
Page 4 of 5

refrained from providing a specific plan for clean energy transformation, stating instead that if the Change of Control was approved, it would need up to twelve months to develop and submit such a plan.

•
Similarly, many of the Application’s commitments in this area were limited to "good faith" and "best efforts", without any specific means to measure achievement or enforcement mechanisms to address under-performance.

•
NextEra provided commitments to collaborate with governmental agencies to develop an updated resource plan, engage with stakeholders and communities about its resource plans, fully support the State’s 100% RPS goal, and continue to support the HECO Companies’ work in the areas of green technology innovation. The Commission concluded that these commitments essentially repeat existing statutory, regulatory, and other standards.
In short, Applicants’ commitments in this area were simply too broad and vague to satisfy the public interest standard.
Uncertainty Regarding The Effects On Local Governance
The Commission concluded that while its regulatory authority over the HECO Companies should remain unchanged by the proposed Change of Control, there was significant uncertainty regarding the effects on local governance.
•
The HECO Companies would cease to be the primary operating entity of HEI (along with American Savings Bank), and would join the extended corporate family of NextEra, alongside NextEra’s other vast holdings, including its two principal businesses, Florida Power and Light and NextEra Energy Resources.

•
In this regard, Applicants clearly stated that ultimate decision-making authority for the HECO Companies would reside with the Chairman and CEO of NextEra.

•
The Commission was careful to observe that such facts do not automatically mean that NextEra’s management would inherently conflict with local management, regulation, or State policy. However, the loss of local control over decision-making of for the HECO Companies is a significant issue, and Applicants failed to provide any specific details to reassure the Commission that local decisions, culture, and policy would be adequately represented and respected under the proposed Change of Control.

•
Despite assurances by NextEra that it would respect the interests of Hawaii, the Application stated that local management was limited to making recommendations regarding management of the HECO Companies. Likewise, NextEra stated that the presidents of HECO, MECO, and HELCO may be replaced with executives from NextEra.

•
The lack of details regarding: (1) NextEra’s post-merger operational plans; (2) the structure and operation of HEH, HEUH, the HECO Companies, and the local




07/14/2016 Release Supplement
Page 5 of 5

Advisory Board; and (3) the nature of the corporate governance documents for these entities precluded the Commission from concluding that the Application sufficiently ensures that management decisions made outside of Hawaii will be consistent with the best interests of ratepayers and the State.
The Risks Of Diminishing Robust Competition In Hawaii’s Energy Markets
The Commission concluded that the proposed Change of Control did not adequately address issues concerning competition.
•
The Change of Control would change the character of the HECO Companies. The HECO Companies would no longer be a small collection of island utilities, but would become part of an extremely large and complicated family of corporate entities.

•
The HECO Companies would become affiliated with numerous unregulated NextEra subsidiaries who may participate in bids solicited by the HECO Companies. Such a transformation would likely have an impact on local competition.

•
There is the possibility that HEH may form its own non-regulated subsidiaries, creating a potential scenario in which the HECO Companies, HEH, and NextEra may all participate in the same competitive bidding process. This is cause for concern as, under the existing competitive bidding framework, the HECO Companies, as the utilities, have substantial control over designing, conducting, and evaluating the competitive solicitations.

•
While Applicants committed to drafting a revised Code of Conduct, they stated that code would not be provided until ninety days after the Change of Control was approved. The Commission concluded that the revised Code of Conduct should be in place before, and not after, the Change of Control takes effect.

•
Given the lack of reassurances from the Applicants, the Commission was unable to conclude that the proposed commitments in this area weighed in favor of the public interest.

In dismissing the Application, the Commission was careful to clarify that its decision did not mean that the commission would not approve, in the future, a merger, acquisition, or other change in control of the HECO Companies. Rather, the Commission emphasized that its decision is specific to the Application and record in this proceeding. In an attempt to provide guidance on any future application for a change of control, the Commission included a section in which it discussed the key areas which should form the foundation of any future application: ratepayer benefits, mitigation of risks, achievement of the State’s clean energy goals, competition, corporate governance, and the transformation of the HECO Companies.



EX-99..1 3 heiexhbit991.htm EXHIBIT 99..1 Exhibit


HEI Exhibit 99.1
FOR IMMEDIATE RELEASE


NextEra Energy and Hawaiian Electric Industries Release Statement
Regarding Pending Merger

JUNO BEACH, Fla., and HONOLULU - July 15, 2016 - NextEra Energy, Inc. (NYSE: NEE) and Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) today issued the following statement in connection with today’s order by the Hawaii Public Utilities Commission (PUC):

“We are in receipt of today’s PUC order and are currently reviewing it.”

NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion and approximately 14,300 employees in 27 states and Canada as of year-end 2015, as well as approximately 45,000 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP) as of April 2016. Headquartered in Juno Beach, Fla., NextEra Energy’s principal subsidiaries are Florida Power & Light Company, which serves more than 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world’s largest generator of renewable energy from the wind and sun. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune’s 2016 list of “World's Most Admired Companies.” For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.

Hawaiian Electric Industries
Hawaiian Electric Industries (NYSE: HE) (HEI) supplies power to approximately 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc., and Maui Electric Company, Limited, and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, F.S.B., one of Hawaii's largest financial institutions. In a changing world, the Hawaiian Electric Companies are taking the lead in adding renewable energy and developing energy solutions for their customers to achieve a clean energy future for Hawaii. HEI has been named one of "America's 100 Most Trustworthy Companies 2015" by Forbes. For more information, visit these websites: www.HEI.com, www.HawaiianElectric.com, www.ASBHawaii.com.

NextEra Energy Contacts:
Robert L. Gould
Vice President, Chief Communications Officer
561-694-4442





Debra Larsson
Manager, Financial and Sustainability Communication
561-694-4442

Hawaiian Electric Company Contact:
Lynne Unemori
Vice President, Corporate Relations
808-543-7972
lynne.unemori@hawaiianelectric.com

Hawaiian Electric Industries Contacts:
Cliff Chen
Manager, Investor Relations and Strategic Planning
808-543-7300
IR@hei.com

A.J. Halagao
Manager, Corporate & Community Advancement
808-543-5889
ajhalagao@hei.com






 EX-99..2 4 heiexhibit992.htm EXHIBIT 99..2 Exhibit


HEI Exhibit 99.2
PUBLIC UTILITIES COMMISSION
FOR IMMEDIATE RELEASE
July 15, 2016
PUC Votes to Not Approve the HECO Companies and NextEra Energy’s
Joint Application for Change of Control
HONOLULU - In a 2-0 decision, the Hawaii Public Utilities Commission ("PUC" or "Commission") today dismissed without prejudice the Hawaiian Electric Companies ("HECO Companies")1 and NextEra Energy’s ("NextEra") (collectively, the HECO Companies and NextEra are referred to as the "Applicants") Joint Application for the Change of Control ("Application" or "Change of Control"). Commissioner Thomas C. Gorak abstained from signing the Decision and Order.
In considering the record, the two standards of review are whether the Applicants have proved, by a preponderance of the evidence, that: (1) the Application is reasonable and in the public interest; and (2) the acquiring utility is fit, willing, and able to perform the service currently offered by the utility being acquired.
Based on its review of the record, the Commission concluded that while the Applicants demonstrated that NextEra is fit, willing, and able to perform the services currently offered by the HECO Companies, the Applicants failed to demonstrate that the Application is reasonable and in the public interest. In reaching this conclusion, the Commission focused on five fundamental areas of concern: (1) benefits to ratepayers; (2) risks to ratepayers; (3) Applicants’ clean energy commitments; (4) the proposed Change of Control’s effect on local governance; and (5) the proposed Change of Control’s effect on competition in local energy markets.
First, the Commission concluded that the benefits offered by Applicants are both inadequate and uncertain. The Applicants proposed a combination of rate credits, investment funds, and a rate case moratorium. Upon reviewing the record, the Commission concluded that each of these lacked sufficient assurances that they would translate into tangible, enforceable benefits to ratepayers. For example, both the proposed $60 million in rate credits and four-year rate case moratorium were conditioned on a number of events, some of which were vaguely defined. The Commission concluded that there was an unacceptable risk that ratepayers may not ultimately enjoy the entire $60 million in rate credits, if at all, and/or the projected benefits of a rate case moratorium. Similarly, Applicants maintained that the proposed Change of Control would result in approximately $1 billion in State-wide benefits. The Commission observed that these calculations were based on assumptions and/or unrealistic expectations about the future that were vigorously challenged in the proceeding. Additionally, Applicants had not offered any reliable means to track these estimated benefits to determine whether or not they actually occurred, nor did they propose an enforcement or penalty mechanism, in the event that such benefits did not result.
Second, the Commission concluded that Applicants had not offered sufficient protection to the HECO Companies, and their ratepayers, to offset the risks presented by NextEra’s complex corporate structure. Unlike the HECO Companies, NextEra is a large corporate family, with hundreds of affiliates and subsidiaries. While the Commission believed that its existing regulatory power would offer ratepayers some protection, primarily through preventing various types of cost-recovery by NextEra, it expressed serious concern over the risk posed by the potential bankruptcy of NextEra and/or one of its many subsidiaries or affiliates. In order to avoid consolidation into a bankruptcy estate, legal protections known as ring-fencing measures are used to protect a specific corporate entity, such as the HECO Companies, from the bankruptcy-related issues of a related corporate entity, such as NextEra and its affiliates. The Commission concluded that the "ring-fencing" measures proposed by the Applicants would not adequately insulate the HECO Companies, and their ratepayers, from the risks posed by a NextEra-related bankruptcy.





Third, with respect to the State’s clean energy goals, the Commission concluded that notwithstanding NextEra’s extensive management capabilities, experience, and finances, Applicants had failed to put forth near-term commitments for specific action tailored to Hawaii’s unique circumstances and clean energy goals. Rather, Applicants’ commitments were in the nature of providing "best efforts" and maintaining existing practices and standards. Additionally, the Commission noted Applicants’ lack of specific commitments relating to Distributed Energy Resources ("DER"), which runs contrary to Hawaii’s status as a national leader in integrating high levels of distributed solar photovoltaic systems. Accordingly, while possessing potential to accelerate the State’s clean energy goals, the Commission concluded that Applicants’ proposed commitments in this area were simply too broad and vague to be consistent with the public interest.
Fourth, the Commission concluded that while local regulatory control would not be diminished, Applicants had failed to adequately demonstrate how the proposed Change of Control would affect local governance. In particular, Applicants had failed to provide corporate governance documents that would allow the Commission to sufficiently analyze the roles, functions, and limitations of NextEra’s proposed local intermediary holding companies, Hawaiian Electric Holdings ("HEH") and Hawaiian Electric Utility Holdings ("HEUH"), and the HECO Companies. Consequently, Applicants did not provide any details to reassure the Commission that the local interests of Hawaii would not suffer as a result of this change in corporate structure.
Fifth, the Commission concluded that Applicants had not adequately demonstrated that competition would be preserved if the Change of Control was approved. Given the increased complexity that would result from the HECO Companies joining a large corporate family with extensive affiliates and subsidiaries, of which many are involved in the same energy markets, the Commission concluded that additional safeguards would be necessary. In this regard, the Commission concluded that Applicants had failed to meet their burden, as they did not provide for an immediate revision to the competitive rules governing solicitation of projects, nor did they sufficiently take into account the commercial appetites of many of the companies with whom the HECO Companies would now be affiliated.
Finally, in dismissing the Application, the Commission emphasized that it is not precluding the HECO Companies from seeking another partner, or from renewing discussions with NextEra. As part of its decision, the Commission included a section that provides guidance on key elements that should serve as the foundation for any future applications seeking a change of control of the HECO Companies.
Commissioner Gorak expressed his full support for this Decision and Order’s findings and conclusions. In abstaining, he believes that the focus should be on the substance of the Decision and Order, as well as the HECO Companies’ path toward achieving the State’s renewable energy goals, and not on the concerns raised by some regarding his participation in the decision. Since the Decision and Order has the support of the other two commissioners, his vote was not necessary.
The complete Decision and Order, as well as links to the docket record, may be found on the Commission’s website at: http://puc.hawaii.gov/.
# # #
Media Contact:
Delmond J.H. Won
Executive Officer
(808) 586-2020
puc@hawaii.gov
http://puc.hawaii.gov/

_______________________
1 The HECO Companies are comprised of Hawaiian Electric Company, Inc. (HECO), serving the island of Oahu; Maui Electric Company, Limited (MECO), serving the islands of Maui, Lanai and Molokai; and Hawaii Electric Light Company, Inc. (HELCO), serving Hawaii Island.



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