JUNO BEACH, Fla. and
HONOLULU, July 18, 2016 /PRNewswire/-- NextEra
Energy, Inc. (NYSE: NEE) and Hawaiian Electric Industries, Inc.
(NYSE: HE) (HEI) today announced the termination of their plans to
merge, effective immediately. The decision was driven by the Hawaii
Public Utilities Commission's (PUC) order to dismiss the companies'
merger application.
"As a result of the PUC's order, we have terminated our merger
agreement," said Jim Robo, chairman
and chief executive officer, NextEra Energy. "We wish Hawaiian
Electric the best as it serves the current and future energy needs
of Hawaii, including helping the
state meet its goal of 100 percent renewable energy by 2045.
Looking forward, NextEra Energy remains extremely well-positioned
to execute on our strategy and deliver exceptional results for our
customers and shareholders."
"We appreciate NextEra Energy's interest in Hawaii and in our company," said Connie Lau, HEI's president and chief executive
officer and chairman of the boards of Hawaiian Electric and
American Savings Bank. "All of us at HEI, Hawaiian Electric
and American Savings Bank remain committed to serving our
customers, and we look forward to working together with communities
across our state to realize the clean energy future we all want for
Hawaii and to ensure a vibrant
local economy."
Under the terms of the merger agreement, NextEra Energy will pay
Hawaiian Electric Industries a $90
million break-up fee and up to $5
million for reimbursement of expenses associated with the
transaction.
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 Industries Contacts:
Cliff Chen
Manager, Investor Relations and Strategic Planning
808-543-7300
IR@hei.com
A.J. Halagao
Manager, Corporate and Community Advancement
808-543-5889
ajhalagao@hei.com
Hawaiian Electric Company Contact:
Lynne Unemori
Vice President, Corporate Relations
808-543-7972
lynne.unemori@hawaiianelectric.com
American Savings Bank Contact:
Michelle Bartell
First Vice President, Director of Communications and Community
Advancement
808-539-7906
mbartell@asbhawaii.com
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SOURCE NextEra Energy, Inc.; Hawaiian Electric Industries,
Inc.