Florida-based NextEra Energy and Hawaiian Electric Industries on July 18 scrapped their plans to merge after the Hawaii Public Utilities Commission rejected the proposed merger at the end of last week.
The PUC on July 15 cited the lack of specific commitments from the investor-owned utilities relating to distributed energy resources, which the commission said “runs contrary to Hawaii’s status as a national leader in integrating high levels of distributed solar photovoltaic systems.”
NextEra Energy and Hawaiian Electric Industries unveiled their proposed merger in late 2014. The transaction is valued at approximately $4.3 billion.
