NextEra Energy, Hawaiian Electric announce termination of plans to merge

By Duane Shimogawa, Pacific Business News.

In the wake of a decision by the Hawaii Public Utilities Commission to reject the companies’ merger application, NextEra Energy Inc. (NYSE: NEE) and Hawaiian Electric Industries Inc. (NYSE: HE) announced Monday the termination of their plans to merge.

Under the terms of the merger agreement, NextEra Energy will pay Hawaiian Electric Industries a $90 million breakup fee and up to $5 million for reimbursement of expenses associated with the transaction. After taxes, the net amount of $60 million will help to fund Hawaii’s clean energy transformation, including the 2016 plan to invest about $145 million into Hawaiian Electric, HEI said in a news release.