After a close evaluation of the benefits and risks to ratepayers, the Hawaii Public Utilities Commission (PUC) has dismissed a change of control application from the Hawaiian Electric Companies (HECO) and NextEra Energy with a 2-0 decision.
In considering HECO and NextEra’s application, the PUC examined the impact of the change of control on the applicants’ clean energy commitments, on local governance and on competition in the local energy market. In spite of the fact that the PUC agreed that NextEra was capable of performing the services provided to current customers of HECO, it also concluded that the change of control application was not in the best interest of the public.
Owing in large part to the fact that the benefits of a change of control would have been uncertain and potentially insufficient to warrant the change, the PUC concluded that the level of risk was unwarranted, and that the rate credits, investment funds and rate case moratorium proposed by HECO and NextEra may not come to fruition should the application be accepted.
According to the PUC, HECO and NextEra also failed to demonstrate sufficient protection to the companies under HECO and to their ratepayers, voicing significant concerns regarding the potential bankruptcy of NextEra, a large corporation with hundreds of subsidiaries, a structure highly dissimilar to HECO.
The power industry and policymakers should consider implementing several recommendations now to meet expected supply shortfalls prior to the start…
Looking to cut down on the difficult nature of the work for humans and improve consistency of the outcome, the…
Toledo Edison this month began a massive streetlight conversion project through Sylvania, Ohio, installing the first of 1,650 LED replacements.…
Peter Sena III has been named the new chairman and CEO of Southern Nuclear, a subsidiary of the Southern Company.…
The U.S. Department of Energy’s (DOE) Argonne National Laboratory (ANL) is con structing a research and development (R&D) facility to…
A program that provides a 10 or 20-percentage point boost to the investment tax credit for qualified solar or wind…
This website uses cookies.