Sep 01, 2015 11:36 AM EDT

NextEra, Hawaiian Electric Tie-Up For Hawaii's Clean Power Goal


NextEra Energy Inc. made 50 new guarantees with Hawaiian Electric Industries Inc. as a component in their tie-up proposal as part of hastening Hawaii's goal of acquiring all of its power from sustainable resources.

Bloomberg Business has learned that these commitments will strengthen the advantages that the merger will produce for consumers, who in turn will be able to save in the first five years $465 million after closing of the merger, as stated by both companies on Monday through a joint statement.

They also said that NextEra would enact to maintaining Hawaiian Electric's philanthropic donations and to keep Hawaii Public Utilities Commission locally managed.

Eric Gleason, NextEra Energy Hawaii LLC president said in a communication, "We are well positioned, alongside Hawaiian Electric, to partner with the state to achieve its 100 percent renewable portfolio standard by 2045, as well as integrate more rooftop solar, modernize the electric grids and lower customer bills."

Hawaii Gov. David Ige raised some concerns in July together with the Consumer Advocate. He said that he was not in favor of the deal for the reason that he was concerned that NextEra would fail to fulfill Hawaii's vision that its power use be 100 percent sustainable energy by 2045.

Gleason added, "We are totally focused on 100 percent renewable energy by 2045 if not sooner, and part of that is getting off of oil. We're very confident in partnering with the state and Hawaiian Electric to get there."

According to Miami Herald, the company's leadership is touted in producing energy from the sun and wind. Florida Power and Light, one of the country's massive electrical utilities and a NextEra company decreased its usage since 2001 of foreign oil from greater than 40 million barrels yearly to lower than 1 million barrels per annum at present, through its interests in natural gas.

Hawaiian Electric president and chief executive officer Alan Oshima said, "Achieving Hawaii's 100 percent renewable energy goal is of critical importance to all of us and we firmly believe that the combination of NextEra Energy and Hawaiian Electric will best position our state to realize this future."

"As one of the world's most innovative companies, NextEra Energy's expertise and resources will significantly accelerate our efforts to strengthen Hawaii's energy infrastructure, lower customer bills and continue our active support of our local communities," as per CNN Money.

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