November 30, 2015
Support for Proposed Merger of NextEra Energy and Hawaiian Electric Industries Grows
More Than 25 Organizations and Companies Across Hawai‘i Representing a Variety of Interests Believe Merger is in the Best Interest of Hawai‘i
JUNO BEACH, Fla., and HONOLULU – Nov. 30, 2015 – NextEra Energy, Inc. (NYSE:NEE) and Hawaiian Electric Industries, Inc. (NYSE:HE) (HEI) today announced that support for the companies’ proposed merger continues to grow at a steady pace, as evidenced by the more than 25 diverse groups that in recent weeks have voiced support for the transaction.
“As we continue to listen, learn and constructively engage with customers and communities throughout the state, we are extremely pleased to see so many diverse and important stakeholders – from organized labor such as the AFL-CIO and IBEW to business leaders and organizations including multiple chambers of commerce – all echo their support in recognition of the significant and tangible benefits this merger will bring to Hawai‘i,” said Eric Gleason, president of NextEra Energy Hawai‘i. “The support we have received from these organizations, alongside our recent agreements with the Department of Defense and the Honolulu Board of Water Supply, further strengthens our belief that NextEra Energy is the right partner to help Hawaiian Electric achieve Hawai‘i’s 100 percent renewable portfolio standard by 2045, while integrating more rooftop solar, modernizing the electric grids and lowering customer bills.”
“We are thankful and pleased to see so many Hawai‘i residents and local groups across our state publicly lend their support for the merger of NextEra Energy and Hawaiian Electric,” said Alan Oshima, Hawaiian Electric’s president and chief executive officer. “With its comprehensive commitments to our customers and our communities, NextEra Energy stands ready to be a strong, long-term partner as we work together to build a more affordable, clean energy future for Hawai‘i.”
The following chambers of commerce, labor unions, local companies and community organizations have voiced support for the proposed merger in recent weeks:
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.0 billion, approximately 44,900 megawatts of generating capacity, which includes megawatts associated with non-controlling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 13,800 employees in 27 states and Canada as of year-end 2014. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 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. 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 in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 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 Company
Hawaiian Electric and its subsidiaries, Maui Electric and Hawai‘i Electric Light, serve the islands of O‘ahu, Maui, Lāna‘i, Moloka‘i and Hawai‘i, home to 95 percent of the population of Hawai‘i. Hawaiian Electric's parent company is Hawaiian Electric Industries (NYSE: HE), which has been named one of “America's 100 Most Trustworthy Companies 2015” by Forbes.
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 Hawai‘i. For more information, visit www.hawaiianelectric.com.
FORWARD LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as “may,” “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “predict,” and “target” and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE and HEI caution readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NEE and HEI, including future financial or operating results of NEE or HEI, NEE’s or HEI’s plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the value, as of the completion of the merger or spin-off of HEI’s bank subsidiary or as of any other date in the future, of any consideration to be received in the merger or the spin-off in the form of stock or any other security, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that NEE or HEI may be unable to obtain governmental and regulatory approvals required for the merger or the spin-off, or required governmental and regulatory approvals may delay the merger or the spin-off or result in the imposition of conditions that could cause the parties to abandon the transaction; the risk that a condition to closing of the merger or the completion of the spin-off may not be satisfied; the timing to consummate the proposed merger and the expected timing of the completion of the spin-off; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction, including the value of a potential tax basis step up, may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger and spin-off-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities and in the financial results of NEE, HEI or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the “Risk Factors” section of HEI’s or NEE’s most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). These risks, as well as other risks associated with the merger, are more fully discussed in the definitive proxy statement/prospectus that is included in the Registration Statement on Form S-4 that NEE filed with the SEC in connection with the merger. Additional risks and uncertainties are identified and discussed in NEE’s and HEI’s reports filed with the SEC and available at the SEC’s website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and neither NEE nor HEI undertakes any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
NextEra Energy Contacts
Robert L. Gould
Hawaiian Electric Company Contact
Hawaiian Electric Industries Contact