January 29, 2016
Hawai'i Business Roundtable Announces Support for NextEra Energy and Hawaiian Electric Industries Merger
HONOLULU and JUNO BEACH, Fla. – Jan. 29, 2016 – NextEra Energy, Inc. (NYSE:NEE) and Hawaiian Electric Industries, Inc. (NYSE:HE) (HEI) today announced that the Hawai‘i Business Roundtable, a statewide public policy organization made up of CEOs and senior executives of companies headquartered or maintaining significant operations in Hawai‘i, has expressed its support for the merger between Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI) and NextEra Energy, Inc. (NYSE: NEE). In doing so, the Hawai‘i Business Roundtable is affirming its position that NextEra Energy is the right energy partner to help Hawaiian Electric build a more affordable renewable energy future for Hawai‘i.
“We sincerely appreciate the Hawai‘i Business Roundtable stepping forward and voicing its support for our partnership with Hawaiian Electric,” said Eric Gleason, president of NextEra Energy Hawai‘i. “The support we have received from Hawai‘i residents, business and local organizations from across the state strengthens our belief that together, we will achieve a more affordable, renewable energy future.”
“The Hawai‘i Business Roundtable’s support of the proposed merger is especially meaningful given the leadership of Hawai‘i’s business community that the organization represents,” said Alan Oshima, president and chief executive officer of Hawaiian Electric. “NextEra Energy will be a strong partner who will work with us to reach our clean energy goals, and we are pleased that the Hawai‘i Business Roundtable agrees.”
The Hawai‘i Business Roundtable issued the following position statement:
“As members of the Hawai‘i Business Roundtable, we share a commitment to a common goal: a better future for the people of Hawai‘i. To that end, we have followed the public debate on the proposed merger between NextEra Energy and Hawaiian Electric. We commend the Public Utilities Commission for encouraging an open, nonpolitical, public discussion as our high electricity rates are an important topic to all of us in Hawai‘i. We support the state’s goal of achieving 100 percent renewable energy by 2045. As business leaders, we recognize that a better future often requires significant investment. Achieving the state’s clean energy goals, while lowering electricity rates for businesses and customers, is no different.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE:NEE) is a leading clean energy company with consolidated revenues of approximately $17.5 billion, approximately 46,300 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE:NEP), and approximately 14,300 employees in 27 states and Canada as of year-end 2015. Headquartered in Juno Beach, Fla., NextEra Energy’s principal subsidiaries are Florida Power & Light Company, which serves more than 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. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. 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
Hawaiian Electric Company Contact
Hawaiian Electric Industries Contact