HEI Withdraws LNG Plans After Termination of NextEra MergerJuly 19, 2016, 1:21 PM HST · Updated July 19, 1:23 PM 0 Comments
The Hawaiian Electric Companies today withdrew its applications for approval of a liquefied natural gas contract with Fortis Hawaii Energy Inc., plans to upgrade Kahe Power Plant to use natural gas, and a waiver from competitive bidding to upgrade the plant.
The announcement follows the termination of the proposed merger with NextEra Energy.
Because of the resources these specific combined projects required, one condition of the LNG contract was approval of the proposed merger with NextEra Energy.
On Monday, July 18, NextEra Energy announced it would no longer pursue the merger after the application was dismissed without prejudice by the Hawai‘i Public Utilities Commission.
“We’re committed to transitioning to 100% renewable energy in the most cost-effective way possible while ensuring reliable service,” said Ron Cox, Hawaiian Electric vice president of power supply. “We’ll continue to evaluate all options to modernize generation using a cleaner fuel to bring price stability and support adding renewable energy for our customers.”
Hawaiian Electric remains focused on the path it has continued to pursue throughout the merger process: to stabilize and reduce energy costs while becoming more innovative, and taking advantage of new technologies to deliver greater customer value and choice, HEI stated in a press release.
Hawaiian Electric Industries Inc. (HEI) is the largest supplier of electricity in the state of Hawai‘i, supplying power to 95% of the state’s population through its electric utilities: Hawaiian Electric Company, Hawaii Electric Light Company and Maui Electric Company.