Hawaii Gov. David Ige wants the Haw

Hawaii Gov. David Ige wants the Hawaii Public Utilities Commission to really be certain that ratepayers will benefit from Florida-based NextEra Energy's $4.3 billion acquisition of Hawaiian Electric Co. from parent Hawaiian Electric Industries Inc.
During an interview with PBN last week at his office at the state Capitol, Hawaii's new governor voiced concerns over the amount of money that Hawaiian Electric Industries (NYSE: HE) executives would receive if the transaction is finalized.
"The parties are paying a significant premium to executives of HEI," Ige told PBN. "So where is this significant premium paid to ratepayers? I hope the PUC and Consumer Advocate [take that into account]."
HEI executives would receive a total of about $17 million if necessary approvals are received to finalize the transaction, according to a recent NextEra Energy (NYSE: NEE) filing with the U.S. Securities and Exchange Commission. The filing also revealed that the first talks of a deal began in May 2014.
Connie Lau, president and CEO of HEI, would receive $10.7 million, including $6.8 million in cash and $3 million in equity if the deal goes through, according to the filing.
James Ajello, executive vice president and chief financial officer of HEI, would receive $3.7 million, including $2.1 million in cash and about $1.2 million in equity.
Chet Richardson, executive vice president and general counsel of HEI, would receive $2.8 million, including $1.6 million in cash and $820,000 in equity.
The deal, which needs several regulatory approvals, as well as HEI shareholder approval, is expected to close in the fourth quarter.