Merger Expenses Hurt NextEra's Earnings

Honolulu Star - Advertiser, November 1, 2016 | Go to article overview

Merger Expenses Hurt NextEra's Earnings


Juno Beach, Fla.-based NextEra Energy Inc., the energy company that state regulators prevented from purchasing Hawaiian Electric Industries, said Monday its third-quarter profit was $753 million -- down 14 percent from the year prior due in part to merger-related expenses.

In the third quarter of 2015, NextEra reported a profit of $879 million. The company reported spending $123 million on merger-related expenses last quarter.

NextEra had to pay $95 million to Hawaiian Electric Industries -- the parent company of HECO -- after the company failed to get approval from the Hawaii Public Utilities Commission for its $4.3 billion proposed purchase of the state's largest electrical utility.

NextEra did not give a breakdown of the $123 million in merger-related expenses, and the company is involved in another major potential merger in Texas.

NextEra said Monday it reached an agreement for one of its affiliates to buy Texas Transmission Holdings Corp. The acquisition would result in NextEra owning approximately 20 percent indirect interest in Oncor Electric Delivery Co., the largest owner of high-voltage power lines in Texas. NextEra said in the news release that it would submit an application by today with the Public Utility Commission of Texas requesting approval.

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