Post by Logan on Jun 30, 2016 20:24:21 GMT -6
Hawaiian Electric shares fall 8 percent on Ige’s new PUC appointment
Hawaiian Electric Industries Inc. stock dropped as much as 8 percent today, following Gov. David Ige’s announcement Wednesday that he was replacing a Public Utilities Commission member days ahead of the agency’s decision regarding NextEra Energy Inc.’s $4.3 billion proposed purchase of HEI.
Ige, who is opposed to the sale to NextEra, said he is replacing outgoing PUC Commissioner Mike Champley with the PUC’s Chief Counsel Tom Gorak. Champley’s term expires today. Ige said Gorak will take over starting Friday. Ige said he appointed Gorak, 64, because his views align with the governor’s.
HEI stock closed at $32.79, down $1.69 or 4.9 percent, after recovering from an intraday low of $31.69.
Paul Patterson, analyst with Glenrock Associates LLC, said the appointment of Gorak causes concern that the sale of Hawaii’s largest electric utility to NextEra won’t go through.
Read more: www.staradvertiser.com/business/business-breaking/hawaiian-electric-shares-fall-8-percent-on-iges-new-puc-appointment/
Hawaiian Electric Industries Inc. stock dropped as much as 8 percent today, following Gov. David Ige’s announcement Wednesday that he was replacing a Public Utilities Commission member days ahead of the agency’s decision regarding NextEra Energy Inc.’s $4.3 billion proposed purchase of HEI.
Ige, who is opposed to the sale to NextEra, said he is replacing outgoing PUC Commissioner Mike Champley with the PUC’s Chief Counsel Tom Gorak. Champley’s term expires today. Ige said Gorak will take over starting Friday. Ige said he appointed Gorak, 64, because his views align with the governor’s.
HEI stock closed at $32.79, down $1.69 or 4.9 percent, after recovering from an intraday low of $31.69.
Paul Patterson, analyst with Glenrock Associates LLC, said the appointment of Gorak causes concern that the sale of Hawaii’s largest electric utility to NextEra won’t go through.
Read more: www.staradvertiser.com/business/business-breaking/hawaiian-electric-shares-fall-8-percent-on-iges-new-puc-appointment/