Hawaii regulators recently rejected the $4.3 billion acquisition of Hawaiian Electric Co. by NextEra Energy Inc., and it was a relieving moment for many Maui residents, including Mayor Alan Arakawa who opposed the deal. His primary reasons being that Hawaii money would be going to Florida, where NextEra is based, and that outsiders would be likely to run into difficulties managing our unique and nuanced energy systems. After all, ours is the only island chain state in the nation, so things work differently here in many ways.
On Friday, July 15th, the Hawaii Public Utilities Commission dismissed the proposed acquisition in a 2-0 decision. Chairman Randy Iwase and commissioner Lorraine Akiba voted against the deal, while newly appointed commissioner Thomas Gorak abstained. It was one of the biggest business deals in Hawaii history, and when there are so many concerns about a deal that huge in scope, it's natural to feel the need to play it safe.
There were two main criteria behind the PUC decision. One criteria was based on whether NextEra proved the deal was “reasonable and in the public interest” while the other was based on whether the firm was “fit, willing and able to perform the service currently offered by the utility being acquired.” According to the PUC, the deal met the latter criteria but not the former. If the PUC felt that the deal was not in the public's best interest, it's easy to see why so many are in favor of this decision.
To evaluate these two criteria, the commission looked at clean energy commitments by NextEra, risks to ratepayers, benefits to ratepayers, the deal's effect on local governance and its effect on competition in the Hawaii market. Once these factors were explored, the PUC felt that the benefits offered by NextEra were "inadequate and uncertain." More specifically, they felt that NextEra wasn't offering enough protection to the HECO Cos. and their ratepayers to compensate for the risks that came with NextEra's "complex corporate structure."
Following the announcement, there was a lot of speculation as to whether NextEra and HECO would file an appeal, but instead, they terminated the plan to merge. Based on some of the comments from NextEra representatives, they encountered much more local resistance to this deal than they had originally anticipated.
Governor Ige, who also opposed the deal, made the following statement after the announcement. "This ruling gives us a chance to reset and refocus on our goal of achieving 100 percent renewable energy by 2045." What matters most to Maui residents is affordable energy, and if it can be both affordable and clean, then so much the better. Utilities costs are considered by many who are thinking about buying Maui real estate, which is why current residents aren't the only ones following these developments. On that note, if you are in need of assistance in your Maui real estate search, or you have questions about the process, you'll find our contact information at the bottom of the page. We would love to hear from you. Mahalo!
One of the best things about living in South Maui is the number of interesting and celebratory events that take place here throughout the year, as if the exciting spread of shops, restaurants, world-class golf courses and white sand beaches weren't enough. For example, The Shops at Wailea will be hosting their own series of events to add some extra spice to the shopping experience.
You'll find The Shops at Wailea located in convenient proximity to whatever Wailea real estate interests you, and it features an impressive collection of upscale retail and restaurant establishments. During the summer, they will add a new music series, an art and entertainment event called ARTwalk, and a pau hana event, which is the Hawaiian term for socializing with friends and family after work is done.
If you're already lucky enough to call South Maui home, it should be easy enough to swing by from 5:40 to 7pm on the third Wednesday of the month to check out the music series concert, if you're interested. For the ARTwalk, stop by from 5 to 7pm on the first Wednesday of the month. Lastly, the pau hana event takes place from 4 to 6pm every Friday.
If you do get the chance to stop by during these events, or any time, you can also check out The Pint & Cork, which is the new gastropub that we recently blogged about. Then there are the rest of the 70 plus boutiques, galleries, shops and restaurants to explore, should the mood strike you.
If you need more information, you can visit www.theshopsatwailea.com. For any assistance you might need with your real estate search, we are ready to help. You'll find our contact information at the bottom of the page. Mahalo!
South Maui is a wonderful place to live. That is if you like breathtaking ocean views, miles of powdery white sand beaches and a dazzling array of fun shops and restaurants. Let's not forget the world-class golf courses. Those are the big lures, but let's not forget the smaller charms. For example, the new Moana Estates Park that just opened on July 1st, 2016.
If you're thinking about buying south Kihei real estate, the new park will be especially convenient for you to access. This peaceful little spot includes a simple grass lawn and comfort station. Sometimes, that's all you need, and it makes for a great play space for the keiki (kids), too.
Small recreational spaces like this one can add a lot of enjoyment to your South Maui lifestyle, whether you want to walk the park regularly as a part of your exercise routine, or you simply want to have an old fashioned picnic on the grass with friends and family.
Moana Estates Park will be open from 7am to 7pm daily, closing in the evenings to keep things peaceful and quiet for the homes nearby. You can access it from Moana Avenue via the Pu'uwai Place cul de sac, according to the County of Maui Department of Parks and Recreation. Based on google maps imagery, there is another parking lot accessible directly from Moana Avenue.
If you're interested in Kihei real estate, give us a call, or shoot us an email. We'd be happy to assist you. You'll find our contact information at the bottom of the page. Mahalo!
Hawaii regulators recently rejected the $4.3 billion acquisition of Hawaiian Electric Co. by NextEra Energy Inc., and it was a relieving moment for many Maui residents, including Mayor Alan Arakawa who opposed the deal. His primary reasons being that Hawaii money would… Continue Reading
One of the best things about living in South Maui is the number of interesting and celebratory events that take place here throughout the year, as if the exciting spread of shops, restaurants, world-class golf courses and white sand beaches… Continue Reading
South Maui is a wonderful place to live. That is if you like breathtaking ocean views, miles of powdery white sand beaches and a dazzling array of fun shops and restaurants. Let's not forget the world-class golf courses. Those are the big lures,… Continue Reading
Maui County's unemployment rate was down to 3.2% in May, from 3.6% in May of 2015. This points to a slow and steady strengthening of the economy, which should be reassuring to those who are considering a permanent move to Maui. If you want… Continue Reading