Hawaii Electric Industries, or HEI, the parent company of the state’s three investor-owned utilities, is seeking approval to be sold to NextEra, a large utility owner and renewable energy provider based in Florida. This potential sale has already been highly controversial, with dozens of intervenors involved in the Hawaii Public Utilities Commission (PUC) docket adjudicating the merits of the sale.
Two groups of intervenors are proposing an unusual alternative to the NextEra purchase: rather than allowing an out-of-state company with a relatively poor record on renewables to buy the HEI utilities and possibly set the state back on its renewable energy efforts, not to mention ensuring that utility profits go away from the state, why not allow a local cooperative to buy the Big Island utility known as Hawaii Electric Light Company or HELCO?
Well, there are two efforts seeking to make this happen. The Hawaii Island Energy Cooperative (HIEC) is a new group spearheaded by local farmer Richard Ha, Marco Mangelsdorf, owner of ProVision Solar, a solar integrator company based in Hilo, and other community and business leaders. HIEC is an intervenor in the PUC docket. The co-op...
The billionaire CEO of a soaring solar firm shorted his own company's stock days before the company lost $18 billion in value and the CEO lost $15 billion in personal worth.
As we reported, Hanergy Thin Film (HTF) stock plunged 47 percent on May 20 "probably due to forced liquidation" and the "firm's failure to repay stock-collateralized loans," as reported by China Business News. Reports suggest that Hong Kong's Securities and Futures Commission is investigating market tampering of HTF shares.
According to CNN Money, CEO Li Hejun "increased his short position by 796 million shares" on May 18."
A few days later the stock crashed.
Short sellers are "motivated by the belief that a [borrowed] security's price will decline, enabling it to be bought back at a lower price to make a profit."
Trading in HTF stock remains suspended.
Here's a high-speed trading look at how Hanergy lost half its value in one second, from Tyler Durden at Zero Hedge.
One might wonder about the technology and business progress of acquired solar firms Alta Devices, MiaSolé, Solibro, and Global Solar amid this stock-price adjustment, suspension, and Hong Kong SEC...