HELCO gets OK to buy biomass power
Hawaii Electric Light Co. will pay 25.3 cents a kilowatt-hour over 20 years for electricity produced at a Hawaii island power plant that will burn locally grown eucalyptus trees, according to a regulatory filing.
The project’s developer, Hu Honua Bioenergy LLC, converted the former Pepeekeo sugar mill on the Hamakua coast to a 21.5-megawatt power plant that will feed electricity into the HELCO grid. The sugar mill, which closed in 1996, has a steam boiler, turbine and generator that previously generated electricity by burning sugar cane waste called bagasse.
The state Public Utilities Commission last week approved a power purchase agreement between HELCO and Hu Honua. The price being paid by HELCO is slightly higher than what developers of wind and solar projects have charged under recent PPAs negotiated with Hawaii utilities. However, unlike the intermittent nature of wind and solar energy, the renewable power produced by the Hu Honua plant will be firm and available on demand.
"DBEDT commends the PUC for carrying out the state’s energy policy directives in pursuit of a diversified energy portfolio," DBEDT Director Richard Lim said in a prepared statement.
Solar installation to cut Goodwill’s expenses
Officials from Goodwill Industries of Hawaii estimate the organization will save about $40,000 in energy costs per year with the installation of a solar photovoltaic system on its offices and warehouse near Honolulu Airport.
The PV system was designed and installed by Honolulu-based RevoluSun, which will sell the electricity produced by the panels to Goodwill at a price less than what the organization pays Hawaiian Electric Co.
"We are always looking at ways to control our expenses so that we can better serve our mission," said Laura Smith, president and chief executive officer of Goodwill Industries of Hawaii. "In addition to decreasing energy costs, the reduction in emissions will go a long way towards helping the environment."
Hyundai, Kia to pay millions in settlement
Hyundai and its sister company Kia said Monday that they will pay up to $395 million to consumers as part of a proposed settlement over overstated gas mileage. The Environmental Protection Agency found inflated numbers on 13 Hyundai and Kia vehicles in November 2012.
Hyundai and Kia acknowledged the problem, changed the fuel economy numbers and blamed a procedural error. Since then Hyundai and Kia have been compensating owners with payments of around $88 annually, which is based on the amount the mileage was overstated and the average price of gasoline.
Hyundai Motor Co. and Kia Motors are also offering an option of a lump-sum payment. The companies put a figure to it Monday, saying Hyundai would pay up to $210 million and Kia up to $185 million. The total value depends on how many consumers opt for the one-time payment instead of the annual reimbursement.
The companies say the lump-sum payment amount varies but would average $353 per Hyundai owner and lessees and $667 for Kia.
Consumers also have a choice of a dealership credit.
The vehicles involved include the Hyundai Azera, Accent, Genesis, Santa Fe, Sonata Hybrid, Tucson and Veloster; and the Kia Optima Hybrid, Rio, Sorento, Soul and Sportage.
The settlement still needs court approval, which the companies anticipate seeking in early 2014.
Jos. A. Bank rejects Men’s Wearhouse bid
NEW YORK » Jos. A. Bank is rejecting a takeover offer from competitor Men’s Wearhouse, saying the $1.54 billion bid is too low.
Jos. A. Bank Clothiers Inc. said Monday its board unanimously rejected the offer. The Hampstead, Md., company said it will continue to look into acquisition opportunities that would create value for its shareholders.
Jos. A. Bank offered to buy its larger rival in September for $2.3 billion, or $48 per share. Men’s Wearhouse turned down that offer, and after Jos. A. Bank dropped the bid, Men’s Wearhouse offered to buy its rival for $1.54 billion. The deal valued Jos. A. Bank at $55 per share. A combination could create a menswear powerhouse of more than 1,700 outlets.
Shares of Men’s Wearhouse fell 38 cents to $51.63, and Jos. A. Bank stock declined 74 cents to $56.29.
Jos. A. Bank sells men’s tailored and casual clothing, sportswear and footwear. Men’s Wearhouse sells men’s sportswear and suits.
Target steps up probe
NEW YORK » Target Corp. said Monday that the Department of Justice is investigating the credit and debit card security breach at the retailer that’s the second-largest incident in U.S. history. The probe comes after Target revealed last week that data connected to 40 million credit and debit card accounts were stolen between Nov. 27 and Dec. 15.
ON THE MOVE
Hawaii Commercial Real Estate has promoted:
» Stephanie Higa to marketing manager. She has been with the company since 2004.
» Mel Catungal to administrative manager from administrative assistant. She started with the company two years ago.
Prudential Locations has hired:
» Nicholaus Morris, who has six years of real estate experience, working at Century 21 Homefinders of Hawaii since 2007. He also served in the Hawaii Air National Guard for more than 10 years.
» Edward "E.J." MacNaughton, who has more than 10 years of real estate experience, including working at Elite Pacific Properties and serving as vice president of Hawaii HomeLoans and Fidelity National Title and principal for MacNaughton Financial.
