HI HB339

Requires the Public Utilities Commission to impose conditions on any approved acquisition, merger, or consolidation of an electric utility company, including protecting existing power purchase agreements with independent power producers and retaining collective bargaining agreements and covered employees

Mandates that electric utilities facing acquisition by an investor-owned utility must demonstrate they solicited bids from non-investor-owned entities (cooperatives or not-for-profits) and submit any acceptable alternative bids for concurrent PUC review

Authorizes $1,000,000,000 in reimbursable general obligation bonds for fiscal year 2025-2026 to acquire Hawaiian Electric Industries and convert it to a publicly owned utility

Establishes an Electric Utility Conversion Special Fund to receive collections from a new nonbypassable electric utility conversion charge, with proceeds used to reimburse debt service on the bonds

Effective date of July 1, 3000 (placeholder date indicating further legislative action needed)