UTC denies Avista/Hydro One appeal petition

Staff Writer

State regulators declined to grant a petition today from Canada-based Hydro One Limited and Spokane-based Avista Corporation to reconsider the rejection of the companies’ proposed merger.
By taking no action on the companies’ petition for reconsideration, the Washington Utilities and Transportation Commission denied the petition by operation of law.
On Dec. 5,, the UTC commission rejected Hydro One’s proposed $5.3 billion acquisition of Avista. The companies asked the commission for reconsideration on Dec. 17.
The commission found that the proposed merger agreement did not adequately protect Avista or its customers from political and financial risk or provide a net benefit to customers as required by state law.
In September 2017, Avista and Hydro One filed a joint application with the commission to approve the companies’ proposed merger agreement, which required approval from the UTC as well as federal authorities and other state public service commissions in Avista’s service territory.
Spokane-based Avista serves more than 240,000 electric and nearly 153,000 natural gas customers in Eastern Washington.
Hydro One is Ontario’s largest electricity transmission and distribution provider with more than 1.3 million customers.

Category: