Washington Utilities, Transportation Commission denies Hydro One, Avista Corporation petition to reconsider proposed merger
The Washington Utilities and Transportation Commission (UTC) declined to grant a petition from Hydro One Limited and Avista Corporation to reconsider the rejection of the companies’ proposed merger, the commission said Tuesday.
On Dec. 5, 2018, the commission rejected Hydro One’s proposed $5.3 billion acquisition of Avista. On Dec. 17, the companies asked the commission for reconsideration.
The UTC 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 is required by state law.
Avista and Hydro One filed in September 2017 a joint application to approve the companies’ proposed merger agreement. The merger agreement 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.
