The future of Avista’s sale to Hydro One was unclear Wednesday evening, after the Canadian utility’s CEO was ousted Wednesday by Ontario’s new premier, and the entire board of directors submitted resignations.
The Toronto-based utility had planned to purchase Avista in a $5.3 billion deal expected to close later this year.
Premier Doug Ford, who took office June 29, campaigned on a platform to replace Hydro One CEO Mayo Schmidt and the utility’s board of directors. He called Schmidt the “$6 million man” during his campaign, channeling customers’ anger over high electric bills amid what Ford said was excessive executive pay.
“I said over and over and over again on the campaign trail the CEO of Hydro One and the board will be gone,” The Canadian Press quoted Ford as saying Wednesday at a news conference.