Wednesday, December 5
Olympia, Wash. – State regulators today denied Canada-based Hydro One Limited’s proposed acquisition of Spokane-based Avista Corporation, finding the proposed merger does not serve the public interest.
The Washington Utilities and Transportation Commission determined the proposed merger agreement does not adequately protect Avista or its customers from political and financial risk, nor does it provide a net benefit to customers as required by state law.
Under the companies’ original proposal, Avista would have become a wholly owned subsidiary of Hydro One, an electric transmission and distribution utility headquartered in Toronto, Canada. Avista would have maintained its existing corporate headquarters in Spokane, Washington, and continued to operate in Washington under the same name, management team, and employee structure.