Aiming for 100 per cent renewable energy

By Brian Ditcheck, Ipswich Chronicle


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Ipswich will have its own renewable energy, a wind turbine off Town Farm Road in a little over a year from now. After many years of proposals, discussions and studies, Ipswich is close to taking some action against the rise of greenhouse gases and the fearful prospect of global warming.

After the installation in 2010, all who drive past our new wind turbine, will see a symbol of Ipswich's progressiveness and commitment to keeping our forests clean and our beautiful beaches intact. The fact that Ipswich residents approved the $4.2 million wind project by a four to one margin shows just how serious we are about making progress on renewable energy.

I agree that Ipswich residents should be proud of the commitment to renewable energy we have made, but is it really enough?

Ipswich consumes 110 million kilowatt hours of electric energy per year. When the wind turbine comes on board, it will generate 2.8 percent of that and eliminate 1,950 tons of carbon emissions annually. But that means the majority of the remaining 97.2 percent of our electric energy will still come from fossil fuels like oil, natural gas and coal and that will, each year, push another 70,000 tons of greenhouse gases into our air. Ipswich is also a participant in the Berkshire wind project, which, if or when successful, could remove another 2.7 percent of our fossil fuel needs and reduce that 70,000 tons by another 1,900 tons per year.

Five years will have passed between the first Ipswich wind feasibility project, conducted by Meridian Associates, and the expected installation date. If the town continues to implement renewable energy projects at this pace fossil fuels will continue to be burned for our electric energy needs through 2100 and, if all of the word's towns proceed this way, it will surely be too late. Somehow, we need to accelerate our renewable energy programs and achieve fossil fuel independence.

Most climate scientists would agree that failure to act more quickly and more aggressively to reduce greenhouse gas emissions will have very severe climactic consequences in the lives of our children and grandchildren born in this decade. The rate of increase of greenhouse gases is not just driven by population increases in the United States, but the rapid increases in the world's people, particularly in India, China, Russia and Brazil, going from a life of poverty and minimally using devices based on fossil fuels to a middle class existence consuming goods requiring electricity and gasoline. In the next 50 years, users of electric appliances and petroleum-based transportation will likely double, as another one billion people emerge from poverty.

Ipswich, like other coastal communities, would be first to feel the severe impact of global warming and consequent rises in sea level and for this reason Ipswich should take a leading role in committing to renewable energy. Ipswich should set the challenging but doable goal of using 100 percent renewable electric energy within five years.

That is a long way to go in a short period of time, but think of the possible benefits of pursuing such a strong, progressive goal. We would, as a single town, reduce the carbon dioxide emissions by about 70,000 tons. That is equivalent to taking about 12,000 cars off the road.

We would be giving a great gift to our children. Though we may be saddling them with a huge federal deficit, we would at least be acting responsibly by giving them a zero electric fuel cost to pay. With renewable energy, though the initial investment may be high, the cost of fuel is free.

If Ipswich achieves its goal of being 100 percent renewable in five years, our town would achieve national recognition for its forward thinking policies and become a beacon of hope for all towns.

Ipswich going renewable would reduce oil consumption and the country's overall dependence on foreign oil. This is more significant than it may sound. Dollars for foreign oil may be supporting terrorism, which we pay for both in the lives of American soldiers and the high cost of combating that terrorism. The best tactic in the war on terrorism would be simply to stop buying foreign oil. Terrorists without financial backing would be a seriously diminished threat.

Finally, economically, the time is right for renewable energy. If we act quickly, the Obama administration, a strong supporter of renewable energy, can be expected to support our funding for capital investments to make this happen. If we can quickly make more renewable energy projects "shovel ready," the overall cost to Ipswich residents would go down.

It is possible to go 100 percent renewable in five years if we make the commitment. We could quickly put up another wind turbine off Town Farm Road, we could add wind turbines to our lamp posts, as suggested by Deerpath Energy, we could buy wind energy from the Cape Wind project if that goes through, we could add solar panels to our roofs or buy more hydroelectric from Canada.

The town should evaluate options and commit to completing a study within six months. Can we do it for our beaches, our salt marshes and our forests? Can we do it for our homes, schools and businesses? Can we do it for our children and grandchildren? Yes, we can.

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Transmission constraints impede incremental Quebec-to-US power deliveries

Hydro-Québec Northeast Clean Energy Transmission delivers surplus hydropower via HVDC interconnections to New York and New England, leveraging long-term contracts and projects like CHPE and NECEC to support carbon-free goals, GHG cuts, and grid reliability.

 

Key Points

An initiative to expand HVDC links for Quebec hydropower exports, aiding New York and New England decarbonization.

✅ 37,000 MW hydro capacity enables firm, low-carbon exports

✅ Targets NY and NE via CHPE, NECEC, and upgraded interfaces

✅ Backed by long-term PPAs to reduce merchant transmission risk

 

With roughly 37,000 MW of installed hydro power capacity, Quebec has ample spare capacity that it would like to deliver into Northeastern US markets where ambitious clean energy goals have been announced, but expanding transmission infrastructure is challenging.

Register Now New York recently announced a goal of receiving 100% carbon-free energy by 2040 and the New England states all have ambitious greenhouse gas reduction goals, including a Massachusetts law requiring GHG emissions be 80% below 1990 levels by 2050.

The province-owned company, Hydro Quebec, supplies power to the provinces of Quebec, Ontario and New Brunswick in particular, as well as sending electricity directly into New York and New England. The power transmission interconnections between New York and New England have reached capacity and in order to increase export volumes into the US, "we need to build more transmission infrastructure," Gary Sutherland, relationship manager in business development, recently said during a presentation to reporters in Montreal.

 

TRANSMISSION OPTIONS

Hydro Quebec is working with US transmission developers, electric distribution companies, independent system operators and state government agencies to expand that transmission capacity in order to delivery more power from its hydro system to the US, as the province has closed the door on nuclear power and continues to prioritize hydropower, Sutherland said.

The company is looking to sign long-term power supply contracts that could help alleviate some of the investment risk associated with these large infrastructure projects.

"It`s interesting to recall that in the 1980s, two decade-long contracts paved the way for construction of Phase II of the multi-terminal direct-current system (MTDCS), a cross-border line that delivers up to 2,000 MW from northern Quebec to New England," Hydro Quebec spokeswoman Lynn St-Laurent said in an email.

Long-term prices have been persistently low since 2012, following the shale gas boom and the economic decline in 2008-2009, St-Laurent said. "As such, investment risks are too high for merchant transmission projects," she said.

Northeast power market fundamentals "remain strong for long-term contracts," on transmission projects or equipment upgrades that can deliver clean power from Quebec and "help our neighbors reach their ambitious clean energy goals," St-Laurent said.

 

NEW ENGLAND

In March 2017 an HQ proposal was selected by Massachusetts regulators to supply 9.45 TWh of firm energy to be delivered for 20 years. HQ`s proposal consisted of hydro power supply and possible transmission scenarios developed in conjunction with US partners.

The two leading options include a route through New Hampshire called Northern Pass and New England Clean Energy Connect through Maine.

The New Hampshire Site Evaluation Committee in March 2018 voted unanimously to deny approval of the $1.6 billion Northern Pass Transmission project, which is a joint venture between HQ and Eversource Energy`s transmission business. Eversource has been fighting the decision, with the New Hampshire Supreme Court accepting the company`s appeal of the NHSEC decision in October.

Briefs are being filed and oral arguments are likely to begin late spring or early summer, spokesman William Hinkle said in an email Tuesday.

After the Northern Pass permitting delay, Massachusetts chose the New England Clean Energy Connect project, which is a projected 1,200 MW transmission line, with 1,090 MW contracted to Massachusetts, leaving 110 MW for use on a merchant basis, according to St-Laurent.

NECEC is a joint venture between HQ and Central Maine Power, which is a subsidiary of Avangrid, a company affiliated with Spain`s Iberdrola. The NECEC project has received opposition from some environmental groups and still needs several state and federal permits.

 

NEW YORK

"The 5% of New York`s load that we furnish year in and year out ... is mostly going into the north of the state, it`s not coming down here," Sutherland said during a discussion at Pace University in New York City in 2017.

One potential project moving through the permitting phase, is the $2.2 billion, 1,000-MW Champlain Hudson Power Express transmission line being pursued by Transmission Developers -- a Blackstone portfolio company -- that would transport power from Quebec to Queens, New York.

Under New York`s proposed Climate Leadership Act which calls for the 100% carbon-free energy goal, renewable generation eligibility would be determined by the Public Service Commission. The PSC did not respond to a question about whether hydro power from Quebec is being considered as a potential option for meeting the state`s clean energy goal.

 

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PG&E's bankruptcy plan wins support from wildfire victims

PG&E Bankruptcy Plan outlines wildfire victims compensation via a $13.5B trust funded by cash and stock, aiming CPUC and court approval before June 30 to access the state wildfire insurance fund and finalize settlement.

 

Key Points

A regulator-approved plan funding a $13.5B wildfire victims trust with cash and PG&E stock to exit bankruptcy.

✅ $13.5B trust split between cash and PG&E shares

✅ Targets CPUC and court approval to meet June 30 deadline

✅ Accesses state wildfire insurance fund for future risks

 

Pacific Gas & Electric's plan for getting out of bankruptcy has won overwhelming support from the victims of deadly Northern California wildfires ignited by the utility's fraying electrical grid, while some have pursued mega-fire lawsuits through the courts as well, despite concerns that they will be shortchanged by a $13.5 billion fund that's supposed to cover their losses.

The company announced the preliminary results of the vote on Monday without providing a specific tally. Those numbers are supposed to be filed with U.S. Bankruptcy Judge Dennis Montali by Friday.

The backing of the wildfire victims keeps PG&E on track to meet a June 30 deadline to emerge from bankruptcy in time to qualify for a coverage from a California wildfire insurance fund created to help protect the utility from getting into financial trouble again.

The current bankruptcy case, which began early last year, will require PG&E to pay out about $25.5 billion to cover the devastation caused by its neglect, including a Camp Fire guilty plea that underscored liabilities in court proceedings. It's the second time in less than 20 years that PG&E has filed for bankruptcy.

The backing for PG&E's plan isn't a surprise, even though some of the roughly 80,000 wildfire victims had been trying to rally resistance to what they consider to be a deeply flawed plan. The misgivings mostly center on the massive debt that the utility will take on to finance the plan and uncertainties about the fluctuating value of the $6.75 billion in company stock that comprises half of the $13.5 billion promised them.

As it became apparent that the COVID-19 pandemic would drive the economy into a deep recession, PG&E's shares plunged along with the rest of the stock market during March, even as it announced pandemic response measures for customers and employees during that period. That led one financial expert to estimate the PG&E stock earmarked for the wildfire victims' trust would be worth only $4.85 billion, a nearly 30% markdown.

But PG&E's stock price has rebounded in recent weeks and it's now worth more than it was when the deal setting up the victims' trust was struck last December. The shares surged more than 8% to $12.28 in Monday's late afternoon trading. The stock stood at $9.65 when PG&E reached its settlement the wildfire victims.

Critics of the utility's plan also are upset because the company still hasn't specified when the fire victims will be able to sell the shares. It now seems likely the victims will have to hold the stock through the upcoming wildfire season in Northern California, raising the specter that another calamity caused by the utility's badly outdated equipment, as power line fire reports have underscored, could cause the shares to plummet before they can cash out.

A petition signed by more than 3,100 wildfire victims recently urged Gov. Gavin Newsom to consider pushing back the deadline for qualifying for the state's wildfire from June 30 to late August to allow for more time to revise PG&E's plan, as many also turn to a wildfire assistance program for interim aid while they wait. Newsom's office hasn't responded to inquiry about the plan from The Associated Press.

But the lawyers representing the wildfire victims advised their clients to vote in favor of PG&E's plan, contending that it's the best deal they are going to get.

PG&E still must get its plan approved by the judge supervising its case, and a recent judge order on dividend use underscores the focus on wildfire mitigation. The confirmation hearings are scheduled to begin May 27. The judge, though, has indicated he will give great weight to the wishes of the wildfire victims.

California state regulators also must approve PG&E's plan, amid projections that rates will stabilize in 2025 for customers. A vote on that is scheduled Thursday before the Public Utilities Commission.

 

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Electricity retailer Griddy's unusual plea to Texas customers: Leave now before you get a big bill

Texas wholesale electricity price spike disrupts ERCOT markets as Griddy and other retail energy providers face surge pricing; customers confront spot market exposure, fixed-rate plan switching, demand response appeals, and deep-freeze grid constraints across Texas.

 

Key Points

An extreme ERCOT market surge sending real-time rates to caps, exposing Griddy users and driving provider-switch pleas.

✅ Wholesale index plans pass through $9,000/MWh scarcity pricing.

✅ Retailers urge switching; some halt enrollments amid volatility.

✅ Demand response incentives and conservation pleas reduce load.

 

Some retail power companies in Texas are making an unusual plea to their customers amid a winter storm that has sent electricity prices skyrocketing: Please, leave us.

Power supplier, Griddy, told all 29,000 of its customers that they should switch to another provider as spot electricity prices soared to as high as $9,000 a megawatt-hour. Griddy’s customers are fully exposed to the real-time swings in wholesale power markets, so those who don’t leave soon will face extraordinarily high electricity bills.

“We made the unprecedented decision to tell our customers — whom we worked really hard to get — that they are better off in the near term with another provider,” said Michael Fallquist, chief executive officer of Griddy. “We want what’s right by our consumers, so we are encouraging them to leave. We believe that transparency and that honesty will bring them back” once prices return to normal.

Texas is home to the most competitive electricity market in America. Homeowners and businesses shopping for electricity churn power providers there like credit cards. In the face of such cutthroat competition, retail power providers in the region have grown accustomed to offering new customers incredibly low rates, incentives and, at least in Griddy’s case, unusual plans that allow customers to pay wholesale power prices as opposed to fixed ones.

The ruthless nature of the business has power traders speculating over which firms might have been caught short this week in the most dramatic run-up in spot power prices they’ve ever seen, and even talk of a market bailout has surfaced.

Not all companies are asking customers to leave. Others are just pleading for them to cut back to reduce blackout risks during extreme weather.

Pulse Power, based in The Woodlands, Texas, is offering customers a chance to win a Tesla Model 3, or free electricity for up to a year if they reduce their power usage by 10% in the coming days. Austin-based Bulb is offering $2 per kilowatts-hour, up to $200, for any energy customers save.

Griddy, however, is in a different position. Its service is simple — and controversial. Members pay a $9.99 monthly fee and then pay the cost of spot power traded on Texas’s power grid based on the time of day they use it. Earlier this month, that meant customers were saving money — and at times even getting paid — to use electricity at night. But in recent days, the cost of their power has soared from about 5 to 6 cents a kilowatt-hour to $1 or more. That’s when Fallquist knew it was time to urge his customers to leave.

“I can tell you it was probably one of the hardest decisions we’ve ever made,” he said. “Nobody ever wants to see customers go.”

Griddy isn’t the only one out there actively encouraging its customers to leave. People were posting similar pleas on Twitter over the holiday weekend from other Texas utilities and retail power providers offering everything from $100 rebates to waived cancellation fees as incentives to switch.

Customers may not even be able to switch. Rizwan Nabi, president of energy consultancy Riz Energy in Houston, said several power providers in Texas have told him they aren’t accepting new customers due to this week’s volatile prices, while grid improvements are debated statewide.

Hector Torres, an energy trader in Texas, who is a Griddy customer himself, said he tried to switch services over the long weekend but couldn’t find a company willing to take him until Wednesday, when the weather is forecast to turn warmer.

 

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Opinion: Germany's drive for renewable energy is a cautionary tale

Germany Energiewende Lessons highlight climate policy tradeoffs, as renewables, wind and solar face grid constraints, coal phase-out delays, rising electricity prices, and public opposition, informing Canada on diversification, hydro, oil and gas, and balanced transition.

 

Key Points

Insights from Germany's renewable shift on costs, grid limits, and emissions to guide Canada's balanced energy policy.

✅ Evidence: high power prices, delayed coal exit, limited grid buildout

✅ Land, materials, and wildlife impacts challenge wind and solar scale-up

✅ Diversification: hydro, nuclear, gas, and storage balance reliability

 

News that Greta Thunberg is visiting Alberta should be welcomed by all Canadians.

The teenaged Swedish environmentalist has focused global attention on the climate change debate like never before. So as she tours our province, where selling renewable energy could be Alberta's next big thing, what better time for a reality check than to look at a country that is furthest ahead in already adapting steps that Greta is advocating.

That country is Germany. And it’s not a pretty sight.

Germany embraced the shift toward renewable energy before anyone else, and did so with gusto. The result?

Germany’s largest newsmagazine Der Spiegel published an article on May 3 of this year entitled “A Botched Job in Germany.” The cover showed broken wind turbines and half-finished transition towers against a dark silhouette of Berlin.

Germany’s renewable energy transition, Energiewende, is a bust. After spending and committing a total of US$580 billion to it from 2000 to 2025.

Why is that? Because it’s been a nightmare of foolish dreams based on hope rather than fact, resulting in stalled projects and dreadfully poor returns.

Last year Germany admitted it had to delay its phase-out of coal and would not meet its 2020 greenhouse gas emissions reduction commitment. Only eight per cent of the transmission lines needed to support this new approach to powering Germany have been built.

Opposition to renewables is growing due to electricity prices rising to the point they are now among the highest in the world. Wind energy projects in Germany are now facing the same opposition that pipelines are here in Canada. 

Opposition to renewables in Germany, reports Forbes, is coming from people who live in rural or suburban areas, in opposition to the “urbane, cosmopolitan elites who fetishize their solar roofs and Teslas as a sign of virtue.” Sound familiar?

So, if renewables cannot successfully power Germany, one of the richest and most technologically advanced countries in the world, who can do it better?

The biggest problem with using wind and solar power on a large scale is that the physics just don’t work. They need too much land and equipment to produce sufficient amounts of electricity.

Solar farms take 450 times more land than nuclear power plants to produce the same amount of electricity. Wind farms take 700 times more land than natural gas wells.

The amount of metal required to build these sites is enormous, requiring new mines. Wind farms are killing hundreds of endangered birds.

No amount of marketing or spin can change the poor physics of resource-intensive and land-intensive renewables.

But, wait. Isn’t Norway, Greta’s neighbour, dumping its energy investments and moving into alternative energy like wind farms in a big way?

No, not really. Fact is only 0.8 per cent of Norway’s power comes from wind turbines. The country is blessed with a lot of hydroelectric power, but that’s a historical strength owing to the country’s geography, nothing new.

And yet we’re being told the US$1-trillion Oslo-based Government Pension Fund Global is moving out of the energy sector to instead invest in wind, solar and other alternative energy technologies. According to 350.org activist Nicolo Wojewoda this is “yet another nail in the coffin of the coal, oil, and gas industry.”

Well, no.

Norway’s pension fund is indeed investing in new energy forms, but not while pulling out of traditional investments in oil and gas. Rather, as any prudent fund manager will, they are diversifying by making modest investments in emerging industries such as Alberta's renewable energy surge that will likely pay off down the road while maintaining existing investments, spreading their investments around to reduce risk. Unfortunately for climate alarmists, the reality is far more nuanced and not nearly as explosive as they’d like us to think.

Yet, that’s enough for them to spin this tale to argue Canada should exit oil and gas investment and put all of our money into wind and solar, even as Canada remains a solar power laggard according to experts.

That is not to say renewable energy projects like wind and solar don’t have a place. They do, and we must continue to innovate and research lower-polluting ways to power our societies on the path to zero-emissions electricity by 2035 in Canada.

But like it actually is in Norway, investment in renewables should supplement — not replace — fossil fuel energy systems if we aim for zero-emission electricity in Canada by 2035 without undermining reliability. We need both.

And that’s the message that Greta should hear when she arrives in Canada.

Rick Peterson is the Edmonton-based founder and Beth Bailey is a Calgary-based supporter of Suits and Boots, a national not-for-profit group of investment industry professionals that supports resource sector workers and their families.

 

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External investigators looking into alleged assaults by Manitoba Hydro workers

Manitoba Hydro Allegations Investigation reveals RCMP and OPP probes into 1960s abuses in northern Manitoba, affecting Fox Lake Cree Nation, citing racism, discrimination, sexual assault, and oversight by the IIU and Clean Environment Commission.

 

Key Points

A coordinated probe into historic abuses tied to Manitoba Hydro projects, led by OPP and IIU after RCMP referral.

✅ OPP to investigate historical cases involving Hydro staff and contractors.

✅ IIU to examine any allegations implicating Manitoba RCMP officers.

✅ Findings follow CEC report on racism and abuse near Fox Lake.

 

Manitoba RCMP have called in outside investigators to probe alleged assaults linked to hydro projects in the province’s north during the 1960s.

RCMP say any historical criminal investigations involving Manitoba Hydro employees or contractors will be handled by the Ontario Provincial Police.

The Independent Investigation Unit of Manitoba, the province’s police watchdog, will investigate any allegations involving RCMP officers.

A report released last month by an arm’s-length review agency outlined racism, discrimination and sexual abuse at the Crown-owned utility’s work sites dating back decades, while projects like Site C COVID-19 updates provide contemporary examples of reporting.

Much of the development at that time was centered around the community of Gillam and the nearby Fox Lake Cree Nation.

The report said the presence of a largely male construction workforce led to the sexual abuse of Indigenous women, some of whom said their complaints were ignored by the RCMP, and in a different context, Hydro One worker injury highlights safety risks in the sector.

Premier Brian Pallister says his government is taking the right approach to addressing alleged sexual assaults and racism by Manitoba Hydro workers against members of a remote northern First Nation, while pandemic cost-cutting at Manitoba Hydro has shaped recent operations.

Pallister made his first public comments about the allegations after a private meeting with Prime Minister Justin Trudeau on Tuesday evening, as COVID-19 reshaped Saskatchewan and other Prairie priorities were in focus.

The allegations, made by members of Fox Lake Cree Nation, were revealed in a report produced by the Clean Environment Commission. The report was released by the provincial government in August, although it was completed in May.

Allegations against Manitoba Hydro workers: What you need to know

"My reaction would be that's deplorable behaviour, and I have to admit, my puzzlement is why this wasn't investigated sooner or didn't come to light sooner," Pallister said, adding that he believes his government has taken the right approach by referring the information to the RCMP.

Some members of Fox Lake Cree Nation say the government didn't give them any advance notice of the release of the report, so the community was traumatized when it hit the news.

Pallister said his government didn't want to delay the release of the report.

'Pure trauma': Fox Lake members stricken after hasty release of troubling report

"I think the right thing to do is release the report. A lot of this information was in the public domain over the last number of weeks and months anyway. It wasn't the case of it being new in that respect," he said.

However, he accepted criticism of the timeline of the report's release.

"I would rather accept those criticisms, than accept the argument that we were in any way covering up information that is important to be released," he said.

Fox Lake Chief Walter Spence has said he expects Pallister to visit the community.

The premier said Tuesday he was not sure of the effectiveness of such a trip.

"I think most of the communities would prefer that there be electricity jobs for young Canadians created in their communities, that there be better water, many other tangible things rather than symbolism," he said.

"That's what I'm hearing and I've been in dozens of First Nations communities in the last two years."

 

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Hydro One shares jump 5.7 per cent after U.S. regulators reject $6.7B takeover

Hydro One Avista takeover rejection signals Washington regulators blocking a utility acquisition over governance risk, EPS dilution, and balance sheet impact, as investors applaud share price gains and a potential US$103M break fee.

 

Key Points

A regulator-led block of Hydro One's Avista bid, citing EPS dilution, balance sheet risk, and governance concerns.

✅ Washington denies approval; Idaho, Oregon decisions pending.

✅ EPS dilution avoided; balance sheet strength preserved.

✅ Shares rise 5.7%; US$103M break fee if deal collapses.

 

Opposition politicians may not like it but investors are applauding the rejection of Hydro One Ltd.'s $6.7-billion Avista takeover of U.S.-based utility Avista Corp.

Shares in the power company controlled by the Ontario government, which has also proposed a bill redesign to simplify statements, closed at $21.53, up $1.16 or 5.7 per cent, on the Toronto Stock Exchange on Thursday.

On Wednesday, Washington State regulators said they would not allow Ontario's largest utility to buy Avista over concerns about political risk that the provincial government, which owns 47 per cent of Hydro One's shares, might meddle in Avista's operations.

Financial analysts had predicted investors would welcome the news because the deal, announced in July 2017, would have eroded earnings per share and weakened Hydro One's balance sheet.

"The Washington regulator's denial of Avista is a positive development for the shares, in our opinion," said analyst Ben Pham of BMO Capital Markets in a report on Wednesday.

"While this may sound odd, we note that the Avista deal is expected to be EPS dilutive and result in a weaker balance sheet for (Hydro One). Not acquiring Avista and refocusing its attention on its core Ontario franchise ... along with related interprovincial arrangements such as the Ontario-Quebec electricity deal under discussion would likely be viewed positively if the deal ultimately breaks."

Decisions are yet to come from Idaho and Oregon state regulators, but Washington was probably the most important as the state contains customers making up about 60 per cent of Avista's rate base, Pham said.

He pointed out that a US$103-million break fee is to be paid to Avista if the deal collapses due to a failure to obtain regulatory approval.

CIBC analyst Robert Catellier raised his 12-month Hydro One target price by 25 cents and said many shareholders will feel "relieved" that the deal had failed.

He warned that the company's earnings power could deteriorate as the province seeks to reduce power bills by 12 per cent, despite an Ontario-Quebec hydro deal that may not lower costs.

 

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