Hydro One, Avista to ask U.S. regulator to reconsider order against acquisition
TORONTO -
Hydro One Ltd. and Avista Corp. say they plan to formally request that the Washington Utilities and Transportation Commission reconsider its order last week denying approval of the $6.7-billion takeover of the U.S.-based energy utility.
The two companies say they will file a petition no later than Dec. 17 but haven't indicated on what grounds they are making the request.
Under Washington State law, the UTC has 20 days to consider the petition, otherwise it is deemed to be denied.
If it reconsiders its decision, the UTC can modify the prior order or take any actions it deems appropriate including extending deliberations.
Washington State regulators said they would not allow Ontario's largest utility to buy Avista for fear the provincial government, which owns 47 per cent of Hydro One's shares, might meddle in Avista's operations.
Hydro One's shares have risen since the order because the deal, announced in July 2017, would have eroded earnings per share and weakened Hydro One's balance sheet, according to analysts.
Related News
Covid-19 crisis hits solar and wind energy industry
WASHINGTON - Swinerton Renewable Energy had everything it needed to build a promising new solar farm in Texas. It lined up more than 2,000 acres for the $109 million project estimated to generate 400 jobs while under construction. By its completion date, the solar farm was expected to produce 200 megawatts of energy — enough to power about 25,000 homes — and generate big tax breaks for its investors as part of a government program to incentivize clean energy.
But the coronavirus pandemic put everything on hold. The solar farm’s backers aren’t sure they will make enough money from other investments…
