This is a big deal!
Washington state regulators today denied Canada-based Hydro One Ltd.’s proposed acquisition of Spokane-based Avista Corp., 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 and does not provide a net benefit to customers as required by state law, according to a news release from the commission.
Under the company’s 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 and continued to operate in Washington under the same name, management team and employee structure.
See Thursday’s Tribune for more on why regulators have said no to the deal.