Washington state’s utility regulators denied the sale last week, saying the merger doesn’t adequately protect Avista or the utility’s customers.
Toronto-based Hydro One and Spokane-based utility Avista said this week they will challenge the
The energy companies announced the $5.3 billion deal in July 2017 but the state’s utility regulators denied the sale last week, saying the merger doesn’t adequately protect Avista or the utility’s customers from political or financial risk, and that isn’t in the public’s interest. That prompted a 13 percent decline in shares of Avista, which serves Eastern Washington, northern Idaho, south and eastern Oregon and Juneau, Alaska.
The companies said in a statement they will challenge the decision by Monday, and that the regulators will have 20 days to decide whether to act on the petition.
Washington’s commission is one of several regulatory entities that must approve the merger. Public utility commissions in Montana and Alaska approved the transaction earlier this year, but decisions are pending in Idaho and Oregon.
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The Associated Press contributed to this report.