The Idaho Public Utilities Commission (PSC) has joined Washington state’s regulator (Washington Utilities and Transportation Commission) in denying the proposed merger between the Canadian electricity transmission and distribution provider Hydro One and its US-based buyout target Avista Corporation. The Idaho regulator struck down the proposed transaction on grounds that it contradicts the state legislation that limits the ability of an electric utility to sell assets in certain situations. The two companies also failed to demonstrate that the transaction meets the public interest. However, they have 21 days to petition a reconsideration.
In order to go through, the merger requires regulatory approvals from commissions in the states of Idaho, Oregon, Montana, Alaska, and Washington. So far, only Alaska and Montana have approved the transaction.
Hydro One is a Canadian electricity transmission and distribution provider based in Ontario, delivering power to 1.3 million customers through 30,000 km of high-voltage transmission lines and a 123,000 km primary distribution network while Avista Corporation owns 2,072 MW of regulated electric generation capacity and operates 3,600 km of power transmission lines and 30,000 km of distribution lines.
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