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Hydro One, Avista file merger settlement in Oregon

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Hydro One, Avista file merger settlement in Oregon

Hydro One Ltd. and Avista Corp. filed an all-parties, all-issues settlement agreement in connection with their pending $5.26 billion merger deal with the Oregon Public Utility Commission.

The settlement includes financial and nonfinancial commitments for customers in Oregon, including rate credits that would become effective at the close of the transaction, as well as additional safeguards to assure the continued financial well-being of Avista, the companies announced May 25.

"This settlement agreement is a positive next step in the process to finalize our partnership with Hydro One, for the benefit of our customers in Oregon and all of our stakeholders," Avista Chairman and CEO Scott Morris said. "With the broad support of all of the parties in Oregon, we believe the settlement agreement meets the standard for approval in Oregon and affirms the commitments we've made to continue to operate as we do today, with local decision-making and increased community support."

Parties to the agreement include the PUC staff, the Oregon Citizens' Utility Board, the Alliance of Western Energy Consumers and the Oregon and Southern Oregon District Council of Laborers.

The transaction is now pending approvals from utility regulators in Alaska, Idaho, Oregon, Montana and Washington. The companies have already filed all-parties, all-issues settlement agreements in Alaska, Idaho and Washington.

In total, the companies have made financial commitments of approximately $78.6 million across Oregon, Washington, Idaho, Alaska and Montana.

The transaction has received approvals from the U.S. Committee on Foreign Investment, the Federal Communications Commission, the Federal Trade Commission, the Federal Energy Regulatory Commission and Avista shareholders.

The companies expect to close in the second half of 2018.