Idaho regulators rejected Hydro One Ltd.’s $3.4 billion (U.S.) takeover of Avista Corp, the second time state officials cited political risks in Ontario as grounds to nix the Canadian company’s effort to buy the U.S. utility. The Idaho Public Utilities Commission said “the management of Hydro One is subject to the province’s political pressure,” and the takeover would therefore be prohibited under Idaho law, according to a statement Thursday. The sale of Spokane, Washington-based Avista can’t proceed without approval from state regulators. “It is abundantly clear that the province does not have to own 51 per cent of Hydro One in order to effectively control the company,” Idaho regulators said in their ruling. Article Continued BelowHydro One agreed to buy Avista in July 2017 to add energy production and distribution operations in Washington, Idaho, Oregon and Alaska.

Source: thestar January 04, 2019 13:41 UTC