Hydro One, Avista say U.S. commission erred in reaching its decision; request rehearing [Toronto Globe and Mail (Ontario, Canada)]
Avista Corporation (AVA)
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Source: Toronto Globe and Mail
Hydro One Ltd. and Avista Corp. have formally requested that the Washington Utilities and Transportation Commission reconsider its order denying approval of the $6.7-billion takeover of the U.S.-based energy utility. In a 34-page filing on Monday, the two companies say the commission erred in reaching its decision because it “misapprehended” the political risks that Ontario’s ownership stake in Hydro One poses to Avista, understated the value of the transaction’s benefits to ratepayers, and incorrectly based its conclusion about possible provincial interference with Avista upon perceived harm to Hydro One shareholders. Hydro One and Avista requested that the commission rehear the order to accept additional evidence, including a letter from Ontario’s deputy minister of energy and testimony from Hydro One’s new president and CEO. Story continues below advertisement If a rehearing is granted, Hydro One and Avista requested expedited proceed
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