Washington regulators have denied Canada-based Hydro One Ltd.'s proposed acquisition of Avista Corp, saying it does not serve the public interest.
The Spokesman-Review reports the $5.3 billion sale could not proceed without approval from the Washington Utilities and Transportation Commission.
The commission said the proposed sale would have subjected Avista and its customers to political and financial risk, and didn't provide a net benefit to customers as required by state law.
“The proposed transaction cannot be said to be consistent with the public interest when it is evident that decisions affecting Hydro One’s and Avista’s business operations and financial integrity are subject to political considerations that may motivate one provincial leader or another to make decisions and take actions in the future that may cause harm instead of promoting the best interests of Avista, its customers, and Hydro One’s non-government shareholders," the commission stated.
This story is developing and will be updated.