AVISTA CORPORATION (NYSE:AVA) Files An 8-K Other EventsItem 8.01 Other Events.
On June 12, 2018, Avista Corporation (Avista Corp. or the Company) and Hydro One Limited (Hydro One) announced that the Montana Public Service Commission (MPSC) has voted to approve the proposed merger, with conditions. In reaching its decision, the MPSC adopted the commitments as originally filed in the docket but reserved, on its own motion, the right to incorporate heightened commitments relevant to Montana established in other jurisdictions. The MPSC did not accept, for rate making purposes in Montana, an accelerated 2027 depreciation schedule for Colstrip, as otherwise agreed to by the parties in Washington. The MPSC also approved the addition of a condition requiring Avista Corp. to submit copies of its integrated resource plans to the MPSC. The final order reflecting the MPSC’s vote is expected to be issued later in June or early July. Once the order is issued, the merger will have received all required approvals in Montana.
Hydro One and Avista Corp. received approval, with conditions, from the Regulatory Commission of Alaska on June 4, 2018, concluding the merger proceeding in Alaska. The Federal Communications Commission’s consent was received on May 4, 2018 to close their merger and antitrust clearance was received on April 5, 2018 after the expiration of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The transaction received approval from the Federal Energy Regulatory Commission on January 16, 2018 and from Avista Corp. shareholders on November 21, 2017. The Committee on Foreign Investment in the United States completed its review of the proposed merger on May 18, 2018, and has concluded that there are no unresolved national security concerns with respect to the transaction.
Applications for regulatory approval of the transaction are still pending with utility commissions in Washington, Idaho and Oregon. All-parties, all-issues settlement agreements were filed with the Washington Utilities and Transportation Commission on March 27, 2018, with the Idaho Public Utilities Commission on April 13, 2018 and with the Public Utility Commission of Oregon on May 25, 2018. The consummation of the transaction is also subject to other customary closing conditions. The receipt or availability of funds or financing is not a condition to Hydro One's obligation to consummate the merger. Hydro One and Avista Corp. continue to anticipate closing the transaction in the second half of 2018.
About AVISTA CORPORATION (NYSE:AVA)
Avista Corporation is an electric and natural gas utility with certain other business ventures. The Company operates through two business segments: Avista Utilities, and Alaska Electric Light and Power Company (AEL&P). Avista Utilities segment generates, transmits and distributes electricity, and distributes natural gas serving electric and natural gas customers in eastern Washington and northern Idaho and natural gas customers in parts of Oregon. AEL&P is a utility providing electric services in Juneau, Alaska. It operates other businesses, including sheet metal fabrication, venture fund investments and real estate investments, as well as certain other investments of Avista Capital, Inc., a subsidiary of the Company. Through Advanced Manufacturing and Development (AM&D), doing business as METALfx, the Company performs custom sheet metal fabrication of electronic enclosures, parts and systems for the computer, construction, telecommunication, renewable energy and medical industries.
