Following Federal Energy Regulatory Commission approval, both companies look forward to continued progress toward closing the transaction in the second half of 2018
TORONTO and SPOKANE, WA, Jan. 17, 2018 /CNW/ - Yesterday, Hydro One Limited ("Hydro One") (TSX: H) and Avista Corporation ("Avista") (NYSE: AVA) received approval from the Federal Energy Regulatory Commission (FERC) on the merger application filed on September 14, 2017.
"This marks another important milestone in bringing together Hydro One and Avista," said Mayo Schmidt, President and CEO, Hydro One. "As we continue on the journey to obtain the other necessary regulatory approvals, we are confident that bringing together our two companies will deliver long-term value."
In its order issued yesterday, FERC noted Hydro One's commitment to insulate Avista's transmission customers from costs associated with the transaction.
"We're pleased with FERC's decision. Together, Hydro One and Avista would like to reaffirm our commitments to our customers, employees and communities that will provide benefits well into the future," said Scott Morris, Chairman and CEO, Avista. "Along with the endorsement of the Avista shareholders, this decision signifies an important step in the process to complete the transaction."
Applications for regulatory approval of the transaction are still pending with utility commissions in Washington, Idaho, Oregon, Montana and Alaska.
Approval must be obtained from the Federal Communications Commission. Also required is clearance by the Committee on Foreign Investment in the United States, and compliance with applicable requirements under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, as well as the satisfaction of other customary closing conditions. The filings with these agencies will be made in the coming months.
About Hydro One Limited
We are Ontario's largest electricity transmission and distribution provider with more than 1.3 million valued customers, $25 billion in assets and annual revenues of over $6.5 billion. Our team of 5,500 skilled and dedicated employees proudly and safely serves suburban, rural and remote communities across Ontario through our 30,000 circuit km high-voltage transmission and 123,000 circuit km primary distribution networks. Hydro One is committed to the communities we serve, and has been rated as the top utility in Canada for its corporate citizenship, sustainability, and diversity initiatives. We are one of only five utility companies in Canada to achieve the Sustainable Electricity Company designation from the Canadian Electricity Association. We also provide advanced broadband telecommunications services on a wholesale basis utilizing our extensive fibre optic network. Hydro One Limited's common shares are listed on the Toronto Stock Exchange (TSX: H).
Forward-Looking Statements and Information
This press release may contain "forward-looking information" within the meaning of applicable securities laws. Words such as "expect," "anticipate," "intend," "attempt," "may," "plan," "will", "can", "believe," "seek," "estimate," and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One's filings with the securities regulatory authorities in Canada, which are available on SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.
About Avista Corporation
Avista Corporation is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 379,000 customers and natural gas to 342,000 customers. Its service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.6 million. Alaska Energy and Resources Company is an Avista subsidiary that provides retail electric service in the city and borough of Juneau, Alaska, through its subsidiary Alaska Electric Light and Power Company. Avista stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.myAvista.com.
SOURCE Hydro One Limited
For further information: For further information, please contact: Media: Natalie Poole-Moffatt, Vice President, Corporate Affairs, [email protected], 416-345-6868; Investors: Omar Javed, Director, Investor Relations, [email protected], 416-345-5943; Avista: Media: Casey Fielder, External Communications, [email protected], 509-495-4916; Investors: Lauren Pendergraft, Investor Relations, [email protected], 509-495-2998