The Washington State regulators say they have rejected the proposed asset of Avista Corp of Hydro One Ltd. notes political interruption in the Ontario utilities by the government of Doug Ford.
Washington Utility and Transportation Commission says that he had found the deal, which valued Avista at $ 6.7 billion, not to be in the public interest after it became clear that the Ontario government was ready to intervene in the utility.
The US regulator noted how Ford forced the retirement of the Hydro One Chief Executive, followed by the resignation of the board, as evidence that the province is willing to give political interests higher than shareholders.
Hydro One, which is 47 percent owned by the Ontario government, has secured in evidence on the Avista agreement that the province is a passive investor that would not force political pressure on the company.
The US regulator says that the promising benefits of the deal, including rate credits, are inadequate to compensate for risks that Avista customers would face.