Avista and Hydro One ask Washington regulators to reconsider denial of $5.3 billion sale

Avista Corp. and Hydro One Ltd. will ask Washington regulators to reconsider their decision denying the $5.3 billion sale of Avista to the Toronto utility.

The two companies plan to file the petition for reconsideration no later than Monday, according to a news release.

The Washington Utilities and Transportation Commission has 20 days from the date of filing to act on the petition.

If the UTC grants the petition for reconsideration, it could modify its prior order or take other actions, including extending the time frame for deliberations, according to the news release.

Denial by default occurs if the commission does not act on the Avista-Hydro One petition within 20 days.

The UTC rejected the sale Dec. 5, saying it doesn’t serve the best interest of Avista or its customers.

The three-member commission cited the abrupt retirement in July of Hydro One’s chief executive officer and the resignation of its board of directors at the request of Ontario’s new premier, Doug Ford.

Commissioners said the risk of political interference by the province – which owns 47 percent of Hydro One’s stock – could cause Avista financial harm.

The sale can’t proceed without approval from the UTC and other states where Avista operates. Regulators in Alaska and Montana have approved the sale; decisions are pending in Idaho and Oregon.

Besides asking the UTC to reconsider its decision, the companies can seek a judicial review of the sale.