20180613Avista - Montana Press Release.pdf

Montana Public Service Commission votes to approve the Hydro One and Avista merger
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Montana Public Service Commission votes to approve the
Hydro One and Avista merger
Today, Hydro One and Avista announced that the Montana Public Service Commission has voted to approve the
proposed merger, with conditions.
"Hydro One is very pleased that the Montana Public Service Gommission has voted favourably on our merger
application with Avista," said Mayo Schmidt, President and CEO, Hydro One. "We would like to thank the
Commissioners and all the parties that worked together to come to today's positive decision."
"The Commission's approval of our merger with Hydro One is positive for all of our stakeholders," Avista Chairman
and Chief Executive Officer Scoft Morris said. "We appreciate the Commission's thoughtful review and
consideration of our application. We looked fonryard to continued partnership with those we serve in Montana and
further progress to close the transaction later this year."
ln reaching its decision, the Commission adopted the commitments as originally filed in this docket but reserved,
on its own motion, the right to incorporate heightened commitments relevant to Montana established in other
jurisdictions. The Commission 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 Commission also
approved the addition of a condition requiring Avista to submit copies of its integrated resource plans to the
Commission.
The final order reflecting the Commission's vote is expected to be issued in the next couple of weeks.Once the
order is issued, the merger will have received all required approvals in Montana.
Applications for regulatory approval of the transaction are still pending with utili$ commissions in Washington,
ldaho and Oregon. An all-parties, all-issues settlement agreement was filed with the Washington Utilities and
Transportation Commission on March 27,2018. An all-parties, all-issues settlement agreement was filed with the
ldaho Public Utilities Commission on April 13, 2018. An all-parties, all-issues settlement agreement was filed with
the Public Utility Commission of Oregon on May 25,2018.
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Vol 19, lssue 30 | June 12
Montana Public Service Commission votes to approve the Hydro One and Avista merger
Hydro One and Avista received approvalwith conditionsfrom the Regulatory Commission of Alaska on June 4,
2018, concluding the merger proceeding in Alaska. Hydro One and Avista received the Federal Communications
Commission's consent on May 4,20'18 to close their merger and antitrust clearance on April 5, 2018 after the
expiration of the waiting period under the U.S. Hart-Scott-RodinoAntitrust lmprovements Act of 1976, as amended.
The transaction received approval from the Federal Energy Regulatory Commission on January 16,2018 and from
Avista shareholders on November 21,2017. The Committee on Foreign lnvestment 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 concems with respect to the transaction. Also required is the satisfaction of other customary
closing conditions.
An updated chart will be posted on the Avista/Hydro One Yammer Group.
Avista Corp@ 2018 All Rights Reserved
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