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Hydro One, Avista Receive First Regulatory Approval for Proposed Merger

Following Federal Energy Regulatory Commission approval, both companies look forward to continued progress toward closing the transaction in the second half of 2018

Hydro One Limited and Avista Corp. have received approval from the Federal Energy Regulatory Commission for the merger application filed on Sept. 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, 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.

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