After the deal closes by the middle of next year, the province’s stake in the company will drop to around 44 per cent. ( Darren Calabrese / THE CANADIAN PRESS file photo )Hydro One is buying a massive U.S. utility in a $6.7-billion deal being touted as a win by the Ontario government, which currently owns 49 per cent of the transmitter. “In particular, we welcome the fact that this proposed acquisition will not impact the rates that Ontario customers pay. Avista, which is based in Spokane, Washington, operates power plants fuelled by hydro, wind, biomass and coal. The company said “no workforce reductions are anticipated as a result of this transaction for either Hydro One or Avista.” By next year, the expanded Hydro One will be a utility with more than $32.2 billion in assets, serving two million customers.

Source: thestar July 19, 2017 21:45 UTC