AERC’s officials signed documents agreeing to the sale on Monday, after the deal was approved by company’s board of directors.
AELP has provided electric service to Juneau since 1894. It operates Snettisham and Lake Dorothy hydroelectric facilities as well as smaller plants Salmon Creek, Gold Creek and Annex Creek.
Avista is an electric and gas utility headquartered in Spokane and providing service in parts of Washington, Oregon, Idaho and Montana.
According to a release, AERC’s board wanted a buyer that would focus on providing reliable and competitively priced electric service, continue to contribute to the Juneau community, and provide job satisfaction for AEL&P employees. AERC’s board says Avista is a good fit.
The transaction will close by July 1, 2014, after approval by the Federal Energy Regulatory Commission.
A news conference began at 1:30 p.m. at the AEL&P headquarters in Lemon Creek. Check back for more details on the merger.
To read our updated story, click here.
- Juneau schools first considered doing this last year after they learned other school districts were doing it in the Lower 48. They didn’t get a chance to do it in Juneau until now.
- In a White House proclamation, President Donald Trump designated 11 a.m. local time on Memorial Day to unite in prayer for permanent peace and asked all Americans to observe a national moment of remembrance at 3 p.m. local time.
- The incident had witnesses, which can help investigators determine the cause of a crash in the same way witnesses are helpful when investigating car accidents.
- Divers have found multiple spots where oil could have been released and have since sealed off those locations. The total amount of oil released from the Powhatan is unknown.