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.
- The House and Senate will likely form a conference committee to resolve the differences between the chambers’ different versions of the bill.
- British Columbia’s top auditor says the province has failed to protect the environment from mines and mineral exploration projects.
- “Companies are looking to make investments, they need some degree of certainty, and there is nothing but uncertainty right now in the Alaska oil and gas industry,” an AOGA representative said.
- Facebook comments predict inevitable death and abuse. But no one knows what’s going to happen.