Juneau, Alaska (KINY) - CBJ Manager Rorie Watt says he'll meet with the president of Avista, the parent company of Alaska Electric, Light and Power, Monday to receive an update on the proposed sale of the company to Hydro one Limited of Toronto, Canada.
Watt said on Action Line Friday, "It impacts the budget and all our citizens."
Watt says when Bill Corbus sold the utility to Avista, he basicaly hand picked them. Watt explained that Corbus looked for company he thought would meet the community's needs and way of thinking. Watt believes AVISTA has met that standard. "They seamlessly operated the same as A-E-L and P always operated."
Watt says he's going to give AVista the benefit of the doubt to explain what the change means to the community. "They've been a great partner and I think there are reasons that its going to make sense."
Avista has told Watt that they have material supply issues that will be resolved through a higher purchasing level
The purchase price is $5 point 3 Billion.
The combined companies said Wednesday they will have $25.4 billion in assets creating one of North America's largest regulated utilities.
Avista will maintain its existing corporate headquarters in Spokane and will continue to operate as a stand-alone utility in the five states including Alaska where it operates Juneau's electric utility. Its management team and employees will remain in place and it will operate with its own board of directors.
The companies said power rates will not be impacted by costs associated with the transaction.