ScottishPower Wins Utah Approval
PORTLAND, Ore. (AP) _ The last state needed to approve the first foreign takeover of a U.S. electric utility gave its permission Wednesday for the $7.9 billion ScottishPower acquisition of PacifiCorp, the same day the utility asked for a rate increase.
The Utah Public Service Commission approved the deal just as Portland-based PacifiCorp asked the Washington Utilities and Transportation Commission for a $25.8 million electricity price hike, or 15.3 percent.
Earlier this month, PacifiCorp asked the Oregon Public Utility Commission for an 11.9 percent increase as the state prepares to take on the task of restructuring the deregulated utility industry.
But ScottishPower spokeswoman Rachel Sherrard noted that PacificPower planned to ask for both increases well before the takeover and that PacifiCorp has not asked for a major rate increase in Washington since 1986 and for more than a decade in Oregon.
Utah approval of the takeover means only paperwork is left to be sorted before the deal can be closed, probably in early December.
PacifiCorp serves about 1.4 million customers across six states: California, Idaho, Oregon, Utah, Washington and Wyoming.
Regulators in all six states and various federal agencies, now have approved the deal.