Ohio commission approves AES Ohio merger, bans ratepayer recovery of deal costs
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The Public Utilities Commission of Ohio (PUCO) issued an order authorizing a change in control at the utility AES Ohio. This follows the recent acquisition of its parent company AES Ohio by a consortium including Global Infrastructure Partners, which is a part of Blackrock, EQT AB, Qatar Investment Authority, and California Public Employees' Retirement System. Also, Astrid Holdings will retain its current 30 percent share of AES Ohio. Following the closing of the transaction, AES Ohio will keep its headquarters in Dayton, retain its senior management, and maintain its status as a regulated electric distribution utility. "AES Ohio will not change any rates, terms and conditions of service, employees, management practices or operations because of the merger," PUCO said. The commission said that AES Ohio may not include any costs related to executing the merger transaction in customer rates. Further, it must update the PUCO on any changes in systems, policy, or procedures for three years. In addition, the commission orders board of directors members with pecuniary interests in data centers to recuse themselves from issues related to data centers. The PUCO is charged with reviewing applications for change of control of an electric distribution utility. However, it has no jurisdiction over control of holding companies or corporate parent companies.
