Thanks to Doug Ford, Hydro One slapped with $103 Million U.S. Penalty...

Hydro One and Avista Corp. say they have agreed to cancel their planned merger. 

They say under the terms of the merger agreement, Hydro One must now pay Avista $103 million U.S. in termination fees.

Earlier this month, the Washington Utilities and Transportation Commission denied a request from both companies to reconsider its rejection of the Ontario utility’s planned takeover of the American company.

The request was issued after regulators found that the $6.7-billion planned merger would not sufficiently safeguard Avista customers from the whims of the Ontario government, which is Hydro One’s largest shareholder.

The regulator has pointed to Premier Doug Ford’s efforts to force former Hydro One CEO Mayo Schmidt to retire — which was followed by the resignation of the utility’s entire board — as a sign that the province was willing to put political interests above those of shareholders.