(Portland, Ore.)– Plans by MidAmerican Energy Holdings Company, the largest utility in Iowa, to buyout Pacificorp has failed to pass its first regulatory hurdle.
The Oregon Public Utility Commission staff has recommended against approving MidAmerican Energy’s nine-point-four billion dollar bid. But the P-U-C might reconsider if the utility can offset the potential risks of the proposed purchase by providing rate credits to more than 500-thousand Oregon customers.
PacifiCorp, which provides power to six western states, is a subsidiary of Scottishpower. MidAmerican Energy, based in Des Moines, is controlled by billionaire investor Warren Buffett.
MidAmerican has until December seventh to respond. Commissioners are not expected to decide on the sale until next year.
(Story from the Associated Press.).
