Avista receives approval of multiparty settlement in Idaho general rate cases
31 Agosto 2023 - 5:05PM
Avista
(NYSE:AVA) received approval from the
Idaho Public Utilities Commission (IPUC or Commission) of the
multiparty settlement agreement that was filed on June 14, 2023,
concluding the Company’s electric and natural gas general rate
cases. New electric rates take effect Sept. 1, 2023 and Sept 1,
2024.
The approved rates are designed to increase annual base electric
revenues by $22.1 million or 8.0%, effective Sept. 1,
2023, and by $4.3 million or 1.4%, effective Sept. 1, 2024. For
natural gas, the approved rates are designed to increase annual
base natural gas revenues by $1.3 million or 2.7%,
effective Sept. 1, 2023, and by $0.003 million or 0.01%,
effective Sept. 1, 2024. The settlement capital structure includes
a 9.4% return on equity (ROE) with a common equity ratio of 50% and
a rate of return (ROR) on rate base of 7.19%.
“The Commission’s decision provides new electric and natural gas
rates in Idaho that are reasonable for our customers, the Company
and our shareholders,” said Dennis Vermillion, Avista president and
CEO. “This outcome provides us the opportunity to earn a fair
return in Idaho and supports Avista’s efforts to make key capital
investments so we can continue to provide the reliable energy our
customers expect.”
Avista serves more than 141,000 electric and 92,000 natural gas
customers in Idaho.
About Avista Corp.Avista Corp. is an energy
company involved in the production, transmission, and distribution
of energy as well as other energy-related businesses. Avista
Utilities is the operating division that provides electric service
to 403,000 customers and natural gas to 369,000 customers. Its
service territory covers 30,000 square miles in eastern Washington,
northern Idaho, and parts of southern and eastern Oregon, with a
population of 1.6 million. Alaska Energy and Resources Company is
an Avista subsidiary that provides retail electric service in the
city and borough of Juneau, Alaska, through its subsidiary Alaska
Electric Light and Power Company. Avista stock is traded under the
ticker symbol "AVA." For more information about Avista, please
visit www.avistacorp.com.
This news release contains forward-looking statements regarding
the company’s current expectations. Forward-looking statements are
all statements other than historical facts. Such statements speak
only as of the date of the news release and are subject to a
variety of risks and uncertainties, many of which are beyond the
company’s control, which could cause actual results to differ
materially from the expectations. These risks and uncertainties
include, in addition to those discussed herein, all of the factors
discussed in the company’s Annual Report on Form 10-K for the year
ended Dec. 31, 2022 and the Quarterly Report on Form 10-Q for the
quarter ended June 30, 2023.
SOURCE: Avista Corporation
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Contact:
Media: Lena Funston (509) 495-8090
lena.funston@avistacorp.comInvestors: Stacey Wenz (509) 495-2046,
stacey.wenz@avistacorp.comAvista 24/7 Media Access (509)
495-4174
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