Avista
(NYSE: AVA) has made annual rate adjustment
filings with the utility commissions in Washington and Idaho that,
if approved, will result in an increase in electric rates and
decrease in natural gas rates in Washington, and increase natural
gas rates in Idaho, effective November 1, 2023.
Washington Electric Adjustment
FilingsFour electric adjustments were filed, that if
approved, are designed to change overall electric revenues as
follows:
- Wildfire
Expense Balancing: increase of $3.3 million or 0.6%
- Residential
Exchange Program: increase of $1.1 million or 0.2%
- Insurance
Expense Balancing: increase of $0.1 million or 0.0%
- Low Income
Rate Assistance Program: increase of $7.6 million or 1.3%
Washington Natural Gas Adjustment
FilingsTwo electric adjustments were filed, that if
approved, are designed to change overall natural gas revenues as
follows:
- Purchased Gas
Cost Adjustment: decrease of $8.1 million or 3.0%
- Low Income
Rate Assistance Program: increase of $4.6 million or 1.7%
- Insurance
Expense Balancing: increase of $10 thousand or 0.0%
Idaho Natural Gas Adjustment
FilingOne natural gas adjustment was filed that, if
approved, is designed to change overall natural gas revenues as
follows:
- Purchased Gas Cost Adjustment:
increase of $5.4 million or 5.0%
Purchased Gas Cost Adjustment (PGA) –
Applicable to Washington and Idaho Natural GasPGA requests
are typically filed annually to balance the actual cost of
wholesale natural gas purchased by Avista to serve customers with
the amount presently included in customer’s rates. Avista does
not make a profit on, or markup, the wholesale cost of natural gas.
PGAs ensure customers pay what Avista pays, dollar for dollar, only
at a more predictable and stable rate throughout the year. About
55% of an Avista natural gas customer's bill is the combined cost
of purchasing natural gas on the wholesale market and transporting
it to Avista's system.
These rate adjustments are driven primarily by
higher wholesale natural gas prices observed during this past
winter, which were well above the amounts included in rates. That
was partially offset by lower forward wholesale natural gas prices
for the upcoming PGA year. For Washington, the reduction is largely
driven by a reduction in the current seasonal surcharge
amortization rate in effect for residential customers, as approved
by the Washington Utilities and Transportation Commission last
Fall.
Wildfire Balancing – Applicable to
Washington ElectricThe Wildfire Expense Balancing account
tracks the difference in wildfire expenses incurred by Avista to
address the growing frequency of extreme and dangerous wildfires in
Avista’s service territory to the base level of expense approved by
the Commission. The difference is rebated to or collected from
customers annually. The rate increase proposed today reflects the
higher level of expense incurred above the amount presently
included in customer’s rates.
Residential Exchange Program –
Applicable to Washington ElectricThe Residential Exchange
Program provides a share of the benefits of the federal Columbia
River power system to the residential and small farm customers of
the investor-owned utilities in the Pacific Northwest, including
Avista. Avista applies the benefits it receives, which typically
fluctuate from year to year, to customers as a credit in their
monthly electric rates. Due to fluctuations in usage, Avista
rebated to customers a level of benefits that was higher than the
level of benefits received from BPA. Through this filing Avista is
seeking to slightly decrease the level of benefits provided to
qualifying customers in order to return the over-rebated
balance.
Low Income Rate Assistance Program –
Applicable to Washington Electric and Natural GasThe Low
Income Rate Assistance Program, or LIRAP, provides bill assistance
to income eligible customers with a household income less than or
equal to 200% Federal Poverty Level (FPL) or 80% Area Median Income
(AMI), whichever is greater. While this program has historically
provided lump-sum grants to customers, LIRAP will transition to an
income-based bill discount – in addition to offerings to help
customers manage their past due balances, or arrearages – on
October 1, 2023. This new bill assistance model will expand LIRAP
to serve more customer than ever before, therefore requiring
increased funding to do so. The rate increase proposed reflects
this higher level of funding needed.
Insurance Balancing – Applicable to
Washington Electric and Natural GasThe Insurance Expense
Balancing account tracks the difference in insurance expense
incurred by Avista to the base level of expense approved by the
Commission. The difference is rebated to or collected from
customers annually. The rate changes proposed reflect the higher
level of expense incurred for electric customers and lower expense
incurred for natural gas customers, compared to the amount
presently included in customer’s rates.
Electric Customer
BillsWashington: If approved, residential
electric customers in Washington using an average of 932 kilowatt
hours per month would see their monthly bills change from $87.53 to
$89.88, an increase of $2.35 per month, or approximately 2.7%.
The percentage change varies by rate schedule
and is dependent upon how much energy customers on the respective
rate schedules use. If approved, residential electric customers
would see the following rate adjustments:
|
Residential Service - Schedule 1 & 2 |
|
2.6% |
|
|
General Service - Schedules 11 & 12 |
|
1.6% |
|
|
Large General Service - Schedules 21 & 22 |
|
1.8% |
|
|
Extra Large General Service - Schedule 25 & 25I |
|
1.3% |
|
|
Pumping Service - Schedules 31 & 32 |
|
2.7% |
|
|
Street & Area Lights - Schedules 41-48 |
|
2.4% |
|
|
Overall |
|
2.1% |
|
|
|
|
|
Natural Gas Customer Bills
Washington: If approved, residential natural gas
customers using an average of 67 therms per month would see their
monthly bills change from $96.78 to $92.13, a decrease of $4.65 per
month, or approximately 4.8%.
The percentage change varies by rate schedule
and is dependent upon how much energy customers on the respective
rate schedules use. If approved, natural gas customers would see
the following rate adjustments:
|
General Service - Schedule 101 & 102 |
|
(4.5)% |
|
|
Large General Service - Schedule 111 & 112 |
|
10.2% |
|
|
Interruptible Sales Service - Schedule 131 & 132 |
|
(18.9)% |
|
|
Transportation Service - Schedule 146 |
|
(0.1)% |
|
|
Overall |
|
(1.3)% |
|
|
|
|
|
Idaho: If approved, residential
natural gas customers using an average of 64 therms per month would
see their monthly bills change from $74.62 to $78.16, an increase
of $3.54 per month, or approximately 4.7%.
The percentage change varies by rate schedule
and is dependent upon how much energy customers on the respective
rate schedules use. If approved, natural gas customers would see
the following rate adjustments:
|
General Service - Schedule 101 |
|
4.7% |
|
|
Large General Service - Schedule 111 & 112 |
|
6.3% |
|
|
Interruptible Sales Service - Schedule 131 & 132 |
|
0.0% |
|
|
Transportation Service - Schedule 146 |
|
0.0% |
|
|
Overall |
|
5.0% |
|
|
|
|
|
|
To help customers proactively manage their
energy use, Avista offers services to those who may need and
qualifies for assistance in managing their energy bills such as
comfort level billing, payment arrangements and special
circumstantial referrals to area agencies and churches for help
with housing, utilities, medical assistance and other needs. Avista
also provides funding for energy assistance programs which are
administered through community action agencies.
Energy efficiency and outreach programs are also
offered which include rebates and incentives as well as tips and
resources to help customers manage their energy use and energy
bills. Customers can learn more at www.myavista.com.
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 our operating division that provides electric
service to 408,000 customers and natural gas to 375,000 customers.
Our service territory covers 30,000 square miles in eastern
Washington, northern Idaho and parts of southern and eastern
Oregon, with a population of 1.7 million. AERC is an Avista
subsidiary that, through its subsidiary AEL&P, provides retail
electric service to 17,000 customers in the city and borough of
Juneau, Alaska. Our 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 and the
Quarterly Report on Form 10-Q for the quarter ended June 30, 2023,
and its Annual Report on Form 10-K for the year ended Dec. 31,
2022.
Avista Corp. and the Avista Corp. logo are
trademarks of Avista Corporation.
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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