Welcome!

News Feed Item

Avista Receives Approval in Washington Electric and Natural Gas Rate Requests

Washington Utilities and Transportation Commission Approves Multi-Party Settlement Agreement, Including Increase in Energy Assistance Funding for Customers

SPOKANE, WA -- (Marketwire) -- 12/26/12 -- Avista (NYSE: AVA) received approval today from the Washington Utilities and Transportation Commission (UTC) on the multi-party settlement agreement that was filed with the UTC on October 19, 2012, concluding the company's electric and natural gas rate request filed on April 2, 2012. New rates will take effect on Jan. 1, 2013 and Jan. 1, 2014. The approved rates provide for an authorized return on equity of 9.8% and an equity ratio of 47%.

The approved rates are designed so that, effective Jan. 1, 2013, Avista will increase base rates for electric customers by an overall 3.0 percent to provide an additional $13.65 million in annual revenue. Base rates for natural gas customers will increase by an overall 3.6 percent to provide an additional $5.3 million in annual revenue. A one-year credit of $4.4 million will be returned to electric customers from the existing Energy Recovery Mechanism (ERM) deferral balance so that the net average electric rate increase to customers in 2013 would be 2.0 percent. The credit to customers from the ERM balance will not impact company earnings.

Effective Jan. 1, 2014, Avista will increase base rates for electric customers by an overall 3.0 percent to provide an additional $14 million in annual revenue. Base rates for natural gas customers will increase by an overall 0.9 percent to provide an additional $1.4 million in annual revenue. A one-year credit of $9.0 million will be returned to electric customers from the then-existing ERM deferral balance, if such funds are available, so that the net average electric rate increase to customers effective Jan. 1, 2014 would be 2.0 percent.

As a result of the approval by the UTC, Avista has agreed to not file a general rate case in Washington that would cause an increase in base retail rates before Jan. 1, 2015.

"The decision is positive for both our customers and our shareholders, providing for cost recovery over the next two years from investments made to update our energy delivery systems," said Dennis Vermillion, Avista Corp. senior vice president and president of Avista Utilities. "It gives our customers more certainty in their energy rates and keeps their energy prices at some of the lowest levels in the Northwest and the nation. The revenue increases reflected in the approved rates, together with our continued management of the growth in utility costs, provides the opportunity to reduce regulatory lag in Washington in 2013 and 2014."

Beginning Jan. 1, 2013 an electric residential customer in Washington using an average of 989 kilowatt hours per month would see an increase of 1.5 percent or $1.20 per month, inclusive of the proposed ERM rebate, for a revised bill of $78.69. As a result of proposed changes in rate design, natural gas customers in Washington using an average of 68 therms per month would see a decrease of 0.6 percent or $0.38 per month, for a revised monthly bill of $60.37.

Beginning Jan. 1, 2014, an electric residential customer in Washington using an average of 989 kilowatt hours per month would see an additional increase of 2.0 percent or $1.60 per month, inclusive of the proposed ERM rebate, for a revised bill of $80.29. Natural gas customers in Washington using an average of 68 therms per month would see an increase of 0.9 percent or $0.57, for a revised monthly bill of $60.94.

As a result of the UTC approval, funding available for Avista's Low Income Rate Assistance Program (LIRAP) will increase by $176,000 in 2013 and $131,000 in 2014. In total, 2013 funding available for the LIRAP program will be approximately $3.8 million for electric customers and approximately $1.8 million for natural gas customers. In 2014 the funding level for electric customers will be approximately $3.9 million and for natural gas customers approximately $1.9 million. The LIRAP program is funded through a separate tariff.

Avista offers a variety of energy efficiency programs for residential, limited income, commercial and industrial customers. In addition to helping customers manage their energy use, the programs also help reduce the need for more costly energy resources to meet future customer demand.

In addition to support for energy assistance programs, Avista also offers services for customers such as comfort level billing, payment arrangements and Customer Assistance Referral and Evaluation Services (CARES), which provide assistance to special-needs customers through referrals to area agencies and churches for help with housing, utilities, medical assistance and other needs.

For more information about the rate process, visit www.avistautilities.com.

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 361,000 customers and natural gas to 320,000 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 1.5 million. Avista's primary, non-utility subsidiary is Ecova, an energy and sustainability management company with over 700 expense management customers, representing more than 600,000 sites. 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 Annual Report on Form 10-K for the year ended Dec. 31, 2011 and the Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2012.

To unsubscribe from Avista's news release distribution, send a reply message to [email protected]

Contact:
Anna Scarlett
(509) 495-4916
[email protected]

Investors:
Jason Lang
(509) 495-2930
[email protected]

Avista 24/7 Media Line
(509) 495-4174

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.