{"id":796680,"date":"2024-12-23T07:08:01","date_gmt":"2024-12-23T12:08:01","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/avista-receives-commission-decision-in-washington-general-rate-cases\/"},"modified":"2024-12-23T07:08:01","modified_gmt":"2024-12-23T12:08:01","slug":"avista-receives-commission-decision-in-washington-general-rate-cases","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/avista-receives-commission-decision-in-washington-general-rate-cases\/","title":{"rendered":"Avista Receives Commission Decision in Washington General Rate Cases"},"content":{"rendered":"

\nCompany pleased with the fair and balanced decision for the Company and its customers
\n<\/h2>\n
\n

SPOKANE, Wash., Dec. 23, 2024 (GLOBE NEWSWIRE) — Avista’s\u00a0(NYSE: AVA)\u00a0electric and natural gas general rate cases filed in January 2024 have concluded, with an order from the\u00a0Washington Utilities and Transportation Commission\u00a0(Commission) approving a two-year rate plan that will change electric and natural gas rates, beginning\u00a0Jan. 1, 2025, and Jan. 1, 2026.<\/p>\n

For electric operations, the Commission approved rates designed to provide a 0.1 percent, or\u00a0$0.8 million\u00a0increase in base revenue for Rate Year 1, and a 11.6 percent, or\u00a0$68.9 million\u00a0increase in base revenue for Rate Year 2. For natural gas operations, the Commission approved rates designed to provide a 11.2 percent, or\u00a0$14.2 million\u00a0increase in base revenue for Rate Year 1, and a 2.8 percent, or\u00a0$4.0 million\u00a0increase in base revenue for Rate Year 2.<\/p>\n

For electric Rate Year 1, it is our belief that there is a calculation error with respect to the level of power supply expenses removed from the final revenue requirement, that, if corrected, would move the revenue approved from $0.8 million to approximately $12 million. We have brought this issue to the attention of the Commission. When this correction is made, the base percentage increase will be 2.0 percent.<\/p>\n

The Commission approved a rate of return (ROR) on rate base of 7.32 percent, with a common equity ratio of 48.5 percent and a 9.8 percent return on equity (ROE), noting that an upward adjustment is needed to address the challenges the Company faces. The Commission did not, at this time, support a change to the mechanics of the Energy Recovery Mechanism (ERM), but did continue its support for important mechanisms such as Wildfire and Insurance balancing accounts, and decoupling.\u00a0\u00a0<\/p>\n

While the Commission did not approve a modification to the existing ERM, the forecasted power supply costs that were removed from Electric Rate Year 1, which makes up the majority of the reduction in revenue from the Company\u2019s filed case, to the final order, would flow through the ERM deadband and sharing bands.<\/p>\n

“We are pleased with the Commission\u2019s constructive decision, which provides a positive outcome for both our customers and our shareholders. Our Washington\u00a0electric customers will receive the benefit of Avista’s reduced power supply cost in Rate Year 1, mitigating the impact to their bills. At the same time, our shareholders will benefit from the increase in margin, improving the return for our shareholders. The decision reflects the Commission\u2019s recognition of Avista’s investment in utility infrastructure to benefit our customers, and that our operating expenses are increasing at a faster pace than revenues. The outcome provides for necessary recovery of the costs to serve our customers and continued investment in our systems,” said\u00a0Dennis Vermillion, chief executive officer of\u00a0Avista Corp.<\/p>\n

Avista anticipates issuing 2025 earnings guidance during the fourth quarter 2024 earnings call in\u00a0February 2025.<\/p>\n

\n
\n Customer Resources<\/em>
\n <\/strong>\n <\/p>\n

When customers need help with their energy use and billing, Avista has ways to assist. Billing options, such as Comfort Level Billing, preferred due date, and payment arrangements, give customers more control over how their energy costs are spread out. In Washington, Avista recently launched My Energy Discount, a personalized monthly bill discount program to help eligible customers lower their energy bills. The program offers more inclusive eligibility guidelines, quick and easy enrollment, and a two-year discount term. For help with managing energy usage, Avista\u2019s Energy Manager and home energy audit tools, as well as energy-saving tips, videos and money-saving rebates for energy-efficient upgrades, are available. In addition, Avista provides local community action agencies with funding for eligible customers who need emergency grants, home weatherization and heating system improvements. Customers with special health or financial circumstances can also work directly with our Customer Assistance Referral and Evaluation Services team to be connected with resources for help with housing, other utilities, medical assistance, and more. For more information on assistance options, customers can visit www.myavista.com\/assistance<\/a>.<\/p>\n

\n About\u00a0Avista Corp.<\/strong>
\n
Avista Corp.\u00a0is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses.\u00a0Avista Utilities<\/a>\u00a0is the operating division that provides electric service to 418,000 customers and natural gas to 382,000 customers. Its service territory covers 30,000 square miles in eastern\u00a0Washington, northern\u00a0Idaho\u00a0and parts of southern and eastern\u00a0Oregon, with a population of 1.7 million.\u00a0Alaska Energy and Resources Company\u00a0is an Avista subsidiary that provides retail electric service to 18,000 customers in the city and borough of\u00a0Juneau, Alaska, through its subsidiary\u00a0Alaska Electric Light and Power Company<\/a>. Avista stock is traded under the ticker symbol “AVA.” For more information about Avista, please visit\u00a0www.avistacorp.com<\/a>.<\/p>\n

This news release contains forward-looking statements regarding the company\u2019s 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\u2019s control, which could cause actual results to differ materially from expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company\u2019s Annual Report on Form 10-K for the year ended\u00a0Dec. 31, 2023\u00a0and the Quarterly Report on Form 10-Q for the quarter ended\u00a0Sept. 30, 2024.<\/p>\n

Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation.<\/p>\n

SOURCE: Avista Corporation<\/p>\n

\n Contact:<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

Media: Lena Funston (509) 495-8090 lena.funston@avistacorp.com<\/a>
Investors: Stacey Wenz (509) 495-2046 stacey.wenz@avistacorp.com<\/a>
Avista 24\/7 Media Access (509) 495-4174<\/p>\n

To unsubscribe from Avista\u2019s news release distribution, send a reply message to dalila.sheehan@avistacorp.com<\/a><\/p>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Company pleased with the fair and balanced decision for the Company and its customers SPOKANE, Wash., Dec. 23, 2024 (GLOBE NEWSWIRE) — Avista’s\u00a0(NYSE: AVA)\u00a0electric and natural gas general rate cases filed in January 2024 have concluded, with an order from the\u00a0Washington Utilities and Transportation Commission\u00a0(Commission) approving a two-year rate plan that will change electric and natural gas rates, beginning\u00a0Jan. 1, 2025, and Jan. 1, 2026. For electric operations, the Commission approved rates designed to provide a 0.1 percent, or\u00a0$0.8 million\u00a0increase in base revenue for Rate Year 1, and a 11.6 percent, or\u00a0$68.9 million\u00a0increase in base revenue for Rate Year 2. For natural gas operations, the Commission approved rates designed to provide a 11.2 percent, or\u00a0$14.2 million\u00a0increase in base revenue for … <\/p>\n

Continue reading “Avista Receives Commission Decision in Washington General Rate Cases”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-796680","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nAvista Receives Commission Decision in Washington General Rate Cases - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/avista-receives-commission-decision-in-washington-general-rate-cases\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avista Receives Commission Decision in Washington General Rate Cases - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Company pleased with the fair and balanced decision for the Company and its customers SPOKANE, Wash., Dec. 23, 2024 (GLOBE NEWSWIRE) — Avista’s\u00a0(NYSE: AVA)\u00a0electric and natural gas general rate cases filed in January 2024 have concluded, with an order from the\u00a0Washington Utilities and Transportation Commission\u00a0(Commission) approving a two-year rate plan that will change electric and natural gas rates, beginning\u00a0Jan. 1, 2025, and Jan. 1, 2026. 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