Avista reaches all-party, all-issues settlement in Oregon general rate case
04 Agosto 2023 - 1:01AM
Avista
(NYSE: AVA), the Staff of the Public
Utility Commission of Oregon (Commission), the Oregon Citizens’
Utility Board (“CUB”), Alliance of Western Energy Consumers
(“AWEC”), and the joint intervenor Sierra Club/Climate Solutions,
parties to the Company’s natural gas general rate case, have
reached a settlement agreement that has been submitted to the
Commission for its consideration, and which would resolve all
remaining issues in the proceeding.
If approved, this settlement would result in a base revenue
increase request of $7.16 million (or 4.7%), as compared to
Avista’s original request of $11.0 million. The agreed-upon revenue
requirement is predicated on a proposed rate of return of 7.235%
with a common equity ratio of 50% and a 9.5% return on equity.
“This settlement agreement will provide new rates
in Oregon that are fair and reasonable for our customers,
the Company, and our shareholders,” said Dennis
Vermillion, Avista president and CEO. “This outcome
allows us to recover our costs in a timely manner and supports
Avista’s efforts to invest in and maintain our infrastructure so we
can continue to provide the reliable energy our customers
expect.”
Residential Customer BillsIf the settlement is
approved, a residential natural gas customer using an average of 47
therms per month, would see a $4.07 per month increase, or 5.3
percent, from a $77.01 bill for a revised monthly bill of $81.08
effective Jan. 1, 2024.
2024 Natural Gas Revenue Impact by Rate
Schedule |
Rate Schedule |
Description |
2024 Billing Change |
Residential |
Schedule 410 |
5.1% |
General Service |
Schedule 420 |
5.8% |
Large General Service |
Schedules 424 & 425 |
0.1% |
Interruptible Service |
Schedule 439 & 440 |
0.1% |
Seasonal Service |
Schedule 444 |
0.2% |
Transportation Service |
Schedule 456 |
0.8% |
Total |
|
4.7% |
The actual percentage rate change will vary by customer rate
schedule and will depend on how much energy a customer uses.
Avista serves approximately 106,000 customers in Oregon.
Customer Resources
To assist customers in managing their energy
bills, Avista 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. Avista also provides funding for energy
assistance programs Project Share and the company’s LIRAP, which
are administered through community action agencies.
Avista provides energy efficiency and outreach programs
that 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 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
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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