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About Avista Corporation

Avista enjoys quite a wide vista when it comes to its service area. This electric and natural gas utility primarily serves the Pacific Northwest through Avista Utilities, and some customers in Juneau, Alaska through electric utility AEL&P (Alaska Electric Light and Power). Through subsidiaries, Avista also engages in sheet metal fabrication, venture fund investments, real estate and capital investments. The company has a net capability of 1,875 MW, of which 55% come from hydroelectric and 45% is thermal. It serves more than 600,000 electric and natural gas customers. In July 2017, Avista Corp. entered into a merger agreement with Hydro One to become the parent's indirect, wholly-owned subsidiary.

Operations

Avista's two reportable business segments are Avista Utilities and AEL&P.

Avista Utilities consists of the regulated utility operations in the Pacific Northwest that provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington, northern Idaho, and a few customers in Montana. It also manages natural gas distribution service in parts of northeastern and southwestern Oregon. Additionally, Avista engages in wholesale purchases and sales of electricity and natural gas to meet its load-serving obligation.

AEL&P provides electric services in Juneau, Alaska, where it is the sole utility provider due to its geographic isolation. It operates five hydroelectric generation facilities with some 103 MW of hydroelectric generation capacity.

Geographic Reach

Avista Utilities owns and operates six hydroelectric projects on the Spokane River and two hydroelectric projects on the Clark Fork River, and more than five thermal generating resources in Washington, Montana and Oregon. AEL&P provides electric services in Juneau, Alaska.

Sales and Marketing

Avista Utilities supplied retail electric service to approximately 382,000 customers and retail natural gas service to approximately 347,000 customers across its service territory.

Avista Utilities has a diverse electric resource mix of Company-owned and contracted hydroelectric, thermal and wind generation facilities, and other contracts for power purchases and exchanges.

Additionally, the company has exclusive rights to all the capacity of Palouse Wind project in Washington, as well as natural gas distribution services (purchased wholesale) to retail customers in parts of eastern Washington, northern Idaho, and northeastern and southwestern Oregon.

Financial Performance

Avista's revenue went up slightly to $1.42 billion. Net income reduced from $137 million in 2016 to $116 million in 2017, mostly from earnings decrease at Avista Utilities, due to costs related to pending Hydro One acquisition. Cash holdings were $16 million at the end of 2017. Operations generated $410 million, entirely offset by $434 million going towards investments. Financing activities had a net cash inflow of $31 million. CAPEX was at a three-year high of $412 million.

Company Background

Avista was founded in 1889 as the Washington Water Power Company. In 2018, the company unsuccessfully tried to merge with Hydro One Ltd, to create a combined $5.3 billion company. But plans for the merger were terminated when regulators in Washington state and Idaho denied the merger. 

Avista Corporation

1411 E MISSION AVE
Spokane, WA 99202-1902
Phone: 1 (509) 489-0500

Stats

Employer Type: Publicly Owned
Stock Symbol: AVA
Stock Exchange: , NYSE
VP and CIO: James M. Kensok
Chairman, President and CEO: Scott L. Morris
SVP and CFO: Mark T. Thies
Employees (This Location): 900
Employees (All Locations): 2,026

Major Office Locations

Spokane, WA

Other Locations

Coeur D Alene, ID
Noxon, MT
Cornelius, NC
Medford, OR
Clarkston, WA
Colfax, WA
Goldendale, WA
Kettle Falls, WA
Othello, WA
Ritzville, WA