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Stock Market & Financial Investment News

News Breaks
June 27, 2014
16:16 EDTAVAAvista receives $15M in settlement proceeds from CA energy market litigation
Avista announced the completion of a litigation settlement with various California parties that resulted in Avista Energy, an unregulated indirect subsidiary of Avista Corp, receiving $15M in net settlement proceeds on June 23. The litigation was related to the prices paid in the California spot markets during the years 2000 and 2001. The settlement agreement was finalized and filed with the Federal Energy Regulatory Commission, or FERC, in March, and FERC approved the settlement in early June. This will result in Avista Energy recognizing an increase in pre-tax earnings of approximately $15M, or $10M after-tax. These amounts were not included in Avista Corp.'s original earnings guidance issued for 2014. Avista Corp. will update its earnings guidance for 2014 during its Q2 earnings call in early August.
News For AVA From The Last 14 Days
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April 15, 2015
07:18 EDTAVAAvista receives approval of settlement in Oregon natural gas rate request
Avista received approval from the Public Utility Commission of Oregon, or PUC, of a revised all-party settlement agreement, concluding the proceedings for the general rate request filed on Sep. 2, 2014. New rates will take effect April 16, 2015. The approved rates are designed to increase annual billed revenues by 4.9% or $5.0M. The $5.0M billed revenue increase is composed of a base rate increase of $5.26M, offset by $0.26M that the company is already receiving from customers through a separate rate adjustment. The approved settlement agreement reflects a 9.5% ROE, and a 51% equity layer. The rate of return is 7.52%. A residential customer using an average of 47 therms per month would see a $3.15 per month increase, or 5.2%, for a revised monthly bill from $60.50 to $63.65, effective April 16, 2015. This bill change reflects no increase in the monthly basic charge. The actual percentage increase will vary by customer class and will depend on how much energy a customer uses.

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