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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.
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November 25, 2014
20:08 EDTAVAAvista receives approval of settlement increasing Washington rates
Avista received approval, with minor changes, from the Washington Utilities and Transportation Commission on the all-party settlement agreement that was filed on Aug. 18, concluding the company's electric and natural gas rate requests filed on Feb. 4. New rates will take effect on Jan. 1, 2015. The approved rates are designed to increase annual electric base revenues by 2.5% or $12.3M, inclusive of a $5.3M November 2014 power supply update as required in the settlement agreement. Approved natural gas rates are designed to increase annual base revenues by 5.6% or $8.5M.

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