Avista reaches multiparty settlement of all issues in Washington general rate case
In addition to Avista, the parties to the electric and natural gas rate cases include the Staff of the UTC, the Public Counsel Unit of the
The settlement includes, among other things, agreement on electric and natural gas revenue requirement increases for both years of the multi-year rate plan. The recommendation to the Commission by the Staff of the UTC or other parties to approve the multiparty settlement is not binding on the Commission itself.
If approved, the settlement agreement is designed to increase annual electric revenues by
The electric and natural gas requests are based on a proposed rate of return (ROR) of 7.03% but the parties did not otherwise agree on an explicit return on equity, cost of debt, or capital structure.
“We are pleased that the parties were able to reach a joint recommendation to the Commission in this case,” said
Other Settlement Items
The settlement agreement also addresses several other items, including modifications to the Company’s low-income rate assistance programs, implementation of an insurance expense balancing account to address the volatility of insurance costs, tracking of certain performance metrics, changes to the Company’s natural gas line extension policies, and the cost recovery associated with the Dry Ash Disposal System project at the Colstrip Power Plant. While Avista believes this investment is prudent, the settlement agreement results in a one-time write-off in 2022 of
Washington Residential Customer Bills
Proposed Changes by Service Schedule
The requested electric increase by service schedule, including the effects of the Residual Tax Customer Credit, is as follows:
|Residential Service - Schedules 1/2||5.5%||2.5%|
|General Service - Schedules 11/12||3.7%||2.1%|
|Large General Service - Schedules 21/22||3.7%||2.1%|
|Extra Large General Service - Schedule 25||2.0%||1.0%|
|Extra Large Special Contract||1.9%||1.0%|
|Pumping Service - Schedules 31/32||4.9%||2.2%|
|Street & Area Lights - Schedules 41 – 48||5.1%||2.3%|
The requested natural gas increase by service schedule is as follows:
|General Service Schedules 101/102||0.7%||0.8%|
|Large General Service Schedules 111/112/116||0.5%||0.6%|
|Interrupt. Sales Service Schedules 131/132||0.5%||0.6%|
|Transportation Service Schedule 146||1.2%||1.4%|
The actual percentage increase for electric and natural gas customers will vary by customer class and depend on how much energy a customer uses.
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
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.
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
To unsubscribe from Avista’s news release distribution, send a reply message to email@example.com
Source: Avista Corporation