Avista submits 2023 Electric Integrated Resource Plan
Since filing the 2021 IRP, Avista has secured several new energy supply contracts. Those combined with planned upgrades to several existing hydropower and biomass plants over the next decade mean Avista can meet customer energy needs through the middle of the 2030s.
“We evaluate many options to find the ideal strategy to serve our customers that balances cost, reliability, the community and the environment,” said
Some highlights of the 2023 IRP include:
- Avista has announced several resource acquisitions and a divestiture (Colstrip at the end of 2025) since its 2021 IRP. These changes reflect one of Avista’s biggest portfolio transformations since the early 2000s.
- The resource strategy selected in the IRP shows an 80% reduction in greenhouse gas emissions by 2045.
- Avista needs long-duration storage to serve customers in peak hours after 2035 to achieve 100% clean energy targets in
- Avista created a
Named Community Investment Fund(NCIF) to increase energy related investments in disadvantaged communities. The fund will increase distributed energy resources such as energy efficiency, small-scale renewables, and energy storage.
- The energy forecast grows 0.85% per year, higher than the 0.24% annual growth rate in the 2021 IRP. Higher growth largely reflects higher residential and commercial electric vehicles (EV) forecasts and new building electrification.
Each IRP is a thoroughly researched and data-driven document identifying a resource strategy to meet customer needs while balancing costs and risk measures with environmental goals and mandates. Avista’s professional energy analysts use sophisticated modeling tools and input from over 75 participants to develop each plan. The participants in the public process include customers, environmental organizations and business groups, elected officials and utility commission staff. Avista also hosted two public participation meetings open to all customers in March.
More information on Avista’s diverse energy mix and the IRP is available at myavista.com/IRP.
Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses.
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 March 31, 2023.
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Source: Avista Corporation