Avista

Avista Utilities
Public
Traded as NYSE: AVA
Industry Energy, private utility
Founded Spokane, Washington
(As Washington Water Power), 1889
Headquarters Spokane, Washington
Key people
 Scott Morris, Chairman and CEO
Products Electricity and natural gas
Revenue Increase US$ 1.473 billion[1]
Number of employees
 1,550 utility only
Website AvistaUtilities.com

Avista Utilities is a U.S. energy company. Avista generates and transmits electricity and distributes natural gas, while providing energy solutions for residential, commercial, and industrial customers. Approximately 1,550 employees provides electricity, natural gas, and other energy services to 359,000 electric and 320,000 natural gas customers in three western states. The service territory covers 30,000 square miles in eastern Washington, northern Idaho, and parts of southern and eastern Oregon, with a population of 1.5 million.[2]

Avista Utilities is the regulated business unit of Avista Corp., an investor-owned corporation headquartered in Spokane, Washington. Avista Corp.'s primary, non-utility subsidiary was Ecova, an energy and sustainability management company with over 700 expense management customers, representing more than 600,000 sites. In 2014 Ecova was sold to Cofely, a subsidiary of GDF Suez.[3]

The company was founded in 1889[4] as Washington Water Power Company, until 1998 when the board of directors approved a name change to Avista Utilities. At that time, the company also bought naming rights for Spokane's minor league baseball park, Avista Stadium.

History

Washington Water Power was founded in 1889 helping the new and booming city of Spokane Falls to have more power. Using the Spokane river, the idea was that the town could use water power. Trustees of the Edison Electric Illuminating Company asked for people to back them up in their project from New York to build a power station on the river. The people in New York refused saying that water power had little to no value. 10 stockholders took up the project themselves, defying the people in New York, and founded the company of Washington Water Power.[5]

Washington Water Power expanded into Oregon and California by acquiring the natural gas operations of CP National from Alltel in 1989.[6] The California operations were sold to Southwest Gas in 2005.[7]

In 2014, Avista acquired Alaska Electric Light and Power Company, the electric utility for Juneau, Alaska.[8]

Lawsuits

On September 27, 2002, Avista was sued for issuing false and misleading statements concerning its business and financial condition, including failing to disclose that Avista was engaged in highly risky energy trading activities with Enron and Portland General Electric.[9] On December 20, 2007, Avista agreed to a $9.5 million settlement.

Restatement

On February 20, 2002, the company had voluntarily adjusted the amount originally allocated to IPR&D and will restate its third quarter 1998 consolidated financial statements accordingly.[10]

References

  1. ↑ "Form 10-K 2014 Avista Corporation". SEC. Retrieved 29 April 2015.
  2. ↑ "Avista Corp. 2012 Shared Value Report". Avista Corp. Retrieved 10 September 2012.
  3. ↑ "Our History". Avista Corp. Retrieved 13 December 2014.
  4. ↑ "Avista Legacy Timeline". Retrieved 10 September 2012.
  5. ↑ http://www.avistautilities.com/inside/history/Pages/default.aspx
  6. ↑ "WASHINGTON WATER POWER COMPANY - Company Profile, Information, Business Description, History, Background Information on WASHINGTON WATER POWER COMPANY". Retrieved 2014-12-03.
  7. ↑ "Avista Leaves CA; Southwest Gas Assumes S. Tahoe Utility Customers". Retrieved 2014-12-03.
  8. ↑ Westmoreland, Charles L. (2014-07-01). "Avista, AEL&P seal the deal". Juneau Empire. Retrieved 2014-12-03.
  9. ↑ "Class Action Lawsuit Against Avista".
  10. ↑ "Avid Technology Announces Revaluation of Acquisition Charges; First Quarter 1999 Revenue Expected to be Approximately 6% - 10% Above Prior Year".

External links