Avista

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Avista Utilities
Type Public
Traded as NYSEAVA
Industry Energy, private utility
Founded Spokane, Washington
(As Washington Water Power), 1889
Headquarters Spokane, Washington
Key people Scott Morris, Chairman and CEO[when?]
Products Electricity and natural gas
Employees 1,550[when?][citation needed] 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[citation needed] employees provides electricity, natural gas, and other energy services to 359,000 electric and 320,000 natural gas customers[citation needed] 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.[1]

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 is Ecova, an energy and sustainability management company with over 700[citation needed] expense management customers, representing more than 600,000[citation needed] sites.

The company was founded in 1889[2] 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.

Lawsuits[edit]

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.[3] On December 20, 2007, Avista agreed to a $9.5 million settlement.

Restatement[edit]

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.[4]

References[edit]

External links[edit]

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