Avista

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Avista Corporation
Public
Traded asNYSEAVA
S&P 600 Component
IndustryEnergy, private utility
Founded1889, 129 years ago (as Washington Water Power)
HeadquartersSpokane, Washington
Key people
Scott Morris
Chairman and CEO[when?]
ProductsElectricity and natural gas
RevenueIncrease US$ 1.473 billion[1]
Number of employees
1,982
WebsiteMyAvista.com Outage Map

Avista Corporation is an American energy company. Avista generates and transmits electricity and distributes natural gas to 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 (78,000 km2) 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[citation needed] expense management customers, representing more than 600,000[citation needed] 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. The board of directors approved a name change to Avista Corporation, effective January 1, 1999. The company began trading under the Avista name on January 4, 1999.[5]

At that time, the company also bought naming rights for Spokane's minor league baseball park, Avista Stadium.

History[edit]

Washington Water Power was founded in 1889 helping the new and booming city of Spokane Falls to have more power. Using the Spokane River,[6][7] the idea was that the town could use hydroelectricity. 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. Defying the people in New York, 10 stockholders stepped up to support the project themselves and formed Washington Water Power to build it.[8]

Washington Water Power expanded in Oregon and into California by acquiring the natural gas operations of CP National from Alltel in 1989.[9] The California operations were sold to Southwest Gas in 2005.[10]

In 2014, Avista acquired Alaska Electric Light & Power, the electric utility for Juneau in an all stock transaction worth $170 million.[11]

Avista supports adoption of electric vehicles. In 2016, Avista proposed a two-year pilot program that would install 265 charging stations for electric cars in the eastern part of Washington state. The program was estimated to cost around $3.1 million. It would install fast electric vehicle charging stations in 120 homes, 100 work places, and 45 public areas.[12]

In 2017, Ontario-based electrical utility Hydro One agreed to purchase Avista.[13]

In December 2018, The Washington Utilities and Transportation Commission rejected the proposed takeover by Hydro-One, saying the Ontario government (its largest shareholder) led by recently elected premier Doug Ford, had interfered politically in Hydro One's business affairs, most glaringly ordering the removal of CEO Mayo Schmidt, who he dubbed "the Six Million Dollar Man" during the election and vowed to fire him if elected.[14]

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.[15] 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.[16]

References[edit]

  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. ^ "SEC filing". Avista Corporation. press release. January 4, 1999. Retrieved June 17, 2015.
  6. ^ "Spokane Falls are almost dry". Spokesman-Review. Spokane, Washington. September 28, 1904. p. 7.
  7. ^ "Seek Power Plant at Rapids". Spokane Daily Chronicle. Washington. February 8, 1910. p. 2.
  8. ^ http://www.avistautilities.com/inside/history/Pages/default.aspx
  9. ^ "WASHINGTON WATER POWER COMPANY - Company Profile, Information, Business Description, History, Background Information on WASHINGTON WATER POWER COMPANY". Retrieved 2014-12-03.
  10. ^ "Avista Leaves CA; Southwest Gas Assumes S. Tahoe Utility Customers". Retrieved 2014-12-03.
  11. ^ Westmoreland, Charles L. (2014-07-01). "Avista, AEL&P seal the deal". Juneau Empire. Retrieved 2018-02-17.
  12. ^ "Avista Utilities asks Washington state regulators to approve electric vehicle charger pilot". Utility Dive. Retrieved 2018-11-24.
  13. ^ http://www.cbc.ca/news/business/hydro-one-avista-1.4213159
  14. ^ https://toronto.ctvnews.ca/washington-state-regulators-reject-hydro-one-s-takeover-of-avista-corp-1.4206381
  15. ^ "Class Action Lawsuit Against Avista".
  16. ^ "Avid Technology Announces Revaluation of Acquisition Charges; First Quarter 1999 Revenue Expected to be Approximately 6% - 10% Above Prior Year".

External links[edit]