Avista: Settlement Deal In Washington Electric, Natural Gas Rate Requests

(RTTNews) - Avista (AVA) said Monday the company and all of the parties in its electric and natural gas general rate case filings have reached a settlement agreement that, if approved by the Washington Utilities and Transportation Commission (Commission or UTC), would conclude the general rate requests filed in Feb this year. New rates would take effect on Jan. 1, 2015.

If approved, the settlement would increase annual electric base revenues by 1.4 percent or $7.0 million and annual natural gas base revenues by 5.6 percent or $8.5 million.

"We believe the proposed settlement agreement is fair and reasonable and represents positive outcomes for our customers, the company and our shareholders," said Dennis Vermillion, Avista Corp. senior vice president and president of Avista Utilities.