Spokane

Spokane, WA-based Avista Corp. said its utilities have reached a settlement with the three major parties in pending state of Washington general rate cases for electric and natural gas operations in the state. Avista Utilities filed the settlement with the Washington Utilities and Transportation Commission (WUTC) last Friday, and if it is approved by the state regulatory commission, the agreement will resolve all outstanding issues in the case that was filed last March 30.

Underscoring the growing industry trend of “back-to-basics” utility business focus, Spokane, WA-based Avista Corp. Wednesday reported second quarter results that nearly doubled over the same period last year with almost all of the profits coming from its utility operations. Avista earned $18.6 million, or 38 cents/diluted share, in the second quarter, compared with $10.1 million, or 21 cents/diluted share, for the same period in 2004.

It was a relatively short run with less than 20,000 customers, but Spokane, WA-based Avista Utilities Friday ended its natural gas utility operations in South Lake Tahoe, CA, turning them over to Las Vegas, NV-based Southwest Gas Corp., which is the gas utility distributor in the surrounding mountains and foothills east of Sacramento. Avista said the sale is consistent with its renewed focus on the Pacific Northwest.

Citing Wall Street’s favorable reaction to its utility “back-to-basics” movement, Spokane, WA-based Avista Corp. was elevated to an investment-grade credit (Baa3), albeit the lowest rung, by Moody’s Investors Service, specifically related to about $90 million of debt by the utility holding company. Concurrently, the rating agency assigned the same rating to Avista’s five-year $350 million committed senior secured credit agreement with a December 2009 maturity.

Citing Wall Street’s favorable reaction to its utility “back-to-basics” movement, Spokane, WA-based Avista Corp. was elevated to an investment-grade credit (Baa3), albeit the lowest rung, by Moody’s Investors Service on Friday, specifically related to about $90 million of debt by the utility holding company. Concurrently, the rating agency assigned the same rating to Avista’s five-year $350 million committed senior secured credit agreement with a December 2009 maturity.

With particular ire toward an $11.3 million disallowance of natural gas costs, Spokane, WA-based Avista Corp. last Friday lashed out at the Idaho Public Utilities Commission for an interim order in Avista utilities’ electric and gas general rate case. The disallowance relates to gas purchased for its electric generation plants.

With particular ire toward an $11.3 million disallowance of natural gas costs, Spokane, WA-based Avista Corp. last Friday lashed out at the Idaho Public Utilities Commission for an interim order in Avista utilities’ electric and gas general rate case. The disallowance relates to gas purchased for its electric generation plants.

Citing adverse regulatory decisions, particularly in Idaho, Spokane, WA-based Avista Corp. Thursday reported a third quarter loss of $9.8 million, or 20 cents/diluted share. The company revised its 2004 and 2005 earnings estimates upward, but the prospective gains were offset by the 20-cent/share impact of regulatory disallowances handed out in the third quarter.

Citing adverse regulatory decisions, particularly in Idaho, Spokane, WA-based Avista Corp. Thursday reported a third quarter loss of $9.8 million, or 20 cents/diluted share. The company revised its 2004 and 2005 earnings estimates upward, but the prospective gains were offset by the 20-cent/share impact of regulatory disallowances handed out in the third quarter.