Spokane

Avista Corp., headquartered in Spokane, WA, announced Wednesday it plans to implement several measures to improve its liquidity, conserve cash and reduce its debt. Rocked by internal problems and federal investigations of its Avista Energy unit that resulted in a $2 million fine, the company plans to sell 50% of its stake in the 280 MW Coyote Springs 2 power project under construction near Boardman, OR, to Mirant and reduce its utility capital expenditures by $15 million through the end of this year and another $40 million in 2002.

Gary G. Ely, a 34-year-veteran of Spokane, WA-based Avista Corp., was elected chairman of the board, and will retain his titles of president and CEO. He succeeds Larry A. Stanley as chairman, who retired after serving on the board since 1991 and as non-executive chairman since last November. Ely, 53, was named president and CEO in November 2000 after briefly serving as acting president and CEO. He had held the position of executive vice president of Avista before that. In recent months, Ely has been credited with helping Avista Utilities regain its financial strength and with developing a long-term strategy on power issues.

Gary G. Ely, a 34-year-veteran of Spokane, WA-based Avista Corp., was elected chairman of the board, and will retain his titles of president and CEO. He succeeds Larry A. Stanley as chairman, who retired after serving on the board since 1991 and as non-executive chairman since last November. Ely, 53, was named president and CEO in November 2000 after briefly serving as acting president and CEO. He had held the position of executive vice president of Avista before that. In recent months, Ely has been credited with helping Avista Utilities regain its financial strength and with developing a long-term strategy on power issues.

Newport Generation Inc. last Monday said it plans to build a 1,300 MW power plant in Rathdrum, ID, 32 miles northeast of Spokane, WA.

Newport Generation Inc. yesterday said it plans to build a 1,300 MW power plant in Rathdrum, ID, 32 miles northeast of Spokane, Wash.

Avista Corp.’s T.M. “Tom” Matthews has stepped down as chairman,president and CEO of the Spokane, WA.-based energy company to spendmore time with his family, but has agreed to stay through the end ofthe year in a senior executive role. Matthews, 53, joined Avista in1998. The board of directors appointed Avista Executive Vice PresidentGary G. Ely, 53, as acting president and CEO. The board also said it”remains fully supportive of the company’s strategic direction.”Considered an emerging energy star just last year, the company hasbeen rocked by poor earnings and shareholder lawsuits this yearstemming from some questionable trading decisions made in April (seeDaily GPI, Aug. 1, June 22). However, last week, the companysaid it would report third quarter earnings that were above consensusestimates, earning 52 cents a share (see Daily GPI, Oct. 16).

Avista Corp., based in Spokane, WA, got on board the technologystock express last week as Washington state neighbor, Bill Gatestook a 5% stake in the company and Avista’s stock price just aboutdoubled.

Avista Corp., based in Spokane, WA, got on board the technologystock express last week as Washington state neighbor Bill Gatestook a 5% stake in the company and Avista’s stock price just aboutdoubled.

Avista Corp. of Spokane, WA, its first-quarter earnings pershare could fall as much as 15 cents per share below securitiesanalysts’ current consensus first quarter estimate of 49 cents pershare. However, CEO T.M. Matthews said the company is stillcomfortable with analyst expectations of earnings for the year ofbetween $1.55-$1.65 per share