Avista

Last updated
Avista Corporation
FormerlyWashington Water Power
Company type Public
NYSE:  AVA
S&P 600 component
Industry Energy, private utility
Founded1889, 135 years ago (as Washington Water Power)
Headquarters1411 E Mission Ave, ,
Key people
Dennis P Vermillion
Chairman and CEO October 1, 2019-present
Products Electricity and natural gas
RevenueIncrease2.svg $1.473 billion [1]
Number of employees
1,982
Subsidiaries Alaska Electric Light & Power
Website www.myavista.com
Outage Map

Avista Corporation is an American energy company which generates and transmits electricity and distributes natural gas to residential, commercial, and industrial customers. Approximately 1,550[ citation needed ] employees provide 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]

Contents

Avista Utilities is the regulated business unit of Avista Corp., an investor-owned utility 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 135 years ago in 1889 as Washington Water Power Company. [4] [5] The board of directors approved a name change to Avista Corporation, effective January 1, 1999, and the company began trading under the Avista name on Monday, January 4. [4] [6] [7]

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

History

The Post Street Substation, which bears the company's original name, and Monroe Street Dam in downtown Spokane, now operated by Avista Post Street Electric Substation.jpg
The Post Street Substation, which bears the company's original name, and Monroe Street Dam in downtown Spokane, now operated by Avista

Washington Water Power was founded in 1889 helping the new city of Spokane Falls to have more power. Using the Spokane River, [8] [9] 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. [10]

In the 1890s through the 1930s, Washington Water Power bought up streetcar companies in the city of Spokane and had cornered the transportation market by 1900. Despite seeing a peak in 1910, ridership declined through the 1930s and Washington Water Power's final streetcar line closed in 1936. The company would never again seek to enter the public transportation market. [11]

In 1892 Washington Water Power purchased a park called Twickenham Park on the banks of the Spokane River. The company renamed the attraction Natatorium Park and expanded it with a large swimming pool in 1895 and it became an all-purpose recreation site for the city. Washington Water Power eventually sold the park in 1929. [11] Washington Water Power expanded in Oregon and into California by acquiring the natural gas operations of CP National from Alltel in 1989. [12] The California operations were sold to Southwest Gas in 2005. [13]

In 2014, Avista acquired Alaska Electric Light & Power, the electric utility for Juneau in an all stock transaction worth $170 million. [14]

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 workplaces, and 45 public areas. [15]

In 2017, Ontario-based electrical utility Hydro One agreed to purchase Avista. [16]

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. [17]

Lawsuits

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

Restatement

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

. [19]

Other media

Matthew Modine's character Louden Swain (Vision Quest) can be seen running over the Monroe Street Bridge with “Washington Water Power” prominently displayed in the background on the historic Washington Water Power Post Street Electric Substation.

Related Research Articles

The British Columbia Hydro and Power Authority, operating as BC Hydro, is a Canadian electric utility in the province of British Columbia. It is the main electricity distributor, serving more than 4 million customers in most areas, with the exception of the City of New Westminster, where the city runs its own electrical department and portions of the West Kootenay, Okanagan, the Boundary Country and Similkameen regions, where FortisBC, a subsidiary of Fortis Inc. directly provides electric service to 213,000 customers and supplies municipally owned utilities in the same area. As a provincial Crown corporation, BC Hydro reports to the BC Ministry of Energy, Mines and Low Carbon Innovation, and is regulated by the British Columbia Utilities Commission (BCUC). Its mandate is to generate, purchase, distribute and sell electricity.

NSTAR was a utility company that provided retail electricity and natural gas to 1.4 million customers in eastern and central Massachusetts, including the Boston urban area. NSTAR became a subsidiary of Northeast Utilities in April 2012. In February 2015, Northeast Utilities and all of its operating companies became one large company known as Eversource Energy.

<span class="mw-page-title-main">Hydro One</span> Electricity transmission and distribution utility serving in Ontario, Canada

Hydro One Limited is an electricity transmission and distribution utility serving the Canadian province of Ontario. Hydro One traces its history to the early 20th century and the establishment of the Hydro-Electric Power Commission of Ontario. In October 1998, the provincial legislature passed the Energy Competition Act which restructured Ontario Hydro into separate entities responsible for electrical generation, transmission/delivery, and price management with a final goal of total privatization.

<span class="mw-page-title-main">Duke Energy</span> American electrical power and natural gas company

Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina.

<span class="mw-page-title-main">CMS Energy</span> Electric and gas company in Jackson, Michigan, US

CMS Energy, based in Jackson, Michigan, is an energy company that is focused principally on utility operations in Michigan. Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents. Its non-utility businesses are focused primarily on domestic independent power production. Consumers Energy has operated since 1886.

The Chelan County Public Utility District, or Chelan County PUD, provides electric, water, wastewater public utility and telecommunications services in Chelan County, in north-central Washington, USA.

<span class="mw-page-title-main">Exelon</span> American utility company

Exelon Corporation is a public utility headquartered in Chicago, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the United States with approximately 10 million customers. The company is ranked 99th on the Fortune 500.

<span class="mw-page-title-main">Constellation Energy</span> Energy company headquartered in Baltimore, Maryland

Constellation Energy Corporation is an American energy company headquartered in Baltimore, Maryland. The company provides electric power, natural gas, and energy management services. It has approximately two million customers across the continental United States.

<span class="mw-page-title-main">DTE Energy</span> Energy company based in Detroit

DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services in the United States and Canada. Its operating units include an electric utility serving 2.2 million customers and a natural gas utility serving 1.3 million customers in Michigan.

<span class="mw-page-title-main">Consumers Energy</span> American public utility

Consumers Energy is an investor owned utility that provides natural gas and electricity to 6.7 million of Michigan's 10 million residents. It serves customers in all 68 of the state's Lower Peninsula counties. It is the primary subsidiary of CMS Energy. The company was founded in 1886 and is currently headquartered in Jackson, Michigan.

<span class="mw-page-title-main">Enmax</span> Calgary, Alberta municipal energy utility

Enmax Corporation is a vertically integrated utility with operations across Alberta, Canada, and in Maine, U.S. Through its subsidiaries, ENMAX Power Corporation and Versant Power, ENMAX owns and operates transmission and distribution utilities that deliver electricity to customers in Calgary, Alberta, and northern and eastern Maine. Through ENMAX Energy Corporation, ENMAX owns and operates power generation facilities and offers electricity and natural gas products and services to residential, commercial and industrial customers across Alberta.

<span class="mw-page-title-main">Integrys Energy Group</span> Former American energy company

Integrys Energy Group, Inc. was an American energy company headquartered in Chicago, Illinois. It was formed by the merger of WPS Resources Corp. and Peoples Energy Corp. on February 21, 2007. The chairman, President, and chief executive officer was Charles A. Schrock. On June 23, 2014, Integrys announced that it was being acquired by Wisconsin Energy Corporation for $9.1 billion. Also in 2014, Integrys entered into an agreement to sell 100% of the Upper Peninsula Power Company (UPPCO) to Balfour Beatty Infrastructure Partners LP for $298.9 million.

WEC Energy Group is an American company based in Milwaukee, Wisconsin that provides electricity and natural gas to 4.4 million customers across four states.

<span class="mw-page-title-main">Itron</span> American technology company

Itron is an American technology company that offers products and services for energy and water resource management. It is headquartered in Liberty Lake, Washington, United States. The company's products measure and analyze electricity, gas and water consumption. Its products include electricity, gas, water and thermal energy measurement devices and control technology, communications systems, software, as well as managed and consulting services.

<span class="mw-page-title-main">Economy of Spokane, Washington</span>

The economy of the Spokane Metropolitan Area plays a vital role as the hub for the commercial, manufacturing, and transportation center as well as the medical, shopping, and entertainment hub of the 80,000 square miles (210,000 km2) Inland Northwest region. Although the two have opted not to merge into a single Metropolitan Statistical Area (MSA) yet, the Coeur d'Alene MSA has been combined by the Census Bureau into the Spokane–Coeur d'Alene combined statistical area (CSA). The CSA comprises the Spokane metropolitan area and the Coeur d'Alene metropolitan area anchored by Coeur d'Alene, Idaho. According to the U.S. Bureau of Labor Statistics, the Spokane metropolitan area has a workforce of about 287,000 people and an unemployment rate of 5.3 percent as of February 2020; the largest sectors for non–farm employment are education and health services, trade, transportation, and utilities, and government. The Coeur d'Alene metropolitan area has a workforce of 80,000 people and an unemployment rate of 6.8% as of June 2020; the largest sectors for non-farm employment are trade, transportation, and utilities, government, and education and health services as well as leisure and hospitality. In 2017, the Spokane–Spokane Valley metropolitan area had a gross metropolitan product of $25.5 billion while the Coeur d'Alene metropolitan area was $5.93 billion.

<span class="mw-page-title-main">PECO Energy Company</span> Energy company

PECO, formerly the Philadelphia Electric Company, is an energy company founded in 1881 and incorporated in 1929. It became part of Exelon Corporation in 2000 when it merged with Commonwealth Edison's holding company Unicom Corp.

Algonquin Power & Utilities Corp. is a Canadian renewable energy and regulated utility conglomerate with assets across North America. Algonquin actively invests in hydroelectric, wind and solar power facilities, and utility businesses, through its three operating subsidiaries: Bermuda Electric Light Company, Liberty Power and Liberty Utilities.

Energy Trust of Oregon is an independent nonprofit organization based in Portland, Oregon, United States. Energy Trust offers services, cash incentives, and other stuff to customers of Portland General Electric, Pacific Power, NW Natural, Cascade Natural Gas, and Avista in Oregon and customers of NW Natural in Washington.

Unitil Corporation is an interstate electricity and natural gas utility company that provides services for New Hampshire, Massachusetts and Maine. Its earliest predecessor company, the Portland Gas Light Company, was founded in Maine in 1849. The current company was set up in 1984 and is based in New Hampshire. With a market cap of 686.51M, it provides electric services to about 102,400 customers and natural gas to over 75,900 customers. The service territory of Unitil includes business districts and recreational centers as well as commercial and industrial business, such as electronic component manufacturers and education institutes. The company has an enterprise value of $766.54 million. The non-utility business is operated through the company's subsidiary, U-source, which is a national energy brokering and consulting company.

<span class="mw-page-title-main">Electric Bond and Share Company</span>

The Electric Bond and Share Company (Ebasco) was a United States electric utility holding company organized by General Electric. It was forced to divest its holding companies and reorganize due to the passage of the Public Utility Holding Company Act of 1935. Following the passage of the Act, the U.S. Securities and Exchange Commission (SEC) selected the largest of the U.S. holding companies, Ebasco to be the test case of the law before the U.S. Supreme Court. The court case known as Securities and Exchange Commission v. Electric Bond and Share company was settled in favor of the SEC on March 28, 1938. It took twenty-five years of legal action by the SEC to break up Ebasco and the other major U.S. electric holding companies until they conformed with the 1935 act. It was allowed to retain control of its foreign electric power holding company known as the American & Foreign Power Company (A&FP). After its reorganization, it became an investment company, but soon turned into a major designer and engineer of both fossil fuel and nuclear power electric generation facilities. Its involvement in the 1983 financial collapse of the Washington Public Power Supply System's five nuclear reactors led to Ebasco's demise because of the suspension of nuclear power orders and lawsuits that included numerous asbestos claims. The U.S. nuclear industry stopped all construction of new facilities following the 1979 nuclear meltdown at Three Mile Island, going into decline because of radiation safety concerns and major construction cost overruns.

References

  1. "Form 10-K 2014 Avista Corporation". SEC. Retrieved April 29, 2015.
  2. "Avista Corp. 2012 Shared Value Report". Avista Corp. Retrieved September 10, 2012.
  3. "Our History". Avista Corp. Retrieved December 13, 2014.
  4. 1 2 Wiley, John K. (January 5, 1999). "WWP's name changed to Avista Corp". Lewiston Morning Tribune. Associated Press. p. 7A.
  5. "Avista Legacy Timeline" . Retrieved September 10, 2012.
  6. Caldwell, Bert (January 5, 1999). "It's officially Avista". Spokesman-Review. p. A6.
  7. "SEC filing". Avista Corporation. press release. January 4, 1999. Retrieved June 17, 2015.
  8. "Spokane Falls are almost dry". Spokesman-Review. September 28, 1904. p. 7.
  9. "Seek Power Plant at Rapids". Spokane Daily Chronicle. February 8, 1910. p. 2.
  10. "Avista Utilities - an Energy Company".
  11. 1 2 "Washington Water Power/Avista". historylink.org. Retrieved March 3, 2020.
  12. "WASHINGTON WATER POWER COMPANY - Company Profile, Information, Business Description, History, Background Information on WASHINGTON WATER POWER COMPANY" . Retrieved December 3, 2014.
  13. "Avista Leaves CA; Southwest Gas Assumes S. Tahoe Utility Customers". May 2, 2005. Retrieved December 3, 2014.
  14. Westmoreland, Charles L. (July 1, 2014). "Avista, AEL&P seal the deal". Juneau Empire. Archived from the original on July 29, 2014. Retrieved February 17, 2018.
  15. "Avista Utilities asks Washington state regulators to approve electric vehicle charger pilot". Utility Dive. Retrieved November 24, 2018.
  16. "Hydro One signs blockbuster deal to buy Avista for $6.7B in cash | CBC News".
  17. "Washington State regulators reject Hydro One's takeover of Avista Corp". December 5, 2018.
  18. "Class Action Lawsuit Against Avista".
  19. "Avid Technology Announces Revaluation of Acquisition Charges; First Quarter 1999 Revenue Expected to be Approximately 6% - 10% Above Prior Year".