Avista Corp 8-K, filed Mar 9, 2020
Avista Corp (AVA)
8-K
2020-03-09
For: 2020-03-06
View Original
Added on
April 12, 2026
About this 8-K
Avista Corp filed this 8-K on March 9, 2020, reporting on events of March 6, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 6, 2020
(Exact name of registrant as specified in its charter)
(State of other jurisdiction of incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: 509 -489-0500
Web site: http://www.myavista.com
(Former name or former address, if changed since last report) | ||
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Section 8 – Other Events
Item 8.01 Other Events.
On March 6, 2020, Avista Corporation (Avista Corp. or the Company) received an order from the Washington Utilities and Transportation Commission (WUTC or Commission) that will require it to refund $8.4 million to customers as a result of the appeal and remand of the Company’s 2015 general rate cases.
The refund amount that will be on customer bills and the way it will be distributed will be determined in Avista Corp.’s ongoing 2019 general rate cases. The Commission must issue an order in the 2019 rate cases by March 31.
The Company accrued a $3.6 million liability in 2019. As such, in the first quarter of 2020, the Company will record an additional liability of $4.8 million for refunds to customers.
The Public Counsel Section of the Washington Attorney General’s Office, a party to Avista Corp.’s general rate cases, appealed the Commission’s decision in the 2015 rate case. In August of 2018, the Washington State Court of Appeals issued its Opinion on the appeal.
In its Opinion, the Court concluded that a rate-making method used to calculate a portion of customer rates in the Commission’s decision was not in line with the law, and the Court sent the case back to the Commission to recalculate rates that were in place for 2016. The Commission began the regulatory process to recalculate rates in May of 2019.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits |
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
AVISTA CORPORATION | ||
(Registrant) | ||
Date: | March 9, 2020 | /s/ Mark T. Thies |
Mark T. Thies | ||
Executive Vice President, | ||
Chief Financial Officer, and Treasurer | ||
Exhibit 99.1
Contact:
Investors: John Wilcox (509) 495-4171, john.wilcox@avistacorp.com
Media: David Vowels 509-495-7956, david.vowels@avistacorp.com
Avista 24/7 Media Access (509) 495-4174
Avista receives Commission order regarding 2015 general rate cases
$8.4 million customer refund will be distributed as part of ongoing 2019 general rate case
SPOKANE, Wash., March 06, 2020 Avista (NYSE: AVA) today received an order from the Washington Utilities and Transportation Commission (WUTC or Commission) that will refund $8.4 million to Avista’s customers as a result of the appeal and remand of the Company’s 2015 general rate cases.
“We believe this outcome is fair and reasonable for our customers, shareholders and Avista,” said Dennis Vermillion, Avista president and CEO. “We take our responsibility to provide safe, reliable energy at an affordable price seriously, and we work hard every day to deliver value for those we serve.”
The refund amount that will be on customer bills and the way it will be distributed will be determined in Avista’s ongoing 2019 general rate cases. The Commission must issue an order in the 2019 rate cases by March 31.
Background
The Public Counsel Section of the Washington Attorney General’s Office, a party to Avista’s general rate cases, appealed the Commission’s decision in the 2015 rate case. In August of 2018, the Washington State Court of Appeals issued its Opinion on the appeal.
In its Opinion, the Court concluded that a rate-making method used to calculate a portion of customer rates in the Commission’s decision was not in line with the law, and the Court sent the case back to the Commission to recalculate rates that were in place for 2016. The Commission began the regulatory process to recalculate rates in May of 2019.
About Avista Corp.
Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is the operating division that provides electric service to 393,000 customers and natural gas to 361,000 customers. Its service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.7 million. Alaska Energy and Resources Company is an Avista subsidiary that provides retail electric service in the city and borough of Juneau, Alaska, through its subsidiary Alaska Electric Light and Power Company. Avista stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.avistacorp.com.
This news release contains forward-looking statements regarding the company’s current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from the expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2019.
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