Multiparty settlement would see Avista’s annual electric and natural gas revenues rise in 2023, 2024
As part of a multiparty settlement between Avista, Staff of the Idaho Public Utilities Commission, Clearwater Paper Corporation, Idaho Forest Group, LLC, and Walmart Inc., annual base electric revenues for the utility could increase $22.1 million this September and by another $4.3 million in 2024.
These proposed increases, as submitted to the Idaho Public Utilities Commission, would represent an 8 percent and 1.4 percent rise, respectively. They are not alone, either. Natural gas base revenues would also increase, although at a much smaller rate, in September of each year: $1.3 million (2.7 percent) in 2023, followed by $.003 million (0.01 percent) in 2024.
“This settlement agreement will provide new rates in Idaho that are fair and reasonable for our customers, the Company, and our shareholders,” Dennis Vermillion, Avista president and CEO, said. “We view this outcome as being constructive as it provides us with the opportunity to earn a fair return in Idaho and supports Avista’s efforts to invest in and maintain our infrastructure so we can continue to provide the reliable energy our customers expect.”
If approved, this would lead to bill increases for residential customers. On the electric side, an average customer using 927 kW hours per month would see their bills rise by 11.9 percent, or about $10.15 per month, as of Sept. 1, 2023. This would be followed by an additional 2.2 percent increase, or $2.06 per month, on Sept. 1, 2024. On the gas side, an average residential customer using 64 therms per month would see bill increases of 1.6 percent, or $1.20 per month, and $0.03 per month, respectively. Rate schedule and actual use will factor in here, though.
Avista’s original request would have bumped its base electric revenues by $37.5 million, or 14.7 percent, and $13.2 million, or 4.5 percent, respectively. On the natural gas side, the rate request had asked for $2.8 million, or 2.7 percent, and $0.1 million, or 0.1 percent, respectively.
The Idaho Public Utilities Commission will now review the settlement and consider it for approval.
