Avista

{{Infobox company

| logo = Avista logo.svg

| logo_size = 200px

| image = AvistaUtilities.jpg

| image_size = 230px

| image_upright =

| image_alt =

| image_caption = Avista Utilities corporate offices

| name = Avista Corporation

| industry = Energy, private utility

| former_name = Washington Water Power

| type = Public

| traded_as = {{NYSE|AVA}}
S&P 600 component

| foundation = 1889, {{Years or months ago|1889}} {{nowrap|(as Washington Water Power)}}

| location = 1411 E Mission Ave

| hq_location_city =
Spokane, Washington

| hq_location_country = U.S.

| products = Electricity and natural gas

| key_people = Dennis P Vermillion
Chairman and CEO October 1, 2019-present

| revenue = {{increase}} $1.473 billion{{cite web | url=https://www.sec.gov/Archives/edgar/data/104918/000010491815000044/ava-20141231x10k.htm#sC82372F915A80D6A60A8E343CAADB391 | title=Form 10-K 2014 Avista Corporation | publisher=SEC | access-date=29 April 2015}}

| operating_income = {{increase}} $257.6 million (2023)

| net_income = {{increase}} $171 million (2023)

| num_employees = 1,982

| subsid = Alaska Electric Light & Power

| homepage = {{URL|http://www.myavista.com/}}
{{URL|https://outagemap.myavista.com/external/default.html| 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|date=October 2012}} employees provide electricity, natural gas, and other energy services to 359,000 electric and 320,000 natural gas customers{{citation needed|date=October 2012}} in three western states. The service territory covers {{convert|30000|sqmi}} in eastern Washington, northern Idaho, and parts of southern and eastern Oregon, with a population of 1.5 million.{{cite web|title=Avista Corp. 2012 Shared Value Report|url=http://www.avistautilities.com/inside/sharedvalue2012/Documents/FlipBook/index.aspx|publisher=Avista Corp|access-date=10 September 2012}}

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|date=October 2012}} expense management customers, representing more than 600,000{{citation needed|date=October 2012}} sites. In 2014, Ecova was sold to Cofely, a subsidiary of GDF Suez.{{cite web|title=Our History|url=http://www.ecova.com/about-us/our-history.aspx|publisher=Avista Corp|access-date=13 December 2014}}

The company was founded {{Years or months ago|1889}} in 1889 as Washington Water Power Company.{{cite news|url=https://news.google.com/newspapers?id=vWpfAAAAIBAJ&pg=5907%2C1104713 |work=Lewiston Morning Tribune |agency=Associated Press |last=Wiley |first=John K. |title=WWP's name changed to Avista Corp. |date=January 5, 1999 |page=7A}}{{cite web|title=Avista Legacy Timeline|url=http://www.avistalegacy.com/|access-date=10 September 2012}} 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, {{nowrap| January 4.{{cite news|url=https://news.google.com/newspapers?id=A9NYAAAAIBAJ&pg=6789%2C3285107 |work=Spokesman-Review |last=Caldwell |first=Bert |title=It's officially Avista |date=January 5, 1999 |page=A6}}{{cite news |url=http://services.corporate-ir.net/SEC.Enhanced/SecCapsule.aspx?c=97267&fid=785555 |publisher=Avista Corporation |title=SEC filing |agency=press release |date=January 4, 1999 |access-date=June 17, 2015}}}}

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

History

File:Post Street Electric Substation.jpg, 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,{{cite news |url=https://news.google.com/newspapers?id=utcUAAAAIBAJ&pg=6644%2C1898465 |newspaper=Spokesman-Review |title=Spokane Falls are almost dry |date=September 28, 1904 |page=7 }}{{cite news |url=https://news.google.com/newspapers?id=FrpXAAAAIBAJ&pg=6766%2C2127611 |newspaper=Spokane Daily Chronicle |title=Seek Power Plant at Rapids |date=February 8, 1910 |page=2 }} 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.{{Cite web|url=http://www.avistautilities.com/inside/history/Pages/default.aspx|title = Avista Utilities - an Energy Company}}

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.{{Cite web|url=https://historylink.org/File/11211|title=Washington Water Power/Avista|website=historylink.org|access-date=2020-03-03}}

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.

Washington Water Power expanded in Oregon and into California by acquiring the natural gas operations of CP National from Alltel in 1989.{{Cite web | title = WASHINGTON WATER POWER COMPANY - Company Profile, Information, Business Description, History, Background Information on WASHINGTON WATER POWER COMPANY | access-date = 2014-12-03 | url = http://www.referenceforbusiness.com/history2/77/WASHINGTON-WATER-POWER-COMPANY.html }} The California operations were sold to Southwest Gas in 2005.{{Cite web | title = Avista Leaves CA; Southwest Gas Assumes S. Tahoe Utility Customers | date = May 2, 2005 | access-date = 2014-12-03 | url = http://www.naturalgasintel.com/articles/12786-avista-leaves-ca-southwest-gas-assumes-s-tahoe-utility-customers }}

In 2014, Avista acquired Alaska Electric Light & Power, the electric utility for Juneau in an all stock transaction worth $170 million.{{cite news | last = Westmoreland | first = Charles L. | title = Avista, AEL&P seal the deal | work = Juneau Empire | access-date = 2018-02-17 | date = 2014-07-01 | url = http://juneauempire.com/local/2014-07-02/avista-aelp-seal-deal | archive-url = https://web.archive.org/web/20140729060217/http://juneauempire.com/local/2014-07-02/avista-aelp-seal-deal | archive-date = July 29, 2014 | url-status = dead }}

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.{{cite news|url=https://www.utilitydive.com/news/avista-utilities-asks-washington-state-regulators-to-approve-electric-vehic/413995/|title=Avista Utilities asks Washington state regulators to approve electric vehicle charger pilot|work=Utility Dive|access-date=2018-11-24|language=en-US}}

In 2017, Ontario-based electrical utility Hydro One agreed to purchase Avista.{{cite web| url = http://www.cbc.ca/news/business/hydro-one-avista-1.4213159| title = Hydro One signs blockbuster deal to buy Avista for $6.7B in cash {{!}} CBC News}}

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 vowing to fire him if elected.{{Cite web|url=https://toronto.ctvnews.ca/washington-state-regulators-reject-hydro-one-s-takeover-of-avista-corp-1.4206381|title = Washington State regulators reject Hydro One's takeover of Avista Corp|date = December 5, 2018}}

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.{{cite web|url=http://www.thefreelibrary.com/Lovell+Stewart+Halebian+LLP+Announces+Class+Action+Lawsuit+Against...-a092425636| title= Class Action Lawsuit Against Avista}} On December 20, 2007, Avista agreed to a $9.5 million settlement.

Restatement

On February 20, 2002, the company voluntarily adjusted the amount originally allocated to IPR&D, stating its intent to restate its third quarter 1998 consolidated financial statements accordingly{{update|date=May 2020}}.{{cite web |url=http://www.thefreelibrary.com/Avid+Announces+Record+First+Quarter+Revenue.-a073408849 |title= Avid Technology Announces Revaluation of Acquisition Charges; First Quarter 1999 Revenue Expected to be Approximately 6% - 10% Above Prior Year}}

Other media

In the movie Vision Quest, Matthew Modine's character Louden Swain 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.