The proposed settlement agreement reflects a 50% equity layer and a 9.8% return on equity (ROE).
The settlement also includes an after-the-fact earnings test for 2013 and 2014, such that if Avista, on a consolidated basis for electric and natural gas operations in Idaho, earns more than 9.8% ROE, Avista would refund to customers 50% of any earnings above the 9.8%.
The settlement agreement is supported by Commission staff and several other parties, and has been filed with the Commission with a request for approval. The agreement is subject to approval by the Commission.
If the Commission approves the settlement, beginning April 1, 2013, a natural gas residential customer in Idaho using an average 60 therms per month would see a $2.82 per month increase for a revised monthly bill of $55.37. Beginning Oct. 1, 2013, that same customer would see an additional increase of $0.31 per month, for a revised monthly bill of $55.68.
If the Commission approves the settlement, beginning Oct. 1, 2013, a residential electric customer in Idaho using an average 930 kilowatt hours per month would see an increase of $2.04 for a revised monthly bill of $80.73.
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 our operating division that provides electric service to 361,000 customers and natural gas to 320,000 customers. Our service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.5 million. Avista's primary, non-utility subsidiary is Ecova, an energy and sustainability management company with over 700 expense management customers, representing more than 600,000 sites. Our 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, 2011 and the Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2012.
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