In 2012, Ecova managed bills totaling $19.4 billion, an increase of $1.1 billion as compared to 2011. This increase was due to an increase in the number of accounts managed (mostly due to acquisitions), partially offset by a decrease in the average value of each bill (due in part to a decline in natural gas rates). The increases in the number of accounts and the total bills managed indicate an increase in the use of Ecova's services and provides support for potential future revenue growth.
Other Businesses: The decline in results was due in part to losses on investments of $3.3 million for 2012 compared to $0.5 million for 2011. The losses for 2012 were primarily the result of an impairment loss of $2.4 million pre-tax ($1.5 million after-tax) recognized during the third quarter of 2012 related to the impairment of our investment in a fuel cell business and the write-off of our investment in a solar energy company. There were increased professional service costs, including increased litigation costs related to the previous operations of Avista Energy. In addition, we experienced increased costs for strategic consulting and other corporate costs related to exploring various non-utility opportunities. These losses were partially offset by METALfx, which had net income of $1.2 million for 2012 and $1.4 million for 2011. Over time, we may dispose of investments and phase out operations that do not fit with our overall corporate strategy.
Liquidity and Capital Resources: We have a $400 million committed line of credit with various financial institutions with an expiration date of February 2017. As of Dec. 31, 2012, there were $52.0 million of cash borrowings and $35.9 million in letters of credit outstanding, leaving $312.1 million of available liquidity under this line of credit.
In November 2012, we issued $80 million of 4.23 percent First Mortgage Bonds due in 2047. Net total proceeds from the sale of the new bonds were used to repay a portion of the borrowings outstanding under our $400 million committed line of credit and for general corporate purposes. There are $50 million in First Mortgage Bonds maturing in 2013, and we expect to issue up to $100 million of long-term debt during the second half of 2013.
As of Dec. 31, 2012, we had 1.8 million shares of common stock available to be issued under sales agency agreements. In 2012, we sold 0.9 million shares of common stock for a total of $29.1 million (net of issuance costs), including $23.4 million (net of issuance costs) under sales agency agreements. In 2013, we expect to issue up to $50 million of common stock in order to maintain our capital structure at an appropriate level for our business, with the majority of the issuances in the second half of the year.
We are making significant capital investments in generation, transmission and distribution systems to preserve and enhance service reliability for our customers and replace aging infrastructure. Utility capital expenditures were $271.2 million for 2012. We expect utility capital expenditures to be about $260 million for each of 2013 and 2014.
Ecova has a $125 million committed line of credit agreement with various financial institutions with an expiration date of July 2017. As of Dec. 31, 2012, Ecova had $54 million of borrowings outstanding under its committed line of credit agreement. Based on certain covenant conditions contained in the credit agreement, at Dec. 31, 2012, Ecova could borrow an additional $5.6 million and still be compliant with the covenants.
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