Avista

Avista Corporation
Company type	Public
Industry	Energy
Predecessor	Washington Water Power Company
Founded	1889
Founder	Ten founding shareholders
Headquarters	Spokane, United States
Area served	Eastern Washington, northern Idaho, southern and eastern Oregon
Products	Electricity production and transmission, natural gas distribution
Number of employees	1,550
Website	www.avistacorp.com

Avista Corporation is a U.S.-based energy provider engaged in the production and transmission of electricity, as well as the distribution of natural gas to residential, commercial, and industrial clients. The company employs approximately 1,550 individuals who support around 359,000 electric customers and 320,000 natural gas customers within a service area spanning 30,000 square miles across eastern Washington, northern Idaho, and portions of southern and eastern Oregon. This region encompasses an estimated population of 1.5 million people.

Avista Utilities operates as the regulated division of Avista Corporation, an investor-owned utility headquartered in Spokane, Washington. Its main non-utility affiliate was Ecova, a firm specializing in energy and sustainability management that served over 700 clients managing expenses across more than 600,000 locations. Ecova was divested in 2014 to Cofely, a subsidiary under Engie's GDF Suez.

Originally established in 1889 under the name Washington Water Power Company, the enterprise transitioned to the Avista Corporation identity on January 1, 1999, with its stock trading soon following under the new brand. At the same time, Avista secured the naming rights for Spokane’s minor league baseball venue, known as Avista Stadium.

History

The inception of Washington Water Power dates back to 1889 when it was created to harness hydroelectric power from the Spokane River at Spokane Falls. Despite initial doubts from investors in New York who questioned the viability of water-based power generation, ten founding shareholders financed the venture independently, establishing Washington Water Power.

From the late 19th century through the early 20th century, Washington Water Power expanded its holdings by acquiring streetcar lines throughout Spokane. By 1900, it had become the dominant force in local transit. Streetcar ridership peaked around 1910 but gradually declined during the following decades, culminating in the cessation of all streetcar operations by 1936. The company chose not to reinvest in public transportation thereafter.

In 1892, the company acquired Twickenham Park located on the Spokane River, which it renamed Natatorium Park. By 1895, it had enhanced the site with a large swimming facility before eventually selling the park in 1929.

Washington Water Power broadened its reach into Oregon and California by purchasing CP National’s natural gas assets from Alltel in 1989. The California segment of these operations was later sold to Southwest Gas in 2005.

In a $170 million all-stock deal finalized in 2014, Avista expanded its portfolio by acquiring Alaska Electric Light & Power, which serves as Juneau’s electric utility provider.

Committed to advancing electric vehicle use, Avista proposed a $3.1 million pilot initiative in 2016 aimed at deploying 265 fast-charging stations throughout eastern Washington. These installations targeted residential areas, workplaces, and public locations.

In 2017, Hydro One—a utility company based in Ontario—reached an agreement to purchase Avista for $6.7 billion. Nevertheless, this acquisition was blocked by Washington state regulators in December 2018 due to concerns over political interference from Ontario’s government led by Premier Doug Ford. This included allegations of pressure exerted to remove Hydro One’s CEO.

Lawsuits

On September 27, 2002, Avista faced litigation for allegedly providing false and deceptive information regarding its operations and financial status, including a failure to disclose hazardous energy trading dealings involving Enron and Portland General Electric. Subsequently, on December 20, 2007, Avista consented to a settlement amounting to $9.5 million.

Restatement

Avista voluntarily revised the amount designated for IPR&D on February 20, 2002, and declared its intention to restate the consolidated financial statements for the third quarter of 1998 accordingly.

Other media

In the movie Vision Quest, the character Louden Swain, portrayed by Matthew Modine, is depicted running across Spokane’s Monroe Street Bridge, where the historic Post Street Electric Substation prominently displays “Washington Water Power.”

External links