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Avista Corp. Reports Improved Financial Results for Fiscal Year and the Fourth Quarter 2009
Board of Directors Increases Common Stock Dividend by 19 Percent

SPOKANE, Wash., Feb. 18 // -- Avista Corp. (NYSE: AVA) today reported net income attributable to Avista Corp. of $87.1 million, or $1.58 per diluted share, for the year ended Dec. 31, 2009, compared to $73.6 million, or $1.36 per diluted share, for the year ended Dec. 31, 2008.  For the fourth quarter of 2009 net income attributable to Avista Corp. was $22.1 million, or $0.40 per diluted share, compared to $17.5 million or $0.32 per diluted share for the fourth quarter of 2008.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20091223/AVISTALOGO)

"Overall, we are pleased with our results for 2009, which showed considerable improvement over 2008," said Avista Chairman, President and Chief Executive Officer Scott L. Morris.  

"We are also pleased to announce that on Feb. 12, 2010, our board of directors increased the common stock dividend to $0.25 per diluted share. The dividend increase is indicative of the board's confidence in our continued progress toward achieving our goals, and it provides a demonstration of that confidence to our shareholders.

"In 2009, we made progress in the recovery of our costs and capital investments in our generation, transmission and distribution infrastructure.  We reset general rates in all of our jurisdictions since the middle of 2009.  

"Although we were disappointed with the Washington Commission's decision in our general rate case, which authorized a rate increase effective Jan. 1, 2010, the order provides additional guidance for procedures and documentation that we believe will facilitate improved cost recovery in the future.

"Even in these challenging economic times this past year, the number of retail customers grew with net additions of over 2,000 natural gas customers and 1,800 electric customers.

"Our power supply costs were less than the amount included in retail rates in Washington primarily due to lower wholesale electric and natural gas fuel prices.  However, this was partially offset by below normal hydroelectric generation and an extended outage at the Colstrip Plant in Montana.  The net result was a benefit under the Energy Recovery Mechanism.  

"Also, contributing to our improved results for 2009 as compared to 2008 were lower interest costs, resulting from financing transactions and decisions we made in 2008 and 2009.

"We continued to strengthen our financial position with the September 2009 issuance of $250 million of long-term debt with an interest rate of 5.125 percent and the reduction in deferred power cost balances.  We have also been able to fund a significant portion of our capital expenditures with cash flows from operations.  

"In November, we lowered natural gas rates for customers in all jurisdictions, ranging from 22 to 26 percent, because of a decline in wholesale prices.  In Washington and Idaho, this was the third reduction in natural gas rates in 2009.  These Purchased Gas Adjustments are designed to pass through changes in natural gas costs to our customers with no change in gross margin or net income.  

"In addition, the Washington Commission approved our request to lower electric rates for our Washington customers by 7 percent effective Feb. 12, 2010, through the elimination of the Energy Recovery Mechanism surcharge.  The surcharge was eliminated because the previous balance of Washington deferred power costs has been substantially recovered.  The elimination of the surcharge will not change gross margin or net income.    

"Lastly, we are confirming our 2010 earnings guidance, and I believe we are well positioned to continue our long-term earnings growth," Morris said.

Fourth Quarter and Fiscal Year 2009 Highlights

Avista Utilities:  Avista Utilities contributed net income of $86.7 million, or $1.58 per diluted share, for 2009 compared to $70.0 million or $1.30 per diluted share, for 2008.  For the fourth quarter of 2009, Avista Utilities contributed net income of $23.5 million, or $0.43 per diluted share, compared to $18.2 million or $0.33 per diluted share, for the fourth quarter of 2008.  The increase in our annual and quarterly utility net income was due in part to an increase in gross margin (operating revenues less resource costs).  The increase in gross margin was primarily due to the implementation of the general rate increases in Washington and Idaho, which more closely reflect the costs of providing service to customers.  

The improvement in annual results also reflects a decrease in interest expense, net of capitalized interest, of $8.5 million that was achieved by refinancing maturing higher cost debt with lower cost long-term debt.  Lower interest rates on borrowings under our $320 million committed line of credit also contributed to the decrease in interest expense.  

In addition, results for 2009 were positively impacted by adjustments related to Internal Revenue Service audits and adjustments for the 2008 filed federal tax return.  In total, these adjustments (recorded in the third quarter of 2009) had a favorable impact on recorded income tax expense of $3.2 million.

These positive impacts on net income were partially offset by an increase in other operating expenses, depreciation and amortization, and taxes other than income taxes.      

We had a benefit of $3.0 million under the Washington Energy Recovery Mechanism (ERM) for fiscal year 2009 compared to an expense of $7.4 million for 2008, which increased electric gross margin and income from operations by $10.4 million in 2009 as compared to 2008. The ERM is an accounting method used to track certain differences between actual net power supply costs and the amount included in base retail rates for our Washington customers.      

We had a benefit of $9.1 million under the ERM in the fourth quarter of 2009 compared to an expense of $0.1 million in the fourth quarter of 2008, which increased electric gross margin and income from operations by $9.2 million in the fourth quarter of 2009 as compared to the fourth quarter of 2008.  

Avista Utilities' operating revenues decreased $177.5 million for 2009 as compared to 2008 due to decreased natural gas revenues of $179.8 million, partially offset by increased electric revenues of $2.3 million.  The decrease in natural gas revenues was primarily the result of decreased wholesale revenues of $138.1 million (due to decreased prices, offset by increased volumes) and retail natural gas revenues of $44.5 million (primarily due to decreased prices and partially due to decreased volumes).  These decreases were partially offset by an increase in other natural gas revenues.  

The increase in electric revenues was primarily due to increased retail revenues of $68.8 million (primarily due to the Washington general rate increase implemented on Jan. 1, 2009 and the Idaho general rate increases implemented on Oct. 1, 2008 and Aug. 1, 2009), partially offset by decreased wholesale revenues of $53.3 million (due to a decrease in prices, partially offset by an increase in volumes) and sales of fuel of $11.7 million.

Resource costs for Avista Utilities decreased $232.5 million for 2009 as compared to 2008 due to decreases in natural gas resource costs of $186.1 million and electric resource costs of $46.3 million.  The decrease in natural gas resource costs primarily reflects a decrease in the price of natural gas purchases.  The decrease in electric resource costs was primarily due to a decrease in fuel costs (due to a decrease in thermal generation and natural gas fuel prices).  

Utility other operating expenses increased $23.4 million for 2009 as compared to 2008 primarily due to an increase of $8.9 million in electric generation operating and maintenance expenses, an increase of $4.3 million in natural gas distribution and service costs, as well as a $10.7 million increase in pension and other benefit costs.  

Utility depreciation and amortization increased $5.9 million for 2009 as compared to 2008 primarily due to additions to utility plant.

Utility taxes other than income taxes increased $4.5 million for 2009 as compared to 2008 due to increased revenue-related taxes and increased property taxes.  

Advantage IQ:  Advantage IQ's net income attributable to Avista Corporation was $5.3 million, or $0.09 per diluted share, for 2009 compared to $6.1 million or $0.11 per diluted share, for 2008.  For the fourth quarter of 2009, Advantage IQ's net income attributable to Avista Corporation was $1.5 million, or $0.03 per diluted share, compared to $1.4 million or $0.03 per diluted share, for the fourth quarter of 2008.  The decrease for 2009 as compared to 2008 was primarily due to lower short-term interest rates (which decreases interest revenue on funds held for customers), the decrease in our ownership percentage in the business in connection with the acquisition of Cadence Network effective July 2, 2008 and increased amortization of intangible assets (related to the Cadence Network and Ecos Consulting acquisitions).  During 2009, we experienced slower internal growth at Advantage IQ than was originally expected, as some of its clients are experiencing bankruptcies and store closures in these difficult economic times.  Additionally, interest revenue was lower in 2009 due to the historic low short-term interest rate environment that we are experiencing, which is expected to continue in 2010.  The decrease in interest revenue was offset by other customer billing services, which increased operating revenues for 2009 as compared to 2008.  

Advantage IQ's revenues for 2009 increased 31 percent as compared to 2008 and totaled $77.3 million.  The increase in revenues was primarily due to the third quarter 2008 acquisition of Cadence Network and the third quarter 2009 acquisition of Ecos Consulting, as well as other customer billing services.  These increases in operating revenues were partially offset by a decrease in interest revenue on funds held for customers (due to a decrease in interest rates).  

In 2009, Advantage IQ managed bills totaling $17.4 billion, an increase of $0.7 billion, or 4 percent, as compared to 2008.  The acquisition of Cadence Network added $1.7 billion in managed bills for 2009 as compared to 2008.  Advantage IQ had a 6 percent increase in the number of accounts managed at December 31, 2009 as compared to December 31, 2008.

Other Businesses: For 2009, the net loss attributable to Avista Corporation was $0.09 per diluted share for the other businesses, compared to a net loss of $0.05 for 2008.  For the fourth quarter of 2009, the net loss attributable to Avista Corporation was $0.06 per diluted share for the other businesses, compared to a net loss of $0.04 for the fourth quarter of 2008.  Contributing to the net loss attributable to Avista Corporation for the full year and fourth quarter of 2009 was a $3.0 million impairment of a commercial building.  Losses on long-term venture fund investments were $0.8 million in 2009 compared to $1.4 million in 2008.      

Summary Results: Avista Corp.'s results for the fourth quarter of 2009 and the year ended Dec. 31, 2009, as compared to the respective periods of 2008 are presented in the table below:

    
    
    
    
    ($ in thousands,
     except per-
     share data)                Q4 2009     Q4 2008     Year 2009   Year 2008
    ----------------            -------     -------     ---------   ---------
    Operating Revenues         $403,292    $447,461    $1,512,565  $1,676,763
    ---------                  --------    --------    ----------  ----------
    Income from Operations      $52,977     $44,028      $200,658    $184,911
    -----------                 -------     -------      --------    --------
    Net Income attributable
     to Avista Corporation      $22,053     $17,485       $87,071     $73,620
    ----------------            -------     -------       -------     -------
    Net Income (Loss) attributable to Avista Corporation by Business Segment:
    -------------------------------------------------------------------------
      Avista Utilities           $23,541     $18,239       $86,744     $70,032
      ----------------          -------     -------       -------     -------
      Advantage IQ               $1,473      $1,406        $5,329      $6,090
      ------------               ------      ------        ------      ------
      Other                     $(2,961)    $(2,160)      $(5,002)    $(2,502)
      -----                     -------     -------       -------     -------
    Contribution to earnings per diluted share attributable to Avista 
    Corporation by Business Segment:
    ------------------------------------------------------------------
      Avista Utilities            $0.43       $0.33         $1.58       $1.30
      ----------------            -----       -----         -----       -----
      Advantage IQ                $0.03       $0.03         $0.09       $0.11
      ------------                -----       -----         -----       -----
      Other                      $(0.06)     $(0.04)       $(0.09)     $(0.05)
      -----                      ------      ------        ------      ------
    Total earnings per diluted
     share attributable to
     Avista Corporation           $0.40       $0.32         $1.58       $1.36
    ----------------              -----       -----         -----       -----
    
    

Liquidity and Capital Resources:  In November 2009, we entered into a new committed line of credit in the total amount of $75 million with an expiration date of April 5, 2011. The new committed line of credit replaced a $200 million committed line of credit that expired in November 2009.  We reduced the facility based on our forecasted liquidity needs.

As of Dec. 31, 2009, we had a combined $365 million of available liquidity under our $320 million committed line of credit, our $75 million committed line of credit and our $85 million revolving accounts receivable sales facility.    

In December 2009, we purchased $17 million of our Pollution Control Bonds.  We are planning, subject to market conditions, to refund these bonds in 2010 along with $66.7 million of our Pollution Control Bonds we purchased in December 2008.

In December 2009, we entered into an amended and restated sales agency agreement with a sales agent to issue up to 1.25 million shares of our common stock from time to time.  

We are planning to issue up to $45 million of common stock in 2010 in order to finance a portion of our capital expenditures and maturing long-term debt, while maintaining our capital structure at an appropriate level for our business.

Utility capital expenditures were $205 million for 2009.  We are expecting capital expenditures of $210 million for 2010, excluding costs for projects associated with stimulus funding.  Actual capital expenditures may vary from our estimates due to factors such as changes in business conditions, construction schedules and environmental requirements.    

Board of Directors Increases Common Stock Dividend by 19 Percent

On Feb. 12, 2010, Avista Corp.'s board of directors declared a quarterly dividend of $0.25 per share on the company's common stock, an increase of $0.04 per share or 19 percent. The common stock dividend is payable March 15, 2010, to shareholders of record at the close of business on Feb. 25, 2010.

The declaration of dividends is at the sole discretion of the board of directors. The board considers the level of dividends on a regular basis, taking into account numerous factors, including financial results, business strategies, and economic and competitive conditions.

Earnings Guidance and Outlook

Avista is confirming its 2010 guidance for consolidated earnings to be in the range of $1.55 to $1.75 per diluted share.  We expect Avista Utilities to contribute in the range of $1.45 to $1.60 per diluted share for 2010.  Our range for Avista Utilities encompasses a certain level of variability in power supply costs, including the variability of applying the ERM in Washington and Power Cost Adjustment mechanism in Idaho.  Our outlook for Avista Utilities also assumes, among other variables, normal precipitation, temperatures and hydroelectric generation for the remainder of the year.  We expect Advantage IQ to contribute in the range of $0.10 to $0.13 per diluted share and the other businesses to be between break-even and a contribution of $0.02 per diluted share.

Although the recent rate adjustments in Washington, Idaho and Oregon provide progress in the recovery of utility costs, we will continue to experience regulatory lag in 2010 due to a delay in the recovery of incremental capital investment and increased operating expenses.  We will actively manage our capital investment and operating costs, while continuing to provide safe and reliable service for our customers. Avista plans to file general rate cases in Washington and Idaho by the end of the first quarter and we expect to file a general rate case in Oregon by the end of the second quarter to more closely align earned returns with those authorized.

NOTE: We will host a conference call with financial analysts and investors on Feb. 18, 2010, at 10:30 a.m. ET to discuss this news release.  The call is available at (866) 788-0544, Pass code: 22686109.  A simultaneous webcast of the call is available on our website, www.avistacorp.com.  A replay of the conference call will be available through Feb. 25, 2010. Call (888) 286-8010, Pass code 65134651 to listen to the replay.

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 356,000 homes and businesses and natural gas to 316,000 homes and businesses in three Western states, serving more than 485,000 customers.  Avista's primary, non-regulated subsidiary is Advantage IQ.  Our stock is traded under the ticker symbol "AVA."  For more information about Avista, please visit www.avistacorp.com.

Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation.

The attached condensed consolidated statements of income, condensed consolidated balance sheets, and financial and operating highlights are integral parts of this earnings release.

This news release contains forward-looking statements, including statements regarding our current expectations for future financial performance and cash flows, capital expenditures, financing plans, our current plans or objectives for future operations and other factors, which may affect the company in the future. Such statements are subject to a variety of risks, uncertainties and other factors, most of which are beyond our control and many of which could have significant impact on our operations, results of operations, financial condition or cash flows and could cause actual results to differ materially from those anticipated in such statements.

The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: weather conditions (temperatures and precipitation levels) and their effects on energy demand and electric generation, including the effect of precipitation and temperatures on the availability of hydroelectric resources, the effect of temperatures on customer demand, and similar impacts on supply and demand in the wholesale energy markets; the effect of state and federal regulatory decisions on our ability to recover costs and earn a reasonable return including, but not limited to, the disallowance of costs and investments, and delay in the recovery of capital investments and operating costs; changes in wholesale energy prices that can affect, among other things, the cash requirements to purchase electricity and natural gas, the value received for sales in the wholesale energy market, the necessity to request changes in rates that are subject to regulatory approval, collateral required of us by counterparties on wholesale energy transactions and credit risk to us from such transactions, and the market value of derivative assets and liabilities; global financial and economic conditions (including the impact on capital markets) and their effect on our ability to obtain funding at a reasonable cost; our ability to obtain financing through the issuance of debt and/or equity securities, which can be affected by various factors including our credit ratings, interest rates and other capital market conditions; economic conditions in our service areas, including the effect on the demand for, and customers' payment for, our utility services; the potential effects of legislation or administrative rulemaking, including the possible adoption of national or state laws requiring resources to meet certain standards and placing restrictions on greenhouse gas emissions to mitigate concerns over global climate changes; changes in actuarial assumptions, interest rates and the actual return on plan assets for our pension plan, which can affect future funding obligations, pension expense and pension plan liabilities; volatility and illiquidity in wholesale energy markets, including the availability of willing buyers and sellers, and prices of purchased energy and demand for energy sales; unplanned outages at any of our generating facilities or the inability of facilities to operate as intended; the outcome of pending regulatory and legal proceedings arising out of the "western energy crisis" of 2000 and 2001, and including possible refunds; the outcome of legal proceedings and other contingencies; changes in, and compliance with, environmental and endangered species laws, regulations, decisions and policies, including present and potential environmental remediation costs; wholesale and retail competition including, but not limited to, alternative energy sources, suppliers and delivery arrangements; the ability to comply with the terms of the licenses for our hydroelectric generating facilities at cost-effective levels; natural disasters that can disrupt energy generation, transmission and distribution, as well as the availability and costs of materials, equipment, supplies and support services; blackouts or disruptions of interconnected transmission systems; disruption to information systems, automated controls and other technologies that we rely on for operations, communications and customer service; the potential for terrorist attacks or other malicious acts, particularly with respect to our utility assets; delays or changes in construction costs, and our ability to obtain required permits and materials for present or prospective facilities; changes in the long-term climate of the Pacific Northwest, which can affect, among other things, customer demand patterns and the volume and timing of streamflows to our hydroelectric resources; changes in industrial, commercial and residential growth and demographic patterns in our service territory or the loss of significant customers; the loss of key suppliers for materials or services; default or nonperformance on the part of any parties from which we purchase and/or sell capacity or energy; deterioration in the creditworthiness of our customers and counterparties; the effect of any potential decline in our credit ratings, including impeded access to capital markets, higher interest costs, and certain covenants with ratings triggers in our financing arrangements and wholesale energy contracts; increasing health care costs and the resulting effect on health insurance provided to our employees and retirees; increasing costs of insurance, more restricted coverage terms and our ability to obtain insurance; work force issues, including changes in collective bargaining unit agreements, strikes, work stoppages or the loss of key executives, availability of workers in a variety of skill areas, and our ability to recruit and retain employees; the potential effects of negative publicity regarding business practices, whether true or not, which could result in, among other things, costly litigation and a decline in our common stock price; changes in technologies, possibly making some of the current technology obsolete; changes in tax rates and/or policies; and changes in our strategic business plans, which may be affected by any or all of the foregoing, including the entry into new businesses and/or the exit from existing businesses.

For a further discussion of these factors and other important factors, please refer to our Annual Report on Form 10-K for the year ended Dec. 31, 2008 and Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2009. The forward-looking statements contained in this news release speak only as of the date hereof. We undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances that occur after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on our business or the extent to which any such factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

    
    
    
    
                                    AVISTA CORPORATION                      
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) 
                       (Dollars in Thousands except Per Share Amounts)     
    
                                                           Year Ended       
                                  Fourth Quarter          December 31,        
                                  --------------          ------------      
                                  2009      2008        2009        2008 
                                  ----      ----        ----        ---- 
                                                                              
    Operating revenues          $403,292  $447,461  $1,512,565  $1,676,763 
                                --------  --------  ----------  ---------- 
                                                                              
    Operating expenses:                                                       
      Resource costs             222,835   291,453     822,947   1,055,542 
      Other operating expenses    85,775    71,842     312,602     271,621 
      Depreciation and
       amortization               25,783    23,712      99,775      92,632 
      Utility taxes other than
       income taxes               15,922    16,426      76,583      72,057 
                                  ------    ------      ------      ------ 
        Total operating
         expenses                350,315   403,433   1,311,907   1,491,852 
                                 -------   -------   ---------   --------- 
                                                                              
    Income from operations        52,977    44,028     200,658     184,911 
                                  ------    ------     -------     ------- 
                                                                              
    Other income (expense):                                                   
      Interest expense, net of
       capitalized interest      (18,802)  (15,903)    (66,489)    (74,975)
      Other income
       (expense) - net             1,419       (31)        802      10,446 
                                   -----       ---         ---      ------ 
        Total other income
         (expense) - net         (17,383)  (15,934)    (65,687)    (64,529)
                                 -------   -------     -------     ------- 
                                                                              
    Income before income taxes    35,594    28,094     134,971     120,382 
                                                                              
    Income tax expense            13,289    10,081      46,323      45,625 
                                  ------    ------      ------      ------ 
    
    Net income                    22,305    18,013      88,648      74,757 
      Less:  net income
       attributable to                                                  
       noncontrolling interests     (252)     (528)     (1,577)     (1,137)
                                    ----      ----      ------      ------ 
                                                                              
    Net income attributable
     to Avista Corporation       $22,053   $17,485     $87,071     $73,620 
                                 =======   =======     =======     ======= 
    
    Weighted-average common
     shares outstanding
     (thousands), basic           54,796    54,445      54,694      53,637 
                                                                              
    Weighted-average common
     shares outstanding
     (thousands), diluted         55,122    54,822      54,942      54,028 
                                                                              
    Earnings per common share
     attributable to Avista
     Corporation:                        
                                                                              
      Basic                        $0.40     $0.32       $1.59       $1.37 
                                   =====     =====       =====       ===== 
                                                                              
      Diluted                      $0.40     $0.32       $1.58       $1.36 
                                   =====     =====       =====       ===== 
                                                                              
                                                                              
    Dividends paid per
     common share                  $0.21     $0.18       $0.81       $0.69 
                                   =====     =====       =====       ===== 
                                                                              
      Issued February 18, 2010                                                
    
    
    
                                  AVISTA CORPORATION                          
                     CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)        
                                (Dollars in Thousands)                      
    
                                                   December 31, December 31,
                                                      2009         2008
                                                      ----         ----
    Assets                                                                    
                                                                              
      Cash and cash equivalents                      $37,035      $24,313
      Accounts and notes receivable                  210,645      218,846
      Other current assets                           171,243      239,068
      Total net utility property                   2,607,011    2,492,191
      Total other property and investments           137,538      138,876
      Regulatory assets for deferred income taxes     97,945      115,005
      Regulatory assets for pensions and other                                
       postretirement benefits                       141,085      172,278
      Other regulatory assets                        109,825       85,112
      Non-current utility energy commodity
       derivative assets                              45,483       49,313
      Power cost deferrals                            27,771       57,607
      Other deferred charges                          21,378       38,138
                                                      ------       ------
                                                                              
        Total Assets                              $3,606,959   $3,630,747
                                                  ==========   ==========
                                                                              
    Liabilities and Equity                                                    
                                                                              
      Accounts payable                              $160,861     $176,116
      Current portion of long-term debt               35,189       17,207
      Short-term borrowings                           92,700      252,200
      Other current liabilities                      216,651      243,021
      Long-term debt                               1,036,149      809,258
      Long-term debt to affiliated trusts             51,547      113,403
      Regulatory liability for utility plant                                  
       retirement costs                              217,176      213,747
      Pensions and other postretirement benefits     123,281      184,588
      Deferred income taxes                          494,666      488,940
      Other non-current liabilities and deferred                              
       credits                                       116,161      124,178
                                                     -------      -------
                                                                              
        Total Liabilities                          2,544,381    2,622,658
                                                   ---------    ---------
                                                                              
    Equity                                                                    
      Avista Corporation Stockholders' Equity:                                
      Common stock - net (54,836,781 and 54,487,574                           
       outstanding shares)                           778,647      774,986
      Retained earnings and accumulated other                                 
       comprehensive loss                            272,640      221,897
                                                     -------      -------
        Total Avista Corporation Stockholders'
         Equity                                    1,051,287      996,883
      Noncontrolling interests                        11,291       11,206
                                                      ------       ------
                                                                              
        Total Equity                               1,062,578    1,008,089
                                                   ---------    ---------
                                                                              
        Total Liabilities and Equity              $3,606,959   $3,630,747
                                                  ==========   ==========
                                                                              
      Issued February 18, 2010                                                
    
    
    
                                    AVISTA CORPORATION                        
                      FINANCIAL AND OPERATING HIGHLIGHTS (UNAUDITED)          
                                  (Dollars in Thousands)                      
                                                                              
                                                            Year Ended     
                                       Fourth Quarter       December 31,    
                                       --------------       ------------    
                                       2009      2008      2009      2008 
                                       ----      ----      ----      ---- 
    Avista Utilities                                                          
        Retail electric revenues    $187,652  $173,581  $703,951  $635,102 
        Retail kWh sales
         (in millions)                 2,390     2,357     8,942     9,017 
        Retail electric customers
         at end of period            356,536   354,657   356,536   354,657 
                                                                              
        Wholesale electric revenues  $21,658   $30,786   $88,414  $141,744 
        Wholesale kWh sales
         (in millions)                   497       458     2,354     1,964 
                                                                              
        Sales of fuel                 $3,513    $4,197   $32,992   $44,695 
        Other electric revenues       $3,663    $4,989   $15,426   $16,916 
                                                                              
        Retail natural gas revenues $116,443  $143,980  $396,203  $440,692 
        Wholesale natural gas
         revenues                    $33,473   $59,409  $143,524  $281,668 
        Transportation and other
         natural gas revenues         $3,821    $2,981   $14,691   $11,847 
        Total therms delivered
         (in thousands)              239,730   264,944   888,301   845,710 
        Retail natural gas customers
         at end of period            316,201   314,102   316,201   314,102 
                                                                              
        Income from operations
         (pre-tax)                   $54,164   $42,296  $195,389  $174,245 
        Net income attributable
         to Avista Corporation       $23,541   $18,239   $86,744   $70,032 
                                                                              
    Advantage IQ                                                              
        Revenues                     $22,162   $17,342   $77,275   $59,085 
        Income from operations
         (pre-tax)                    $3,141    $2,857   $11,603   $11,297 
        Net income attributable
         to Avista Corporation        $1,473    $1,406    $5,329    $6,090 
                                                                              
    Other                                                                     
        Revenues                     $10,907   $10,196   $40,089   $45,014 
        Loss from operations
         (pre-tax)                   $(4,328)  $(1,125)  $(6,334)    $(631)
        Net loss attributable 
         to Avista Corporation       $(2,961)  $(2,160)  $(5,002)  $(2,502)
                                                                              
      Issued February 18, 2010                                                
    
    
    

SOURCE Avista Corp.

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