SPOKANE, Wash., Oct. 13 // -- Avista (NYSE: AVA) has re-filed a request with the Public Utility Commission of Oregon to decrease the company's annual purchase gas cost adjustment (PGA) effective Nov. 1, 2008. If approved by the commission, a residential customer using an average of 53 therms of natural gas per month would see their monthly bill decrease by $3.28, or 4.1 percent, for a revised bill of $76.79. Annual PGA filings pass through changes in the cost of natural gas Avista acquires to serve customers and do not impact company earnings.
Avista originally filed its PGA in August requesting to increase rates by 2 percent. However, wholesale natural gas prices have fallen considerably since that time, enabling Avista to refile its request for an average 4.1 percent decrease.
The wholesale price for natural gas fluctuates as a result of many factors, similar to the price for crude oil. To manage price volatility, Avista pre-purchases about two-thirds of the gas needed to meet customer demand for the coming winter. While prices may fluctuate, the efficiency of natural gas remains constant, about 90 percent, especially when used directly in space and water heating systems. Natural gas used in combustion turbines to generate electricity for the same purposes is only about 30-50 percent efficient.
Avista offers a number of billing options, energy efficiency programs, incentives and rebates to help customers proactively manage their natural gas consumption. Information on Avista's energy efficiency offerings and no-cost conservation information is available at http://www.everylittlebit.com/.
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 service to 351,000 electric and 310,000 natural gas customers in three Western states. 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 http://www.avistacorp.com/. Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation. All other trademarks mentioned in this document are the property of their respective owners.
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, 2007, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2008.
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