SPOKANE, WA--(Marketwired - November 30, 2015) - The wind storm that hit eastern Washington and northern Idaho on November 17 was the worst storm in Avista Corp.'s (NYSE: AVA) 126-year history. After almost 10 days of around-the-clock work, power was fully restored to about 180,000 customers -- about 48 percent of Avista Corp.'s total retail electric customers -- by early Friday, November 27. Most of the damage from winds that gusted in excess of 70 mph occurred in Spokane County, Washington.
"We are extremely proud of our employees and the extraordinary efforts they put into restoring service to our customers under very trying conditions," said Scott Morris, chairman, president and CEO of Avista Corp. "We greatly appreciate the assistance we received from contract crews and utilities from Oregon, western and central Washington, northern California, Nevada, Utah, Montana and British Columbia. In addition, we want to thank our customers for their patience and support throughout the past 10 days. It was a difficult time for them and their kindness to our line crews as they worked in their neighborhoods truly demonstrated the spirit of togetherness that is reflective of our community."
Although it is too early to estimate the total costs associated with this storm event, we expect most of the costs will be capital costs to repair the electrical system, and as well as some operating and maintenance costs.
Avista Corp., incorporated in 1889 and based in Spokane, Wash., is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is the operating division that provides electric service to 371,000 customers and natural gas to 330,000 customers. Its service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.6 million. Alaska Energy and Resources Company is an Avista subsidiary that provides retail electric service in the city and borough of Juneau, Alaska, through its subsidiary Alaska Electric Light and Power Company. Avista stock is traded on the New York Stock Exchange 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, 2014 and the Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2015.
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