Avista Corporation announced electric and natural gas general rate cases have concluded, with an order from the Washington Utilities and Transportation Commission (Commission or UTC) that approved the multi-party settlement filed in June 2022. The Commission approved increases of annual electric revenues of $38 million effective Dec. 21, 2022 and $12.5 million effective Dec.

21, 2023 and increases in annual natural gas revenues of $7.5 million effective Dec. 21, 2022 and $1.5 million effective Dec. 21, 2023.

To reduce the overall impact of these increases on customers, the Commission approved the use of a Residual Tax Customer Credit that will be returned to customers over a two-year period. The credit will provide benefits of $27.6 million for electric customers and $12.5 million for natural gas customers. The Commission approved a rate of return (ROR) on rate base of 7.03%, but the approved settlement did not include an explicit return on equity, cost of debt, or capital structure.