SPOKANE - Avista has received approval from the Idaho Public Utilities Commission (IPUC or Commission) of the all-party settlement that was filed on October 11, 2019, concluding the Company’s electric general rate case. New electric rates are effective as of December 1.
The approved rates are designed to decrease annual billed electric revenues by $7.18 million, or 2.84%. The approved revenue decreases are based on a 9.5% return on equity (ROE) with a common equity ratio of 50% and a rate of return (ROR) on rate base of 7.35%, which is a continuation of current levels.
A residential electric customer using an average of 900 kilowatt hours per month could expect to see a billed decrease of $0.86 per month, or 1.0%, for a revised monthly bill of $84.45, that will again be effective on December 1.
The actual percentage rate change will vary by customer class and will depend on how much energy a customer uses.
“The Commission’s decision provides new electric rates in Idaho that are reasonable for our customers, the Company and our shareholders,” said Dennis Vermillion, Avista president and CEO. “This outcome provides us the opportunity to continue to earn a fair return in Idaho and supports Avista’s efforts to make key capital investments so we can continue to provide the reliable energy our customers expect.”
Avista serves more than 133,000 electric customers in Idaho.