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State AGs
The head of the AG's Public Counsel Section (PCS) announced yesterday that the state of Washington would join a settlement that will significantly reduce the proposed rise. The settlement decreases Spokane-based Avista's requested rate-revenue increase next year from $55 million to $33.5 million. The PCS opposed Avista's initial increase request, which would have increased its average consumer electricity prices 16.7% and natural gas prices 2.3%, LNL reported two weeks ago. Yesterday's settlement cuts those increases to 9.4% and 1.7% respectively. "These two settlements result in significant benefits for consumers by reducing the magnitude of the rate increase and helping to avoid potential future rate hikes," PCS Chief Simon ffitch stated in the release. "The lower return on equity is fair because it's consistent with market trends and with Avista's reduced level of risk." Washington's Utilities and Transportation Commission (UTC) is expected to conduct hearings on the agreement in mid-November, the release added. Filed Under: State AGs Comments on this article
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