SPOKANE, WA--(Marketwire - Aug 31, 2012) - Avista (NYSE: AVA) today filed its 2012 Natural Gas Integrated Resource Plan (IRP) with state regulators in Washington, Idaho and Oregon. The plan forecasts sufficient natural gas resources well into the future, indicating that access to natural gas supply through the acquisition of additional pipeline resources will not be needed until 2029 or later.
"This is good news for our customers as it means we expect they'll continue to benefit from lower natural gas prices without the need for Avista to add additional, long term resources," said Steve Harper, Director of Natural Gas Supply for Avista.
The IRP, submitted to the public utility commissions every two years as part of Avista's regulatory commitment, forecasts natural gas demand and addresses potential new resources to ensure Avista's continued reliable natural gas service for the coming 20 years. The plan identifies and evaluates various resource options and establishes a plan of action for resource decisions.
"This planning is a significant component in meeting our obligation to continue to provide reliable natural gas service to our customers well into the future," Harper said. "This comprehensive plan addresses the resources available to meet our customers' natural gas needs over the long term, in a reliable manner and at a low cost."
Avista's last Natural Gas IRP was filed in December of 2009. Notable changes since the last filing include lower demand driven mainly by lower customer growth and decreased use per customer. The other major change is the considerable drop in the long-term cost of natural gas due to the increased production from previously untapped shale gas formations throughout North America. Access to these natural gas sources could provide long-term availability to low priced natural gas.
The utility commissions will review the document and will provide an opportunity for comment. The IRP is available in electronic form at www.avistautilities.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 electric service to 359,000 customers and natural gas to 320,000 customers. Our service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.5 million. Avista's primary, non-regulated subsidiary is Ecova, an energy and sustainability management company with more than 500 multi-site commercial and utility customers, representing more than 450,000 sites. Our stock is traded 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, 2011 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2011.
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