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Last Trade - 18/05/21

Sector
Utilities
Size
Mid Cap
Market Cap £2.29bn
Enterprise Value £3.90bn
Revenue £951.3m
Position in Universe 1797th / 6846

Chelan PUD and Avista Partner on Clean, Hydropower Energy Contract

Thu 15th April, 2021 9:05pm
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SPOKANE, Wash. and WENATCHEE, Wash., April 15, 2021 (GLOBE NEWSWIRE) -- Avista
and Chelan County Public Utility District (PUD) have finalized a contract for
renewable hydropower from two PUD hydro projects on the Columbia River. The
contract increases Avista’s carbon-free resources in its energy portfolio,
helping achieve the company’s clean electricity goals and supporting
Washington State’s Clean Energy Transformation Act goals as well.

The “slice” contract provides Avista with 5% of the output from the
PUD’s Rock Island and Rocky Reach hydropower projects from 2024 through
2033. This contract complements an existing contract between Avista and the
PUD, and it will mean 10% of the renewable hydropower output from the two PUD
projects will supply Avista customers.

The contract is the result of Avista’s 2020 Renewables Request for Proposals
that solicited up to 300 MW of clean, existing or new, renewable resources.
The request was aligned with Avista’s 2020 Integrated Resource Plan which
identified a need for new renewable energy.

“We’re pleased with the collaborative approach during our negotiations
with Avista as we work to deliver more renewable energy to its customers in
support of a healthy environment and strong economy in the Pacific
Northwest,” said PUD General Manager Steve Wright. “This partnership also
supports our long term power marketing strategy toward longer 10-year
contracts, bringing value to our customer-owners.”

“Avista was founded on renewable hydropower more than 130 years ago. We are
proud to partner with Chelan PUD to bring more clean, reliable and affordable
energy to our customers,” said Jason Thackston, Avista’s senior vice
president of energy resources. “This brings us closer to our goal to serve
customers with 100% clean electricity by 2045 and 100% carbon neutral
resources by 2027.”

Avista recently filed its 2021 Electric Integrated Resource Plan in both
Washington and Idaho. The Integrated Resource Plan will be amended to reflect
this new contract.

Looking forward, Avista is continuing to evaluate proposals that may result in
additional energy contracts. The contracts currently under consideration are
in response to Avista’s 2020 Renewables Request for Proposals.

About Chelan PUD

Chelan Public Utility District was created by a vote of the people in 1936 and
delivered its first power in 1947. The PUD is governed by a locally elected
five-member Board of Commissioners. The general manager uses the policies and
guiding principles set by the commission to generate and deliver electricity
from our three dams to utilities that serve customers across the Pacific
Northwest as well as to more than 51,000 retail customers in the county. The
PUD also provides water, sewer and wholesale telecommunications services.

About Avista Utilities

Avista Corp. is an energy company involved in the production, transmission and
distribution of energy as well as other energy-related businesses. Avista
Utilities (https://myavista.com/) is our operating division that provides
electric service to 400,000 customers and natural gas to 367,000 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
1.7 million. AERC is an Avista subsidiary that, through its subsidiary AEL&P,
provides retail electric service to 17,000 customers in the city and borough
of Juneau, Alaska. 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, 2020.

SOURCE: Avista Corporation

For more information, press only:

Neil Neroutsos, Chelan County PUD, (509) 661-8291,
neil.neroutsos@chelanpud.org

Annie Gannon, Avista, (509) 495-2515, annie.gannon@avistacorp.com

Avista 24/7 Media Access (509) 495-4174


(https://www.globenewswire.com/NewsRoom/AttachmentNg/781cf86b-3c68-4fef-b549-e9a6b98947c1)



GlobeNewswire, Inc. 2021
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