8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 6, 2020

AVISTA CORPORATION

(Exact name of registrant as specified in its charter)

Washington	1-3701	91-0462470
(State of other jurisdiction of incorporation)	(Commission file number)	(I.R.S. Employer Identification No.)

1411 East Mission Avenue Spokane, Washington 99202-2600

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: 509-489-0500

Web site: http://www.myavista.com

None

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbols	Name of Each Exchange on Which Registered
Common Stock	AVA	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Section 8 – Other Events

Item 8.01 Other Events.

On March 6, 2020, Avista Corporation (Avista Corp. or the Company) received an order from the Washington Utilities and Transportation Commission (WUTC or Commission) that will require it to refund $8.4 million to customers as a result of the appeal and remand of the Company’s 2015 general rate cases.

The refund amount that will be on customer bills and the way it will be distributed will be determined in Avista Corp.’s ongoing 2019 general rate cases. The Commission must issue an order in the 2019 rate cases by March 31.

The Company accrued a $3.6 million liability in 2019. As such, in the first quarter of 2020, the Company will record an additional liability of $4.8 million for refunds to customers.

The Public Counsel Section of the Washington Attorney General’s Office, a party to Avista Corp.’s general rate cases, appealed the Commission’s decision in the 2015 rate case. In August of 2018, the Washington State Court of Appeals issued its Opinion on the appeal.

In its Opinion, the Court concluded that a rate-making method used to calculate a portion of customer rates in the Commission’s decision was not in line with the law, and the Court sent the case back to the Commission to recalculate rates that were in place for 2016. The Commission began the regulatory process to recalculate rates in May of 2019.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits
99.1	Press release dated March 6, 2020, which is being furnished pursuant to Item 8.01.
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		AVISTA CORPORATION
		(Registrant)
Date:	March 9, 2020	/s/    Mark T. Thies
		Mark T. Thies
		Executive Vice President,
		Chief Financial Officer, and Treasurer

EX-99.1

Exhibit 99.1

Contact:

Investors: John Wilcox (509) 495-4171,john.wilcox@avistacorp.com

Media: David Vowels 509-495-7956,david.vowels@avistacorp.com

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

Avista receives Commission order regarding 2015 general rate cases

$8.4 million customer refund will be distributed as part of ongoing 2019 general rate case

SPOKANE, Wash., March 06, 2020 Avista (NYSE: AVA) today received an order from the Washington Utilities and Transportation Commission (WUTC or Commission) that will refund $8.4 million to Avista’s customers as a result of the appeal and remand of the Company’s 2015 general rate cases.

“We believe this outcome is fair and reasonable for our customers, shareholders and Avista,” said Dennis Vermillion, Avista president and CEO. “We take our responsibility to provide safe, reliable energy at an affordable price seriously, and we work hard every day to deliver value for those we serve.”

The refund amount that will be on customer bills and the way it will be distributed will be determined in Avista’s ongoing 2019 general rate cases. The Commission must issue an order in the 2019 rate cases by March 31.

Background

The Public Counsel Section of the Washington Attorney General’s Office, a party to Avista’s general rate cases, appealed the Commission’s decision in the 2015 rate case. In August of 2018, the Washington State Court of Appeals issued its Opinion on the appeal.

In its Opinion, the Court concluded that a rate-making method used to calculate a portion of customer rates in the Commission’s decision was not in line with the law, and the Court sent the case back to the Commission to recalculate rates that were in place for 2016. The Commission began the regulatory process to recalculate rates in May of 2019.

About Avista Corp.

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 the operating division that provides electric service to 393,000 customers and natural gas to 361,000 customers. Its 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. Alaska Energy and Resources Company is an Avista subsidiary that provides retail electric service in the city and borough of Juneau, Alaska, through its subsidiary Alaska Electric Light and Power Company. Avista 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, 2019.

To unsubscribe from Avista’s news release distribution, send a reply message to lena.funston@avistacorp.com

XML

Document and Entity Information Document Document	Mar. 06, 2020
Document Cover [Abstract]
Amendment Flag	false
Title of 12(b) Security	Common Stock
Entity Information, Former Legal or Registered Name	None
Entity Incorporation, State or Country Code	WA
Document Type	8-K
Document Period End Date	Mar. 06, 2020
Entity Registrant Name	AVISTA CORPORATION
Entity File Number	1-3701
Entity Tax Identification Number	91-0462470
Entity Address, Address Line One	1411 East Mission Avenue
Entity Address, City or Town	Spokane
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99202-2600
City Area Code	509
Local Phone Number	489-0500
Trading Symbol	AVA
Security Exchange Name	NYSE
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000104918