Company Quick10K Filing
Avista
Price48.75 EPS3
Shares67 P/E17
MCap3,252 P/FCF10
Net Debt1,865 EBIT297
TEV5,117 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-K 2020-12-31 Filed 2021-02-24
10-Q 2020-09-30 Filed 2020-11-04
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-10-29
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2021-01-29 Other Events, Exhibits
8-K 2020-11-04
8-K 2020-09-30
8-K 2020-09-18
8-K 2020-08-05
8-K 2020-06-04
8-K 2020-05-15
8-K 2020-05-14
8-K 2020-05-11
8-K 2020-05-07
8-K 2020-04-06
8-K 2020-03-25
8-K 2020-03-06
8-K 2020-02-25
8-K 2020-02-05
8-K 2019-11-26
8-K 2019-11-21
8-K 2019-11-06
8-K 2019-10-11
8-K 2019-08-08
8-K 2019-08-07
8-K 2019-06-14
8-K 2019-06-10
8-K 2019-05-20
8-K 2019-05-10
8-K 2019-05-09
8-K 2019-05-02
8-K 2019-03-22
8-K 2019-03-19
8-K 2019-02-08
8-K 2019-01-23
8-K 2019-01-15
8-K 2019-01-08
8-K 2019-01-03
8-K 2018-12-17
8-K 2018-12-10
8-K 2018-12-05
8-K 2018-11-07
8-K 2018-09-19
8-K 2018-08-07
8-K 2018-08-01
8-K 2018-06-12
8-K 2018-06-04
8-K 2018-05-25
8-K 2018-05-18
8-K 2018-05-15
8-K 2018-05-10
8-K 2018-05-08
8-K 2018-05-02
8-K 2018-04-13
8-K 2018-04-03
8-K 2018-03-27
8-K 2018-03-21
8-K 2018-03-16
8-K 2018-02-21

AVA 10K Annual Report

Part I
Item 1. Business
Item 1A. Risk Factors
Item 1B. Unresolved Staff Comments
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Mine Safety Disclosures
Part II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6. [Removed and Reserved]
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8. Financial Statements and Supplementary Data
Note 1. Summary of Significant Accounting Policies
Note 2. New Accounting Standards
Note 3. Balance Sheet Components
Note 4. Revenue
Note 5. Leases
Note 6. Variable Interest Entities
Note 7. Derivatives and Risk Management
Note 8. Jointly Owned Electric Facilities
Note 9. Property, Plant and Equipment
Note 10. Asset Retirement Obligations
Note 11. Pension Plans and Other Postretirement Benefit Plans
Note 12. Accounting for Income Taxes
Note 13. Energy Purchase Contracts
Note 14. Committed Lines of Credit
Note 15. Credit Agreement
Note 16. Long - Term Debt
Note 17. Long - Term Debt To Affiliated Trusts
Note 18. Fair Value
Note 19. Common Stock
Note 20. Accumulated Other Comprehensive Loss
Note 21. Earnings per Common Share Attributable To Avista Corporation Shareholders
Note 22. Commitments and Contingencies
Note 23. Regulatory Matters
Note 24. Information By Business Segments
Note 25. Termination of Proposed Acquisition By Hydro One
Note 26. Sale of Metalfx
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A. Controls and Procedures
Item 9B. Other Information
Part III
Item 10. Directors, Executive Officers and Corporate Governance
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13. Certain Relationships and Related Transactions, and Director Independence
Item 14. Principal Accounting Fees and Services
Part IV
Item 15. Exhibits, Financial Statement Schedules
EX-4.75 ava-ex475_563.htm
EX-10.22 ava-ex1022_562.htm
EX-10.25 ava-ex1025_561.htm
EX-21 ava-ex21_10.htm
EX-23 ava-ex23_9.htm
EX-31.1 ava-ex311_8.htm
EX-31.2 ava-ex312_6.htm
EX-32 ava-ex32_7.htm

Avista Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.50.40.30.20.10.02012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-K

(Mark One)

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE FISCAL YEAR ENDED December 31, 2020 OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION PERIOD FROM              TO

Commission file number 001-03701

 

AVISTA CORPORATION

 

(Exact name of Registrant as specified in its charter)

 

WA

 

91-0462470

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

1411 East Mission Avenue, Spokane, WA 99202-2600

(Address of principal executive offices, including zip code)

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

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

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

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Common Stock

 

AVA

 

NYSE

 

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

Title of Class

Preferred Stock, Cumulative, Without Par Value

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes      No  

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.  Yes    No  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

 

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller reporting company

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.  

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):   Yes      No  

The aggregate market value of the Registrant’s outstanding Common Stock, no par value (the only class of voting stock), held by non-affiliates is $2,471,363,713 based on the last reported sale price thereof on the consolidated tape on June 30, 2020.

As of January 31, 2021, 69,263,835 shares of Registrant’s Common Stock, no par value (the only class of common stock), were outstanding.

 

Documents Incorporated By Reference

 

Document

 

Part of Form 10-K into Which

Document is Incorporated

Proxy Statement to be filed in connection with the annual meeting of shareholders to be held on May 11, 2021.

Prior to such filing, the Proxy Statement filed in connection with the annual meeting of shareholders held on May 11, 2020.

 

Part III, Items 10, 11,

12, 13 and 14

 

 

 


AVISTA CORPORATION

 

 

INDEX

Item

No.

 

 

Page

No.

 

 

Acronyms and Terms

iv

 

 

Forward-Looking Statements

1

 

 

Available Information

4

 

 

Part I

 

1

 

Business

5

 

 

Company Overview

5

 

 

Avista Utilities

7

 

 

General

7

 

 

Electric Operations

7

 

 

Electric Requirements

7

 

 

Electric Resources

8

 

 

Hydroelectric Licenses

11

 

 

Future Resource Needs

11

 

 

Natural Gas Operations

14

 

 

Utility Regulation

16

 

 

Federal Laws Related to Wholesale Competition

17

 

 

Regional Transmission Planning

17

 

 

Regional Energy Markets

17

 

 

Reliability Standards

18

 

 

Vulnerability to Cyberattack

18

 

 

Avista Utilities Operating Statistics

19

 

 

Alaska Electric Light and Power Company

21

 

 

Alaska Electric Light and Power Company Operating Statistics

23

 

 

Other Businesses

24

1A.

 

Risk Factors

25

1B.

 

Unresolved Staff Comments

33

2

 

Properties

34

 

 

Avista Utilities

34

 

 

Alaska Electric Light and Power Company

35

3

 

Legal Proceedings

36

4

 

Mine Safety Disclosures

36

 

 

Part II

 

5

 

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

37

6

 

Removed and Reserved

37

7

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

38

 

 

Business Segments

38

 

 

Executive Level Summary

38

 

 

Regulatory Matters

40

 

 

Results of Operations - Overall

45

 

 

Non-GAAP Financial Measures

47

 

 

Results of Operations - Avista Utilities

48

 

 

Results of Operations - Alaska Electric Light and Power Company

54

 

 

Results of Operations - Other Businesses

54

 

 

Accounting Standards to Be Adopted in 2021

54

 

 

Critical Accounting Policies and Estimates

54

 

 

Liquidity and Capital Resources

57

i


AVISTA CORPORATION

 

 

 

Overall Liquidity

57

 

 

Review of Consolidated Cash Flow Statement

58

 

 

Capital Resources

59

 

 

Utility Capital Expenditures

61

 

 

Non-Regulated Investments and Capital Expenditures

61

 

 

Off-Balance Sheet Arrangements

62

 

 

Pension Plan

62

 

 

Credit Ratings

62

 

 

Dividends

63

 

 

Contractual Obligations

63

 

 

Competition

64

 

 

Economic Conditions and Utility Load Growth

65

 

 

Environmental Issues and Other Contingencies

66

 

 

Colstrip

72

 

 

Enterprise Risk Management

73

7A.

 

Quantitative and Qualitative Disclosures about Market Risk

80

8.

 

Financial Statements and Supplementary Data

80

 

 

Report of Independent Registered Public Accounting Firm

81

 

 

Financial Statements

83

 

 

Consolidated Statements of Income

83

 

 

Consolidated Statements of Comprehensive Income

84

 

 

Consolidated Balance Sheets

85

 

 

Consolidated Statements of Cash Flows

86

 

 

Consolidated Statements of Equity

88

 

 

Notes to Consolidated Financial Statements

89

 

 

Note 1. Summary of Significant Accounting Policies

89

 

 

Note 2. New Accounting Standards

96

 

 

Note 3. Balance Sheet Components

97

 

 

Note 4. Revenue

98

 

 

Note 5. Leases

102

 

 

Note 6. Variable Interest Entities

105

 

 

Note 7. Derivatives and Risk Management

106

 

 

Note 8. Jointly Owned Electric Facilities

110

 

 

Note 9. Property, Plant and Equipment

110

 

 

Note 10. Asset Retirement Obligations

111

 

 

Note 11. Pension Plans and Other Postretirement Benefit Plans

112

 

 

Note 12. Accounting for Income Taxes

117

 

 

Note 13. Energy Purchase Contracts

119

 

 

Note 14. Committed Lines of Credit

120

 

 

Note 15. Credit Agreement

121

 

 

Note 16. Long-Term Debt

121

 

 

Note 17. Long-Term Debt to Affiliated Trusts

122

 

 

Note 18. Fair Value

123

 

 

Note 19. Common Stock

127

 

 

Note 20. Accumulated Other Comprehensive Loss

127

 

 

Note 21. Earnings per Common Share Attributable to Avista Corporation Shareholders

128

 

 

Note 22. Commitments and Contingencies

128

 

 

Note 23. Regulatory Matters

131

ii


AVISTA CORPORATION

 

 

 

Note 24. Information by Business Segments

134

 

 

Note 25. Termination of Proposed Acquisition by Hydro One

136

 

 

Note 26. Sale of METALfx

136

9.

 

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

*137

9A.

 

Controls and Procedures

137

9B.

 

Other Information

139

 

 

Part III

 

10.

 

Directors, Executive Officers and Corporate Governance

140

11.

 

Executive Compensation

141

12.

 

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

141

13.

 

Certain Relationships and Related Transactions, and Director Independence

142

14.

 

Principal Accounting Fees and Services

142

 

 

Part IV

 

15.

 

Exhibits, Financial Statement Schedules

143

 

 

Exhibit Index

144

 

 

Signatures

149

 

 * = not an applicable item in the 2020 calendar year for Avista Corp.

 

 

 

iii


AVISTA CORPORATION

 

 

ACRONYMS AND TERMS

(The following acronyms and terms are found in multiple locations within the document)

 

Acronym/Term

Meaning

aMW

-

Average Megawatt - a measure of the average rate at which a particular generating source produces energy over a period of time

AEL&P

-

Alaska Electric Light and Power Company, the primary operating subsidiary of AERC, which provides electric services in Juneau, Alaska

AERC

-

Alaska Energy and Resources Company, the Company's wholly-owned subsidiary based in Juneau, Alaska

AFUDC

-

Allowance for Funds Used During Construction; represents the cost of both the debt and equity funds used to finance utility plant additions during the construction period

AM&D

-

Advanced Manufacturing and Development, doing business as METALfx

ARAM

-

Average Rate Assumption Method

ASC

-

Accounting Standards Codification

ASU

-

Accounting Standards Update

Avista Capital

-

Parent company to the Company’s non-utility businesses, with the exception of AJT Mining Properties, Inc., which is a subsidiary of AERC.

Avista Corp.

-

Avista Corporation, the Company

Avista Utilities

-

Operating division of Avista Corp. (not a subsidiary) comprising the regulated utility operations in Washington, Idaho, Oregon and Montana

BPA

-

Bonneville Power Administration

Capacity

-

The rate at which a particular generating source is capable of producing energy, measured in KW or MW

Cabinet Gorge

-

The Cabinet Gorge Hydroelectric Generating Project, located on the Clark Fork River in Idaho

CETA

-

Clean Energy Transformation Act

Colstrip

-

The coal-fired Colstrip Generating Plant in southeastern Montana

Cooling degree days

-

The measure of the warmness of weather experienced, based on the extent to which the average of high and low temperatures for a day exceeds 65 degrees Fahrenheit (annual degree days above historic indicate warmer than average temperatures)

Coyote Springs 2

-

The natural gas-fired combined-cycle Coyote Springs 2 Generating Plant located near Boardman, Oregon

COVID-19

-

Coronavirus disease 2019, a respiratory illness that was declared a pandemic in March 2020

CT

-

Combustion turbine

Deadband or ERM deadband

-

The first $4.0 million in annual power supply costs above or below the amount included in base retail rates in Washington under the ERM in the state of Washington

Ecology

-

The State of Washington’s Department of Ecology

EIM

-

Energy Imbalance Market

Energy

-

The amount of electricity produced or consumed over a period of time, measured in KWh or MWh. Also, refers to natural gas consumed and is measured in dekatherms.

EPA

-

Environmental Protection Agency

ERM

-

The Energy Recovery Mechanism, a mechanism for accounting and rate recovery of certain power supply costs accepted by the utility commission in the state of Washington

FASB

-

Financial Accounting Standards Board

FCA

-

Fixed Cost Adjustment, the electric and natural gas decoupling mechanism in Idaho.

iv


AVISTA CORPORATION

 

FERC

-

Federal Energy Regulatory Commission

GAAP

-

Generally Accepted Accounting Principles

GHG

-

Greenhouse gas

GS

-

Generating station

Heating degree days

-

The measure of the coldness of weather experienced, based on the extent to which the average of high and low temperatures for a day falls below 65 degrees Fahrenheit (annual degree days above historic indicate warmer than average temperatures)

Hydro One

-

Hydro One Limited, based in Toronto, Ontario, Canada.

IPUC

-

Idaho Public Utilities Commission

IRP

-

Integrated Resource Plan

Jackson Prairie

-

Jackson Prairie Natural Gas Storage Project, an underground natural gas storage field located near Chehalis, Washington

Juneau

-

The City and Borough of Juneau, Alaska

kV

-

Kilovolt (1000 volts): a measure of capacity on transmission lines

KW, KWh

-

Kilowatt (1000 watts): a measure of generating output or capability.  Kilowatt-hour (1000 watt hours): a measure of energy produced

Lancaster Plant

-

A natural gas-fired combined cycle combustion turbine plant located in Idaho

LNG

-

Liquefied Natural Gas

MPSC

-

Public Service Commission of the State of Montana

MW, MWh

-

Megawatt: 1000 KW. Megawatt-hour: 1000 KWh

NERC

-

North American Electricity Reliability Corporation

Noxon Rapids

-

The Noxon Rapids Hydroelectric Generating Project, located on the Clark Fork River in Montana

OPUC

-

The Public Utility Commission of Oregon

PCA

-

The Power Cost Adjustment mechanism, a procedure for accounting and rate recovery of certain power supply costs accepted by the utility commission in the state of Idaho

PGA

-

Purchased Gas Adjustment

PPA

-

Power Purchase Agreement

PSE

-

Puget Sound Energy

PUD

-

Public Utility District

RCA

-

The Regulatory Commission of Alaska

REC

-

Renewable energy credit

ROE

-

Return on equity

ROR

-

Rate of return on rate base

ROU

-

Right-of-use lease asset

SEC

-

U.S. Securities and Exchange Commission

Talen Montana

-

Talen Montana, LLC, an indirect subsidiary of Talen Energy Corporation.

TCJA

-

The "Tax Cuts and Jobs Act," signed into law in December 2017

Therm

-

Unit of measurement for natural gas; a therm is equal to approximately one hundred cubic feet (volume) or 100,000 BTUs (energy)

Watt

-

Unit of measurement of electric power or capability; a watt is equal to the rate of work represented by a current of one ampere under a pressure of one volt

WUTC

-

Washington Utilities and Transportation Commission

 

v


AVISTA CORPORATION

 

 

Forward-Looking Statements

From time to time, we make forward-looking statements such as statements regarding projected or future:

 

financial performance;

 

cash flows;

 

capital expenditures;

 

dividends;

 

capital structure;

 

other financial items;

 

strategic goals and objectives;

 

business environment; and

 

plans for operations.

These statements are based upon underlying assumptions (many of which are based, in turn, upon further assumptions). Such statements are made both in our reports filed under the Securities Exchange Act of 1934, as amended (including this Annual Report on Form 10-K), and elsewhere. Forward-looking statements are all statements except those of historical fact including, without limitation, those that are identified by the use of words that include “will,” “may,” “could,” “should,” “intends,” “plans,” “seeks,” “anticipates,” “estimates,” “expects,” “forecasts,” “projects,” “predicts,” and similar expressions.

Forward-looking statements (including those made in this Annual Report on Form 10-K) are subject to a variety of risks, uncertainties and other factors. Most of these factors are beyond our control and may have a significant effect on our operations, results of operations, financial condition or cash flows, which could cause actual results to differ materially from those anticipated in our statements. Such risks, uncertainties and other factors include, among others:

Utility Regulatory Risk

 

state and federal regulatory decisions or related judicial decisions that affect our ability to recover costs and earn a reasonable return including, but not limited to, disallowance or delay in the recovery of capital investments, operating costs, commodity costs, interest rate swap derivatives, the ordering of refunds to customers and discretion over allowed return on investment;

 

the loss of regulatory accounting treatment, which could require the write-off of regulatory assets and the loss of regulatory deferral and recovery mechanisms;

Operational Risk

 

pandemics (including the current COVID-19 pandemic), which could disrupt our business, as well as the global, national and local economy, resulting in a decline in customer demand, deterioration in the creditworthiness of our customers, increases in operating and capital costs, workforce shortages, delays in capital projects, disruption in supply chains, and disruption, weakness and volatility in capital markets. In addition, any of these factors could negatively impact our liquidity and limit our access to capital, among other implications;

 

wildfires ignited, or allegedly ignited, by Avista Corp. equipment or facilities could cause significant loss of life and property, thereby causing serious operational and financial harm to Avista Corp. and our customers;

 

severe weather or natural disasters, including, but not limited to, avalanches, wind storms, wildfires, earthquakes, snow and ice storms, that can disrupt energy generation, transmission and distribution, as well as the availability and costs of fuel, materials, equipment, supplies and support services;

 

explosions, fires, accidents, mechanical breakdowns or other incidents that could impair assets and may disrupt operations of any of our generation facilities, transmission, and electric and natural gas distribution systems or other operations and may require us to purchase replacement power or incur costs to repair our facilities. These incidents could also potentially cause injuries to the public or property damage;

 

blackouts or disruptions of interconnected transmission systems (the regional power grid);

 

terrorist attacks, cyberattacks or other malicious acts that could disrupt or cause damage to our utility assets or to the national or regional economy in general, including any effects of terrorism, cyberattacks, ransomware, or vandalism that damage or disrupt information technology systems;

1


AVISTA CORPORATION

 

 

work-force issues, including changes in collective bargaining unit agreements, strikes, work stoppages, the loss of key executives, availability of workers in a variety of skill areas, and our ability to recruit and retain employees;

 

changes in the availability and price of purchased power, fuel and natural gas, as well as transmission capacity;

 

increasing costs of insurance, more restrictive coverage terms and our ability to obtain insurance;

 

delays or changes in construction costs, and/or our ability to obtain required permits and materials for present or prospective facilities;

 

increasing health care costs and cost of health insurance provided to our employees and retirees;

 

third party construction of buildings, billboard signs, towers or other structures within our rights of way, or placement of fuel containers within close proximity to our transformers or other equipment, including overbuild atop natural gas distribution lines;

 

the loss of key suppliers for materials or services or other disruptions to the supply chain;

 

adverse impacts to our Alaska electric utility (AEL&P) that could result from an extended outage of its hydroelectric generating resources or their inability to deliver energy, due to their lack of interconnectivity to any other electrical grids and the availability or cost of replacement power (diesel);

 

changing river regulation or operations at hydroelectric facilities not owned by us, which could impact our hydroelectric facilities downstream;

 

change in the use, availability or abundancy of water resources and/or rights needed for operation of our hydroelectric facilities;

Cyber and Technology Risk

 

cyberattacks on the operating systems that are used in the operation of our electric generation, transmission and distribution facilities and our natural gas distribution facilities, and cyberattacks on such systems of other energy companies with which we are interconnected, which could damage or destroy facilities or systems or disrupt operations for extended periods of time and result in the incurrence of liabilities and costs;

 

cyberattacks on the administrative systems that are used in the administration of our business, including customer billing and customer service, accounting, communications, compliance and other administrative functions, and cyberattacks on such systems of our vendors and other companies with which we do business, which could result in the disruption of business operations, the release of private information and the incurrence of liabilities and costs;

 

changes in costs that impede our ability to effectively implement new information technology systems or to operate and maintain current production technology;