Both have been around for more than 120 years, and this was seen as a good opportunity for Avista Corp. to grow and to diversify its utility business, said Dennis Vermillion, president of Avista Corp.'s operating division, Avista Utilities.
"We don't do this kind of thing a lot," he said. "If you look at our history, we've made some acquisitions over the years, but not very many."
AEL&P had annual revenues of $42 million in 2012 and a total rate base of $111 million, according to Avista Corp.
Avista Utilities' service area includes parts of Washington, Idaho and Oregon. Vermillion said the deal will be subject to regulatory approval in those states, as well as Alaska. He said company officials don't expect there to be any major issues.
Avista Corp.: http://bit.ly/MHN3G4
Alaska Electric Light and Power Co.: http://www.aelp.com
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