It’S Officially Avista Much-Publicized Name Change Gives Wwp A Brand New Identity

Avista Corp. is open for business.

Chairman Tom Matthews unveiled new signage Monday outside the headquarters of the former Washington Water Power Co. on East Mission.

The ceremony culminated four months of intense publicity paving the way for the change, which combines WWP and WP Natural Gas into a new division called Avista Utilities.

Another division, Avista Capital, will hold the company’s non-utility, non-regulated operations.

Matthews said the name change to Avista Utilities will be only skin deep for area ratepayers.

“It’s still going to be the same great people, the same great service, the same great rates,” he said.

WWP sells electricity and natural gas in Eastern Washington and North Idaho. WP sells gas in Oregon and the Lake Tahoe area of California.

Outside those areas, Matthews said, the Avista name will bring recognition among financiers and large corporate customers.

“It will give us the power of the brand,” he said.

Non-traditional energy businesses have tripled Avista sales to more than $3 billion in the last two years, and in recent weeks the company has announced more ventures to expand those businesses.

Matthews, who predicted good results for the fourth quarter of 1998 and first quarter of 1999, said Avista has assembled most of the pieces required to become a world-class energy company.

More developments are likely during the first quarter of 1999.

Successful execution of the growth plan will assure a thriving, independent Avista, he said. “That would be the best thing for the community.”

In its first day of trading as Avista, the company’s stock closed up 1/2 at 19-3/8 on the New York Stock Exchange.