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Chelan County PUD signs hydro supply contracts with Avista, Avangrid

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Chelan County PUD signs hydro supply contracts with Avista, Avangrid

Chelan County Public Utility District No. 1 signed two new power purchase agreements for its 1,253-MW Rocky Reach and 443-MW Rock Island hydroelectric plants.

Avangrid Renewables LLC agreed to a 5-year power contract starting in 2019, while Avista Corp. will purchase power for 10 years, starting 2021, according to an Aug. 8 news release. The contracts will boost Chelan PUD's forecasted revenue by $40 million.

Chelan PUD forecast 2017 net wholesale revenue to be at $124.2 million by the end of the year, which is $2.3 million ahead of budget.

The utility expects to end the year with bottom-line results nearly $10 million better than its budget and meeting or exceeding all financial targets. Chelan PUD expects to end the year with debt-to-equity at 37.8%, aiming for a goal of less than 35% by 2019.