Power company Avista Corp. said Monday it wants to reduce natural gas prices for its Oregon customers to the lowest levels in five years.
The Spokane-based utility said it has asked the Public Utility Commission of Oregon to cut prices by 21 percent, effective Nov. 1. Avista made the request as part of its annual Purchase Cost Adjustment Request.
Avista said a plunge in wholesale natural gas prices and abundant supplies led to the requested rate cut.
The country's energy appetite has dropped considerably since last year as factories closed and companies sent millions of workers pink slips. The government said last week that natural gas stockpiles are well above their five-year average, and they continue to grow.
Avista stock gave up 51 cents to close at $19.52 in Monday trading.
