Avista Corp was incorporated in the territory of Washington in 1889. The Company is an electric and natural gas utility company. Regional services include government and higher education, medical services, retail trade and finance. Through its subsidiary AEL&P, it provides electric utility services in the City and Borough of Juneau (Juneau), Alaska. The Company has two reportable business segments - Avista Utilities - an operating division of Avista Corp. (not a subsidiary) that comprises its regulated utility operations in the Pacific Northwest. Avista Utilities generates, transmits and distributes electricity and distributes natural gas, serving electric and natural gas customers in eastern Washington and northern Idaho and natural gas customers in parts of Oregon. It also supplies electricity to a small number of customers in Montana, who are its employees who operate its Noxon Rapids generating facility. Avista Utilities also engages in wholesale purchases and sales of electricity and natural gas as an integral part of energy resource management and its load-serving obligation; and AEL&P - a utility providing electric services in Juneau, Alaska and the operating subsidiary of AERC. It acquired AERC on July 1, 2014, and as of that date, AERC became a wholly-owned subsidiary of the Company. The Company's other businesses include sheet metal fabrication, venture fund investments, real estate investments, a company that explores markets that could be served with LNG, as well as certain other investments of Avista Capital, which is a direct, wholly owned subsidiary of the Company. Avista Utilities generates electricity from facilities that it owns and purchases capacity, energy and fuel for generation under long-term and short-term contracts to meet customer load obligations. It also sells electric capacity and energy, as well as surplus fuel in the wholesale market in connection with its resource optimization activities. As part of Avista Utilities' resource procurement and management operations in the electric business, the Company engages in an ongoing process of resource optimization, which involves the economic selection from available energy resources to serve its load obligations and then capture additional economic value through market transactions. It engages in transactions in the wholesale markets by selling and purchasing electric capacity and energy, fuel for electric generation, and derivative instruments related to capacity, energy, transport and fuel. AEL&P operates five hydroelectric generation facilities with approximately 102.7 MW of hydroelectric generation capacity. AEL&P owns four of these generation facilities (totaling 24.7 MW of capacity) and has a PPA for the output of the Snettisham hydroelectric project (totaling 78 MW of capacity). AM&D doing business as METALfx performs custom sheet metal fabrication of electronic enclosures, parts and systems for the computer, construction, telecom, renewable energy and medical industries. Steam Plant and Courtyard Office Center consist of real estate investments (mixed use commercial and retail office space). AJT Mining is a wholly-owned subsidiary of AERC and is an inactive mining company holding certain properties. In retail markets, it competes with various rural electric cooperatives and public utility districts in and adjacent to its service territories in the provision of service to new electric customers.