Avista board elects Malyn K. Malquist as CFO

SPOKANE, Wash., Nov. 12, 2002 — Avista Corp. Tuesday announced that the company’s board of directors has elected Senior Vice President Malyn K. Malquist as chief financial officer, effective Nov. 15.

Malquist joined Avista in late September and succeeds Avista Senior Vice President Jon E. Eliassen as CFO. Eliassen will remain with the company to ensure an orderly transition and will officially retire from the company in April 2003.

“Malyn has been an excellent addition to Avista’s leadership team. His long experience in the utility business sector and his impressive background in finance and management have already been of tremendous value to our company,” said Gary G. Ely, Avista Corp. board chairman, president and chief executive officer. “He brings strong leadership to this position and will drive our continued focus on strengthening the company’s financial position.”

Malquist is a long-time industry executive and respected professional with 24 years of experience in the utility sector in the western United States. Malquist worked for 16 years at San Diego Gas and Electric in various capacities, including vice president of finance and treasurer. From 1994 to 2000, Malquist held various positions at Sierra Pacific Resources, including chief financial officer, chief executive officer and chairman of the board of directors.

Malquist joined Avista from Truckee Meadows Water Authority where he had served as general manager. He is a graduate of Brigham Young University where he also earned his master’s degree in business administration.

Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is a company operating division that provides electric and natural gas service to customers in four western states. Avista’s non-regulated affiliates include Avista Advantage, Avista Labs and Avista Energy. Avista Corp.’s stock is traded under the ticker symbol “AVA” and its Internet address is www.avistacorp.com

Source: Avista Corp.

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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