Subsidiary

State or Country

of Incorporation

Avista Capital, Inc.

Washington

Avista Development, Inc.

Washington

Avista Edge, Inc.

Washington

Avista Northwest Resources, LLC

Washington

Pentzer Corporation

Washington

Pentzer Venture Holding II, Inc.

Washington

Avista Capital II

Delaware

Courtyard Office Center, LLC

Washington

Alaska Energy and Resources Company

Alaska

Alaska Electric Light and Power Company

Alaska

AJT Mining Properties, Inc.

Alaska

Snettisham Electric Company

Alaska

Salix, Inc.

Washington

University Development Company, LLC

Washington