Our consolidated earnings for the fourth quarter of 2020 were $0.85 per diluted share, compared to $0.76 for the fourth quarter of 2019.
For the full year, consolidated earnings were $1.90 per diluted share for 2020 compared to $2.97 last year.
In 2020, Avista and the Avista Foundation provided more than $4 million in charitable giving to support the increased need for services that community agencies are still experiencing throughout the areas we serve.
During its construction the project created clean energy jobs for our local communities and now that it's completed the project's 20 -- project's 57 wind turbines excuse me will provide 50 average megawatts of clean renewable energy for our customers at an affordable price.
That's enough energy to power 38,000 homes for years to come.
We expect to invest about $330 million implementing the components of this plan over the life of the plan, which as I said was 10 years.
In 2021, 135 honorees in total were recognized spanning 22 countries and 47 industries.
We are initiating our 2021, 2022 and 2023 earnings guidance with consolidated ranges of a $1.96 to $2.16 per diluted share for 2021, $2.18 to $2.38 in 2022 and $2.42 to $2.62 per diluted share for 2023.
Lastly, earlier this month the board increased our dividend by 4.3% to an annual dividend of $1.69 per share and a dividend increase approved by the board marks the 19 consecutive year the board has raised the dividend for our shareholders, and I believe it demonstrates the board's commitment to maximizing shareholder value.
For the company in the fourth quarter, Avista Utilities contributed $0.81 per diluted share compared to $0.67 last year.
Over 90% of our revenue, as you recall, is covered by regulatory mechanisms.
We expect our capital expenditures in 2021 to be about $415 million and at AEL&P we expect about $7 million and about $15 million in our other businesses.
With respect to our liquidity, as of December 31, we have $270 million of available liquidity under our committed credit line at Avista Utilities and in 2020 we issued about $72 million in stock in 2020.
In '21 we expect to issue about $75 million of equity or stock and up to $120 million of long-term debt.
As Dennis mentioned, we are initiating guidance not only for 2021 but also for 2022 and 2023.
After '23 we expect to grow at 4% to 6% our earnings.
Our '21 guidance reflects unrecovered structural cost estimated to reduce the return on equity by approximately 70 basis points and in addition our timing lag, which is what we're trying to reduce with rate cases has reduced it by about 100 basis points.
This results in expected return on equity for Avista Utilities of approximately 7.7% in 2021.
We are forecasting operating cost growth of about 3% and customer growth of about 1% annually, which has slightly improved from prior numbers on the customer growth side.
For 2021 we expect Avista Utilities to contribute in the range of a $1.93 to $2.07 per diluted share and the midpoint of our guidance does not include any expense or benefit under the ERM.
Our current expectation for the ERM is in the benefit position within the 75% customer, 25% company sharing band which is expected to add $0.05 per diluted share.
For 2021 we expect AEL&P to contribute in the range of $0.08 to $0.11 per diluted share and our outlook for both Avista Utilities and AEL&P assumes among other variables, normal precipitation and hydroelectric generation for the year.
We expect a loss between $0.05 and $0.02 per diluted share for our other businesses as we continue to develop opportunities for the future.

Summary:
Our consolidated earnings for the fourth quarter of 2020 were $0.85 per diluted share, compared to $0.76 for the fourth quarter of 2019.
We are initiating our 2021, 2022 and 2023 earnings guidance with consolidated ranges of a $1.96 to $2.16 per diluted share for 2021, $2.18 to $2.38 in 2022 and $2.42 to $2.62 per diluted share for 2023.
As Dennis mentioned, we are initiating guidance not only for 2021 but also for 2022 and 2023.