Avista Corporation - AVA STOCK NEWS

Avista Corp. (NYSE: AVA) reported Q3 2024 net income of $18.5 million ($0.23 per diluted share), up from $14.7 million ($0.19 per share) in Q3 2023. Year-to-date net income reached $112.8 million ($1.44 per share), compared to $87 million ($1.14 per share) in 2023. The company lowered its 2024 consolidated earnings guidance to $2.26-$2.46 per diluted share due to lower-than-expected valuations in private equity markets. Avista Utilities expects to be at the low end of guidance range due to higher power supply, medical, and bad debt costs. The company plans to invest approximately $515 million in capital expenditures at Avista Utilities and $21 million at AEL&P for 2024.

Avista (NYSE: AVA) has signed a nonbinding memorandum of understanding for a 10% ownership share in the North Plains Connector, a 420-mile high-voltage direct-current transmission line project. The line will connect Bismarck, North Dakota to Colstrip, Montana, providing 300 megawatts of transfer capacity for Avista. The project received a $700 million GRIP award from the U.S. Department of Energy and is expected to be operational by 2032. This transmission line will be the first to connect three regional U.S. electric energy markets, enhancing resource sharing and market access.

Avista (NYSE: AVA) has filed a request with Oregon's Public Utility Commission to increase natural gas base rates by 6.6% ($7.8 million) effective September 1, 2025. The proposal includes a 7.67% rate of return with a 50% common equity ratio and 10.4% return on equity. For residential customers using 47 therms monthly, this means a $4.37 increase to $68.67. The rate increase aims to recover costs from infrastructure investments, including replacement of pre-1987 gas pipelines and technology upgrades. This follows a recent 11.5% ($15.1 million) rate decrease from purchased gas cost adjustments implemented in November.

The Avista Foundation has announced the distribution of $122,750 in grants to 27 nonprofit organizations across Washington, Idaho, Oregon, and Alaska during its third quarter. The grants focus on economic and community development initiatives, including support for multi-ethnic business owners, infrastructure improvements, and educational programs. Notable recipients include AHANA in Washington ($10,000), Southeast Alaska Food Bank ($10,000), and Providence Foundation ($15,000). This is part of the foundation's larger 2024 grant program, which has awarded over $500,000 to date. The foundation operates four grant cycles annually, with the next deadline for environmental and arts and culture proposals set for November 1, 2024.

Avista announced the seasonal closure of the Q'emiln Park boat launch ramp on the Spokane River in Post Falls, Idaho, effective Monday, November 11, 2024. The closure, which typically occurs in mid-November, is necessitated by weather conditions and dropping water levels. The ramp will remain closed through fall and spring for safety reasons, with an expected reopening in late spring or early summer, depending on Coeur d'Alene Lake inflow levels.

River users can access waterflow information through Avista's website or dedicated phone lines in Washington (509-495-8043) and Idaho (208-769-1357).

The U.S. Department of Energy (DOE) has awarded $85,664,781 in grant funding to Avista and Idaho Power through its Grid Resilience and Innovation Partnerships (GRIP) program. The funds will be used to reconstruct the Lolo-Oxbow 230-kV transmission line, running from the Oxbow Dam on the Oregon-Idaho border to Lewiston, Idaho.

The project aims to:

• Enhance grid flexibility
• Improve resilience against wildfires
• Increase interregional capacity by approximately 635 MW
• Enable workforce development and job creation

Avista and Idaho Power will contribute an additional $86 million to complete the project over the next five years. The upgrade is expected to benefit hundreds of thousands of people, including the Nez Perce Tribe, by improving power system resilience and increasing renewable energy integration capacity.

Avista Corp. (NYSE: AVA) has announced its upcoming third quarter 2024 earnings conference call and webcast, scheduled for Wednesday, November 6, 2024, at 10:30 a.m. Eastern Daylight Time. The company will release its earnings information at 7:05 a.m. EDT on the same day. Investors can access the call via Avista's website at investor.avistacorp.com, with pre-registration required.

Avista Corp. is an energy company providing electric and natural gas services. Avista Utilities serves 418,000 electric and 382,000 natural gas customers across eastern Washington, northern Idaho, and parts of Oregon. Its subsidiary, Alaska Energy and Resources Company, serves 18,000 electric customers in Juneau, Alaska. The company's stock is traded under the ticker symbol 'AVA'.

Avista has dispatched crews to assist Florida Power & Light with restoration efforts following Hurricane Helene and in preparation for Hurricane Milton. Three five-member line crews and additional personnel from Avista are en route to Lake City, Florida, to help repair electrical distribution infrastructure. The 12-vehicle, 19-person convoy left Avista's Coeur d'Alene office and is expected to arrive in Florida within 4-5 days, covering a distance of over 2,600 miles.

Avista is part of the Edison Electric Institute (EEI) Western Region Mutual Assistance Group (WRMAG), one of seven such groups in the United States. The company is joining other regional utilities in this volunteer mutual aid effort. Heather Rosentrater, President and Chief Operating Officer of Avista, expressed solidarity with those affected by the hurricanes and highlighted the importance of utility cooperation during disasters.

Avista (AVA) has issued a request for proposal (RFP) to secure long-term renewable natural gas (RNG) resources for its customers. This initiative aims to meet carbon reduction requirements and support Avista's goal of achieving carbon neutrality in natural gas operations by 2045. The RFP is open to current owners, developers, and marketers of RNG resources.

RNG is derived from organic waste streams like landfills, wastewater treatment plants, food waste, and dairy waste. It's produced by capturing and purifying methane that would otherwise escape into the atmosphere. Avista anticipates RNG deliveries to begin no earlier than January 1, 2025. The company is considering proposals from various RNG sources, including landfills, biomass fast pyrolysis, dairy, food waste, and municipal wastewater treatment plants.