Welcome to our dedicated page for Avista Corporation news (Ticker: AVA), a resource for investors and traders seeking the latest updates and insights on Avista Corporation stock.
Avista Corporation (NYSE: AVA) is a prominent energy company headquartered in Spokane, Washington. The company is intricately involved in the production, transmission, and distribution of energy, serving a substantial customer base across the Pacific Northwest. Avista operates through two primary divisions: Avista Utilities and Alaska Electric Light and Power (AEL&P).
Avista Utilities serves approximately 416,000 electric customers and 381,000 natural gas customers over a 30,000-square-mile territory that includes eastern Washington, northern Idaho, and parts of southern and eastern Oregon. The division is also responsible for managing electric generation facilities located in Washington, Idaho, Oregon, and Montana.
Alaska Electric Light and Power is a wholly-owned subsidiary that provides electric services to around 18,000 customers in Juneau, Alaska. This division plays a crucial role in Avista's overall operations by catering to the energy needs of a unique and geographically distinct market.
Avista Corp. has a long-standing history of innovation, particularly in the renewable energy sector. Founded in 1889, the company has consistently focused on sustainable and ethical business practices. Recently, Avista was recognized for the fifth time by Ethisphere as one of the World's Most Ethical Companies in 2024.
In terms of corporate developments, Avista Corp. has been proactive in addressing the growing demand for energy and the challenges posed by climate change. In 2024, the company introduced a comprehensive 10-year Wildfire Resiliency Plan aimed at enhancing grid safety and reliability. This plan includes grid-hardening projects such as replacing wooden transmission poles with steel and installing fire-retardant wire mesh around the base of poles. Additionally, Avista has increased its vegetation management efforts to minimize the risk of fires caused by contact between trees and power lines.
Avista is also involved in several strategic partnerships and investments through its non-regulated subsidiary, Avista Development, Inc. Notably, Avista Development recently invested in Empower Grid Holdings—a merger of Exceleron Software and PayGo Utilities aimed at improving utility affordability and customer engagement during the energy transition.
Financially, Avista has shown resilience and adaptability. In 2024, the company issued $250 million in long-term debt and $112.3 million in common stock. Avista's liquidity remains strong, with significant available credit lines and planned capital expenditures focused on infrastructure and technology upgrades.
Looking ahead, Avista Corp. has initiated its 2024 earnings guidance with a consolidated range of $2.36 to $2.56 per diluted share. The company anticipates long-term earnings growth of 4 to 6 percent off a 2025 base year, contingent on constructive regulatory outcomes.
For more information about Avista, visit their website at www.avistacorp.com.
Agreement provides valuable carbon-free energy to Northwest electric customers
Avista and Chelan County Public Utility District have finalized a 20-year contract for renewable hydropower, enhancing Avista's carbon-free resource pool towards its 2030 goals. The contract stipulates Avista will obtain 5% of the output from PUD’s hydro projects from 2026-2030, increasing to 10% from 2031-2045. This deal not only supports Avista's clean energy commitment but also boosts PUD's wholesale revenues, fostering low rates and additional services.
Avista (NYSE: AVA) released its latest Corporate Responsibility report on Dec. 14, 2021, showcasing its commitment to environmental, social, and governance (ESG) principles. The report details efforts across four key areas: environment, people, customers, and governance. Avista’s President and CEO, Dennis Vermillion, emphasized the company's dedication to integrating these ESG commitments into their operations. The full report and related disclosures are available on Avista's corporate website.
Avista Corp. (NYSE: AVA) has declared a quarterly dividend of $0.4225 per share on its common stock, payable on Dec. 15, 2021, to shareholders of record as of the close of business on Nov. 19, 2021. The board of directors decides on dividends based on financial results, business strategies, and market conditions. Avista operates in energy production, transmission, and distribution, serving 403,000 electric and 369,000 natural gas customers across a service area of 30,000 square miles.
Avista Corp. reported a net income of $14.4 million, or $0.20 per diluted share, for Q3 2021, up from $4.9 million, or $0.07 per diluted share in Q3 2020. Year-to-date, net income reached $96.5 million, or $1.38 per share, compared to $70.8 million, or $1.04 in 2020. The company confirmed its earnings guidance for 2021 at $1.96 to $2.16 per share but lowered its 2022 guidance by $0.10 to $1.93 to $2.13 per share, citing increased operating costs. Avista Utilities' earnings exceeded expectations largely due to tax timing.
Avista Corp. (NYSE: AVA) will conduct its quarterly conference call on November 3, 2021, at 10:30 a.m. EDT to discuss third quarter 2021 results. A news release with earnings data will be issued at 7:05 a.m. EDT on the same day.
To access the call, visit investor.avistacorp.com or dial (855) 806-8606, using confirmation number 5499812. A replay will be available until November 10, 2021. Avista provides electric and natural gas service to over 771,000 customers across the Pacific Northwest.
Avista Corp. (NYSE: AVA) filed its first Clean Energy Implementation Plan (CEIP) with the Washington Utilities and Transportation Commission, making it the first utility in Washington to do so. The CEIP outlines the company's roadmap for achieving greenhouse gas neutrality by 2030 and 100% renewable energy by 2045. Key highlights include plans to meet 80% of Washington customer demand with renewable energy by 2022, selling renewable energy credits to reduce customer rates by 1% annually, and investing $5 million annually in disadvantaged communities. Full details are accessible on Avista's website.
Avista (NYSE: AVA) announces that as of October 1, 2021, there will be no rate change for customers following a settlement with the Washington Utilities and Transportation Commission (UTC). The UTC approved base revenue increases of $13.6 million for electric operations and $8.1 million for natural gas operations, offset by tax customer credits. The company’s rate of return on rate base is set at 7.12%, with a 9.4% return on equity. Avista aims to continue enhancing infrastructure without impacting customer bills immediately, despite some expenses not being approved for recovery.
Avista has filed two annual rate adjustments with the Washington Utilities and Transportation Commission, effective Nov. 1, 2021. One adjustment aims to decrease electric rates by approximately $0.8 million (0.1%), benefiting residential and small farm customers through the Bonneville Power Administration's Residential Exchange Program. Conversely, the second adjustment seeks to increase natural gas revenues by about $17.5 million (10.6%) due to rising wholesale natural gas costs. These changes will not impact the company's earnings.
Avista Corp. (NYSE: AVA) announced the appointment of Major General (Retired) Julie Bentz to its board of directors, effective November 1, 2021. Bentz, a 33-year veteran of military service, has held key roles in the White House and the Department of Defense. She will serve on the Environmental, Technology and Operations Committee, and the Finance Committee. Bentz fills the vacancy left by R. John Taylor, who retired after 36 years on the board. Avista's President and CEO highlighted Bentz's leadership skills and strategic vision as vital for the company's future.
Avista Corp. (NYSE: AVA) has declared a quarterly dividend of $0.4225 per share on common stock, payable on Sept. 15, 2021, to shareholders recorded by Aug. 19, 2021. The board reviews dividends regularly considering financial results, business strategies, and market conditions. Avista is involved in energy production, transmission, and distribution, serving 402,000 electric and 369,000 natural gas customers across eastern Washington, northern Idaho, and parts of Oregon, alongside operations in Juneau, Alaska.
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