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.
Avista Corp. reported a net income of $14.1 million for Q2 2021, or $0.20 per diluted share, down from $17.5 million or $0.26 in Q2 2020. Year-to-date, net income rose to $82.1 million from $65.9 million. The decline in Q2 earnings was attributed to increased power supply costs and lower hydroelectric generation amid extreme heat. The company confirmed its 2021 earnings guidance of $1.96 to $2.16 per diluted share, but lowered the 2022 guidance by $0.15 per diluted share due to rising costs and regulatory lag.
Avista's Transportation Electrification Plan (TE Plan) has received approval from the Washington Utilities and Transportation Commission. This plan focuses on building charging infrastructure for electric vehicles, which includes incentives for charging equipment and support for low-income communities. Programs aim to reduce transportation costs and CO2 emissions while optimizing electric load growth. Customers can fuel EVs using Avista's clean electricity for under $1 per gallon equivalent, significantly lowering emissions by 80%. Various resources and applications are available on Avista's website.
Avista Corp. (NYSE: AVA) will host its quarterly conference call on August 4, 2021, at 10:30 a.m. EDT to discuss second quarter 2021 results. A news release detailing the earnings will be issued at 7:05 a.m. EDT on the same day. Investors can access the call via Avista's website or by dialing (855) 806-8606 with confirmation number 4621859. A replay will be available until August 11, 2021, at (855) 859-2056. Avista provides essential energy services to over 767,000 customers across its service area.
Avista (NYSE: AVA) has submitted a settlement agreement to the Idaho Public Utilities Commission, proposing adjustments to electric and gas rates over two years. If approved, electric revenues would increase by $10.6 million (4.3%) in 2021 and $8 million (3.1%) in 2022, while natural gas revenues would decrease by $1.6 million (3.7%) in 2021 and increase by $0.9 million (2.2%) in 2022. The settlement also includes customer tax credits to offset these changes. A residential electric customer would see a minimal increase of $0.49 in 2021 and $0.31 in 2022, while natural gas customers may experience a decrease of $2.30 followed by a slight increase.
On May 11, 2021, Avista Corp. (NYSE: AVA) announced a quarterly dividend of $0.4225 per share on its common stock. This dividend is payable on June 15, 2021, to shareholders of record by the close of business on May 27, 2021. The board of directors will continue to evaluate dividend levels based on various factors, including financial results and economic conditions, demonstrating Avista's commitment to returning value to its shareholders.
Avista Corp. (NYSE: AVA) reported a net income of $68.0 million, or $0.98 per diluted share for Q1 2021, a significant increase from $48.4 million or $0.72 per diluted share in Q1 2020. The rise was attributed to higher utility margins and lower net power supply costs. The company confirmed its earnings guidance for 2021, with projections ranging from $1.96 to $2.16 per diluted share. Additionally, Avista has set goals for carbon neutrality by 2045 and aims for a 30% reduction in greenhouse gas emissions by 2030.
Avista Corporation has filed a lawsuit against the State of Montana, challenging newly enacted Senate Bills 265 and 266. The company, along with other owners of the Colstrip power plant, believes these statutes undermine a longstanding contract regarding ownership and operations. Avista argues that the bills are unlawful and unconstitutional, prompting legal action to protect customer and shareholder rights. Additionally, Avista remains committed to finding solutions for the Colstrip community and has donated $3 million to support its transition.
Avista Corporation, together with other owners of the Pacific Northwest Colstrip plant, has filed a lawsuit against the State of Montana following the signing of Senate Bills 265 and 266. Avista argues these bills disrupt a nearly 40-year contract among the Colstrip owners. The lawsuit primarily targets Senate Bill 265, claiming it undermines the existing arbitration provisions of the Colstrip Ownership and Operating Agreement. Avista has expressed disappointment in the state's actions but remains committed to finding solutions that serve all stakeholders involved.
Avista (NYSE: AVA) aims to cut greenhouse gas emissions by 30% by 2030 and achieve carbon neutrality by 2045. The company builds on its 2019 goal of providing 100% clean electricity by 2045 and is now expanding these efforts to natural gas. Avista plans to invest in renewable natural gas (RNG), hydrogen, and energy efficiency measures to reach its targets. With over 367,000 natural gas customers, Avista is committed to balancing environmental stewardship with affordability while promoting clean energy.
Avista and Chelan County Public Utility District have signed a new contract for renewable hydropower, enhancing Avista’s carbon-free resource portfolio.
The agreement allows Avista to receive 5% of the output from Chelan PUD’s Rock Island and Rocky Reach projects from 2024 to 2033, totaling 10% when combined with an existing contract.
This initiative aligns with Washington State’s Clean Energy Transformation Act and supports Avista's goal of achieving 100% clean electricity by 2045 and carbon neutrality by 2027.
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