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 (NYSE: AVA) has filed annual rate adjustment requests with the Washington Utilities and Transportation Commission. If approved, these adjustments would result in an overall 13.9% decrease in natural gas rates and a 3.5% increase in electric rates for Washington customers, effective November 2024.
Key points:
- Natural gas adjustments include a significant 24.6% decrease in Purchased Gas Cost and an 8.3% increase for Climate Commitment Act compliance.
- Electric adjustments include increases for Low Income Rate Assistance Program (2.3%) and Insurance Expense Balancing (0.7%).
- Residential natural gas customers using 66 therms/month would see bills decrease by $13.66 to $87.20.
- Residential electric customers using 945 kWh/month would see bills increase by $3.82 to $109.58.
Avista Corp (NYSE: AVA) announced a significant leadership change. CEO Dennis Vermillion will retire in Q1 2025, with Heather Rosentrater appointed as the new CEO effective January 1, 2025. Rosentrater, currently President and COO, will become the first female CEO in Avista's 135-year history. She will retain her role as president and join the board of directors.
Rosentrater has been with Avista since 1996, progressing through various roles in electric and natural gas operations. Vermillion, a 40-year Avista veteran, led the company through challenges including the COVID-19 pandemic, regulatory changes, and the transition to clean energy. The succession plan aims to ensure a smooth transition and continued success for Avista.
Avista Corp. (NYSE: AVA) has announced a quarterly dividend of $0.475 per share on its common stock. The dividend will be payable on September 13, 2024, to shareholders of record as of the close of business on August 22, 2024. This decision was made by Avista's board of directors, who regularly evaluate dividend levels based on various factors including financial results, business strategies, and economic conditions. The company emphasizes that dividend declarations are at the sole discretion of the board and are subject to ongoing assessment.
Avista Corp. (NYSE: AVA) reported strong financial results for Q2 2024, with consolidated earnings of $0.29 per diluted share, up from $0.23 in Q2 2023. Year-to-date earnings reached $1.20 per diluted share, compared to $0.96 in the same period last year. The company's core utility operations showed strength, with Avista Utilities' net income increasing to $91.4 million year-to-date, up from $70.4 million in 2023. Avista confirmed its 2024 consolidated earnings guidance of $2.36 to $2.56 per diluted share. The company highlighted its continued investment in system reliability, which proved beneficial during recent heat waves. Avista also announced serving a new large electric customer effective Aug. 1, expected to offset higher power supply costs in 2024.
Avista (NYSE: AVA) has filed annual rate adjustments with the Idaho Public Utilities Commission, proposing decreased electric and natural gas prices for customers. If approved, electric revenues would decrease by 5.4% ($16.6 million) effective Oct. 1, 2024, and natural gas revenues would decrease by 25.8% ($29.8 million) effective Nov. 1, 2024.
For residential customers, this translates to an average monthly bill decrease of $2.72 (2.6%) for electricity and $18.66 (23.9%) for natural gas. The adjustments include changes in Power Cost Adjustment (PCA), Fixed Cost Adjustment (FCA), and Purchased Gas Cost Adjustment (PGA). These filings have no impact on Avista's earnings and are subject to public review and Commission approval.
The Avista Foundation has awarded $201,750 in grants to 40 nonprofit organizations across Washington, Idaho, and Oregon to support education and youth development. This is part of the foundation's larger grant program, which has distributed over $385,750 in 2024 so far. The grants support a diverse range of programs, including:
- Scholarships for childcare and summer camps at Northeast Youth Center in Spokane
- A shoe drive for children in Lewiston, Idaho through LC Crew
- Expansion of STEAM programs at Boys and Girls Club of the Rogue Valley in Southern Oregon
Avista CEO Dennis Vermillion emphasized the company's commitment to making a difference in young people's lives through these vital programs. The foundation offers four grant cycles annually, with the next Economic and Community Vitality Proposals due by August 1, 2024.
Avista Corp. (NYSE: AVA) will discuss its second quarter 2024 results in a conference call and webcast on August 7, 2024, at 10:30 a.m. EDT. The earnings release will be issued at 7:05 a.m. EDT on the same day. Pre-registration is required via Avista's investor website. The webcast replay will be available for one year. Avista Corp. is involved in energy production, transmission, and distribution, servicing areas in eastern Washington, northern Idaho, and parts of Oregon, as well as Juneau, Alaska. Avista Utilities provides electric and natural gas services to over 800,000 customers.
Exceleron Software and PayGo Utilities have merged to form Empower Grid Holdings (EGH), backed by Moore Strategic Ventures, Accurant International, and Avista Development. This merger aims to enhance affordability, engagement, choice, and revenue assurance for utilities in North America, Asia Pacific, and Latin America. Exceleron CEO Bob Crenshaw and PayGo CEO Jeff Weiser will serve as Co-CEOs. The combined entity will provide innovative solutions to over 75 utilities across 23 states, enhancing customer satisfaction and energy savings. The merger is seen as a strategic move to meet growing utility demands and customer expectations during the Energy Transition.
Avista Foundation awarded over $184,000 in grants to 37 non-profit organizations in the first quarter of 2024, focusing on health and human services. In 2023, over $1.8 million was donated. Avista CEO emphasizes the importance of supporting communities for resilience and interconnectedness. The foundation has granted over $16 million since 2002.
Avista is enhancing its wildfire mitigation plan by adding Public Safety Power Shutoffs (PSPS) in extreme weather conditions to protect public safety. The company has been implementing changes to its power line operations, such as Fire Safety Mode, to reduce the risk of fires. Avista has also committed to a 10-year Wildfire Resiliency Plan, completing grid hardening projects and increasing vegetation management.
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