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. has submitted its 2023 Natural Gas Integrated Resource Plan (IRP) to state regulators in Washington, Idaho, and Oregon. This plan outlines a roadmap to meet future energy demands and comply with emissions regulations over the next two decades. Developed in collaboration with a Technical Advisory Committee, the IRP emphasizes safe, reliable natural gas service while meeting required emissions standards. The plan specifically addresses customer growth in Idaho and outlines how current transportation contracts will support state loads. The IRP is available for public review at myavista.com/irp.
Avista Corp. (NYSE: AVA) has been recognized as one of the 2023 World’s Most Ethical Companies by Ethisphere, marking its fourth consecutive year receiving this honor. This recognition reflects the company's commitment to ethical practices, compliance, and governance within the energy and utilities sector, where it stands out among only nine honorees. The award coincides with Avista's 134th anniversary, highlighting a legacy of corporate responsibility. Ethisphere's methodology includes over 200 questions assessing various ethical parameters.
Avista Corp. (NYSE: AVA) has nominated Kevin Jacobsen to join its Board of Directors, with a vote scheduled for May 11, 2023. Jacobsen, who currently serves as CFO of The Clorox Company, brings extensive financial expertise and executive experience in competitive markets. His past roles include VP of Financial Planning at Clorox and finance positions at General Motors. He will replace Kristianne Blake, who has been on the board since 2000 and is retiring. Avista President and CEO, Dennis Vermillion, expressed gratitude for Blake's service and optimism about Jacobsen's contributions to the company’s future.
Avista (AVA) has filed a request with the Public Utility Commission of Oregon to increase natural gas base rates by approximately $11 million. This proposal aims for a 7.59% return rate, with a 50% common equity ratio. If approved, an average residential customer could see an increase of $6.20 per month, an 8.1% rise. The request highlights necessary investments in infrastructure including pipeline replacements and technology upgrades. Avista serves around 106,000 customers in Oregon, and the PUC will review the request over the next 10 months. The company emphasizes its commitment to maintaining energy affordability despite rising operational costs.
Avista Corp. (NYSE: AVA) reported significant financial results for the year ending December 31, 2022. Net income rose to $155.2 million or $2.12 per diluted share, up from $147.3 million or $2.10 per share in 2021. The fourth quarter saw net income of $78.0 million or $1.05 per diluted share, compared to $50.9 million or $0.71 per share in Q4 2021. Despite facing challenges like high inflation and power supply volatility, the company confirmed its 2023 earnings guidance of $2.27 to $2.47 per diluted share. Key segments reported varied performances, with Avista Utilities' earnings slightly below expectations due to higher costs.
Avista Corp. (NYSE: AVA) has announced a quarterly dividend increase to $0.46 per share, marking a 4.5% rise, which equates to an annualized dividend of $1.84. This dividend is set to be payable on March 15, 2023, to shareholders of record as of February 17, 2023. This marks the twenty-first consecutive year of dividend increases, reflecting the board's commitment to enhancing shareholder value. The declaration of dividends is determined by the board, considering various financial and economic factors.
Avista (NYSE: AVA) filed a multiyear rate plan with the Idaho Public Utilities Commission to recover costs for infrastructure and operating expenses. If approved, new rates will take effect in September 2023 and September 2024. The electric general rate request aims to increase annual base revenues by $37.5 million (14.7%) in 2023 and $13.2 million (4.5%) in 2024. The natural gas request seeks $2.8 million (2.7%) increase in 2023 and $0.1 million (0.1%) in 2024. The proposal includes investments in grid reliability and technology upgrades, addressing inflation and supply chain constraints.
Silver Valley Metals Corp. announced the appointment of Douglas Dobbs as Corporate Development Director, bringing over 25 years of experience. This transition follows the acquisition of the Ranger-Page project and a comprehensive exploration campaign that delivered promising results in 2022. In 2023, the company plans to initiate drilling programs targeting high-grade resources and new mineralization areas. Additionally, they closed a $0.075 Unit Private Placement Financing for $967,283.55, issuing 12,897,114 Units. The financing included insider transactions and stock options have been issued to officers and consultants.
Avista Corporation announced a strategic agreement to transfer its interest in the Colstrip coal-fired power plant to NorthWestern Energy by December 31, 2025. This transaction includes the 222 MW generating capacity and associated rights and obligations. The decision follows Avista's assessment that Colstrip will no longer be economically viable for its customers in Washington and Idaho post-2025, as mandated by Washington's Clean Energy Transformation Act. Avista retains remediation obligations while preserving rights to the Colstrip transmission system for future renewable projects, aligning with their clean energy goals.
Avista Corp. (NYSE: AVA) will hold a quarterly conference call on February 22, 2023, at 10:30 a.m. EST to discuss its fourth quarter 2022 results. A news release with earnings details will be issued at 7:05 a.m. EST on the same day. Investors can access the call via Avista's website, with pre-registration required for call-in details. Avista provides electric service to 409,000 customers and natural gas to 374,000 customers, covering a territory of 30,000 square miles across eastern Washington, northern Idaho, and parts of Oregon.
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