Avista Corporation - AVA STOCK NEWS

Avista has signed an agreement with Pine Creek RNG to procure renewable natural gas (RNG) from projects in Richland, Washington, and Waterloo, Iowa. The initiative follows Avista's October 2022 RFP to secure long-term RNG resources, contributing to lower methane emissions from organic waste. The projects are expected to produce a combined total of 5.1 million therms annually, sufficient to supply around 4,173 homes. Completion of construction is anticipated by the end of 2023, enhancing Avista's goal of reducing natural gas emissions by 30% by 2030 and achieving carbon neutrality in its operations by 2045. Both companies emphasize the environmental benefits of this partnership, signaling a significant step towards a more sustainable energy future.

Avista has finalized two significant energy contracts aimed at enhancing its clean energy portfolio. The company will purchase approximately 100 megawatts of wind energy from a planned regional project starting by January 1, 2026, which will contribute to over 70% of its peak generating capacity being produced from non-emitting resources. Additionally, a 15-year extension has been made for energy procurement from the 282 MW Lancaster natural gas plant, ensuring reliable generation without the need for new natural gas plants. These initiatives are vital for meeting peak load capacity and renewable energy needs as outlined in Avista's 2021 Electric Integrated Resource Plan.

Avista Corp. (NYSE: AVA) will hold its quarterly conference call on May 3, 2023, at 10:30 a.m. EDT, to discuss first quarter 2023 results. A news release detailing earnings will be issued at 7:05 a.m. EDT on the same day. The call can be accessed via Avista's website, requiring pre-registration at the Presentations and Events link. The company serves 411,000 electric and 377,000 natural gas customers across a 30,000 square mile territory, primarily in eastern Washington and northern Idaho, with additional services in parts of Oregon and Alaska. For further details, visit Avista's investor relations page.

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.