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) 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.
Avista's electric and natural gas rate cases have concluded favorably, with the Washington Utilities and Transportation Commission approving a multi-party settlement. Effective Dec. 21, 2022, the settlement includes annual electric revenue increases of $38 million and $12.5 million in 2023, alongside natural gas increases of $7.5 million and $1.5 million. Customers will receive tax credits totaling $27.6 million for electricity and $12.5 million for gas over two years, mitigating rate increases. The approved rate of return on rate base is 7.03%.
Avista (NYSE: AVA) has released its latest Corporate Responsibility report, showcasing its commitments in the areas of environment, people, customers, and ethical governance. The report highlights goals for workplace equity, inclusion, diversity, and supplier diversity. Additionally, Avista published its Equal Employment Opportunity (EEO) 2021 Report and continues to adhere to various industry ESG standards. CEO Dennis Vermillion emphasized the company's dedication to corporate responsibility, stating that decision-making is rooted in integrity and long-standing values.
New agreement brings zero-carbon energy to Avista electric customers
SPOKANE, Wash, Dec. 08, 2022 - Avista has secured a 23-year contract with Columbia Basin Hydropower to source approximately 145 MWs of renewable hydropower. This agreement aligns with Washington's Clean Energy Transformation Act and supports Avista's goal of achieving 100% clean electricity by 2045. Initial deliveries will replace expiring contracts until 2030, enhancing the company's carbon-free energy portfolio and meeting renewable energy needs outlined in its 2021 Integrated Resource Plan.
Avista Corp. (NYSE: AVA) has announced a quarterly dividend of $0.44 per share, payable on December 15, 2022, to shareholders of record by November 18, 2022. The board of directors evaluates dividend levels regularly based on financial results, business strategies, and market conditions. Avista operates in energy production and distribution, serving 409,000 electric and 374,000 natural gas customers across a service area of 30,000 square miles.
Avista Corp. reported a net loss of $5.8 million, or $0.08 per diluted share, for Q3 2022, a decline from a net income of $14.4 million, or $0.20 per diluted share, in Q3 2021. Year-to-date results show net income of $77.2 million, down from $96.5 million a year earlier. The company lowered its 2022 earnings guidance by $0.05 to $1.88-$2.08 per share and 2023 guidance by $0.15 to $2.27-$2.47 per share, citing rising interest rates and increased operating expenses. Despite challenges, AEL&P is on track to meet annual expectations.
Avista, based in Spokane, Washington, is pursuing renewable natural gas (RNG) through a request for proposal (RFP) to support its goal of reducing natural gas emissions by 30% by 2030 and achieving carbon neutrality by 2045. The RFP invites proposals from owners and developers of RNG resources, including landfill and food waste RNG. Responses are due by December 20, 2022. This initiative aligns with legislative efforts in Oregon and Washington to facilitate RNG procurement and supports Avista's long-term sustainability goals.
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