Welcome to our dedicated page for Avista US news (Ticker: AVA), a resource for investors and traders seeking the latest updates and insights on Avista US stock.
Overview of Avista Corp. (NYSE: AVA)
\nAvista Corp., headquartered in Spokane, Washington, is a leading energy company specializing in the production, transmission, and distribution of electricity and natural gas. Operating under its primary division, Avista Utilities, the company provides energy services to approximately 422,000 electric and 383,000 natural gas customers across a 30,000-square-mile service territory in eastern Washington, northern Idaho, and parts of southern and eastern Oregon. Additionally, through its subsidiary Alaska Electric Light and Power Company (AEL&P), Avista delivers electric services to 18,000 customers in Juneau, Alaska. The company serves a population of 1.7 million, making it a critical energy provider in the Pacific Northwest and Alaska.
\n\nCore Business Operations
\nAvista's operations are divided into two primary segments:
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- Avista Utilities: This segment focuses on regulated energy services, including the generation, transmission, and distribution of electricity and natural gas. Avista Utilities operates a diverse portfolio of energy-generating facilities, including hydroelectric, natural gas, coal, and renewable energy sources, strategically located in Washington, Idaho, Oregon, and Montana. \n
- Alaska Electric Light and Power Company (AEL&P): A wholly-owned subsidiary of Avista, AEL&P provides regulated electric services in Juneau, Alaska, leveraging hydroelectric resources to meet the region's energy needs sustainably. \n
Commitment to Sustainability and Innovation
\nAvista is deeply committed to sustainability, as evidenced by its investments in renewable energy and grid modernization. The company has developed a comprehensive Wildfire Resiliency Plan, incorporating advanced technologies such as fire-retardant materials, enhanced vegetation management, and Public Safety Power Shutoffs (PSPS) to mitigate wildfire risks. Avista also actively participates in regional and national energy projects, including the North Plains Connector transmission line, which aims to improve grid reliability and integrate renewable energy resources.
\n\nStrategic Partnerships and Investments
\nAvista leverages strategic partnerships and investments to drive innovation and operational efficiency. Through its non-regulated subsidiary, Avista Development, Inc., the company invests in clean technology and early-stage companies that align with its vision of a sustainable energy future. Recent initiatives include participation in the Empower Grid Holdings platform, which focuses on enhancing customer engagement and energy affordability through advanced utility software solutions.
\n\nRegulatory and Market Position
\nOperating in a highly regulated industry, Avista works closely with state and federal regulatory bodies to ensure compliance and secure cost recovery for its investments. The company's strategic rate filings and integrated resource planning demonstrate its proactive approach to addressing evolving energy demands and regulatory requirements. Avista's focus on renewable energy integration, grid resilience, and customer-centric solutions positions it as a key player in the energy transition within the Pacific Northwest.
\n\nChallenges and Opportunities
\nAvista faces challenges such as climate change impacts, regulatory risks, and rising infrastructure costs. However, the company is well-positioned to address these through its diversified energy portfolio, strategic capital investments, and focus on innovation. Opportunities include expanding renewable energy capacity, enhancing grid reliability, and leveraging partnerships to drive customer engagement and operational efficiency.
\n\nConclusion
\nWith a strong legacy of innovation and a forward-looking approach to energy management, Avista Corp. continues to play a pivotal role in the Pacific Northwest's energy landscape. Its commitment to sustainability, customer satisfaction, and regulatory excellence underscores its position as a trusted energy provider and a key contributor to the region's economic and environmental well-being.
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.
Avista Corp. (NYSE: AVA) will host its quarterly conference call on November 1, 2022, at 10:30 a.m. Eastern Daylight Time to discuss Q3 2022 results. A news release detailing earnings will be available at 7:05 a.m. on the same day. Avista provides electric service to 408,000 customers and natural gas to 375,000 customers across a service area of 30,000 square miles. Interested parties must pre-register on Avista’s website to access the call. A replay will be available for one year post-event.
Avista (NYSE: AVA) has filed for annual rate adjustments with utility commissions in Washington and Idaho to increase electric and natural gas rates, effective November 1, 2022. In Washington, electric revenues may rise by approx. $5.1 million (0.9%) for wildfire expenses, while natural gas rates could increase by $25 million (12.3%). Idaho natural gas adjustments may see a revenue rise of $11.2 million (12.7%) and $2.6 million (3.0%). These adjustments result from soaring wholesale gas prices, which have surged since March 2022.
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