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Avista Corporation reports recurring developments for a regulated energy company that produces, transmits and distributes electricity and distributes natural gas. Its Avista Utilities division serves eastern Washington, northern Idaho and parts of southern and eastern Oregon, while Alaska Energy and Resources Company provides retail electric service in Juneau, Alaska through Alaska Electric Light and Power Company.
Company news commonly covers utility earnings and guidance, board actions on common stock dividends, state rate filings, clean energy implementation plans, integrated resource planning, resource solicitations and demand-response or capacity additions. Updates also address regulatory proceedings before utility commissions and capital investment plans tied to reliability, resource adequacy and customer energy needs.
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Avista Corp. (NYSE: AVA) reported a net income of $71.6 million, or $0.99 per diluted share for Q1 2022, up from $68 million, or $0.98 per diluted share in Q1 2021. The growth was attributed to higher earnings from Avista Utilities, driven by customer growth and completed rate cases in Idaho and Washington. The company anticipates higher interest and energy costs for the rest of 2022 but remains on track to meet its earnings guidance of $1.93 to $2.13 per diluted share. For 2023, the guidance is $2.42 to $2.62 per diluted share.
The Avista Foundation has announced first-quarter grants totaling $185,850 to 31 non-profit organizations across Washington, Idaho, Oregon, and Montana. This initiative showcases the foundation's commitment to aiding vulnerable populations through grants aimed at healthcare, nutrition, and housing. In 2021, combined donations surpassed $2.6 million from Avista and its foundation. Established in 2002, the foundation has donated over $13 million to various causes, focusing on education and cultural vitality.
Avista Corp. (NYSE: AVA) has scheduled its quarterly conference call for discussing first quarter 2022 results on May 4, 2022, at 10:30 a.m. EDT. A news release with earnings information will be available at 7:05 a.m. on the same day. Investors can access the call via the company’s website or by dialing (855) 806-8606. A replay of the call will be available until May 11, 2022. Avista provides electric and natural gas services to over 772,000 customers across Washington, Idaho, and Oregon, while its Alaska subsidiary serves 17,000 customers in Juneau.
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Avista Utilities and Tacoma Power have officially joined the Western Energy Imbalance Market (WEIM) as of March 2, 2022, enhancing grid efficiencies for their combined 600,000 electric customers. This participation aims to integrate more renewable energy, provide cost-effective energy solutions, and support environmental initiatives by reducing greenhouse gas emissions through minimized renewable curtailments. The WEIM will soon have 19 members serving nearly 77% of electricity demand in the Western U.S., with cumulative benefits projected to exceed $2 billion.
Avista Corp. reported a net income of $147.3 million, or $2.10 per diluted share for 2021, up from $129.5 million or $1.90 in 2020. However, Q4 2021 net income fell to $50.9 million ($0.71/share) from $58.7 million ($0.85/share) in Q4 2020. The company expects 2022 and 2023 earnings guidance between $1.93 to $2.13 and $2.42 to $2.62 per share, respectively, driven by regulatory rate relief. Avista Edge will launch a broadband pilot in Cheney, WA.
Avista has issued a request for proposals (RFP) to enhance its energy portfolio and meet clean energy goals. The RFP aims to secure power generation and demand management solutions to fulfill resource needs between 2026 and 2030, according to the company's 2021 Electric Integrated Resource Plan (IRP). Avista seeks to achieve 100% clean electricity by 2045 and carbon neutrality by 2027, with a target of adding approximately 196 MW of winter capacity and 190 MW of summer capacity. Proposals are due by March 25, 2022.
Avista Corp. (NYSE: AVA) has declared a quarterly dividend of $0.44 per share, representing a 4.1% increase from the previous dividend. This marks the 20th consecutive year of dividend growth, emphasizing the board's commitment to enhancing shareholder value. The dividend is payable on March 15, 2022, to shareholders recorded by the close of business on February 18, 2022. The annualized dividend stands at $1.76.
Avista Corp. (NYSE: AVA) will discuss its fourth quarter 2021 results in a conference call scheduled for February 23, 2022, at 10:30 a.m. EST. A news release detailing the earnings will be available at 7:05 a.m. EST the same day. Interested parties can access the call via Avista's website or by dialing (855) 806-8606 with confirmation number 9970246. A replay will be accessible until March 2, 2022. Avista provides electric and natural gas services to a significant customer base across the Pacific Northwest and Alaska.