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.
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.
Avista Corp. (NYSE: AVA) filed its first Clean Energy Implementation Plan (CEIP) with the Washington Utilities and Transportation Commission, making it the first utility in Washington to do so. The CEIP outlines the company's roadmap for achieving greenhouse gas neutrality by 2030 and 100% renewable energy by 2045. Key highlights include plans to meet 80% of Washington customer demand with renewable energy by 2022, selling renewable energy credits to reduce customer rates by 1% annually, and investing $5 million annually in disadvantaged communities. Full details are accessible on Avista's website.
Avista (NYSE: AVA) announces that as of October 1, 2021, there will be no rate change for customers following a settlement with the Washington Utilities and Transportation Commission (UTC). The UTC approved base revenue increases of $13.6 million for electric operations and $8.1 million for natural gas operations, offset by tax customer credits. The company’s rate of return on rate base is set at 7.12%, with a 9.4% return on equity. Avista aims to continue enhancing infrastructure without impacting customer bills immediately, despite some expenses not being approved for recovery.
Avista has filed two annual rate adjustments with the Washington Utilities and Transportation Commission, effective Nov. 1, 2021. One adjustment aims to decrease electric rates by approximately $0.8 million (0.1%), benefiting residential and small farm customers through the Bonneville Power Administration's Residential Exchange Program. Conversely, the second adjustment seeks to increase natural gas revenues by about $17.5 million (10.6%) due to rising wholesale natural gas costs. These changes will not impact the company's earnings.
Avista Corp. (NYSE: AVA) announced the appointment of Major General (Retired) Julie Bentz to its board of directors, effective November 1, 2021. Bentz, a 33-year veteran of military service, has held key roles in the White House and the Department of Defense. She will serve on the Environmental, Technology and Operations Committee, and the Finance Committee. Bentz fills the vacancy left by R. John Taylor, who retired after 36 years on the board. Avista's President and CEO highlighted Bentz's leadership skills and strategic vision as vital for the company's future.
Avista Corp. (NYSE: AVA) has declared a quarterly dividend of $0.4225 per share on common stock, payable on Sept. 15, 2021, to shareholders recorded by Aug. 19, 2021. The board reviews dividends regularly considering financial results, business strategies, and market conditions. Avista is involved in energy production, transmission, and distribution, serving 402,000 electric and 369,000 natural gas customers across eastern Washington, northern Idaho, and parts of Oregon, alongside operations in Juneau, Alaska.
Avista Corp. reported a net income of $14.1 million for Q2 2021, or $0.20 per diluted share, down from $17.5 million or $0.26 in Q2 2020. Year-to-date, net income rose to $82.1 million from $65.9 million. The decline in Q2 earnings was attributed to increased power supply costs and lower hydroelectric generation amid extreme heat. The company confirmed its 2021 earnings guidance of $1.96 to $2.16 per diluted share, but lowered the 2022 guidance by $0.15 per diluted share due to rising costs and regulatory lag.
Avista's Transportation Electrification Plan (TE Plan) has received approval from the Washington Utilities and Transportation Commission. This plan focuses on building charging infrastructure for electric vehicles, which includes incentives for charging equipment and support for low-income communities. Programs aim to reduce transportation costs and CO2 emissions while optimizing electric load growth. Customers can fuel EVs using Avista's clean electricity for under $1 per gallon equivalent, significantly lowering emissions by 80%. Various resources and applications are available on Avista's website.
Avista Corp. (NYSE: AVA) will host its quarterly conference call on August 4, 2021, at 10:30 a.m. EDT to discuss second quarter 2021 results. A news release detailing the earnings will be issued at 7:05 a.m. EDT on the same day. Investors can access the call via Avista's website or by dialing (855) 806-8606 with confirmation number 4621859. A replay will be available until August 11, 2021, at (855) 859-2056. Avista provides essential energy services to over 767,000 customers across its service area.
Avista (NYSE: AVA) has submitted a settlement agreement to the Idaho Public Utilities Commission, proposing adjustments to electric and gas rates over two years. If approved, electric revenues would increase by $10.6 million (4.3%) in 2021 and $8 million (3.1%) in 2022, while natural gas revenues would decrease by $1.6 million (3.7%) in 2021 and increase by $0.9 million (2.2%) in 2022. The settlement also includes customer tax credits to offset these changes. A residential electric customer would see a minimal increase of $0.49 in 2021 and $0.31 in 2022, while natural gas customers may experience a decrease of $2.30 followed by a slight increase.
On May 11, 2021, Avista Corp. (NYSE: AVA) announced a quarterly dividend of $0.4225 per share on its common stock. This dividend is payable on June 15, 2021, to shareholders of record by the close of business on May 27, 2021. The board of directors will continue to evaluate dividend levels based on various factors, including financial results and economic conditions, demonstrating Avista's commitment to returning value to its shareholders.