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 Corporation, together with other owners of the Pacific Northwest Colstrip plant, has filed a lawsuit against the State of Montana following the signing of Senate Bills 265 and 266. Avista argues these bills disrupt a nearly 40-year contract among the Colstrip owners. The lawsuit primarily targets Senate Bill 265, claiming it undermines the existing arbitration provisions of the Colstrip Ownership and Operating Agreement. Avista has expressed disappointment in the state's actions but remains committed to finding solutions that serve all stakeholders involved.
Avista (NYSE: AVA) aims to cut greenhouse gas emissions by 30% by 2030 and achieve carbon neutrality by 2045. The company builds on its 2019 goal of providing 100% clean electricity by 2045 and is now expanding these efforts to natural gas. Avista plans to invest in renewable natural gas (RNG), hydrogen, and energy efficiency measures to reach its targets. With over 367,000 natural gas customers, Avista is committed to balancing environmental stewardship with affordability while promoting clean energy.
Avista and Chelan County Public Utility District have signed a new contract for renewable hydropower, enhancing Avista’s carbon-free resource portfolio.
The agreement allows Avista to receive 5% of the output from Chelan PUD’s Rock Island and Rocky Reach projects from 2024 to 2033, totaling 10% when combined with an existing contract.
This initiative aligns with Washington State’s Clean Energy Transformation Act and supports Avista's goal of achieving 100% clean electricity by 2045 and carbon neutrality by 2027.
Avista Corp. (NYSE: AVA) has announced its upcoming quarterly conference call scheduled for May 5, 2021, at 10:30 a.m. EDT. This call will cover the company's first quarter 2021 results, with a news release issued earlier at 7:05 a.m. EDT.
Investors can access the call via Avista’s investor relations website or by dialing (855) 806-8606 with confirmation number 6982215. A replay will be available through May 10, 2021.
Avista Corp. (NYSE: AVA) has released its 2021 Electric Integrated Resource Plan (IRP), aiming for a cleaner electricity future. The plan aligns with its clean electricity goals established in 2019, targeting 100% clean electricity by 2045 and carbon neutrality by 2027. Highlights include meeting 78% of the clean electricity goal by 2027, a new chapter on energy equity, and a focus on renewable resources including wind projects in Montana. Avista anticipates a steady customer load growth of 0.3% annually through 2025.
Avista Corp. (NYSE: AVA) has nominated Sena Kwawu for election to its Board of Directors, effective May 11, 2021. Kwawu, a seasoned operational and finance leader with over 25 years of experience, is currently senior vice president of operations at Frontdoor, Inc., and has held prominent positions at Starbucks and other major firms. His appointment follows the retirement of Marc Racicot due to the mandatory retirement age. CEO Dennis Vermillion expressed confidence in Kwawu's ability to enhance strategic leadership and customer experience at Avista.
Avista Corp. reported a net income of $129.5 million, or $1.90 per diluted share for 2020, down from $197.0 million, or $2.97 per share in 2019. For Q4 2020, net income was $58.7 million, up from $50.8 million in Q4 2019. The utility's earnings surpassed expectations, driven by a higher utility margin and reduced income taxes, despite increased operating expenses. Avista initiated earnings guidance for 2021 at $1.96 to $2.16 per share, with expectations of 4-6% growth post-2023 as regulatory lags are addressed.
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Avista Corp. (NYSE: AVA) has declared a quarterly dividend of $0.4225 per share, marking a 4.3% increase from the previous dividend. This raises the annualized dividend to $1.69. The dividend is payable on March 15, 2021, to shareholders recorded by February 19, 2021. This is the nineteenth consecutive year the board has raised the dividend, showcasing its commitment to maximizing shareholder value. The decision is made considering financial results and competitive conditions.
Avista (NYSE: AVA) has launched its latest corporate responsibility disclosure initiative, presenting the 2021 corporate responsibility report and comprehensive ESG information on its website, avistacorp.com. The report outlines the company's commitments concerning the environment, people, customers, communities, and ethical governance. Avista's President and CEO, Dennis Vermillion, emphasized the importance of making ESG data accessible for all stakeholders. For further details, visit the corporate responsibility page.