Welcome to our dedicated page for Avista news (Ticker: AVA), a resource for investors and traders seeking the latest updates and insights on Avista 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) reported Q3 2020 net income of $4.9 million, or $0.07 per share, down from $5.1 million, or $0.08 per share in Q3 2019. Year-to-date net income was $70.8 million, or $1.04 per share, significantly lower than $146.2 million, or $2.21 per share in 2019. The decrease was driven by higher bad debt expenses due to COVID-19. However, Avista confirmed its earnings guidance for 2020 remains between $1.75 and $1.95 per share. The company emphasized its commitment to community support amidst the pandemic, with over $2 million in charitable contributions.
Avista (NYSE: AVA) has submitted filings with the Washington Utilities and Transportation Commission aimed at recovering costs from infrastructure investments without raising customer bills. These filings include general rate cases for electric and natural gas services, a Tax Customer Credit, and a deferral request linked to its Wildfire Resiliency Plan. The proposals project an annual increase in electric revenues of $44.2 million and natural gas revenues of $12.8 million, both offset by tax credits to maintain current customer rates.
Avista Corp. (NYSE: AVA) will conduct its third quarter 2020 earnings conference call on November 4, 2020, at 10:30 a.m. EST. The earnings release will be issued earlier that day at 7:05 a.m. EST. Investors can access the call online at investor.avistacorp.com or by phone at (855) 806-8606 (Confirmation number 4383867). A replay will be available until November 11, 2020. Avista provides electric and natural gas services to over 759,000 customers across several states and operates other energy-related businesses.
Avista (NYSE: AVA) announced initial findings regarding the wildfires caused by extreme high winds in its region. The investigation revealed no evidence of deficiencies in the company's equipment or maintenance practices contributing to the fires. However, falling branches from healthy trees not within maintenance zones did damage the energy delivery system. Avista is cooperating with the Department of Natural Resources, focusing on community support and restoring electric and natural gas services. The company serves 395,000 electric and 364,000 natural gas customers across a 30,000 square mile area.
Avista Corp. reported a net income of $17.5 million, or $0.26 per diluted share, for Q2 2020, declining from $25.3 million, or $0.38 per share a year earlier. Year-to-date, net income stands at $65.9 million, or $0.98 per share, down from $141.1 million, or $2.14 per share in the same period last year. The company anticipates full-year earnings between $1.75 and $1.95 per diluted share, despite COVID-19 challenges impacting operational costs and utility margins. Adjustments include a general rate increase and ongoing liquidity management strategies.
Avista has launched a comprehensive 10-year Wildfire Resiliency Plan to enhance its wildfire prevention and response strategies. This initiative aims to strengthen infrastructure, improve operational practices, and increase collaboration with fire agencies. Key measures include grid hardening with fire-resilient materials, enhanced vegetation management, and improved situation awareness for better monitoring. The plan prioritizes public and worker safety and aims to minimize service disruptions due to wildfires and extreme weather.
Avista is launching a request for proposals (RFP) to acquire renewable energy resources, targeting up to 120 average megawatts (aMW) of new capacity. The utility aims to secure renewable generation to offset fossil-fuel reliance, aligning with its 2020 Integrated Resource Plan. The goal is to provide 100% clean electricity by 2045 and achieve carbon neutrality by 2027. Proposals must include eligible renewable resources such as wind, solar, geothermal, and more. RFP submissions are due by July 22, 2020, with details available on Avista's website.
Avista Corp. (NYSE: AVA) has announced a quarterly dividend of $0.405 per share, payable on June 15, 2020, to shareholders recorded by May 29, 2020. The board of directors will regularly evaluate dividends based on financial performance, strategies, and market conditions. Avista provides energy services to 395,000 electric and 363,000 natural gas customers across a 30,000 square mile territory in the Pacific Northwest, serving a population of 1.7 million.
Avista Corp. (NYSE: AVA) reported a net income of $48.4 million, or $0.72 per diluted share for Q1 2020, a significant decline from $115.8 million, or $1.76 per share in Q1 2019. The CEO highlighted challenges due to the COVID-19 pandemic, impacting operating costs and revenues. Regulatory resolutions in Washington aimed to keep rates affordable for customers. However, consolidated earnings guidance for 2020 has been lowered to $1.75-$1.95 per share, down from $1.95-$2.15. The company anticipates continued adverse impacts from COVID-19 and economic downturns.