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 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.