Avista Corp. - AVA STOCK NEWS

Avista Corp. to hold quarterly conference call and webcast for third quarter 2023 results

Avista Foundation awards over $171,000 in third quarter grants to support Economic and Community Vitality in Washington, Idaho, Oregon, Montana, and Alaska.

Heather Rosentrater becomes Avista Corp.'s first female President and COO, effective October 1, 2023.

Avista seeks to secure renewable natural gas (RNG) or responsibly sourced gas (RSG) resources to meet carbon reduction goals. They aim to reduce natural gas emissions by 30% by 2030 and be carbon neutral in natural gas operations by 2045. The RFP is open for proposals, including various RNG/RSG options. Responses are due by Oct. 19, 2023.

Avista files rate adjustment filings with utility commissions in Washington and Idaho, proposing an increase in electric rates and a decrease in natural gas rates in Washington, and an increase in natural gas rates in Idaho, effective November 1, 2023. The proposed changes include an increase in electric revenues by $3.3 million (0.6%), $1.1 million (0.2%), and $0.1 million (0.0%) for wildfire expense balancing, residential exchange program, and insurance expense balancing respectively. In addition, the proposed changes include an increase in low-income rate assistance program funding by $7.6 million (1.3%). On the other hand, natural gas revenues in Washington are expected to decrease by $8.1 million (3.0%) for purchased gas cost adjustment, while the low-income rate assistance program funding will increase by $4.6 million (1.7%). In Idaho, natural gas revenues are expected to increase by $5.4 million (5.0%) for purchased gas cost adjustment. If approved, residential electric bills in Washington would increase by $2.35 per month (approximately 2.7%), while residential natural gas bills in Washington would decrease by $4.65 per month (approximately 4.8%). Residential natural gas bills in Idaho would increase by $3.54 per month (approximately 4.7%).

Avista (NYSE:AVA) received approval from the Idaho Public Utilities Commission (IPUC) for new rates, increasing annual base electric revenues by $22.1 million or 8.0% on Sept. 1, 2023, and by $4.3 million or 1.4% on Sept. 1, 2024. Annual base natural gas revenues will increase by $1.3 million or 2.7% on Sept. 1, 2023, and by $0.003 million or 0.01% on Sept. 1, 2024.

Avista Corp. (NYSE: AVA) reported Q2 2023 net income of $17.5M, up from $11.5M in Q2 2022. Despite higher costs under the Energy Recovery Mechanism due to poor hydro conditions, Avista expects to meet 2023 earnings guidance of $2.27 to $2.47 per diluted share.