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) has submitted its 2025 Electric Integrated Resource Plan (IRP) to regulatory commissions in Washington and Idaho. The plan outlines the company's 20-year strategy for meeting electricity demand growth, projected at 0.9% annually with winter peak demand growing at 1.14%.
Key elements include adding new renewable resources like wind and solar by 2030, continuing energy efficiency programs that will reduce demand growth by 32% over 20 years, and implementing demand response programs to reduce peak demand by up to 4%. The company plans to issue an All-Source Request for Proposals (RFP) in May to secure both capacity and renewable resources.
The IRP confirms Avista's commitment to meet Washington's Clean Energy Transformation Act requirements for greenhouse gas neutrality by 2030. The plan also identifies the need for reliable generation resources, either through new natural gas generation or energy storage, and includes the proposed North Plains Connector transmission line as a preferred resource alternative.
Avista (NYSE: AVA) has released its latest Corporate Responsibility report and ESG information on its corporate website. The report details the company's operations and commitments across four key areas: environment, people, customers and communities, and ethical governance.
The update includes progress on clean energy goals, workplace equity initiatives, supplier diversity, and the publication of their 2023 EEO-1 Report. The company has also expanded its ESG reporting framework coverage, adding new reports aligned with TCFD, SASB, EEI, and AGA standards.
CEO Dennis Vermillion emphasized the company's mission to enable vibrant communities through safe, responsible, and affordable energy, highlighting their focus on robust energy systems, clean energy partnerships, employee engagement, and financial strength.
Avista (NYSE: AVA) received approval from the Washington Utilities and Transportation Commission for a two-year rate plan affecting electric and natural gas rates starting January 2025. For electric operations, the Commission approved a 0.1% ($0.8M) increase in base revenue for Year 1 and 11.6% ($68.9M) for Year 2. Natural gas operations will see an 11.2% ($14.2M) increase in Year 1 and 2.8% ($4M) in Year 2.
The Commission approved a 7.32% rate of return on rate base, with a 48.5% common equity ratio and 9.8% return on equity. A potential calculation error in Year 1 electric rates could adjust the revenue from $0.8M to approximately $12M (2.0% increase). The Commission maintained support for Wildfire and Insurance balancing accounts and decoupling but did not modify the Energy Recovery Mechanism.
Avista Corp (NYSE: AVA) announced its board of directors has declared a quarterly dividend of $0.475 per share on common stock. The dividend will be paid on December 13, 2024, to shareholders of record as of November 26, 2024. The board's dividend decisions are based on various factors including financial results, business strategies, and market conditions.
Avista Corp. (NYSE: AVA) reported Q3 2024 net income of $18.5 million ($0.23 per diluted share), up from $14.7 million ($0.19 per share) in Q3 2023. Year-to-date net income reached $112.8 million ($1.44 per share), compared to $87 million ($1.14 per share) in 2023. The company lowered its 2024 consolidated earnings guidance to $2.26-$2.46 per diluted share due to lower-than-expected valuations in private equity markets. Avista Utilities expects to be at the low end of guidance range due to higher power supply, medical, and bad debt costs. The company plans to invest approximately $515 million in capital expenditures at Avista Utilities and $21 million at AEL&P for 2024.
Avista (NYSE: AVA) has signed a nonbinding memorandum of understanding for a 10% ownership share in the North Plains Connector, a 420-mile high-voltage direct-current transmission line project. The line will connect Bismarck, North Dakota to Colstrip, Montana, providing 300 megawatts of transfer capacity for Avista. The project received a $700 million GRIP award from the U.S. Department of Energy and is expected to be operational by 2032. This transmission line will be the first to connect three regional U.S. electric energy markets, enhancing resource sharing and market access.
Avista (NYSE: AVA) has filed a request with Oregon's Public Utility Commission to increase natural gas base rates by 6.6% ($7.8 million) effective September 1, 2025. The proposal includes a 7.67% rate of return with a 50% common equity ratio and 10.4% return on equity. For residential customers using 47 therms monthly, this means a $4.37 increase to $68.67. The rate increase aims to recover costs from infrastructure investments, including replacement of pre-1987 gas pipelines and technology upgrades. This follows a recent 11.5% ($15.1 million) rate decrease from purchased gas cost adjustments implemented in November.
The Avista Foundation has announced the distribution of $122,750 in grants to 27 nonprofit organizations across Washington, Idaho, Oregon, and Alaska during its third quarter. The grants focus on economic and community development initiatives, including support for multi-ethnic business owners, infrastructure improvements, and educational programs. Notable recipients include AHANA in Washington ($10,000), Southeast Alaska Food Bank ($10,000), and Providence Foundation ($15,000). This is part of the foundation's larger 2024 grant program, which has awarded over $500,000 to date. The foundation operates four grant cycles annually, with the next deadline for environmental and arts and culture proposals set for November 1, 2024.
Avista announced the seasonal closure of the Q'emiln Park boat launch ramp on the Spokane River in Post Falls, Idaho, effective Monday, November 11, 2024. The closure, which typically occurs in mid-November, is necessitated by weather conditions and dropping water levels. The ramp will remain closed through fall and spring for safety reasons, with an expected reopening in late spring or early summer, depending on Coeur d'Alene Lake inflow levels.
River users can access waterflow information through Avista's website or dedicated phone lines in Washington (509-495-8043) and Idaho (208-769-1357).
The U.S. Department of Energy (DOE) has awarded $85,664,781 in grant funding to Avista and Idaho Power through its Grid Resilience and Innovation Partnerships (GRIP) program. The funds will be used to reconstruct the Lolo-Oxbow 230-kV transmission line, running from the Oxbow Dam on the Oregon-Idaho border to Lewiston, Idaho.
The project aims to:
- Enhance grid flexibility
- Improve resilience against wildfires
- Increase interregional capacity by approximately 635 MW
- Enable workforce development and job creation
Avista and Idaho Power will contribute an additional $86 million to complete the project over the next five years. The upgrade is expected to benefit hundreds of thousands of people, including the Nez Perce Tribe, by improving power system resilience and increasing renewable energy integration capacity.