Welcome to our dedicated page for Avista Corporation news (Ticker: AVA), a resource for investors and traders seeking the latest updates and insights on Avista Corporation stock.
Avista Corporation (NYSE: AVA) is a prominent energy company headquartered in Spokane, Washington. The company is intricately involved in the production, transmission, and distribution of energy, serving a substantial customer base across the Pacific Northwest. Avista operates through two primary divisions: Avista Utilities and Alaska Electric Light and Power (AEL&P).
Avista Utilities serves approximately 416,000 electric customers and 381,000 natural gas customers over a 30,000-square-mile territory that includes eastern Washington, northern Idaho, and parts of southern and eastern Oregon. The division is also responsible for managing electric generation facilities located in Washington, Idaho, Oregon, and Montana.
Alaska Electric Light and Power is a wholly-owned subsidiary that provides electric services to around 18,000 customers in Juneau, Alaska. This division plays a crucial role in Avista's overall operations by catering to the energy needs of a unique and geographically distinct market.
Avista Corp. has a long-standing history of innovation, particularly in the renewable energy sector. Founded in 1889, the company has consistently focused on sustainable and ethical business practices. Recently, Avista was recognized for the fifth time by Ethisphere as one of the World's Most Ethical Companies in 2024.
In terms of corporate developments, Avista Corp. has been proactive in addressing the growing demand for energy and the challenges posed by climate change. In 2024, the company introduced a comprehensive 10-year Wildfire Resiliency Plan aimed at enhancing grid safety and reliability. This plan includes grid-hardening projects such as replacing wooden transmission poles with steel and installing fire-retardant wire mesh around the base of poles. Additionally, Avista has increased its vegetation management efforts to minimize the risk of fires caused by contact between trees and power lines.
Avista is also involved in several strategic partnerships and investments through its non-regulated subsidiary, Avista Development, Inc. Notably, Avista Development recently invested in Empower Grid Holdings—a merger of Exceleron Software and PayGo Utilities aimed at improving utility affordability and customer engagement during the energy transition.
Financially, Avista has shown resilience and adaptability. In 2024, the company issued $250 million in long-term debt and $112.3 million in common stock. Avista's liquidity remains strong, with significant available credit lines and planned capital expenditures focused on infrastructure and technology upgrades.
Looking ahead, Avista Corp. has initiated its 2024 earnings guidance with a consolidated range of $2.36 to $2.56 per diluted share. The company anticipates long-term earnings growth of 4 to 6 percent off a 2025 base year, contingent on constructive regulatory outcomes.
For more information about Avista, visit their website at www.avistacorp.com.
Avista Corp. reported a net income of $11.5 million, or $0.16 per diluted share, for Q2 2022, down from $14.1 million, or $0.20 per share in Q2 2021. Year-to-date, net income reached $83 million, slightly up from $82.1 million a year prior. The company confirmed its 2022 earnings guidance range of $1.93 to $2.13 per diluted share but revised expectations for Avista Utilities downward. A significant write-off related to the Dry Ash Disposal project impacted earnings. The settlement of multiyear Washington rate cases is anticipated to benefit operations if approved.
Avista Corp. (NYSE: AVA) will hold a quarterly conference call on August 3, 2022, at 10:30 AM Eastern Daylight Time to discuss its second quarter 2022 results. The news release will be issued at 7:05 AM Eastern Daylight Time on the same day. The call will be accessible through Avista’s website, and participants must pre-register to receive call-in details. Avista provides electric and natural gas services to customers across a service territory of 30,000 square miles, serving approximately 1.7 million people.
Avista (NYSE: AVA) has reached a settlement agreement for its electric and natural gas rate cases, pending approval by the Washington Utilities and Transportation Commission. If approved, new rates will increase annual electric revenues by $38 million in Dec. 2022 and $12.5 million in Dec. 2023, while natural gas revenues will rise by $7.5 million and $1.5 million respectively. A Residual Tax Customer Credit will offset part of the increases, providing $27.6 million for electric and $12.5 million for natural gas customers over two years.
Avista Corp. (NYSE: AVA) has received approval for its first Clean Energy Implementation Plan (CEIP) from the Washington Utilities and Transportation Commission. The CEIP outlines actions to achieve clean energy goals set by the Clean Energy Transformation Act, requiring greenhouse gas neutrality by 2030 and 100% renewable energy by 2045. Key highlights include plans to meet 40% of customer demand with renewable energy by 2022, rising to 62.5% by 2025, and implementing energy efficiency measures to reduce load by about 2% over four years.
Avista Corp. (NYSE: AVA) has announced a quarterly dividend of $0.44 per share, payable on June 15, 2022, to shareholders of record by May 27, 2022. The board of directors determines the dividend amount based on various factors, including financial performance and market conditions. Avista operates in energy production, transmission, and distribution, serving approximately 406,000 electric and 372,000 natural gas customers across eastern Washington, northern Idaho, and parts of Oregon, with a customer base totaling 1.7 million in its service areas.
Avista Corp. (NYSE: AVA) reported a net income of $71.6 million, or $0.99 per diluted share for Q1 2022, up from $68 million, or $0.98 per diluted share in Q1 2021. The growth was attributed to higher earnings from Avista Utilities, driven by customer growth and completed rate cases in Idaho and Washington. The company anticipates higher interest and energy costs for the rest of 2022 but remains on track to meet its earnings guidance of $1.93 to $2.13 per diluted share. For 2023, the guidance is $2.42 to $2.62 per diluted share.
The Avista Foundation has announced first-quarter grants totaling $185,850 to 31 non-profit organizations across Washington, Idaho, Oregon, and Montana. This initiative showcases the foundation's commitment to aiding vulnerable populations through grants aimed at healthcare, nutrition, and housing. In 2021, combined donations surpassed $2.6 million from Avista and its foundation. Established in 2002, the foundation has donated over $13 million to various causes, focusing on education and cultural vitality.
Avista Corp. (NYSE: AVA) has scheduled its quarterly conference call for discussing first quarter 2022 results on May 4, 2022, at 10:30 a.m. EDT. A news release with earnings information will be available at 7:05 a.m. on the same day. Investors can access the call via the company’s website or by dialing (855) 806-8606. A replay of the call will be available until May 11, 2022. Avista provides electric and natural gas services to over 772,000 customers across Washington, Idaho, and Oregon, while its Alaska subsidiary serves 17,000 customers in Juneau.
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