Avista US Stock Price, News & Analysis

New agreement brings zero-carbon energy to Avista electric customers

SPOKANE, Wash, Dec. 08, 2022 - Avista has secured a 23-year contract with Columbia Basin Hydropower to source approximately 145 MWs of renewable hydropower. This agreement aligns with Washington's Clean Energy Transformation Act and supports Avista's goal of achieving 100% clean electricity by 2045. Initial deliveries will replace expiring contracts until 2030, enhancing the company's carbon-free energy portfolio and meeting renewable energy needs outlined in its 2021 Integrated Resource Plan.

Avista Corp. (NYSE: AVA) has announced a quarterly dividend of $0.44 per share, payable on December 15, 2022, to shareholders of record by November 18, 2022. The board of directors evaluates dividend levels regularly based on financial results, business strategies, and market conditions. Avista operates in energy production and distribution, serving 409,000 electric and 374,000 natural gas customers across a service area of 30,000 square miles.

Avista Corp. reported a net loss of $5.8 million, or $0.08 per diluted share, for Q3 2022, a decline from a net income of $14.4 million, or $0.20 per diluted share, in Q3 2021. Year-to-date results show net income of $77.2 million, down from $96.5 million a year earlier. The company lowered its 2022 earnings guidance by $0.05 to $1.88-$2.08 per share and 2023 guidance by $0.15 to $2.27-$2.47 per share, citing rising interest rates and increased operating expenses. Despite challenges, AEL&P is on track to meet annual expectations.

Avista, based in Spokane, Washington, is pursuing renewable natural gas (RNG) through a request for proposal (RFP) to support its goal of reducing natural gas emissions by 30% by 2030 and achieving carbon neutrality by 2045. The RFP invites proposals from owners and developers of RNG resources, including landfill and food waste RNG. Responses are due by December 20, 2022. This initiative aligns with legislative efforts in Oregon and Washington to facilitate RNG procurement and supports Avista's long-term sustainability goals.

Avista Corp. (NYSE: AVA) will host its quarterly conference call on November 1, 2022, at 10:30 a.m. Eastern Daylight Time to discuss Q3 2022 results. A news release detailing earnings will be available at 7:05 a.m. on the same day. Avista provides electric service to 408,000 customers and natural gas to 375,000 customers across a service area of 30,000 square miles. Interested parties must pre-register on Avista’s website to access the call. A replay will be available for one year post-event.

Avista (NYSE: AVA) has filed for annual rate adjustments with utility commissions in Washington and Idaho to increase electric and natural gas rates, effective November 1, 2022. In Washington, electric revenues may rise by approx. $5.1 million (0.9%) for wildfire expenses, while natural gas rates could increase by $25 million (12.3%). Idaho natural gas adjustments may see a revenue rise of $11.2 million (12.7%) and $2.6 million (3.0%). These adjustments result from soaring wholesale gas prices, which have surged since March 2022.

Avista (NYSE: AVA) has announced senior leadership changes effective September 1, 2022, aiming for enhanced strategic execution and operational effectiveness. Key appointments include Heather Rosentrater as Chief Operating Officer, Jason Thackston as Chief Strategy and Clean Energy Officer, and Ed Schlect transitioning to Vice President, Strategy Advisor, ahead of his retirement. CEO Dennis Vermillion highlighted the potential benefits of these leaders for Avista’s growth and commitment to future leadership development.

Avista Corp. (NYSE: AVA) has declared a quarterly dividend of $0.44 per share, payable on September 15, 2022, to shareholders of record by August 19, 2022. The board of directors assesses dividend levels regularly, considering financial results, business strategies, and economic conditions. Avista provides electric service to 406,000 customers and natural gas to 372,000 customers across a service area of 30,000 square miles in the Pacific Northwest.

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.