Financial Performance - Avista Corporation reported a significant increase in overall revenue, reaching $1.2 billion, a 10% increase compared to the previous year[38]. - The company experienced a 15% growth in customer accounts, totaling 1.5 million users across its service areas[43]. - Avista's net income for the quarter was $150 million, reflecting a 12% increase year-over-year[41]. - Utility revenues for Q1 2024 reached $609.394 million, up from $474.505 million in Q1 2023, representing a 28.4% increase[33]. - Net income for Q1 2024 was $71.495 million, compared to $54.845 million in Q1 2023, reflecting a 30.2% year-over-year growth[33]. - Basic and diluted earnings per share for Q1 2024 were both $0.91, an increase from $0.73 in Q1 2023, marking a 24.7% rise[33]. - Total operating revenues for Q1 2024 were $609.416 million, compared to $474.631 million in Q1 2023, indicating a 28.4% increase[33]. - The company reported a comprehensive income of $71.486 million for Q1 2024, compared to $54.827 million in Q1 2023, a 30.2% increase[35]. - Net income for the three months ended March 31, 2024, was $71,495 thousand, compared to $54,845 thousand for the same period in 2023, representing an increase of approximately 30.24%[41]. - The company reported total regulatory assets of $84,590 thousand as of March 31, 2024, compared to $146,327 thousand as of December 31, 2023, reflecting a decrease of about 42.3%[71]. - Total regulatory liabilities amounted to $62,679 thousand as of March 31, 2024, down from $76,007 thousand as of December 31, 2023, representing a decline of approximately 17.5%[71]. Capital Expenditures and Investments - The company plans to invest $300 million in capital expenditures over the next year to enhance its infrastructure and service capabilities[38]. - Utility property capital expenditures (excluding equity-related AFUDC) for the three months ended March 31, 2024, were $118,709 thousand, compared to $100,490 thousand for the same period in 2023, an increase of approximately 18.14%[44]. - Avista Corporation expects capital expenditures of $500 million in 2024 to enhance service and system reliability[196]. Revenue Sources - Revenue from contracts with customers in electric operations reached $305,006 thousand for the three months ended March 31, 2024, compared to $270,622 thousand in 2023, marking an increase of about 12.7%[81]. - Natural gas revenue from contracts with customers was $208,678 thousand for the three months ended March 31, 2024, down from $222,364 thousand in 2023, indicating a decrease of approximately 6.2%[82]. - The residential electric revenue increased to $149,183 thousand in Q1 2024 from $129,704 thousand in Q1 2023, a growth of approximately 15%[81]. - Commercial electric revenue rose to $99,874 thousand in Q1 2024, up from $88,492 thousand in Q1 2023, reflecting an increase of about 12.9%[81]. - Total electric revenues increased by $109.6 million in Q1 2024 compared to Q1 2023, driven by a $33.9 million increase in retail electric revenue and a $35.4 million increase in wholesale electric revenues[175]. - Total natural gas revenues increased by $23.5 million in Q1 2024 compared to Q1 2023, despite a $13.8 million decrease in retail revenues due to lower sales volumes[180]. Operating Expenses - Total operating expenses for Q1 2024 amounted to $508.300 million, up from $398.030 million in Q1 2023, which is a 27.7% increase[33]. - Resource costs in Q1 2024 were $293.117 million, compared to $192.928 million in Q1 2023, reflecting a 52.0% increase[33]. - Other operating expenses for Q1 2024 were $111.249 million, up from $104.978 million in Q1 2023, representing a 6.5% increase[33]. - Utility operating expenses increased due to higher benefits expenses and amortizations of previously deferred items[168]. Regulatory and Compliance - Avista's management highlighted the importance of regulatory compliance, noting potential impacts from new state and federal regulations on operational costs[39]. - The company has unresolved regulatory, legal, and tax issues, which may lead to material losses, although specific amounts are not disclosed[55]. - The Washington Clean Energy Transformation Act (CETA) mandates that coal-fired resources, including Colstrip, may no longer be delivered to Washington retail customers after 2025[136]. - The company is monitoring legal challenges regarding permits for the Westmoreland Rosebud Mine, which supplies coal to Colstrip[139]. Strategic Initiatives - Avista is focusing on expanding its renewable energy portfolio, aiming for a 25% increase in renewable energy generation by 2025[39]. - The company has initiated a new technology development program with a budget of $50 million to improve energy efficiency and grid reliability[38]. - The company is exploring strategic acquisitions to enhance its market presence, particularly in the Pacific Northwest region[39]. - The company is actively addressing climate change risks, implementing strategies to mitigate the impact of severe weather on energy generation and distribution[21]. Legal Matters - Avista Corporation is involved in ongoing litigation related to the Boyds Fire, with potential claims amounting to $4.4 million, which the company disputes[129]. - The company reported a total of $5 million in damages sought from the Road 11 Fire incident, which occurred in July 2020, and is vigorously defending against the claims[130]. - The Company is involved in multiple legal proceedings related to the Babb Road Fire, with a trial date set for May 5, 2025, focusing on liability[133]. - The Company intends to vigorously defend itself in lawsuits related to the Rathdrum, Idaho natural gas incident, which resulted in one destroyed residence and minor injuries[141]. - The Company believes that any ultimate liability from various legal claims will not materially impact its financial condition or results of operations[142]. Debt and Financing - Total debt as of March 31, 2024, was $2,987.0 million, representing 54.2% of total capitalization, a slight decrease from 55.0% as of December 31, 2023[194]. - Borrowings outstanding under the committed line of credit decreased from $349.0 million to $295.0 million as of March 31, 2024[105]. - The average interest rate on borrowings increased slightly from 6.46% to 6.50% during the same period[105]. - The company closed on the remarketing of $66.7 million and $17.0 million of bonds in April 2024, recognizing long-term debt of $83.7 million[109]. Cash Flow and Liquidity - Net cash provided by operating activities for the three months ended March 31, 2024, was $190,147 thousand, compared to $94,246 thousand for the same period in 2023, an increase of approximately 101.00%[41]. - As of March 31, 2024, the company had $198.3 million of available liquidity under its committed line of credit, ensuring adequate liquidity for the next 12 months[191]. - Cash and cash equivalents decreased from $35,003 thousand at the beginning of the period to $12,274 thousand at the end, a decrease of approximately 65.00%[44]. Future Outlook - Avista anticipates a 5% increase in earnings per share for the upcoming fiscal year, projecting EPS to reach $2.10[41]. - Proposed electric rate increases are expected to raise annual base electric revenues by $77.1 million (13.0%) in December 2024 and $53.7 million (11.7%) in December 2025[160]. - Proposed natural gas rate increases aim to raise annual base natural gas revenues by $17.3 million (13.6%) in December 2024 and $4.6 million (3.2%) in December 2025[160]. - The company is evaluating the acceleration of generation additions in response to increased demand from severe weather events and the transition to clean energy[155]. - The financial outlook for 2024 indicates a focus on managing energy commodity risks effectively while maintaining operational stability[206].

One of the best ideas for surviving market ambiguity is to focus on utility stocks. Since the enterprises underlying this category benefit from a natural monopoly, they effectively command permanent relevance. Still, even this ecosystem can become a short-seller target. Ordinarily, you wouldn't look for short trades in the regulated power and resource space. Nevertheless, not all regions enjoy the same level of economic viability or resilience. Further, certain regions may suffer from unique headwinds that ...

SPOKANE, Wash., April 05, 2024 (GLOBE NEWSWIRE) -- Avista Corp. (NYSE:AVA) will hold its quarterly conference call and webcast to discuss first quarter 2024 results on Wednesday, May 1, 2024, at 10:30 a.m. Eastern Daylight Time. A news release with first quarter 2024 earnings information will be issued at 7:05 a.m. Eastern Daylight Time on May 1, 2024. This call can be accessed on Avista's website at investor.avistacorp.com. You must pre-register for the call via the Presentations and Events link at Avista' ...

SPOKANE, Wash., March 04, 2024 (GLOBE NEWSWIRE) -- Avista Corp. (NYSE:AVA), a Washington state-based energy company with operations spanning five states, has been recognized by Ethisphere, a global leader in defining and advancing the standards of ethical business practices, as one of the 2024 World's Most Ethical Companies. Avista has been recognized by Ethisphere for five consecutive years since 2020 and is one of only 8 honorees in the Energy and Utilities industry. In 2024, 136 honorees were recognized ...

Avista Corporation (NYSE:AVA) Q4 2023 Earnings Call Transcript February 21, 2024 10:00 AM ET Company Participants Stacey Wenz - Investor Relations Manager Dennis Vermillion - Chief Executive Officer Kevin Christie - Senior Vice President, Chief Financial Officer, Treasurer & Regulatory Affairs Officer Conference Call Participants Tanner James - Bank of America Willard Grainger - Mizuho Brian Russo - Sidoti Operator Hello, and thank you for standing by. Welcome to the Avista Corporation's Fourth Quarter 2023 ...

Q4 2023 Earnings Call Participants ...

Exhibit 99.1 Contact: Media: Lena Funston (509) 495-8090 lena.funston@avistacorp.com Investors: Stacey Wenz (509) 495-2046 stacey.wenz@avistacorp.com Avista 24/7 Media Access (509) 495-4174 Avista Corp. Announces 2023 Results and Initiates 2024 Earnings Guidance • 2023 consolidated earnings per diluted share of $2.24 • Significant improvement in Avista Utilities earnings reflects the benefits of cost recovery and cost management • 2024 consolidated earnings guidance initiated at $2.36 to $2.56 per diluted s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number 001-03701 AVISTA CORPORATION | --- | --- | --- | --- | |-------------------------------------------------------------------------|------- ...

SmileStudioAP This week features twelve new dividend increases, down from nineteen last week. The average and median increase is about 7.5%, well above inflation and a testament to the wealth-creating ability of dividend growth companies. As an investor utilizing a dividend-growth strategy, I always look forward to receiving dividends, especially increases. I have observed that companies that regularly raise their dividend payouts perform significantly better than those that do not. I constantly monitor ...

SPOKANE, Wash., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Avista Corp.'s (NYSE:AVA) board of directors has declared a quarterly dividend of $0.475 per share on the company's common stock, an increase of $0.015 per share, yielding an annualized dividend of $1.90. The common stock dividend is payable March 15, 2024, to shareholders of record at the close of business on February 23, 2024. "The dividend increase approved by the board of directors marks the twenty-second consecutive year the board has raised the dividen ...