Spokane7
58°
April 29, 2009 in City, Idaho
Avista’s quarterly earnings up 23 percent
Avista Corp. reported improved first quarter earnings, citing revenue growth from higher electric and natural gas rates, as well as growth in the number of customers the utility serves.
Avista reported net income of $31 million, or 57 cents per share, compared to net income of $25.2 million, or 47 cents per share, during the first quarter of 2008. The results were released this morning.
“Even with the decline in the economy, we saw approximately 1 percent growth in both electric and natural gas customers during the first quarter of 2009 as compared to first quarter of 2008,” Scott Morris, Avista’s chairman, president and CEO said in a statement.
Higher rates approved by public utilities commissions in Washington and Idaho also helped the Spokane-based utility’s bottom line, he said.
Morris said other first quarter highlights included:
• Better hydroelectric generation. Based on current snowpack conditions and projected stream flows, hydropower generation should be near normal for 2009.
• Falling wholesale prices for natural gas. The company expects to pass on savings to Idaho and Washington customers this year. Avista will file a formal request with Idaho and Washington public utility commission in the coming weeks.
• Advantage IQ, an Avista subsidiary, signed new contracts that should result in more than $2 million in new revenues. Advantage IQ helps companies manage their utility expenses.
Miners to return to Lucky Friday 
eagleproducer on April 29 at 9:15 a.m.
It is high time to completely nationalize the Energy sector of our economy.
Why do we allow a company like Avista to make millions of dollars using the power that is eventually generated by a falling snowflake, much of which falls on land the public owns and goes through generating facilities the public built?
I’m tired of every time I turn around another energy/oil company is reaping record profits while sending me shut off notices because I can’t pay a $400 heating bill for a 900 sq ft apartment on my meager teacher’s salary, one I won’t have next year because of the economy that was ruined by corporate greed.
I guess we can cue the mouthpiece for Avista being on all the local t.v. news spots tonight attempting to convince us all how the world will fall apart if corporate fat cats aren’t allowed to bleed the public for every extra dime they earn.
Anyone who has read Dante’s Inferno knows which level in Hell awaits the Avista executive and their moronic mouthpieces.
MOKANA on April 29 at 4:09 p.m.
the energy sector was regulated, the Republican Party deregualted it under the Regean Administration. Does any one remember Enron and the Wester State Energy Fraud. I am completely blown away that Avista and the eggs to request a rate increase in December, even after the rally outside their facilities. It is high time that the People take back this Country from the Corporations, but the People have not felt enough pain yet … more layoffs, more Health Care Crisis, more Bankruptcys, more foreclosures. It is time to take back this Country but that will not happen until the people step up and take what is rightfully theirs and in MASS!!!
Pat O'Leary on April 29 at 9:17 p.m.
They plan on asking the regulators to allow them to return some of the revenue to the ratepayers. Yeah, and I’ll still respect you in the morning. What a bunch of bull!
td9993 on May 01 at 7:25 a.m.
Scott Morris, Avista Corp.’s chairman, president and chief executive officer, earned $2.2 million in total compensation last year, then this.
It’s DISGUSTING that we let them do this to people.
I won’t even visit Avista Stadium now. Anything that has to do with them is tainted in the blood of their customers.
Of course their profits were up. They’ve raised their rates so high people are resorting to clothes lines and other means to get by but they still need electricity.
If ANY other company came in and went against Avista, I’m guessing over thousands would switch without hesitation.