Spokane7
58°
February 18, 2009 in City, Idaho
Avista’s earnings rebound in 2008
Avista Corp. this morning announced 2008 net income of $73.6 million, or $1.36 a share, compared with income of $38.5 million, or 72 cents per share, in 2007.
The company’s regulated utility, Avista Utilities, also had a strong year, posting net income of $70 million, compared with income of $43.8 million in 2007. The increase was “primarily the result” of rate hikes in Washington and Idaho in January and October last year, the company said in a news release.
Still, the 2008 increase looks large because 2007 was a particular weak year for Avista, said Jessie Wuerst, an Avista spokeswoman.
Wuerst said the company’s 2008 earnings are on par with 2006, when Avista earned $72.9 million.
Avista’s utility business is highly scrutinized, she added. “The use of every ratepayer dollar is audited, reviewed and approved” by public utility commissions in the three states where Avista sells electricty and natural gas, she said.
Scott Morris, Avista president and CEO, said in the release that despite the strong showing in 2008, “we are still earning less than the return authorized by state regulatory commissons due to the lag in recovery of costs related to capital investments and operating expenses.”
Morris noted that Avista recognizes “the financial pressure that our customers are facing in these difficult economic times” and will do what it can to keep operating costs down.
WSU police investigate third suspicious fire 
liarsinnews on February 18 at 10:30 a.m.
AVISTA, makes me think of CORPORATE PIGS.
effulge on February 18 at 10:33 a.m.
“Morris noted that Avista recognizes “the financial pressure that our customers are facing in these difficult economic times” and will do what it can to keep operating costs down.”
I recently called regarding my current bill and was told there is a rate increase being reviewed right now. Sure they will “try” to keep “operating” costs down….but rates will continue to go up an up
westside on February 18 at 10:50 a.m.
“we are still earning less than the return authorized by state regulatory commissons due to the lag in recovery of costs related to capital investments and operating expenses.” Sounds pretty arrogant, “you people could be paying .08 cents a kw hr !! ” I wonder if Avista’s CEO’s go to church and hang their heads down low..or they don’t want to be seen…remember…you cant take it with you!!
vitalyb on February 18 at 10:54 a.m.
The part about them recognizing the financial hardship of their customers in these times sounds like a bunch of crap to me.
iskixc on February 19 at 7:14 p.m.
Avista should be investigated! During the big snow, much of Spokane did not have their meter read. We received the highest Bill for $295, which we when called were told it was a high end estimate, to pay $250 and it would be corrected when the meter could be read. On 02/17 we received a Bill for $145, and $45 added onto the bill for not paying in full the $295. My wife called, and was told they just went off the estimate (not actually looking to see what the correct bill would be). After complaining, she was told the would adjust to the correct bill, and re-bill us. I called today, 02/19 and asked Sherry from Avista how many customers are not getting credit for their high end estimates. I was asked what I’m upset about, we are getting a new bill sent out to us, and she was rather hostile. My question is this, how many Avista customers are getting ripped off by not correcting the high end estimates? Even at small amounts, half of Spokane amounts to a large sum of money. Will this be applied towards Avista’s 2009 net profit? I hope the word gets out, and everyone starts looking at their last two months Avista Bills.
Another Disgruntled Avista Customer