Avista’s yearly profit grows, but 4th quarter dips

Avista Corp. reported a 2011 profit of $100.2 million, or $1.72 per share, up from a profit of $92.4 million, or $1.65 per share the previous year. However, profit dipped slightly in the fourth quarter to $24.6 million from $25.7 million in the same period the previous year. “Above normal snowpack last winter and a cool and wet spring produced excellent river run-off conditions in 2011. This resulted in one of the best hydroelectric generation years on record,” Avista President and CEO Scott Morris said in a news release. ” In addition, purchased power and natural gas fuel prices were below the level included in base rates.” Avista spent $240 million on upgrading its power generation, transmission and distribution systems, and the company expects to spend about $250 million this year and next for the same purposes. The company will “continue to request rate adjustments” to recover those costs, the release said.