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.
View Avista’s full fiscal report here.