Colder winter, higher gas rates help boost Avista 2016 earnings

A colder winter and higher natural gas rates boosted Avista Corp.’s earnings this year, the utility reported today.

The Spokane-based utility reported income of $27.3 million, or 43 cents per share for the second quarter, compared to income of $25.2 million, or 40 cents per share, for the second quarter of 2015.

Through the first six months of 2016, Avista reported net income of $84.9 million, or $1.34 per share, compared to $71.7 million, or $1.14 per share, for the first half of 2015.

Scott Morris, Avista’s chairman and chief executive, said results were slightly above the company’s expectations. Warmer than normal weather in April and May partially offset the higher winter heating loads.

Morris said the utility is on track to meet its previously announced 2016 earnings target of $1.96 to $2.16 per share.