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Avista Corp. reports rise in fourth-quarter earnings

(TYLER TJOMSLAND/The Spokesman/Review)
By Amy Edelen amye@spokesman.com(509) 459-5581

Avista Corp. has reported an increase in fourth-quarter earnings, compared to the fourth quarter of 2019.

The Spokane-based utility reported fourth-quarter net income of $58.7 million, or 85 cents per share, compared to $50.8 million, or 76 cents per share, in the fourth quarter of 2019, according to a company release Wednesday.

Avista’s earnings exceeded expectations because of “higher utility margin and lower income taxes, partially offset by higher operating expenses,” the company said in the news release.

Avista reported a dip in yearly earnings, with net income of $129.5 million, or $1.90 per share, for the year ending Dec. 31, compared to $197 million, or $2.97 per share, for the year ending Dec. 31 2019.

The company indicated earnings also exceeded expectations for its subsidiary Alaska Electric Light & Power because of higher sales volumes for residential customers and lower operating costs resulting from coronavirus-related operational restrictions.

“In the midst of this ongoing COVID-19 pandemic, thanks to the dedication and determination of our employees, we’ve taken many steps to move our business forward,” Avista President and CEO Dennis Vermillion said. “We’ve finished installing nearly all of our smart meters across Washington to help our customers better manage their energy usage, and now that the Rattlesnake Flat wind farm is online, we’re moving closer to achieving Avista’s clean electricity goals.”

Recognition for ethics

Avista is continuing to move toward a goal of serving customers with clean electricity by 2045 and having a carbon neutral supply of electricity by the end of 2027. The company recently published an update to its environmental, social and governance commitments.

It was also recognized by the Ethisphere Institute as one of the 2021 World’s Most Ethical Companies for the second consecutive year. The Ethisphere Institute is a Scottsdale, Arizona-based company that defines and measures corporate ethical standards and promotes best practices in corporate ethics.