Avista earnings up in second quarter

Avista Corp. reported improved second quarter income of $25.9 million on Wednesday, compared to $23.5 million in income during the second quarter of 2008. Scott Morris, Avista chairman and CEO, said higher utility rates have helped the company recover costs, including capital investments. Better hydroelectric dam generation this spring also helped the company’s bottom line, along with lower interest rates on Avista’s long-term debt. Avista natural gas expenditures dropped by $80 million during the first half of this year as a result of lower wholesale prices. The company expects to file requests to lower customer’s natural gas rates with state utility commissions. Morris also raised earnings guidance for 2009 from a range of $1.40 to $1.60 per share to $1.45 to $1.60 per share.