Avista reports higher earnings

Avista Corp. today reported net income of $92.4 million, or $1.65 per share, for 2010, compared to $87.1 million, or $1.58 per share, for 2009. For the fourth quarter of 2010, Avista’s net income was $25.7 million, or 45 cents per share, compared to $22.1 million, or 40 cents per share, for the fourth quarter of 2009. In a press release, Chairman and CEO Scott Morris described 2010 as a “solid year.” He attributed the growth in earnings to lower power supply costs and cost controls at the Spokane-based utility, as well as revenue growth at Avista subsidiary Advantage IQ, which helps companies manage their energy use. Morris also said lower power supply costs helped the utility offset the effect of mild temperatures last January through March, which led to customers using less energy.