Cold winter, higher prices boost Avista

A colder winter and higher natural gas rates have given a boost to 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 $25.2 million, or 40 cents per share for the second quarter of 2015.

Though 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/ SR.