Avista second-quarter earnings remain consistent

Avista Corp. held steady in its second-quarter earnings report Wednesday, with income of $25.3 million, or 38 cents per share.

The results compare to $25.6 million, or 39 cents per share, during the second quarter of 2018.

For the first six months of the year, Avista net income is substantially up from last year, at $141.1 million. During the first half of 2018, Avista reported income of $80.5 million.

Scott Morris, the outgoing chairman and CEO, said the company had a “strong” second quarter, and attributed it to “lower operating costs and better than expected customer growth.”

Morris said net income was reduced in part by “a $7 million donation commitment we made to fund initiatives to strengthen our local communities.”

Earlier this year, the company promised $7 million for work related to homelessness, “small town pride” and “youth success.” The funding for these initiatives does not come from utility rates, but from shareholders “through the various philanthropy programs of Avista,” including Spokesman-Review community events through Northwest Passages.

Morris also reported on regulatory matters affecting the utility, saying the company had reached a settlement relating to natural gas rates in Oregon. In June, the energy company filed an electric general rate case in Idaho, and continues “to work through the regulatory process in Washington.”

Morris said he anticipated “to provide rate relief in early 2020 and begin reducing the regulatory lag that we have been experiencing.”