Avista Corp. has reported an increase in yearly earnings for 2021, primarily fueled by revenue and customer growth.
The Spokane-based utility reported net income of $147.3 million, or $2.10 per share, for the year ending Dec. 31, compared to $129.5 million, or $1.90 per share for the year ending Dec. 31, 2020, the company stated in a news release Wednesday.
Price adjustments and investment gains from Avista’s subsidiaries also were contributing factors to its earnings gain in 2021, according to the company’s annual filing with the U.S. Securities and Exchange Commission.
Avista’s subsidiaries include Avista Utilities, Alaska Electric Light & Power and Avista Edge, which was formed to provide internet to rural communities through partnerships with cities, cooperatives and electric utilities.
The company also owns mixed-use commercial, retail and office space and land.
“We expect to continue to have net positive results from these businesses going forward. In 2022, we are excited for our non-regulated subsidiary Avista Edge to roll out its first internet broadband pilot in the City of Cheney, Washington,” Dennis Vermillion, president and CEO of Avista Corp., said in a statement.
The company’s income increase last year, however, was partially offset by operating expenses, depreciation and higher power supply costs and changes in market prices that resulted from hot, dry weather conditions in summer 2021, according to the SEC filing.
Avista filed a rate adjustment in January with the Washington Utilities and Transportation Commission that, if approved, would increase average monthly residential electric rates by 11% and natural gas rates by 3.5% over two years.
For the fourth quarter of 2021, Avista’s net income was $50.9 million, or $0.71 per diluted share, compared to $58.7 million, or $0.85 per diluted share for the fourth quarter of 2020.Amy Edelen can be reached at (509) 459-5581 or at email@example.com.
Local journalism is essential.
Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.
Subscribe now to get breaking news alerts in your email inbox
Get breaking news delivered to your inbox as it happens.