Avista Corp. reported net income of $54.8 million, or earnings of $0.73 per diluted share, for the first quarter of 2023, compared to $71.6 million, or $0.99 per diluted share, for the first quarter of 2022.
“Avista is off to a solid start in 2023 and results are slightly ahead of our expectations for the quarter. We’re pleased with our results and are on track to meet our annual consolidated earnings targets. As expected, commodity prices remained..."
“We are confirming our 2023 consolidated earnings guidance with a range of $2.27 to $2.47 per diluted share. Our quarterly earnings will differ from recent history due to how our tax provision is spread throughout the year as a percentage of pre-tax..."
“Avista is off to a solid start in 2023 and results are slightly ahead of our expectations for the quarter. We’re pleased with our results and are on track to meet our annual consolidated earnings targets. As expected, commodity prices remained elevated throughout the winter, and as a result, net power supply costs were high in the first quarter of 2023. We absorbed $7.6 million in pre-tax costs under the Energy Recovery Mechanism in Washington. We expect lower net power supply costs for the remainder of the year, resulting in a benefit under the ERM,” said Avista President and CEO Dennis Vermillion.
“We made progress toward Avista’s clean energy goals by executing a contract for new wind generation in Montana. With this and other recent hydro contracts in place, more than 70 percent of Avista’s peak generating capability will be produced from non-emitting resources in 2026. Together with recent renewable natural gas contracts and the extension of our purchase power agreement with the Lancaster plant in Idaho, we are laying the groundwork for affordable, reliable and clean energy for years to come.
“AEL&P met expectations and is on track to meet the full year guidance. Results from our other businesses are on track to meet guidance for the full year.
“We are confirming our 2023 consolidated earnings guidance with a range of $2.27 to $2.47 per diluted share. Our quarterly earnings will differ from recent history due to how our tax provision is spread throughout the year as a percentage of pre-tax income and the effects of our general rate cases,” Vermillion added.
