Avista Corp. (
NYSE: AVA) today announced financial
results for 2023. Net income and earnings per diluted share for the
fourth quarter and the year ended Dec. 31, 2023 (year-to-date) as
compared to the respective periods of 2022 are presented in the
table below (dollars in thousands, except per-share data):
|
Fourth Quarter |
|
|
Year-to-Date |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net Income (Loss) by
Business Segment: |
|
|
|
|
|
|
|
|
|
|
|
Avista Utilities |
$ |
83,081 |
|
|
$ |
52,660 |
|
|
$ |
167,016 |
|
|
$ |
117,901 |
|
AEL&P |
|
3,248 |
|
|
|
3,253 |
|
|
|
8,937 |
|
|
|
7,545 |
|
Other |
|
(2,194 |
) |
|
|
22,043 |
|
|
|
(4,773 |
) |
|
|
29,730 |
|
Total net income |
$ |
84,135 |
|
|
$ |
77,956 |
|
|
$ |
171,180 |
|
|
$ |
155,176 |
|
Earnings (Loss) per
Diluted Share by Business Segment: |
|
|
|
|
|
|
|
|
|
|
|
Avista Utilities |
$ |
1.07 |
|
|
$ |
0.71 |
|
|
$ |
2.18 |
|
|
$ |
1.61 |
|
AEL&P |
|
0.04 |
|
|
|
0.04 |
|
|
|
0.12 |
|
|
|
0.10 |
|
Other |
|
(0.03 |
) |
|
|
0.30 |
|
|
|
(0.06 |
) |
|
|
0.41 |
|
Total earnings per diluted share |
$ |
1.08 |
|
|
$ |
1.05 |
|
|
$ |
2.24 |
|
|
$ |
2.12 |
|
“We made significant progress improving our earned return at
Avista Utilities in 2023. I am proud of the way we worked together
to deliver these results, despite the headwinds of increased
interest rates and the impact of higher power supply costs. The
team's ability to find solutions to manage our costs and work
toward constructive regulatory outcomes shows in Avista Utilities’
earnings. We executed the next step of our strategy this January
when we filed a multi-year rate plan in Washington," said Avista
CEO Dennis Vermillion.
Analysis of 2023 Consolidated Earnings
The table below presents the change in net income and diluted
earnings per share for the fourth quarter and year ended Dec. 31,
2023 as compared to the respective periods in 2022, as well as the
various factors, shown on an after-tax basis, that caused such
change (dollars in thousands, except per-share data):
|
Fourth Quarter |
|
|
Year-to-Date |
|
|
NetIncome (a) |
|
|
Earningsper Share |
|
|
NetIncome (a) |
|
|
Earningsper Share |
|
2022 consolidated earnings |
$ |
77,956 |
|
|
$ |
1.05 |
|
|
$ |
155,176 |
|
|
$ |
2.12 |
|
Changes in net income and
diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
Avista Utilities |
|
|
|
|
|
|
|
|
|
|
|
Electric utility margin (including intracompany) (b) |
|
22,408 |
|
|
|
0.29 |
|
|
|
47,380 |
|
|
|
0.62 |
|
Natural gas utility margin (including intracompany) (c) |
|
2,347 |
|
|
|
0.03 |
|
|
|
10,128 |
|
|
|
0.14 |
|
Other operating expenses (d) |
|
1,201 |
|
|
|
0.02 |
|
|
|
(6,262 |
) |
|
|
(0.08 |
) |
Depreciation and amortization (e) |
|
(2,337 |
) |
|
|
(0.03 |
) |
|
|
(9,639 |
) |
|
|
(0.12 |
) |
Interest expense (f) |
|
(3,602 |
) |
|
|
(0.04 |
) |
|
|
(19,521 |
) |
|
|
(0.25 |
) |
Other (g) |
|
(220 |
) |
|
|
— |
|
|
|
10,408 |
|
|
|
0.14 |
|
Income tax at effective rate (h) |
|
10,624 |
|
|
|
0.14 |
|
|
|
16,621 |
|
|
|
0.22 |
|
Dilution on earnings |
n/a |
|
|
|
(0.05 |
) |
|
n/a |
|
|
|
(0.10 |
) |
Total Avista Utilities |
|
30,421 |
|
|
|
0.36 |
|
|
|
49,115 |
|
|
|
0.57 |
|
AEL&P |
|
(5 |
) |
|
|
— |
|
|
|
1,392 |
|
|
|
0.02 |
|
Other businesses (i) |
|
(24,237 |
) |
|
|
(0.33 |
) |
|
|
(34,503 |
) |
|
|
(0.47 |
) |
2023 consolidated
earnings |
$ |
84,135 |
|
|
$ |
1.08 |
|
|
$ |
171,180 |
|
|
$ |
2.24 |
|
(a) |
The tax impact of each line item was calculated using Avista
Corp.'s federal statutory tax rate of 21 percent. |
(b) |
Electric utility margin
(operating revenues less resource costs) increased due to customer
growth and the effects of our general rate cases. In 2023, we had
an $8.4 million pre-tax expense under the Energy Recovery Mechanism
(ERM), compared to a $10.9 million pre-tax expense in 2022. |
(c) |
Natural gas utility margin
(operating revenues less resource costs) increased and was impacted
primarily by customer growth and the effects of our general rate
cases. |
(d) |
Other operating expenses
increased year-to-date primarily due to increased labor costs, as
well as increased amortizations of previously deferred costs now
included in customer rates (resulting in no impact to net income).
These increases were partially offset by the $4.0 million write off
of Colstrip Dry Ash Disposal System assets in 2022. |
(e) |
Depreciation and amortization
increased primarily due to additions to utility plant. |
(f) |
Interest expense increased due to
a higher level of debt outstanding for capital expenditures,
increased deferred resource costs and collateral requirements, and
an increase in interest rates. |
(g) |
Other increased primarily due to
increased interest income related to additional interest on
deferred regulatory balances as well as increased interest rates,
and decreased property taxes. |
(h) |
Our 2023 effective tax rate was
negative 24.4 percent compared to negative 12.5 percent in the
prior year. The decrease in our effective tax rate is due to
additional tax customer credits being provided to customers. |
(i) |
Earnings at our other businesses
decreased year-to-date due to net investment losses recognized in
2023 compared to net investment gains recognized in 2022. |
|
|
For electric and natural gas utility margin, see discussion of
non-Generally Accepted Accounting Principles below.
Liquidity and Capital Resources
Liquidity
In 2023, we issued $250.0 million of long-term debt and $112.3
million of common stock.
As of Dec. 31, 2023, we had $146.3 million of available
liquidity under the Avista Corp. committed line of credit, and
$30.0 million of available liquidity under our letter of credit
facility. AEL&P had $25.0 million available under their line of
credit as of Dec. 31, 2023.
In 2024, we expect to issue $70 million of common stock and $85
million of long-term debt.
Capital Expenditures and Other Investments
In 2023, Avista Utilities' capital expenditures were $484.7
million and AEL&P's capital expenditures were $13.9
million.
We expect capital expenditures to total $500 million at Avista
Utilities and $21 million at AEL&P for 2024.
In addition, we expect to invest $22 million in 2024 at our
other businesses related to non-regulated investment opportunities
and economic development projects in our service territory.
2024 Earnings Guidance and Outlook
Avista Corp. is initiating its 2024 earnings guidance with a
consolidated range of $2.36 to $2.56 per diluted share.
We expect Avista Utilities to contribute within a range of $2.23
to $2.39 per diluted share in 2024. We expect the impact of the ERM
on earnings to be negative during the first quarter of 2024 in the
50 percent customer/50 percent company sharing band. For the full
year, we expect the ERM to be neutral to earnings with a positive
impact in the latter part of the year offsetting the negative
impact in the first quarter.
In 2023, the distribution of our earnings between quarters
differed from our historical results due to the impact of customer
tax credits being returned to customers, reducing customer bills
and income tax expense. We expect the distribution of earnings
between quarters in 2024 to more closely align with results prior
to 2023.
We expect AEL&P to contribute in the range of $0.09 to $0.11
per diluted share in 2024.
We expect our other businesses to contribute in the range of
$0.04 to $0.06 per diluted share in 2024.
We continue to expect long term earnings growth of 4 to 6
percent off of a 2025 base year. This assumes a constructive
outcome in our 2024 Washington general rate cases.
Our guidance does not include the effect of unusual or
non-recurring items until the effects are known and certain.
Various factors could cause actual results to differ materially
from our expectations, including our earnings guidance. Please
refer to our 10-K for 2023, and the cautionary statements below,
for a full discussion of these factors.
Non-Generally Accepted Accounting Principles (Non-GAAP)
Financial Measures
The tables above and below include electric utility margin and
natural gas utility margin, two financial measures that are
considered “non-GAAP financial measures.” Generally, a non-GAAP
financial measure is a numerical measure of a company's financial
performance, financial position or cash flows that excludes (or
includes) amounts that are included (or excluded) in the most
directly comparable measure calculated and presented in accordance
with GAAP, which for utility margin is utility operating
revenues.
The presentation of electric utility margin and natural gas
utility margin is intended to enhance the understanding of
operating performance. We use these measures internally and believe
they provide useful information to investors in their analysis of
how changes in loads (due to weather, economic or other
conditions), rates, supply costs and other factors impact our
results of operations. Changes in loads, as well as power and
natural gas supply costs, are generally deferred and recovered from
customers through regulatory accounting mechanisms. Accordingly,
the analysis of utility margin generally excludes most of the
change in revenue resulting from these regulatory mechanisms. We
present electric and natural gas utility margin separately below
for Avista Utilities since each business has different cost
sources, cost recovery mechanisms and jurisdictions, so we believe
that separate analysis is beneficial. These measures are not
intended to replace utility operating revenues as determined in
accordance with GAAP as an indicator of operating performance.
Reconciliations of operating revenues to utility margin are set
forth below.
The following table presents Avista Utilities' operating
revenues, resource costs and resulting utility margin (pre-tax and
after-tax) for the three and twelve months ended Dec. 31, 2023 and
Dec. 31, 2022 (dollars in thousands):
|
OperatingRevenues |
|
|
ResourceCosts |
|
|
UtilityMargin(Pre-Tax) |
|
|
IncomeTaxes (a) |
|
|
UtilityMargin(Net of Tax) |
|
For the three months
ended Dec. 31, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric |
$ |
322,716 |
|
|
$ |
122,514 |
|
|
$ |
200,202 |
|
|
$ |
42,042 |
|
|
$ |
158,160 |
|
Natural Gas |
|
192,348 |
|
|
|
107,711 |
|
|
|
84,637 |
|
|
|
17,774 |
|
|
|
66,863 |
|
Less: Intracompany |
|
(10,626 |
) |
|
|
(10,626 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
$ |
504,438 |
|
|
$ |
219,599 |
|
|
$ |
284,839 |
|
|
$ |
59,816 |
|
|
$ |
225,023 |
|
For the three months
ended Dec. 31, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric |
$ |
296,262 |
|
|
$ |
124,424 |
|
|
$ |
171,838 |
|
|
$ |
36,086 |
|
|
$ |
135,752 |
|
Natural Gas |
|
219,501 |
|
|
|
137,835 |
|
|
|
81,666 |
|
|
|
17,150 |
|
|
|
64,516 |
|
Less: Intracompany |
|
(18,990 |
) |
|
|
(18,990 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
$ |
496,773 |
|
|
$ |
243,269 |
|
|
$ |
253,504 |
|
|
$ |
53,236 |
|
|
$ |
200,268 |
|
For the year ended
Dec. 31, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric |
$ |
1,172,170 |
|
|
$ |
424,278 |
|
|
$ |
747,892 |
|
|
$ |
157,057 |
|
|
$ |
590,835 |
|
Natural Gas |
|
570,590 |
|
|
|
314,171 |
|
|
|
256,419 |
|
|
|
53,848 |
|
|
|
202,571 |
|
Less: Intracompany |
|
(39,903 |
) |
|
|
(39,903 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
$ |
1,702,857 |
|
|
$ |
698,546 |
|
|
$ |
1,004,311 |
|
|
$ |
210,905 |
|
|
$ |
793,406 |
|
For the year ended
Dec. 31, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric |
$ |
1,146,823 |
|
|
$ |
458,905 |
|
|
$ |
687,918 |
|
|
$ |
144,463 |
|
|
$ |
543,455 |
|
Natural Gas |
|
583,485 |
|
|
|
339,886 |
|
|
|
243,599 |
|
|
|
51,156 |
|
|
|
192,443 |
|
Less: Intracompany |
|
(66,493 |
) |
|
|
(66,493 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
$ |
1,663,815 |
|
|
$ |
732,298 |
|
|
$ |
931,517 |
|
|
$ |
195,619 |
|
|
$ |
735,898 |
|
(a) |
Income taxes for 2023 and 2022 were calculated using Avista Corp.'s
federal statutory tax rate of 21 percent. |
|
|
NOTE: We will host a conference call with
financial analysts and investors on Feb. 21, 2024, at 10:30 a.m. ET
to discuss this news release. This call can be accessed on Avista’s
website at investor.avistacorp.com. You must register for the call
via the link at Avista’s website (investor.avistacorp.com) to
access the call-in details for the webcast. A replay of the webcast
will be available for one year on the Avista Corp. web site at
investor.avistacorp.com.
Avista Corp. is an energy company involved in the production,
transmission and distribution of energy as well as other
energy-related businesses. Avista Utilities is our operating
division that provides electric service to 416,000 customers and
natural gas to 381,000 customers. Our service territory covers
30,000 square miles in eastern Washington, northern Idaho and parts
of southern and eastern Oregon, with a population of 1.7 million.
AERC is an Avista subsidiary that, through its subsidiary
AEL&P, provides retail electric service to 18,000 customers in
the city and borough of Juneau, Alaska. Our stock is traded under
the ticker symbol “AVA”. For more information about Avista, please
visit www.avistacorp.com.
Avista Corp. and the Avista Corp. logo are trademarks of Avista
Corporation.
This news release contains forward-looking statements, including
statements regarding our current expectations for future financial
performance and cash flows, capital expenditures, financing plans,
our current plans or objectives for future operations and other
factors, which may affect the company in the future. Such
statements are subject to a variety of risks, uncertainties and
other factors, most of which are beyond our control and many of
which could have significant impact on our operations, results of
operations, financial condition or cash flows and could cause
actual results to differ materially from those anticipated in such
statements.
The following are among the important factors that could cause
actual results to differ materially from the forward-looking
statements:
Utility Regulatory Risk
state and federal regulatory decisions or related judicial
decisions that affect our ability to recover costs and earn a
reasonable return including, but not limited to, disallowance or
delay in the recovery of capital investments, operating costs,
commodity costs, the ordering of refunds to customers and
discretion over allowed return on investment; the loss of
regulatory accounting treatment, which could require the write-off
of regulatory assets and the loss of regulatory deferral and
recovery mechanisms;
Operational Risk
weather conditions, which affect both energy demand and electric
generating capability, including the impact of precipitation and
temperature on hydroelectric resources, the impact of wind patterns
on wind-generated power, weather-sensitive customer demand, and
similar impacts on supply and demand in the wholesale energy
markets; wildfires ignited, or allegedly ignited, by our equipment
or facilities could cause significant loss of life and property or
result in liability for resulting fire suppression costs and/or
damages, thereby causing serious operational and financial harm;
severe weather or natural disasters, including, but not limited to,
avalanches, wind storms, wildfires, earthquakes, extreme
temperature events, snow and ice storms that could disrupt energy
generation, transmission and distribution, as well as the
availability and costs of fuel, materials, equipment, supplies and
support services; political unrest and/or conflicts between foreign
nation-states, which could disrupt the global, national and local
economy, result in increases in operating and capital costs, impact
energy commodity prices or our ability to access energy resources,
create disruption in supply chains, disrupt, weaken or create
volatility in capital markets, and increase cyber and physical
security risks. In addition, any of these factors could negatively
impact our liquidity and limit our access to capital, among other
implications; explosions, fires, accidents, mechanical breakdowns
or other incidents that could impair assets and may disrupt
operations of our generation facilities, transmission, and electric
and natural gas distribution systems or other operations and may
require us to purchase replacement power or incur costs to repair
our facilities; interruptions in the delivery of natural gas by our
suppliers, including physical problems with pipelines themselves,
can disrupt our service of natural gas to our customers and/or
impair our ability to operate gas-fired electric generating
facilities; explosions, fires, accidents or other incidents arising
from or allegedly arising from our operations that could cause
injuries to the public or property damage; blackouts or disruptions
of interconnected transmission systems (the regional power grid);
terrorist attacks, cyberattacks or other malicious acts that could
disrupt or cause damage to our utility assets or to the national or
regional economy in general, including effects of terrorism,
cyberattacks, ransomware, or vandalism that damage or disrupt
information technology systems; pandemics, which could disrupt our
business, as well as the global, national and local economy,
resulting in a decline in customer demand, deterioration in the
creditworthiness of our customers, increases in operating and
capital costs, workforce shortages, losses or disruptions in our
workforce due to vaccine mandates, delays in capital projects,
disruption in supply chains, and disruption, weakness and
volatility in capital markets. In addition, any of these factors
could negatively impact our liquidity and limit our access to
capital, among other implications; work-force issues, including
changes in collective bargaining unit agreements, strikes, work
stoppages, the loss of key executives, availability of workers in a
variety of skill areas, and our ability to recruit and retain
employees; changes in the availability and price of purchased
power, fuel and natural gas, as well as transmission capacity;
increasing costs of insurance, more restrictive coverage terms and
our ability to obtain insurance; delays or changes in construction
costs, and/or our ability to obtain required permits and materials
for present or prospective facilities; increasing health care costs
and cost of health insurance provided to our employees and
retirees; increasing operating costs, including effects of
inflationary pressures; third party construction of buildings,
billboard signs, towers or other structures within our rights of
way, or placement of fuel containers within close proximity to our
transformers or other equipment, including overbuilding atop
natural gas distribution lines; the loss of key suppliers for
materials or services or other disruptions to the supply chain;
adverse impacts to our Alaska electric utility (AEL&P) that
could result from an extended outage of its hydroelectric
generating resources or their inability to deliver energy, due to
their lack of interconnectivity to other electrical grids and the
availability or cost of replacement power (diesel); changing river
or reservoir regulation or operations at hydroelectric facilities
not owned by us, which could impact our hydroelectric facilities
downstream;
Climate Change Risk
increasing frequency and intensity of severe weather or natural
disasters resulting from climate change, that could disrupt energy
generation, transmission and distribution, as well as the
availability and costs of fuel, materials, equipment, supplies and
support services; change in the use, availability or abundancy of
water resources and/or rights needed for operation of our
hydroelectric facilities, including impacts resulting from climate
change; changes in the long-term climate and weather could
materially affect, among other things, customer demand, the volume
and timing of streamflows required for hydroelectric generation,
costs of generation, transmission and distribution. Increased or
new risks may arise from severe weather or natural disasters,
including wildfires as well as their increased occurrence and
intensity related to changes in climate;
Cybersecurity Risk
cyberattacks on the operating systems used in the operation of
our electric generation, transmission and distribution facilities
and our natural gas distribution facilities, and cyberattacks on
such systems of other energy companies with which we are
interconnected, which could damage or destroy facilities or systems
or disrupt operations for extended periods of time and result in
the incurrence of liabilities and costs; cyberattacks on the
administrative systems used in the administration of our business,
including customer billing and customer service, accounting,
communications, compliance and other administrative functions, and
cyberattacks on such systems of our vendors and other companies
with which we do business, resulting in the disruption of business
operations, the release of private information and the incurrence
of liabilities and costs;
Technology Risk
changes in costs that impede our ability to implement new
information technology systems or to operate and maintain current
production technology; changes in technologies, possibly making
some of the current technology we utilize obsolete or introducing
new cyber security risks and other new risks inherent in the use,
by either us or our counterparties, of new technologies in the
developmental stage including, without limitation, generative
artificial intelligence; changes in the use, perception, or
regulation of generative artificial intelligence technologies,
which could limit our ability to utilize such technology, create
risk of enhanced regulatory scrutiny, generate uncertainty around
intellectual property ownership, licensing or use, or which could
otherwise result in risk of damage to our business, reputation or
financial results; insufficient technology skills, which could lead
to the inability to develop, modify or maintain our information
systems;
Strategic Risk
growth or decline of our customer base due to new uses for our
services or decline in existing services, including, but not
limited to, the effect of the trend toward distributed generation
at customer sites; the potential effects of negative publicity
regarding our business practices, whether true or not, which could
hurt our reputation and result in litigation or a decline in our
common stock price; changes in our strategic business plans, which
could be affected by any or all of the foregoing, including the
entry into new businesses and/or the exit from existing businesses
and the extent of our business development efforts where potential
future business is uncertain; wholesale and retail competition
including alternative energy sources, growth in customer-owned
power resource technologies that displace utility-supplied energy
or may be sold back to the utility, and alternative energy
suppliers and delivery arrangements; non-regulated activities may
increase earnings volatility and result in investment losses; the
risk of municipalization or other forms of service territory
reduction;
External Mandates Risk
changes in environmental laws, regulations, decisions and
policies, including, but not limited to, regulatory responses to
concerns regarding climate change, efforts to restore anadromous
fish in areas currently blocked by dams, more stringent
requirements related to air quality, water quality and waste
management, present and potential environmental remediation costs
and our compliance with these matters; the potential effects of
initiatives, legislation or administrative rulemaking at the
federal, state or local levels, including possible effects on our
generating resources, prohibitions or restrictions on new or
existing services, or restrictions on greenhouse gas emissions to
mitigate concerns over climate changes, including future
limitations on the usage and distribution of natural gas; political
pressures or regulatory practices that could constrain or place
additional cost burdens on our distribution systems through
accelerated adoption of distributed generation or electric-powered
transportation or on our energy supply sources, such as campaigns
to halt fossil fuel-fired power generation and opposition to other
thermal generation, wind turbines or hydroelectric facilities;
failure to identify changes in legislation, taxation and regulatory
issues that could be detrimental or beneficial to our overall
business; policy and/or legislative changes in various regulated
areas, including, but not limited to, environmental regulation,
healthcare regulations and import/export regulations;
Financial Risk
our ability to obtain financing through the issuance of debt
and/or equity securities and access to our funds held with
financial institutions, which could be affected by various factors
including our credit ratings, interest rates, other capital market
conditions and global economic conditions; changes in interest
rates that affect borrowing costs, variable interest rate borrowing
and the extent to which we recover interest costs through retail
rates collected from customers; volatility in energy commodity
markets that affect our ability to effectively hedge energy
commodity risks, including cash flow impacts and requirements for
collateral; volatility in the carbon emissions allowances market
that could result in increased compliance costs; changes in
actuarial assumptions, interest rates and the actual return on plan
assets for our pension and other postretirement benefit plans,
which could affect future funding obligations, pension and other
postretirement benefit expense and the related liabilities; the
outcome of legal proceedings and other contingencies; economic
conditions in our service areas, including the economy's effects on
customer demand for utility services; economic conditions
nationally may affect the valuation of our unregulated portfolio
companies; declining electricity demand related to customer energy
efficiency, conservation measures and/or increased distributed
generation and declining natural gas demand related to customer
energy efficiency, conservation measures and/or increased
electrification; industry and geographic concentrations which could
increase our exposure to credit risks due to counterparties,
suppliers and customers being similarly affected by changing
conditions; deterioration in the creditworthiness of our customers;
activist shareholders may result in additional costs and resources
required in response to activist actions;
Energy Commodity Risk
volatility and illiquidity in wholesale energy markets,
including exchanges, the availability of willing buyers and
sellers, changes in wholesale energy prices that could affect
operating income, cash requirements to purchase electricity and
natural gas, value received for wholesale sales, collateral
required of us by individual counterparties and/or exchanges in
wholesale energy transactions and credit risk from such
transactions, and the market value of derivative assets and
liabilities; default or nonperformance on the part of parties from
whom we purchase and/or sell capacity or energy; potential
environmental regulations or lawsuits affecting our ability to
utilize or resulting in the obsolescence of our power supply
resources; explosions, fires, accidents, pipeline ruptures or other
incidents that could limit energy supply to our facilities or our
surrounding territory, which could result in a shortage of
commodities in the market that could increase the cost of
replacement commodities from other sources;
Compliance Risk
changes in laws, regulations, decisions and policies at the
federal, state or local levels, which could materially impact both
our electric and gas operations and costs of operations; and the
ability to comply with the terms of the licenses and permits for
our hydroelectric or thermal generating facilities at
cost-effective levels.
For a further discussion of these factors and other important
factors, please refer to our Annual Report on Form 10-K for 2023.
The forward-looking statements contained in this news release speak
only as of the date hereof. We undertake no obligation to update
any forward-looking statement or statements to reflect events or
circumstances that occur after the date on which such statement is
made or to reflect the occurrence of unanticipated events. New
risks, uncertainties and other factors emerge from time to time,
and it is not possible for management to predict all of such
factors, nor can it assess the impact of each such factor on our
business or the extent to which any such factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statement.
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reply message to lena.funston@avistacorp.com.
Issued by: Avista Corporation
Contact:Media: Lena Funston (509) 495-8090
lena.funston@avistacorp.comInvestors: Stacey Wenz (509) 495-2046
stacey.wenz@avistacorp.comAvista 24/7 Media Access (509)
495-4174
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