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Mar 31, 2022
Avista Q1 2022 Earnings Report
Reported solid financial results for the first quarter of 2022, with Avista Utilities earnings exceeding expectations and confirmed 2022 and 2023 guidance.
Key Takeaways
Avista Corp. reported a net income of $71.6 million, or $0.99 per diluted share, for the first quarter of 2022, compared to $68.0 million, or $0.98 per diluted share for the first quarter of 2021. The company is confirming its 2022 consolidated earnings guidance with a range of $1.93 to $2.13 per diluted share and its 2023 consolidated earnings guidance range of $2.42 to $2.62 per diluted share.
Avista Utilities earnings were above expectations, driven by benefits from completed general rate cases in Idaho and Washington and customer growth.
AEL&P and other businesses met expectations for the first quarter.
Entered the Western Energy Imbalance Market to expand the ability to share renewable energy sources and reduce costs for customers.
Confirmed 2022 consolidated earnings guidance with a range of $1.93 to $2.13 per diluted share and 2023 consolidated earnings guidance range of $2.42 to $2.62 per diluted share.
Forward Guidance
Avista Corp. is confirming its 2022 consolidated earnings guidance with a range of $1.93 to $2.13 per diluted share, expecting to be near the lower end due to higher power supply costs. The company is also confirming its 2023 consolidated earnings guidance range of $2.42 to $2.62 per diluted share.
Positive Outlook
- Timely and appropriate rate relief in all jurisdictions is assumed.
- The Oregon general rate case was settled in March 2022, pending commission approval.
- Multiyear general rate cases were filed in Washington in January 2022.
- Rate relief from these cases is expected towards the end of 2022 and into 2023.
- General rate cases in Idaho are expected to be filed in 2023, with rate relief expected in the second half of 2023.
Challenges Ahead
- Higher power supply costs are expected to push earnings near the lower end of the 2022 guidance range.
- The 2022 forecast for the ERM is an expense position within the 90 percent customer/10 percent Company sharing band, expected to reduce earnings by $0.09 per diluted share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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