May 6—Avista Corp. reported an increase in first-quarter earnings, compared to the first-quarter of 2020.
The Spokane-based utility reported first-quarter net income of $68 million, or 98 cents per share, compared to $48.4 million, or 72 cents per share, in the first quarter of 2020, according to a company release.
"We're off to a good start in 2021 and we are on track to meet our earnings targets for the full year," Dennis Vermillion, president and chief executive officer of Avista Corp., said in a statement. "Avista Utilities' earnings were better than expected due to higher utility margin, mainly from lower net power supply costs."
Avista said earnings met expectations for its subsidiary Alaska Electric Light & Power, and its other businesses exceeded earnings expectations because of investment gains.
Avista has taken several steps toward creating a clean energy future, including its recent announcement of striving to be carbon neutral by 2045, with a goal of 30% reduction in greenhouse gas emissions by 2030, Vermillion said.
"We also signed a contract with the Chelan County Public Utility District that will add more clean, affordable hydroelectric energy into our electric resource mix," Vermillion said. "Plus, we filed our 2021 Electric Integrated Resource Plan, which includes strategies that move us closer to achieving Avista's clean electricity goal to provide customers with a carbon neutral supply of electricity by 2027."