Avista Corporation reported a net income of $92 million for the first quarter of 2026, an increase from $79 million in the same period last year. This growth was attributed to a higher utility margin resulting from general rate cases and net investment gains, contrasting with net investment losses in the first quarter of 2025. Total operating revenues decreased to $570 million from $617 million, primarily due to reduced wholesale revenues and the removal of costs associated with the Colstrip generating facility from the revenue stream.
The company's utility revenues, excluding alternative revenue programs, fell to $547 million from $625 million year-over-year. The decrease in revenues was influenced by a decline in retail electric sales, which were impacted by milder weather conditions leading to lower customer usage. Electric resource costs also decreased, reflecting lower purchased power costs and reduced fuel generation expenses, particularly following the exit from Colstrip. The overall utility operating expenses decreased to $436 million from $492 million, contributing to the improved profitability.
Operationally, Avista's customer base grew, with electric customers increasing to 427,128 from 422,297 and natural gas customers rising to 385,496 from 383,344. The company continues to focus on enhancing service reliability and infrastructure, with capital expenditures for the quarter amounting to $150 million, up from $103 million in the previous year. Avista is also planning to implement a new Enterprise Resource Planning (ERP) system by 2028, with an estimated cost of $130 million.
Looking ahead, Avista expects to issue $230 million in long-term debt and $90 million in common stock throughout 2026 to support its capital needs. The company is actively pursuing regulatory rate adjustments to recover operating costs and capital investments, with ongoing general rate cases in Washington, Idaho, and Oregon. The company anticipates that these adjustments will help stabilize its financial performance amid fluctuating market conditions and operational challenges.
About AVISTA CORP
Avista Corporation is a regulated electric and natural gas utility serving approximately 800,000 customers across Washington, Idaho, Oregon, Montana, and Juneau, Alaska. It generates, transmits, and distributes electricity from a diverse mix of hydroelectric, thermal, wind, and solar resources, alongside natural gas distribution and storage. Avista operates under state and federal regulation, focusing on reliable, cost-effective energy delivery and resource optimization to meet customer demand.
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