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Avista Corp (AVA) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Avista Corp

CIK: 104918 Ticker: AVA

Exhibit 99.1

img172667673_0.jpg 

Contact:

Media: Laurine Jue (509) 495-2510 laurine.jue@avistacorp.com

Investors: Stacey Wenz (509) 495-2046 stacey.wenz@avistacorp.com

Avista 24/7 Media Access (509) 495-4174

Avista Corp. Reports Financial Results for Fourth Quarter and Fiscal Year 2021, Confirms 2022 and 2023 Guidance

SPOKANE, Wash. – Feb. 23, 2022, 4:05 a.m. PST

: Avista Corp. (NYSE: AVA) today reported net income of $147.3 million, or $2.10 per diluted share for the year ended Dec. 31, 2021, compared to $129.5 million, or $1.90 per diluted share for the year ended Dec. 31, 2020.

For the fourth quarter of 2021, net income was $50.9 million, or $0.71 per diluted share, compared to $58.7 million, or $0.85 per diluted share for the fourth quarter of 2020.

“Our 2021 consolidated earnings were in the upper half of our guidance range, primarily due to significant gains at our other businesses, exceeding expectations. We expect to continue to have net positive results from these businesses going forward. In 2022, we are excited for our non-regulated subsidiary Avista Edge to roll out its first internet broadband pilot in the City of Cheney, Washington,” said Avista President and CEO Dennis Vermillion.

“Avista Utilities’ earnings were in-line with our revised forecast, which included higher net power supply costs due to below-normal hydro generation, increased power and gas costs, and weather events. AEL&P’s earnings were consistent with expectations.

“In January, we filed a two-year rate plan in Washington. We expect new rates to be implemented in late 2022 and this will be a key driver in our plan to earn our allowed rates of return in 2023 and beyond.

“I applaud the resiliency of our employees and how Avista continues to navigate the evolving pandemic landscape.

“We are confirming our 2022 and 2023 consolidated earnings guidance with ranges of $1.93 to $2.13 per diluted share in 2022, and $2.42 to $2.62 per diluted share in 2023,” Vermillion added.

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The following information was filed by Avista Corp (AVA) on Wednesday, February 23, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Avista Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Equity
Consolidated Statements Of Income
Accounting For Income Taxes
Accounting For Income Taxes (Tables)
Accounting For Income Taxes - Additional Information (Details)
Accounting For Income Taxes - Schedule Of Components Of Income Tax Expense (Details)
Accounting For Income Taxes - Schedule Of Deferred Income Tax Assets And Liabilities (Details)
Accounting For Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Accounting For Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Parenthetical) (Details)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Reclassification Out Of Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Loss - Schedule Of Accumulated Other Comprehensive Loss, Net Of Tax (Details)
Accumulated Other Comprehensive Loss - Schedule Of Accumulated Other Comprehensive Loss, Net Of Tax (Parenthetical) (Details)
Asset Retirement Obligations
Asset Retirement Obligations (Tables)
Asset Retirement Obligations - Schedule Of Changes In Asset Retirement Obligation (Details)
Balance Sheet Components
Balance Sheet Components (Tables)
Balance Sheet Components - Materials And Supplies, Fuel Stock And Stored Natural Gas (Details)
Balance Sheet Components - Other Current Liabilities (Details)
Balance Sheet Components - Other Property And Investments-Net And Other Non-Current Assets (Details)
Balance Sheet Components - Schedule Of Other Current Assets (Details)
Balance Sheet Components - Schedule Of Other Non-Current Liabilities And Deferred Credits (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Committed Lines Of Credit
Committed Lines Of Credit (Tables)
Committed Lines Of Credit - Additional Information (Details)
Committed Lines Of Credit - Schedule Of Balances Outstanding And Interest Rates Of Borrowings (Details)
Common Stock
Common Stock - Additional Information (Details)
Credit Agreement
Credit Agreement - Additional Information (Details)
Derivatives And Risk Management
Derivatives And Risk Management (Tables)
Derivatives And Risk Management - Additional Information (Details)
Derivatives And Risk Management - Schedule Of Collateral Outstanding Related To Derivative Instruments (Details)
Derivatives And Risk Management - Schedule Of Energy Commodity Derivative Volumes (Details)
Derivatives And Risk Management - Schedules Of Fair Values And Locations Of Derivative Instruments (Details)
Derivatives And Risk Management - Summary Of Foreign Currency Exchange Derivatives (Details)
Derivatives And Risk Management - Summary Of Unsettled Interest Rate Swap Derivatives (Details)
Earnings Per Common Share Attributable To Avista Corporation Shareholders
Earnings Per Common Share Attributable To Avista Corporation Shareholders (Tables)
Earnings Per Common Share Attributable To Avista Corporation Shareholders - Additional Information (Details)
Earnings Per Common Share Attributable To Avista Corporation Shareholders - Schedule Of Computation Of Basic And Diluted Earnings Per Common Share (Details)
Energy Purchase Contracts
Energy Purchase Contracts (Future Contractual Commitments For Power Resources And Natural Gas Resources) (Details)
Energy Purchase Contracts (Pud Contracts Expenses) (Details)
Energy Purchase Contracts (Schedule Of Utility Total Expenses) (Details)
Energy Purchase Contracts (Tables)
Energy Purchase Contracts Additional Information (Details)
Fair Value
Fair Value (Tables)
Fair Value - Additional Information (Details)
Fair Value - Schedule Of Activity For Energy Commodity Derivative Assets (Liabilities) Measured At Fair Value Using Significant Unobservable Inputs (Level 3) (Details)
Fair Value - Schedule Of Carrying Value And Estimated Fair Value Of Financial Instruments (Details)
Fair Value - Schedule Of Fair Value Of Assets And Liabilities Measured On Recurring Basis (Details)
Fair Value - Schedule Of Quantitative Information (Details)
Fair Value - Schedules Of Nonrecurring Fair Value Measurements (Details)
Information By Business Segments
Information By Business Segments (Additional Information) (Details)
Information By Business Segments (Tables)
Information By Business Segments - Schedule Of Business Segments (Details)
Jointly Owned Electric Facilities
Jointly Owned Electric Facilities (Tables)
Jointly Owned Electric Facilities - Additional Information (Details)
Jointly Owned Electric Facilities - Schedule Of Utility Plant In Service For Colstrip And Accumulated Depreciation (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Components Of Lease Expense (Details)
Leases - Summary Of Maturities Of Lease Liabilities (Details)
Leases - Summary Of Supplemental Balance Sheet Information Related To Leases (Details)
Leases - Summary Of Supplemental Cash Flow Information Related To Leases (Details)
Long- Term Debt To Affiliated Trust
Long- Term Debt To Affiliated Trust (Tables)
Long- Term Debt To Affiliated Trust - Narrative (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Schedule Of Long-Term Debt Instruments (Details)
Long-Term Debt - Schedule Of Long-Term Debt Instruments (Parenthetical) (Details)
Long-Term Debt - Schedule Of Long-Term Debt Maturities (Details)
Long-Term Debt To Affiliated Trust - Schedule Of Distribution Rates Paid (Details)
Long-Term Debt- Additional Information (Details)
New Accounting Standards
New Accounting Standards - Additional Information (Details)
Pension Plans And Other Postretirement Benefit Plans
Pension Plans And Other Postretirement Benefit Plans (Tables)
Pension Plans And Other Postretirement Benefit Plans - Additional Information (Details)
Pension Plans And Other Postretirement Benefit Plans - Change In Benefit Obligation And Plan Assets (Details)
Pension Plans And Other Postretirement Benefit Plans - Components Of Net Periodic Benefit Costs (Details)
Pension Plans And Other Postretirement Benefit Plans - Deferred Compensation Assets And Liabilities (Details)
Pension Plans And Other Postretirement Benefit Plans - Employer Matching Contributions (Details)
Pension Plans And Other Postretirement Benefit Plans - Investment Allocation Percentages By Asset Classes (Details)
Pension Plans And Other Postretirement Benefit Plans - Schedule Of Expected Benefit Payments (Details)
Pension Plans And Other Postretirement Benefit Plans - Schedule Of Fair Value Hierarchy Of Other Postretirement Plan Assets (Details)
Pension Plans And Other Postretirement Benefit Plans - Schedule Of Fair Value Hierarchy Of Pension Plan's Assets (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Schedule Of Major Classifications Of Property, Plant And Equipment (Details)
Property, Plant And Equipment - Schedule Of Major Classifications Of Property, Plant And Equipment (Parenthetical) (Details)
Property, Plant And Equipment - Schedule Of Net Utility Property (Details)
Regulatory Matters
Regulatory Matters (Tables)
Regulatory Matters - Additional Information (Details)
Regulatory Matters - Schedule Of Decoupling And Earnings Sharing Mechanisms (Details)
Regulatory Matters - Schedule Of Regulatory Assets And Liabilities (Details)
Regulatory Matters - Schedule Of Regulatory Assets And Liabilities (Parenthetical) (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Schedule Of Utilities Operating Revenue Expense Taxes (Details)
Revenue - Unbilled Accounts Receivable (Details)
Sale Of Metalfx
Sale Of Metalfx- Additional Information (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Allowance For Doubtful Accounts (Details)
Summary Of Significant Accounting Policies - Allowance For Doubtful Accounts (Parenthetical) (Details)
Summary Of Significant Accounting Policies - Estimated Retirement Costs Collected From Customers (Details)
Summary Of Significant Accounting Policies - Other Expense (Income) - Net (Details)
Summary Of Significant Accounting Policies - Stock-Based Compensation (Details)
Summary Of Significant Accounting Policies - Summary Of Appropriated Retained Earnings Amount Included In Retained Earnings (Details)
Summary Of Significant Accounting Policies - Summary Of Changes In Carrying Amount Of Goodwill (Details)
Summary Of Significant Accounting Policies - Summary Of Effective Afudc Rate (Details)
Summary Of Significant Accounting Policies - Summary Of Ratio Of Depreciation To Average Depreciable Property And Average Service Lives For Utility Plan In Service (Details)
Termination Of Proposed Acquisition By Hydro One
Termination Of Proposed Acquisition By Hydro One - Additional Information (Details)
Variable Interest Entities
Variable Interest Entities (Details)
Ticker: AVA
CIK: 104918
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-001672
Submitted to the SEC: Tue Feb 22 2022 8:36:21 PM EST
Accepted by the SEC: Wed Feb 23 2022
Period: Friday, December 31, 2021
Industry: Electric And Other Services Combined

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