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MarketScreener Homepage  >  Equities  >  Nyse  >  Avista Corporation    AVA

AVISTA CORPORATION

(AVA)
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Avista Comments on its Investigation of Wildfires in its Region Following the Labor Day Windstorm

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09/18/2020 | 04:45pm EDT

SPOKANE, Wash., Sept. 18, 2020 (GLOBE NEWSWIRE) -- In response to inquiries about the wildfires in its region, Avista (NYSE: AVA) today announced the initial findings from its investigations.

Avista’s investigation has determined that the primary cause of the fires in its region was extreme high winds, a weather event that triggered wildfires and affected electric utilities throughout the Pacific Northwest. To date, the Company has not found any evidence that the fires were caused by any deficiencies in its equipment, maintenance activities or vegetation management practices, although it has become aware of instances where, during the course of the storm, otherwise healthy trees and limbs, located in areas outside its maintenance right-of-way, broke under the extraordinary wind conditions and caused damage to its energy delivery system. Parallel investigations by the Department of Natural Resources are ongoing, and Avista is fully cooperating with their efforts.

Dennis Vermillion, Avista president and CEO, said, “We are deeply saddened by the devastation in numerous communities throughout our region in the wake of the unprecedented windstorm. From the outset of this storm, our focus has been, and will continue to be, to look for ways to help support affected communities as they begin to assess and repair the damage. We have been in communication with the Department of Natural Resources to support one another in fire suppression and other response efforts, and we have likewise been in contact with local fire departments, community leaders and other important stakeholders as we collectively work through the damage caused by the storm. In addition, although we do not have electric facilities in our Oregon service territory, we are working closely to support leaders and impacted communities there as well.

“As we move forward, our primary focus will continue to be on supporting our impacted communities, on ensuring that we are able to provide electric and natural gas service where it is needed, and on doing our part to help in the rebuilding process,” added Mr. Vermillion. “Our hearts go out to everyone who has been affected by these unprecedented fires in our region.”

About Avista Corp.

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 395,000 customers and natural gas to 364,000 customers. Its service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.6 million. Alaska Energy and Resources Company is an Avista subsidiary that provides retail electric service in the city and borough of Juneau, Alaska, through its subsidiary Alaska Electric Light and Power Company. Avista stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.avistacorp.com.

The Avista logo is a trademark of Avista Corporation.

To unsubscribe from Avista’s news release distribution, send a reply message to lena.funston@avistacorp.com.

Contact:
Avista 24/7 Media Line (509) 495-4174

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© GlobeNewswire 2020

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Financials (USD)
Sales 2020 1 421 M - -
Net income 2020 128 M - -
Net Debt 2020 1 984 M - -
P/E ratio 2020 17,5x
Yield 2020 4,90%
Capitalization 2 224 M 2 224 M -
EV / Sales 2020 2,96x
EV / Sales 2021 2,91x
Nbr of Employees 1 920
Free-Float 99,0%
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Technical analysis trends AVISTA CORPORATION
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 5
Average target price 39,25 $
Last Close Price 32,74 $
Spread / Highest target 58,8%
Spread / Average Target 19,9%
Spread / Lowest Target 0,79%
EPS Revisions
Managers
NameTitle
Dennis P. Vermillion President, Chief Executive Officer & Director
Scott L. Morris Non-Executive Chairman
Mark T. Thies Chief Financial Officer, Treasurer & Executive VP
James M. Kensok Chief Information & Security Officer, VP
Reed John Taylor Independent Director
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