Avista (AVA) Files Electric IRP, Focuses On Clean Energy
Zacks Investment Research | Aug 31, 2017 10:59PM ET
Avista Corp.’s (NYSE:AVA) operating division Avista Utilities, recently filed an Electric Integrated Resource Plan (IRP) for 2017 with the Washington and Idaho public utility commissions. The IRP is a 20-year plan to cater to the needs of customers by providing them a source of safe and cost-effective energy.
The recently filed IRP is in sync with the company’s strategy of meeting customers’ energy demands by 2026, which it intends to achieve through adequate resources and controlled generation contracts.
Details of the Plan
The company submits an electric IRP with the authorities every two years containing the details regarding projected growth in energy demand along with new resources required to serve customers over the next 20 years.
Per the latest IRP, Avista’s existing generation resources are cost effective and reliable enough to meet the needs of customers over the next 20 years. Additionally, the company is going to develop of a 15 megawatt MW (DC) solar facility for its commercial and industrial customers.
Outcome of 2017 IRP
Avista’s projected greenhouse gas emissions associated with the generation portfolio in this IRP is 29% lower than the projected greenhouse gas emissions as identified in the 2015 IRP. Along with this, the company’s current energy storage costs are also significantly lower than the last IRP, per the current IRP plan.
Additionally, the company anticipates customer load growth to decrease to 0.5% in the 2018-2037 IRP timeframe, replacing the 0.6% projected growth in the 2015 IRP. The company currently derives more than 50% of total generation capacity from hydro, wind and biomass renewable sources. Given Avista’s focus on generating more electricity from renewable sources, we expect renewable energy contribution to increase further from the present level.
With the help of the new IRP, the company aims to add newer solar resources and additional renewable options to cater to the needs of its customers. Taking into consideration the above factors, the company seems well poised to fulfill the customers’ needs along with balancing environmental responsibility.
Price Movement
In the past year, Avista has outperformed the Zacks Investment Research
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