Back to top

Image: Bigstock

Avista (AVA) Brings Additional Wind Power in Washington

Read MoreHide Full Article

Avista Corporation (AVA - Free Report) has selected Clearway Energy Group’s Rattlesnake Flat Wind Project in Washington to purchase power through a 20-year power purchase agreement.

Per the terms, Clearway Energy Group will provide Avista with nearly 50 average megawatts (“MW”) of renewable energy and initiate deliveries from 2020.

Benefit of the Agreement

Avista operates as an electric as well as natural gas utility company. The company serves 388,000 electric customers and 355,000 natural gas customers as of Feb 2019. It introduced the Integrated Resource Plan in 2017, which can be considered as a roadmap for the company to cater to the energy needs of electric as well as natural gas customers in the next 20 years. The plan enables the utility to consider additional resources acquisitions, if such resources have lower long-term cost than electric market alternatives.  

Along with supporting the Integrated Resource Plan, the new purchase agreement will provide Avista additional renewable energy. This will offset higher priced market purchases and fossil-fuel generation. Since lower usage of fossil-fuel is environmental friendly, renewable generation has been receiving wide acceptance in the past few years.

Rising Wind Across United States

Per a recent release from the U.S. Energy Information Administration (“EIA”), renewable generation provided a new record of 742 million megawatthours (MWh) of electricity in 2018, nearly double from 382 million MWh produced in 2008. Renewables contributed 17.6% of electricity generation in the United States in 2018. Wind generation rose from 55 million MWh in 2008 to 275 million MWh in 2018 and contributed 6.5% to total electricity generation.

Rising awareness regarding emission, federal and state policies as well as declining costs are driving renewable technologies in the United States, particularly in wind and solar. Thus, utilities and corporations are increasingly shifting their focus to renewables. Utility companies like WEC Energy Group, Inc. (WEC - Free Report) , NiSource (NI - Free Report) and Xcel Energy (XEL - Free Report) are focusing on renewable generations or expansions.

Zacks' Top 10 Stocks for 2019

In addition to the stocks discussed above, wouldn't you like to know about our 10 finest buy-and-holds for the year?

From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.

This year, the portfolio features a player that thrives on volatility, an AI comer, and a dynamic tech company that helps doctors deliver better patient outcomes at lower costs.

See Stocks Today >>


In-Depth Zacks Research for the Tickers Above


Normally $25 each - click below to receive one report FREE:


NiSource, Inc (NI) - free report >>

Avista Corporation (AVA) - free report >>

Xcel Energy Inc. (XEL) - free report >>

WEC Energy Group, Inc. (WEC) - free report >>