Jul 30 2008
Avista enjoying the economy- profits up 72%
While all of us struggle to pay bills, higher gas prices, and higher Avista bills in this struggling economy, Avista Utilities seems to be enjoying itself. The company today reported its 2nd quarter profit for this year is 69% higher than last, and its yearly profit this year so far is 72% higher than last.
All of this, while Avista is warning customers its going to ask for another natural gas rate hike later this year. Avista says it has to ask for the hike, to pass its costs onto customers. (Avista claims in its news release its net profit was primarily due to a rate increase it got approved at the beginning of this year)
Avista says another reason for the increase this year compared with last is because Avista delt with a net loss from Avista Energy last year. The company also claims its profits could have been higher, saying it has absorbed $7,400,000 in costs so far this year.
The question is, how can Avista with a straight-face, ask for a huge natural gas increase (which it plans to do this fall), when its obviously not limping along. Don’t get me wrong, I want companies to be successful and earn a profit. But when you’re talking about nearly doubling your year-to-year profits, that’s where I draw the line. I don’t want to take money from Avista, but I also don’t want the company telling me it needs more money, when in reality, it doesn’t.
What do you think?
(4 votes, average: 5 out of 5)
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Big business again . How many of our elderly will have to perish, in order for people to WAKE UP . These and the Big Oil CEO’s should be in JAIL.
Censorship KXLY?
We all have to bombard the Washington State Utility commission with protest letters and let them know that NO WAY DOES AVISTA NEED A RATE INCREASE WITH PROFITS UP 72% this year so far.
They are as big as crooks as the government, and the oil companies.
We need a good old Boston Tea Party before we are all freezing to death and going hungry!!!!!
Why should they be any different? Fannie Mae and Freddie Mac get bailed out, but
Fannie Mae’s chief executive and president, Daniel Mudd, received compensation last year valued at $12.2 million, including a $2.2 million bonus. Freddie Mac CEO Richard Syron received $10.5 million last year in salary, stock, options and bonuses.
Bonuses for what?! Unprecedented incompetence and negligence?
It’s SOP in the corporate world. Since when do profits become an advantage for consumers, as with Avista? Since when are CEOs held accountable for bad business results? Rarely. And we average citizens are the ones who end up paying the price and penalty.
I don’t understand why Avista thinks they need more money. I’m sure that all of us retired folks would like more money, too. Oh yes, we get COLA once a year and that raise and then some goes to pay Medicare raises. When will it stop? I know there are elderly people that sit in cold houses because they cannot afford to heat them. And they probably sit in the dark, too. ENOUGH ALREADY!!!
Well no matter what the society says prices will rise and rise…it keeps getting worse…I’m just waiting for the recession.
do the cops know that neil had a car? i have known neil for a while and he had a nice ass car
Yeah it’s the same old B.S. the rich get richer and the poor go hungry. Does anyone out there realize that this economy hurts ONLY poor. Retired or not. I’m retired and my FIXED income is $594.00 a month!. Yeah let me see you big shot corporates try and live on that. I’ve worked in this country since I was 12, yeah born and raised here but now I’m a minority and my s.s. went to the “other” people. Avista wants more money?
Aw too bad they cant get by on 72% profit. Neither can the “C.E.O’s” get on on eight or ten million dollars. Ha. When this is all over, can they stand up in front of their Maker and answer “How did you love”?..
Did anyone read the notice that came with your utility bill last month? It says Avista is going back to court to ask for a reduction on the credit it was ordered to pay us back.