Avista Strengthens on Long-Term Clean Energy Contract With Chelan PUD

© Reuters.

By Sam Boughedda — Shares of Avista Corporation (NYSE:) rose 1.8% Thursday after it announced a long-term clean energy contract with Chelan County Public Utility District (PUD).

The 20-year contract is for renewable hydropower from the PUD’s two hydro projects on the Columbia River and will provide carbon-free energy to the company’s electric customers in the Northwest.

The contract gives Avista 5% of the output from the PUD’s Rock Island and Rocky Reach hydropower projects from 2026 to 2030. This increases to 10% of the output from 2031 to 2045.

Avista explained that the deal will increase its carbon-free resources toward its 2030 renewable energy goals, in addition to contributing capacity to needs in Washington and Idaho. 

Jason Thackston, Avista’s senior vice president of energy resources, said the deal is “another important step on our way to serving customers with 100% clean electricity by 2045 and 100% carbon neutral resources by 2027.”

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