Avista Corp. has reported first-quarter net income of $79 million, or 98 cents per diluted share, up from $71 million, or 91 cents per share, in the year-earlier quarter.

“Strong results at Avista Utilities reflect solid execution of our business plan in the first quarter,” says Avista President and CEO Heather Rosentrater in a press release.

Regarding rate increases, Rosentrater says: “Settlement of our Oregon general rate case is positive progress, and later this month, we'll have the first settlement discussions in our Idaho general rate cases. If approved, new rates for both states are expected to go into effect in September of this year.”

The company also proposed a rate increase for electricity customers in Washington earlier this year.

Avista Utilities, an operating division of Avista Corp., provides electric service to about 423,000 customers and natural gas to 384,000 customers. Its service territory covers 30,000 square miles in Eastern Washington, northern Idaho, and parts of southern and eastern Oregon.

Avista (NYSE: AVA) stock traded at $41 per share at the close of the market on May 7, closer to its 52-week high of $43.09 than its 52-week low of $33.45.