AVISTA CORP
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Results of Operations - Other Businesses
Our other businesses had a net loss of $4.8 million for 2023 compared to net income of $29.7 million for 2022. The decrease in net income primarily relates to decreases in the fair value of our investments in 2023, compared to net investment gains related to fair value increases in 2022. In 2022, a significant portion of the net income resulted from an increase in the fair value of our investment in a biotechnology company, which stems from an investment originally focused on the development of biofuels. See "Note 18 of the Notes to the Consolidated Financial Statements" for further discussion of our equity investment fair value.
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