Avista Corp (AVA) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Vista Corporation first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. (Operator Instructions).

女士們，先生們，感謝大家的支持，歡迎參加 Vista Corporation 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指令）。

Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, Stacey Walters, Investor Relations Manager. Please go ahead.

請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、投資者關係經理 Stacey Walters。請繼續。

Thank you. It's great to have you with us for Vista's first quarter 2025 earnings conference call. Our earnings and first quarter 2025 Form 10Q were released pre-market this morning. You can find both on our website. Joining me today are Vista Corp President and CEO Heather Rosentrater, and senior Vice President, CFO, treasurer, and regulatory affairs officer Kevin Christie.

謝謝。很高興您能參加 Vista 2025 年第一季財報電話會議。我們的收益和 2025 年第一季 10Q 表於今天早上盤前發布。您可以在我們的網站上找到這兩者。今天與我一起出席的還有 Vista Corp 總裁兼執行長 Heather Rosentrater，以及資深副總裁、財務長、財務長兼監管事務長 Kevin Christie。

Today we will make certain statements that are forward-looking. These involve assumptions, risks, and uncertainties which are subject to change. Various factors could cause actual results to differ materially from the expectations we discuss in today's call.

今天我們將發表一些前瞻性的聲明。這些涉及假設、風險和不確定性，可能會發生變化。各種因素都可能導致實際結果與我們在今天的電話會議上討論的預期有重大差異。

Please refer to our Form 10K for 2024 and our Form 10Q for the first quarter of 2025 for a full discussion of these risk factors. Both are available on our website. To begin, I'll recap the financial results presented in today's press release. Our consolidated earnings for the first quarter of 2025 were $0.98 for diluted share compared to $0.91 for the first quarter of 2024. Now I'll turn the call over to Heather.

有關這些風險因素的全面討論，請參閱我們的 2024 年 10K 表和 2025 年第一季的 10Q 表。兩者都可以在我們的網站上找到。首先，我將回顧一下今天的新聞稿中公佈的財務結果。我們 2025 年第一季的綜合收益為稀釋每股收益 0.98 美元，而 2024 年第一季的綜合收益為 0.91 美元。現在我將把電話轉給希瑟。

Thank you, Stacey, and hello, everyone. Having just finished my first 4 months in the CEO role, I'm excited that we are off to a great start to 2025 and that we get to share the results of a strong first quarter. Strong performance at Avista Utilities drove almost 8% improvement in our first quarter consolidated results compared to the first quarter last year, and I'm happy to share that we are on track to meet our consolidated earnings targets for 2025.

謝謝你，史黛西，大家好。我剛結束擔任執行長的四個月，我很高興我們在 2025 年有一個良好的開端，並且能夠分享強勁的第一季業績。Avista Utilities 的強勁表現推動我們第一季的綜合業績與去年第一季相比提高了近 8%，我很高興地告訴大家，我們有望實現 2025 年的綜合盈利目標。

Our discussions with potential new large load customers, which we touched on in February, continue to advance. In addition to providing potential incremental investment, we're reviewing these potential new loads as opportunities to bring a net benefit to existing Avista customers and the region through enhancements to the regional grid infrastructure, employment opportunities, future rate relief, and a significant boost to sales tax revenue.

我們與二月談到的潛在新大負荷客戶的討論仍在繼續。除了提供潛在的增量投資外，我們還在審查這些潛在的新負荷，將其視為透過改善區域電網基礎設施、創造就業機會、降低未來電費以及大幅增加銷售稅收入，為現有 Avista 客戶和該地區帶來淨收益的機會。

When we can share more details on these potential new loads, we will. These conversations do underscore the need for the resources identified in our 2025 integrated resource plan. Our plan next step involves seeking bids through a request for a proposal or RFP process. Our draft all-source RFP was filed for approval with the Washington Commission and communicated to the Idaho Commission in March.

當我們能夠分享有關這些潛在新負載的更多細節時，我們會這樣做。這些對話確實強調了我們在 2025 年綜合資源計畫中所確定的資源的必要性。我們的計劃下一步是透過徵求建議書或 RFP 流程尋求投標。我們的全源 RFP 草案已提交華盛頓委員會審批，並於三月傳達給愛達荷委員會。

The RFP calls for bids from 50 megawatts up to 400 megawatts a generation to meet the needs we've identified for 2029. We are working through the commission staff comments as well as other public comments. In support of this process. We plan to release the final RFP at the end of May.

該 RFP 要求投標量為每代 50 兆瓦至 400 兆瓦，以滿足我們確定的 2029 年需求。我們正在處理委員會工作人員的評論以及其他公眾的評論。支持這一進程。我們計劃在五月底發布最終的 RFP。

Bids will be due later in June, and we expect to issue a shortlist in August. Finalists will be selected by the end of this year. More optimistic about ownership options as part of this RFP process through build transfer agreement options and through self-build options. In April, critical wildfire legislation was passed in both Washington and Idaho.

投標將於六月下旬截止，我們預計將於八月發布入圍名單。決賽入圍者將於今年底前選出。作為此 RFP 流程的一部分，透過建立轉讓協議選項和自建選項，對所有權選項更加樂觀。四月，華盛頓州和愛達荷州都通過了重要的野火法案。

Both states now have laws which provide for approval of wildfire mitigation plans, which is a significant step forward in addressing the risks associated with wildfire. On the Washington governor's desk to be signed is another bill which provides for the opportunity to securitize costs associated with disasters such as wildfire.

這兩個州現在都有法律批准野火緩解計劃，這是解決野火相關風險的重要一步。華盛頓州州長辦公桌上還有另一項待簽署的法案，提供了將野火等災害相關成本證券化的機會。

Overwhelming support for these changes in both states demonstrates the legislature's recognition of wildfire as a critical issue. This is important positive progress that underpins our continued efforts to mitigate the risk of wildfire. I also want to share that we have reached a resolution in the litigation related to the Bab Road fire.

兩個州對這些變化的壓倒性支持表明立法機構認識到野火是一個關鍵問題。這是一個重要的積極進展，為我們繼續努力減輕野火風險奠定了基礎。我還想告訴大家，我們已經就巴布路火災相關的訴訟達成了解決方案。

This fire occurred in September 2020 when a severe windstorm blew a branch from a tree outside our right of way into a distribution line. The resulting fire caused significant damage to the towns of Malden and Pine City in Whitman County, Washington.

這場火災發生在 2020 年 9 月，當時一場猛烈的風暴將我們通行權之外的一棵樹的樹枝吹進了配電線。由此引發的火災對華盛頓州惠特曼縣的莫爾登鎮和派恩城鎮造成了嚴重破壞。

The litigation involved claims against Avista and other parties responsible for maintaining the distribution lines and the vegetation around them. After negotiations and legal proceedings, we have agreed to a settlement in principle that we believe is fair and addresses substantially all the claims brought by the affected parties.

該訴訟涉及對 Avista 和其他負責維護配電線路及其周圍植被的各方提出的索賠。經過談判和法律程序，我們原則上同意達成和解，我們認為和解是公平的，基本上解決了受影響方提出的所有索賠。

The settlement will result in no impact earnings as we expect to receive insurance proceeds for settlement of our $21 million liability. We believe that resolving this matter is in the best interest of our company and the communities we serve.

此次和解不會對收益產生影響，因為我們預計將收到保險收益來結算我們的 2,100 萬美元債務。我們相信解決此事符合我們公司和我們所服務的社區的最佳利益。

We remain dedicated to maintaining the highest standards of safety and reliability in our operations, and as we move forward, we'll continue to invest in infrastructure improvements and continue to enhance our safety measures to mitigate the risk of wildfires.

我們始終致力於在營運中保持最高的安全性和可靠性標準，並且隨著我們的發展，我們將繼續投資於基礎設施的改善，並繼續加強我們的安全措施，以減輕野火的風險。

Our focus remains on delivering reliable service to our customers while prioritizing the safety and well-being of our communities. I already covered some developments in regulation at the state level, but there's been a lot happening at the federal level as well. Tariffs proposed by the new administration have not had a material impact on our financial results to date, but we continue to closely follow this dynamic situation.

我們的重點仍然是為客戶提供可靠的服務，同時優先考慮社區的安全和福祉。我已經報道了一些州一級監管方面的發展，但聯邦一級也發生了很多事情。新政府提出的關稅迄今尚未對我們的財務表現產生重大影響，但我們將繼續密切關注這一動態情況。

We're working actively with our supply chain partners, the majority of whom are domestic, to understand the impact that tariffs may have on pricing, and to the extent possible, we are implementing risk mitigation activities.

我們正在積極與我們的供應鏈合作夥伴（其中大多數是國內合作夥伴）合作，以了解關稅可能對定價產生的影響，並在可能的範圍內實施風險緩解活動。

We worked with our supplier to redirect manufacturing of transformers from Canadian factories to factories located in the United States. We also worked out process changes with our wood pole supplier to ensure poles are sourced from the United States, and we're working to secure price lists for committed periods of time to alleviate uncertainty and inform our own planning processes.

我們與供應商合作，將變壓器的製造從加拿大工廠轉移到位於美國的工廠。我們還與木桿供應商一起制定了流程變更，以確保木桿來自美國，並且我們正在努力確保承諾時間段內的價格表，以減輕不確定性並為我們自己的規劃流程提供資訊。

These are just a few examples of the work we're doing to mitigate tariff risk. We source a significant portion of our natural gas supply from Canada. We believe that this gas is exempt from any tariff under the US Mexico Canada Agreement.

這些只是我們為降低關稅風險所做工作的幾個例子。我們的天然氣供應很大一部分來自加拿大。我們認為，根據美國墨西哥加拿大協議，這種天然氣免徵任何關稅。

It's important to note too that should that exemption be overridden by further action, any impact from an increase in resource costs would be substantially mitigated through our resource cost sharing mechanisms, the IRM, our PCA, and PGAs.

同樣值得注意的是，如果該豁免被進一步的行動所推翻，資源成本增加的任何影響都將透過我們的資源成本分攤機制、IRM、我們的 PCA 和 PGA 得到大幅緩解。

At this time we do not anticipate a significant impact in 2025, but we will continue to monitor these ever changing conditions. And now I'll hand the call over to Kevin for more discussion of our earnings.

目前，我們預計 2025 年不會產生重大影響，但我們將繼續監測這些不斷變化的情況。現在我將把電話交給凱文，讓他進一步討論我們的收益。

Thanks, Heather, and good morning everyone. As we turn to our earnings, our consolidated results demonstrate solid execution at Avista Utilities. Improved utility margin, due in part to constructive regulatory outcomes, drove a strong first quarter. Although just below consensus, our first quarter earnings are right where we expected them to be, and we're on track to meet our consolidated earnings guidance for 2025.

謝謝，希瑟，大家早安。當我們談到我們的收益時，我們的綜合業績證明了 Avista Utilities 的穩健執行。公用事業利潤率的提高（部分原因是建設性的監管結果）推動了第一季的強勁成長。儘管略低於普遍預期，但我們第一季的收益仍達到預期，並且預計將實現 2025 年的綜合收益預期。

In the first quarter of 2025, we recognized a pre-tax expense of $7 million under the energy recovery mechanism largely in line with our expectations. And AELMP's results were right on target. At our other businesses, we recognized a $0.03 loss per diluted share in the first quarter.

2025 年第一季度，我們確認了能源回收機制下的稅前支出 700 萬美元，基本上符合我們的預期。AELMP 的結果完全符合目標。在我們的其他業務中，第一季每股攤薄虧損 0.03 美元。

This loss is a result of periodic market valuations within our portfolio of investments, losses from early stage joint venture investments and borrowing costs. As we all experienced, markets were volatile in the first quarter and not conducive to exits from venture funds.

這一損失是由於我們的投資組合中定期的市場估值、早期合資投資的損失以及借貸成本造成的。正如我們所經歷的，第一季市場波動較大，不利於創投基金退出。

We've guided to zero for our other investments precisely because of the volatility we expect to see from one quarter to the next or one year to the next. Over the long term, we do expect to see a return on these investments.

我們將其他投資的預期目標定為零，正是因為我們預計從一個季度到下一個季度或從一年到下一年會出現波動。從長遠來看，我們確實希望看到這些投資的回報。

The constructive outcomes from our 2024 Washington General rate cases provided a crucial foundation for 2025. In March, we reached an all-party, all-issue settlement in our Oregon GRC. If approved, new rates would take effect September 1, of this year. In Idaho, we filed electric and gas rate cases in January.

我們 2024 年華盛頓綜合費率案件的建設性成果為 2025 年奠定了重要基礎。三月份，我們在俄勒岡州集選區達成了一項涵蓋所有黨派、所有問題的和解方案。如果獲得批准，新稅率將於今年 9 月 1 日生效。在愛達荷州，我們於一月份提起了電費和瓦斯費訴訟。

And we will meet our, we'll meet for our first settlement discussion on May 202. New rates from that proceeding will also go into effect on September 1. In both cases, we are primarily seeking to bring our capital invested in these service territories up to date as well as to set costs at an appropriate level for both jurisdictions.

我們將於 202 年 5 月舉行第一次和解討論。根據該程序制定的新稅率也將於 9 月 1 日生效。在這兩種情況下，我們主要尋求的是使我們在這些服務領域的投資資本保持最新，並將成本設定在適合兩個司法管轄區的適當水平。

We are committed to investing the necessary capital in our utility infrastructure. Capital expenditures at Avista Utilities were $100 million in the first quarter of 2025 to support customer growth and to maintain our system for the benefit of our customers.

我們致力於對我們的公用事業基礎設施投入必要的資金。2025 年第一季度，Avista Utilities 的資本支出為 1 億美元，用於支援客戶成長並維護我們的系統以造福客戶。

We expect capital expenditures of $525 million for 2025. And from 2025 through 2029 we expect capital expenditures of nearly $3 billion resulting in an annual growth rate of between 5% and 6%. These estimates do not include any incremental capital that would result from the RFP process that Heather just mentioned, or the opportunity that might arise from transmission projects like the North Plains connector or new large load customers.

我們預計 2025 年的資本支出為 5.25 億美元。從 2025 年到 2029 年，我們預計資本支出將接近 30 億美元，年增長率將達到 5% 至 6%。這些估計不包括 Heather 剛才提到的 RFP 流程所產生的任何增量資本，也不包括北平原連接器或新的大負載客戶等輸電項目可能帶來的機會。

On the liquidity front, as of March 31st, we had $221 million of available liquidity under our committed line of credit and $40 million available under our letter of credit facility. In 2025 we expect to issue up to $120 million. Of long term debt and up to $80 million of common stock, including the $16 million issued during the first quarter of this year.

在流動性方面，截至 3 月 31 日，我們在承諾的信用額度下擁有 2.21 億美元的可用流動資金，在信用證額度下擁有 4000 萬美元的可用流動資金。2025年我們預計發行額將達到1.2億美元。長期債務和高達 8,000 萬美元的普通股，其中包括今年第一季發行的 1,600 萬美元。

We are confirming our earnings guidance for 2025 with a consolidated range of $2.52 to $2.72 per diluted share. We expect Avista Utilities to contribute within a range of $2.43 to $2.61 per diluted share. The midpoint of our guidance range for Avista Utilities includes an expected negative impact from the IR of $0.12 in the 90% customer, 10% company sharing band.

我們確認 2025 年獲利預測為每股攤薄收益 2.52 美元至 2.72 美元。我們預計 Avista Utilities 每股攤薄收益將在 2.43 美元至 2.61 美元之間。我們對 Avista Utilities 的指導範圍的中點包括 90% 客戶、10% 公司共享範圍內 0.12 美元 IR 的預期負面影響。

As mentioned previously, we have already incurred $0.07 under the in the first quarter of 2025. Due to the staggered timing of rate cases throughout our multiple jurisdictions, going forward, our expected return on equity at a Avista Utilities is 8.8%. AELP continues to perform well, and we expect it to contribute in the range of $0.09 to $0.11 per diluted share in 2025.

如前所述，我們在 2025 年第一季已經產生了 0.07 美元的損失。由於我們多個司法管轄區內利率案件的時間交錯，展望未來，我們預期 Avista Utilities 的股本回報率為 8.8%。AELP 繼續表現良好，我們預計其 2025 年每股攤薄收益將在 0.09 美元至 0.11 美元之間。

As also mentioned previously, we expect our other businesses to have a zero contribution to earnings in 2025, with an expectation of volatility from period to period as we recognize valuation adjustments to these investments. Over the long term, we expect to see a return on our investments as well as economic development in our service territory.

如前所述，我們預期我們的其他業務在 2025 年對收益的貢獻為零，並且隨著我們確認這些投資的估值調整，預計各個時期都會出現波動。從長遠來看，我們期望看到我們的投資獲得回報以及我們服務區域內的經濟發展。

Over the long term, we expect that our earnings will grow from 4% to 6% from a forecast 2025 base year. Now we'll be happy to take your questions.

從長遠來看，我們預計我們的收益將以 2025 年為基準年增長 4% 至 6%。現在我們很樂意回答您的問題。

(Operator Instructions). Ross Fowler with Bank of America.

（操作員指令）。美國銀行的羅斯福 (Ross Fowler)。

Hi Heather. Hi Kevin. Good morning. Yes, good afternoon from me. Good morning to you. So on the RFP, you kind of spoke to that pretty wide range there. Are you seeing, or is there a process I should say to sort of get any. Costs related to the IRA changes or potential IRA changes or tariffs into that RFP process, or are those sort of fully baked at this point?

你好，希瑟。你好，凱文。早安.是的，下午好。早安.因此，在 RFP 中，您談到了相當廣泛的範圍。您是否看到了，或者我應該說是否存在某種過程來獲得任何東西。與 IRA 變更或潛在 IRA 變更或關稅相關的成本是否已納入該 RFP 流程，或者這些是否已完全確定？

Are there opportunities to Get.

是否有機會獲得。

For the cost of what the generation resources might be, right, if you lost the tax credits in the IRA or tariffs were impactful for that, could people come back and change their bids into that RFP, or are those costs already? Thank you.

對於發電資源的成本可能是多少，對吧，如果你失去了 IRA 中的稅收抵免或關稅對此產生了影響，人們是否可以回來並將他們的投標更改為該 RFP，或者這些成本已經存在了？謝謝。

Yeah, thank you for clarifying that. Yeah, so when we go out for the RFP, we recognize that there's a lot of Certainty right now and so we've done that in the past when there's uncertainty had opportunities for refreshing bids after a certain amount of time and so I'm sure we'll be looking at the environment, what's going on around us and determining if that will be an appropriate thing to do as we go through this process as well.

是的，謝謝你澄清這一點。是的，所以當我們出去徵求 RFP 時，我們意識到現在有很多確定性，所以我們過去也這樣做過，當有不確定性時，有機會在一段時間後更新投標，所以我相信我們會觀察環境，觀察周圍發生的事情，並確定在我們經歷這個過程時這是否是一件合適的事情。

Thanks, Heather. And then I guess given the large load customer you're sort of seeing and talking to and dealing with, are you seeing sort of a push to natural gas needs within the context of the RFP or is a separate process related to that large load customer like the difference I'm trying to get at like intermittent resources versus dispatchable resources and then how do you feel about or where would you source that natural gas from it, is it more from Canada or how would you think about that?

謝謝，希瑟。然後我想，考慮到您正在看、正在交談和正在處理的大負載客戶，您是否看到在 RFP 背景下對天然氣需求的推動，或者是否有與大負載客戶相關的單獨流程，就像我試圖得到的間歇性資源與可調度資源的區別一樣，那麼您對此有何感想，或者您會從哪裡採購天然氣，主要來自加拿大嗎，或者您如何看待這一點嗎？

I think that's all to be determined based on the results that we get from the RFP, but that's why we do have that large range of the 50 to 400 megawatts is acknowledging that there's a lot of different scenarios that could come out of our discussions with the large load customers, and we'll have to see what we get with the RFP and see how those conversations continue.

我認為這一切都要根據我們從 RFP 中獲得的結果來確定，但這就是為什麼我們的範圍如此之大，從 50 到 400 兆瓦，是因為我們承認，我們與大負荷客戶的討論可能會產生很多不同的情況，我們必須看看 RFP 的結果，看看這些對話如何繼續。

Okay, perfect. Thanks, Heather.

好的，完美。謝謝，希瑟。

Thanks.

謝謝。

Anthony Cordell with Mizuho.

瑞穗的安東尼‧科德爾 (Anthony Cordell)。

Hey, good morning team. Just if I could hit on the wildfire settlement, just, thoughts are reaching the settlement. I understand, like you said, the insurance covers it, but does it end up setting up a precedent of now any type of event the company is going to settle?

嘿，大家早安。如果我能想到野火解決方案，那麼，想法就能夠實現。我明白，就像你說的，保險涵蓋了這一點，但這是否會成為公司現在要解決的任何類型的事件的先例？

No, we don't think that this that creates any kind of precedent. We have been negotiating over the last several years, specifically looking at the facts of this unique situation, and any future situation would have its own unique facts we would consider.

不，我們不認為這會開創任何先例。過去幾年我們一直在談判，特別關注這一特殊情況的事實，任何未來的情況都會有我們需要考慮的獨特事實。

Great. And then if I could just pivot to the, I guess the unregulated business, so I was getting some questions from investors on, I think there's some, I don't know if it's biotech trials going on like. Lumen one trials, is there any impact of the evaluation of your unregulated business with respect to these trials?

偉大的。然後，如果我可以轉向不受監管的業務，那麼我收到了一些投資者的提問，我認為有一些，我不知道這是否是正在進行的生物技術試驗。Lumen one 試驗，這些試驗對你們不受監管的業務的評估有影響嗎？

Well, there, thanks for the question, Anthony. This is Kevin and There could be in the future as the trials continue to play out. They're early. In the process there, and we're hopeful we're optimistic about the investment and we think there's some encouraging signs, but it's too soon to see a valuation mark up there.

好吧，謝謝你的提問，安東尼。這就是凱文，隨著試驗的繼續進行，未來可能會有這種情況。他們來得早。在此過程中，我們對投資抱持樂觀態度，我們認為有一些令人鼓舞的跡象，但現在看到估值還為時過早。

And I apologize, I'm not as familiar with the biotech space. I mean, is this something that you think we have a clear update on it in the next quarter, or is it just the trials typically take longer, they're longer dated and it's something more, a 2026 event or something like that.

很抱歉，我對生物技術領域不太熟悉。我的意思是，您是否認為我們會在下個季度對此進行明確的更新，或者只是試驗通常需要更長的時間，它們的期限更長，而且是 2026 年的活動或類似的事情。

At this point in time we're thinking to be the latter half of this year, the early part of next year, where we could see more firm results from trials that could impact evaluation.

目前，我們預計今年下半年或明年年初，我們將能夠看到更多可能影響評估的試驗確切結果。

Great, thanks for taking my questions.

太好了，謝謝你回答我的問題。

You bet. Thank you.

當然。謝謝。

Julien Dumoulin Smith with Jefferies.

朱利安杜穆林史密斯 (Julien Dumoulin Smith) 與 Jefferies 合作。

Yeah, hi, it's actually Brian Russ on for Julian. Good morning, Brian. Thank you for the questions. Yeah, hi, good morning. Hey, just understanding that the you know the $0.12 under recovery of power costs into the erm is pretty much, locked in for 2025. I think there was.

是的，嗨，實際上是 Brian Russ 代替 Julian。早安，布萊恩。謝謝您的提問。是的，你好，早安。嘿，我只是了解到，你知道，將電力成本收回到企業風險管理中的 0.12 美元幾乎已經鎖定在 2025 年了。我認為有。

Language in the 10k that that insinuated that you would also be under recovering power expense in 2026 and I'm curious, has there any, has there been any changes in say the forward gas and or power markets that would causes you to update that language, either, positive or negative.

10k 中的語言暗示您在 2026 年也將面臨電力費用回收問題，我很好奇，遠期天然氣和/或電力市場是否有任何變化會導致您更新該語言，無論是積極的還是消極的。

And again, Brian, this goes back to the root cause, and that is that we, when we set power supply through the regulatory process and the expected power supply cost, what is included in this process until we can get it changed is an assumption when we're long, resources, which is a considerable period of time, that we'll be able to recover at a significant premium.

布萊恩，這又回到了根本原因，那就是，當我們透過監管流程設定電力供應和預期電力供應成本時，在我們能夠改變它之前，這個過程中包含的是一個假設，當我們擁有長期資源，這是一個相當長的一段時間，我們將能夠以相當高的溢價恢復。

Benefits that would come back to customers in the company and based on the last case we were unable to reset the mechanism in the way we wanted and at the levels we wanted and what has been happening in the last several years is as you look out, you see some potential value that we're unable to capture because of a lack of liquidity or based on that timing.

這些好處將回饋給公司的客戶，根據上一次的情況，我們無法按照我們想要的方式和水平重置機制，而過去幾年發生的事情是，正如你所看到的，你會看到一些潛在的價值，由於缺乏流動性或基於那個時機，我們無法捕捉到這些價值。

So when it comes to '25 and '26 and until we really reset the mechanism and we have some strategies we're employing to try to do so, but it's a multi-year strategy, not an immediate change, we wouldn't expect a material difference in '25 or '26 to where we would likely land in the.

因此，當談到 25 年和 26 年時，在我們真正重置機制之前，我們正在採用一些策略來嘗試這樣做，但這是一項多年戰略，而不是立即改變，我們預計 25 年或 26 年不會與我們可能達到的水平有實質性的差異。

Okay, understood.And then those the strategy to actually modify the IRM, is that something you think that could be done outside of a general rate case, in and in collaboration with the other electric utilities in the state?

好的，明白了。那麼，這些實際修改 IRM 的策略，您認為可以在一般費率案例之外，與該州的其他電力公司合作完成嗎？

I think we're going to use a multi-pronged approach here to see what we can do to make adjustments that we think are necessary given the volatility and that the last several years haven't gone according to plan and the next couple don't look like they will either. We certainly will take a run in future rate cases and if appropriate, and we haven't determined that that's the case yet, if appropriate, we would work with our peers who I think are in somewhat of a similar situation to see if we can make some changes. We do have a process that we've used in the past with workshops with the parties in advance of a rate case where we try to make a change and so we'll commence. I think we've already commenced workshops and with those workshops we'll try to help the parties understand why the market really has changed fundamentally and why a change to the IRM is appropriate.

我認為我們將採用多管齊下的方法，看看我們可以做些什麼來做出我們認為必要的調整，因為考慮到波動性，過去幾年並沒有按照計劃進行，而接下來的幾年看起來也不會。我們肯定會在未來的利率案例中嘗試一下，如果合適，我們還沒有確定情況是否如此，如果合適，我們會與我認為處於類似情況的同行合作，看看我們是否可以做出一些改變。我們確實有一個過去使用過的流程，即在利率案件發生之前與各方舉行研討會，嘗試做出改變，然後我們就會開始。我認為我們已經開始了研討會，透過這些研討會，我們將嘗試幫助各方理解市場為何發生了根本性的變化，以及為什麼改變 IRM 是適當的。

Okay, great. And then just to follow up on the RFP question, obviously big range, right, 50 to 400 megawatts, like bigger picture, how do you kind of manage affordability issues with growth, combined with least cost and Least risk, as you pursue self-build generation.

好的，太好了。然後，再來跟進一下 RFP 問題，顯然範圍很大，50 到 400 兆瓦，從更大的角度來看，在追求自建發電的同時，您如何管理增長帶來的可負擔性問題，同時又能兼顧最低成本和最低風險。

Right, so in general we've got our integrated resource planning process that we just submitted, the most recent one a few months ago on the electric side, and so it has a lot of detailed explanation about how we balance all of that from a cost and compliance perspective.

是的，總的來說，我們剛剛提交了綜合資源規劃流程，最近一次是在幾個月前的電力方面，因此它對我們如何從成本和合規性的角度平衡所有這些進行了詳細的解釋。

As we look at how we're engaging with the large load customers, we do see that as an opportunity to help with affordability for our existing residential customers. So we are seeing that as a tool to help with that, the cost headwinds that we see in other areas.

當我們研究如何與大負荷客戶互動時，我們確實將其視為幫助現有住宅客戶提高負擔能力的機會。因此，我們將其視為一種工具，以幫助解決我們在其他領域看到的成本阻力。

Okay, very good. Thank you very much.

好的，非常好。非常感謝。

Thank you.

謝謝。

Thanks Brian.

謝謝布萊恩。

I am showing no further questions at this time. I would now like to turn the call back over to Stacy Walters for closing remarks.

我目前沒有其他問題。現在我想將電話轉回給 Stacy Walters 做結束語。

Thank you all for joining us today and for your interest in Avista. Have a great day.

感謝大家今天的參與以及對 Avista 的關注。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。