Avista Corp (AVA) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Avista Corporation Q2 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您的收聽。歡迎參加 Avista Corporation 2025 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音中。

I would now like to hand the conference over to your speaker today, Stacey Walters, Investor Relations Manager. Please go ahead.

現在，我想將會議發言權交給今天的演講嘉賓，投資者關係經理 Stacey Walters。請發言。

Good morning. It's great to have you with us for Avista's Second Quarter 2025 Earnings Conference Call. Our earnings and second quarter 2025 Form 10-Q were released premarket this morning. You can find both on our website. Joining me today are Avista Corp. President and CEO, Heather Rosentrater; and Senior Vice President, CFO, Treasurer and Regulatory Affairs Officer, Kevin Christie. We will be making forward-looking statements during this call.

早安.很高興您能參加 Avista 2025 年第二季財報電話會議。我們的財報和 2025 年第二季 10-Q 表已於今天上午盤前發布。您可以在我們的網站上查閱。今天與我一同出席的還有 Avista 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。我們將在本次電話會議上發表前瞻性聲明。

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. Please refer to our Form 10-K for 2024 and our Form 10-Q for the second quarter of 2025 for a full discussion of these risk factors.

這些因素涉及假設、風險和不確定性，可能會發生變化。各種因素可能導致實際結果與我們今天電話會議中討論的預期有重大差異。有關這些風險因素的完整討論，請參閱我們2024年的10-K表和2025年第二季的10-Q表。

Both are available on our website. I'll begin with a recap of the financial results presented in today's press release. Our consolidated earnings for the first half of 2025 were $1.15 per diluted share compared to $1.20 for the first half of 2024. For the second quarter of 2025, our consolidated earnings were $0.17 per diluted share compared to $0.29 for the second quarter of 2024. Now I'll turn the call over to Heather.

這兩份報告均可在我們的網站上查閱。首先，我將回顧今天新聞稿中公佈的財務表現。我們2025年上半年的合併每股攤薄收益為1.15美元，而2024年上半年為1.20美元。 2025年第二季度，我們合併每股攤薄收益為0.17美元，而2024年第二季為0.29美元。現在，我將電話交給希瑟。

Thanks, Stacey, and hello, everyone. The results we're sharing today reflect continued strategic progress at Avista Utilities, as well as headwinds from shifts in market sentiment related to clean technology. I'm happy to share that even with these headwinds, we are affirming our consolidated earnings guidance for 2025.

謝謝，Stacey，大家好。我們今天分享的績效反映了Avista Utilities持續的策略進展，以及清潔技術相關市場情緒轉變帶來的不利因素。我很高興地告訴大家，即使面臨這些不利因素，我們仍然確認2025年的合併獲利預期。

At Avista Utilities, our year-to-date results of $1.25 per diluted share reflect a nearly 7% increase over 2024's year-to-date results and highlight the continued strength of our strategic execution. We also continue to make progress in activities that set us up for success going forward. In the second quarter, our all-party, all-issue settlement in Oregon was approved by the commission, and we reached an all-party, all-issue settlement in Idaho.

在阿維斯塔公用事業公司 (Avista Utilities)，我們年初至今的每股攤薄收益為 1.25 美元，較 2024 年年初至今的業績增長近 7%，凸顯了我們戰略執行力的持續強勁。我們也正在為未來成功奠定基礎的各項活動中不斷取得進展。第二季度，我們在俄勒岡州達成的涵蓋所有當事人、所有問題的和解協議獲得了委員會的批准，我們在愛達荷州也達成了涵蓋所有當事人、所有問題的和解協議。

Both cases build on the constructive regulatory outcomes already in place through our Washington multiyear rate plan, and serve to raise our confidence in our expectations for Avista Utilities in 2025. However, market conditions in the clean energy sector weighed on our consolidated earnings performance in the second quarter. Valuations within our portfolio of investments, primarily those in clean technology-focused funds, were significantly impacted by shifts in public policy and sentiment.

這兩個案例都基於我們華盛頓多年期費率計畫中業已取得的建設性監管成果，並增強了我們對Avista Utilities 2025年業績預期的信心。然而，清潔能源產業的市場狀況對我們第二季的綜合獲利表現造成了壓力。我們投資組合（主要是專注於清潔技術的基金）的估值受到公共政策和市場情緒變化的顯著影響。

These valuations are disappointing, and Kevin will share more about our investments in a few minutes. I want to take time to highlight the strong fundamentals of our business. Our core utility operations continue to be strong, and our solid results at Avista Utilities reflects strong performance, underpinned by diligent cost management and constructive regulatory outcomes.

這些估值令人失望，Kevin 稍後會詳細介紹我們的投資情況。我想花點時間強調我們業務的強勁基本面。我們的核心公用事業業務持續強勁，Avista Utilities 的穩健業績反映了強勁的業績，這得益於我們嚴謹的成本管理和積極的監管結果。

I want to commend the efforts of each of our employees working hard each day to position us for this strategic success. We will continue to focus on doing what we do best, serving our customers and communities with compassion and optimism for the future, providing the reliable energy our customers count on us to provide. Ensuring that we can continue to provide that safe and reliable energy is the purpose behind our current all-source request for proposals, or RFP.

我要讚揚每一位員工的努力，他們日復一日地辛勤工作，為我們取得這項策略性成功奠定了基礎。我們將繼續專注於我們最擅長的領域，以同理心和對未來的樂觀態度服務我們的客戶和社區，提供客戶所期望的可靠能源。確保我們能夠持續提供安全可靠的能源，正是我們目前面向所有能源來源的招標書（RFP）的宗旨。

We issued our RFP in May, seeking 100 to 425 megawatts of generation to meet the needs we've identified in our Integrated Resource Plan by 2029. We received more than 80 bids for consideration, including a wide array of resource options, including wind, solar, battery storage, natural gas, distributed energy, demand response and combinations of these resources, equally broadened scope where the contracted ownership options included in the bids.

我們在五月發布了 RFP，尋求 100 至 425 兆瓦的發電量，以滿足我們在 2029 年前綜合資源計劃中確定的需求。我們收到了 80 多個投標，包括各種資源選項，包括風能、太陽能、電池儲存、天然氣、分散式能源、需求響應以及這些資源的組合，同樣擴大了投標中包含的合約所有權選項的範圍。

We submitted self-build resource bids for consideration and also received bids for build transfer agreements, power purchase agreements and other contract structures. Together with our independent evaluator, we are reviewing each bid. We expect to have a short list of preferred projects by the end of this month.

我們提交了自建資源投標以供考慮，同時也收到了建設轉讓協議、電力購買協議和其他合約結構的投標。我們正在與獨立評估員一起審核每一份投標。我們預計將於本月底公佈一份入圍案名單。

We intend to request selected shortlist projects to resubmit detailed proposals that include any necessary repricing as well as clarity on their ability to take advantage of safe harboring allowed by the budget reconciliation bill. We anticipate contract negotiations with final selected projects will begin in the fourth quarter of 2025. I continue to be optimistic about the opportunities that are ahead of us.

我們計劃要求入圍項目重新提交詳細的提案，其中應包含任何必要的重新定價，並明確說明其是否能夠利用預算協調法案允許的安全港條款。我們預計與最終入圍項目的合約談判將於2025年第四季開始。我對我們未來的機會依然充滿樂觀。

Information from this RFP process is also crucial to inform our conversations with potential large load customers. In addition to several requests from existing large industrial customers for expansion, we have over 3,000 megawatts of requests in our pipeline of potential demand, looking for system integration within the next three to five years.

這次 RFP 流程中的資訊對於我們與潛在大負荷客戶的溝通也至關重要。除了現有大型工業客戶的幾項擴建請求外，我們還有超過 3,000 兆瓦的潛在需求，希望在未來三到五年內實現系統整合。

For context, our peak electric native load is just under 2,000 megawatts. We continue to advance conversations with these potential customers, and our all-source RFP responses provide us with up-to-date supply resource costs and availability information to help inform those conversations.

具體來說，我們的尖峰電力本地負荷略低於2000兆瓦。我們將繼續推進與這些潛在客戶的對話，我們來自各個來源的RFP回復為我們提供了最新的供應資源成本和可用性信息，為這些對話提供了參考。

However, meeting the demand from these potential customers will entail not only additional generation, but also regional grid expansion. While we don't have available capacity to serve all the current requests in the pipeline, system impact studies indicate that we have capacity available to accommodate a portion of those requests.

然而，滿足這些潛在客戶的需求不僅需要增加發電量，還需要區域電網擴建。雖然我們目前沒有足夠的容量來滿足所有現有需求，但係統影響研究表明，我們有足夠的容量來滿足部分需求。

The level of available capacity varies by location, and we are most optimistic about our ability to serve customers with scalable implementation capability. I believe in our ability to be competitive with these potential loads while also ensuring benefits for our existing customers and look forward to sharing our progress in future calls. Now I'll hand the call to Kevin for more discussion of our earnings.

可用容量水準因地點而異，我們對我們憑藉可擴展的實施能力為客戶提供服務的能力最為樂觀。我相信我們有能力應對這些潛在負載，同時確保現有客戶的利益，並期待在未來的電話會議上分享我們的進展。現在，我將把電話交給凱文，讓他進一步討論我們的獲利情況。

Thanks, Heather, and good morning, everyone. Like Heather said, Avista Utilities' performance continues to be strong and reflects our ongoing success with constructive regulatory outcomes as well as continuous cost management. As expected, Avista Utilities' earnings in the second quarter of 2025 are slightly below the same period from 2024.

謝謝，Heather，大家早安。正如Heather所說，Avista Utilities的業績持續強勁，這反映了我們持續的成功，包括積極的監管成果以及持續的成本管理。如預期，Avista Utilities在2025年第二季的收益略低於2024年同期。

This is primarily due to the changes in the shape of authorized levels of resource costs year-over-year as well as how our operating costs are incurred on a more consistent basis throughout the year, while revenue is typically highest in the first and fourth quarters. Consolidated earnings were materially impacted by valuation losses of $0.12 per diluted share in the second quarter.

這主要是由於授權資源成本水準的同比變化，以及我們全年營運成本的產生方式更加一致，而收入通常在第一季和第四季度最高。第二季每股攤薄收益0.12美元的估值損失對合併收益產生了重大影響。

These are disappointing results, and I want to discuss them directly. The majority of these changes in valuation were connected to our investments in clean technology-focused venture funds. Shifts in public policy and sentiment with regard to the role of clean energy in America's energy future have had a material impact on the value of these funds.

這些結果令人失望，我想直接討論一下。這些估值的這些變化主要與我們對專注於清潔技術的創投基金的投資有關。公共政策和關於清潔能源在美國能源未來中的作用的情緒變化，對這些基金的價值產生了重大影響。

As clarity is restored to public policy, we anticipate that the volatility in valuation will moderate. The value recorded in our financials represent our portion of the fund's value on a one-quarter lag basis due to the timing of when we receive financial information from these investments. Uncertainties surrounding the impact of tariffs as well as the extent to which the highly anticipated tax reconciliation bill would prioritize investment in natural gas or fossil fuel generation over clean energy both negatively impacted values in the first quarter.

隨著公共政策逐漸明朗，我們預期估值波動將會緩和。由於我們收到這些投資的財務資訊的時間點不同，我們財務報表中記錄的價值代表了我們基金價值的份額，且滯後一個季度。圍繞關稅影響的不確定性，以及備受期待的稅收協調法案將在多大程度上優先投資天然氣或化石燃料發電而非清潔能源，都對第一季的價值產生了負面影響。

In general, Clean Technology Funds and Indices reached their lowest valuation point in years right around the close of the first quarter of this year. The variety of the businesses within the Clean Technology Funds suggest that these valuations may have reached a relative low point, but we can't say that for certain given the dynamics outside our control and the fact that public policy and tariffs are still evolving.

總體而言，清潔技術基金和指數的估值在今年第一季末左右跌至多年來的最低點。清潔技術基金中業務的多樣性表明，這些估值可能已達到相對低點，但鑑於我們無法控制的動態變化以及公共政策和關稅仍在不斷變化，我們無法肯定地說這一點。

When we set guidance for other businesses at 0 for the year, we pointed to our expectation of volatility from one quarter or one year to the next through the recognition of valuation adjustments. We don't predict the valuations of these companies. We continue to see strategic value in learning about innovations related to the utility of the future and the future of energy technology as well as investing in the economic development of our service territory.

當我們將其他業務的年度指引定為0時，我們透過確認估值調整，顯示了我們對一個季度或一年到下一季的波動性的預期。我們不會預測這些公司的估值。我們仍然認為，了解與未來公用事業和未來能源技術相關的創新，以及投資於我們服務區域的經濟發展，具有戰略價值。

Over the long term, we do expect benefits from these investments through economic development, shared learning and gains. Building on the constructive outcomes from our 2024 Washington general rate cases, our all-party, all-issue settlement in our Oregon GRC was approved by the commission. New rates will take effect September 1. In Idaho, we reached an all-party, all-issue settlement for the general rate cases we filed in January.

從長遠來看，我們確實期望這些投資能夠透過經濟發展、共享學習和收益而獲益。基於我們在2024年華盛頓州一般稅率案件中取得的建設性成果，我們在俄勒岡州集選區達成的涵蓋所有當事人、所有問題的和解方案已獲得委員會批准。新的稅率將於9月1日生效。在愛達荷州，我們已就1月提交的一般稅率案件達成了涵蓋所有當事人、所有問題的和解方案。

If approved by the commission, new rates from that proceeding will also go into effect September 1. Work has already begun to prepare for the next Washington GRC, which we expect to file in the first quarter of 2026. We are continuously investing in our utility infrastructure to support customer growth and maintain our system so that we can safely and reliably serve our customers. Capital expenditures at Avista Utilities were $236 million in the first half of 2025. We expect overall capital expenditures of $525 million in 2025.

如果獲得委員會批准，該程序中的新費率也將於9月1日生效。下一屆華盛頓州總收費委員會（GRC）的準備工作已啟動，我們預計將於2026年第一季提交。我們持續投資公用事業基礎設施，以支援客戶成長並維護我們的系統，以便能夠安全可靠地為客戶提供服務。 Avista Utilities在2025年上半年的資本支出為2.36億美元。我們預計2025年的總資本支出將達到5.25億美元。

From 2025 through 2029, we expect capital expenditures of nearly $3 billion, resulting in an annual growth of between 5% and 6%. These estimates do not include any incremental capital requirements that could result from our RFP process or opportunities that might arise from transmission projects, whether the regional grid expansion that Heather mentioned or large projects like the North Plains Connector or new large load customers.

從2025年到2029年，我們預期資本支出將接近30億美元，年成長率介於5%到6%之間。這些估算不包括我們招標流程可能帶來的任何增量資本需求，也不包括輸電項目可能帶來的機遇，無論是Heather提到的區域電網擴建，還是像北平原連接線（North Plains Connector）這樣的大型項目，或是新的大負載客戶。

Any incremental capital is most likely to occur in the latter half of our capital plan. Turning to liquidity. As of June 30, we had available liquidity of $106 million under our committed line of credit and $42 million under our letter of credit facility. In July, we issued $120 million of long-term debt and do not expect further debt issuances this year.

任何增量資本最有可能出現在我們資本計畫的後半段。談到流動性。截至6月30日，我們承諾的信用額度下的可用流動性為1.06億美元，信用證額度下的可用流動性為4,200萬美元。 7月份，我們發行了1.2億美元的長期債務，預計今年不會再發行債務。

We expect to issue up to $80 million of common stock in 2025 and that includes $35 million, which was issued during the first half of the year. Earlier this year, S&P removed the negative watch from our credit rating, evidence of the strength of our balance sheet and business plans. We are confirming our consolidated earnings guidance with a range of $2.52 to $2.72 per diluted share for 2025.

我們預計在2025年發行最多8,000萬美元的普通股，其中包括上半年發行的3,500萬美元。今年早些時候，標準普爾將我們的信用評級從負面觀察名單中移除，證明了我們資產負債表和業務計劃的強勁。我們確認2025年合併盈餘預期為每股攤薄收益2.52美元至2.72美元。

As a result of the $0.15 of valuation losses associated with our investment portfolio that we've recognized in the first half of the year, we expect to be at the low end of our consolidated range. We expect Avista Utilities to contribute toward the upper end of the range of $2.43 to $2.61 per diluted share. Our guidance for Avista Utilities includes an expected negative impact from the Energy Recovery Mechanism, or ERM, of $0.12 in the 90% customer, 10% company sharing band.

由於我們上半年確認的投資組合相關估值損失為0.15美元，我們預計其每股收益將處於合併區間的低端。我們預計Avista Utilities的每股稀釋收益將達到2.43美元至2.61美元區間的高端。我們對Avista Utilities的預期收益包含能源回收機制（ERM）帶來的0.12美元的負面影響，該負面影響發生在90%客戶分成、10%公司分成的區間內。

We have already incurred $0.08 under the ERM in the first half of the year. Due to the staggered timing of rate cases throughout our multiple jurisdictions, going forward, our expected return on equity at Avista Utilities is 8.8%. AEL&P continues to perform well, and we expect it to contribute $0.09 to $0.11 per diluted share in 2025.

今年上半年，我們已根據企業風險管理 (ERM) 承擔了 0.08 美元的損失。由於我們多個司法管轄區的利率案件時間錯開，我們預期 Avista Utilities 的未來股本回報率為 8.8%。 AEL&P 繼續表現良好，我們預計其 2025 年每股攤薄收益將達到 0.09 美元至 0.11 美元。

Over the long term, we expect our earnings will grow 4% to 6% from a forecast 2025 base year. Before we shift to your questions, let me close with this. Avista Utilities is in a strong position. In each of our jurisdictions, we're well positioned with quality rate case outcomes, which provide necessary recovery of our cost and set costs at an appropriate level.

從長期來看，我們預計我們的獲利將以2025年的預測基準年為基礎成長4%至6%。在回答您的問題之前，我想先說一下。 Avista Utilities 處於有利地位。在我們每個轄區，我們都擁有優質的費率案例結果，這為我們提供了必要的成本回收，並將成本控制在適當的水平。

We've been diligent in our cost management, ensuring that the expected increase in O&M year-over-year is achievable. And finally, we benefited from increases in non-decoupled revenue year-over-year, evident in our electric utility margin year-to-date. It's on the strength of the utility results that we are affirming our original guidance. Now we'd be happy to take your questions.

我們一直嚴格控製成本，確保維運成本的年增率符合預期。此外，非脫鉤業務收入較去年同期成長，這從年初至今的電力公用事業利潤率中可見一斑。正是基於公用事業業務的強勁業績，我們確認了最初的預期。現在，我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆林‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies)。

Yeah, hi, this is Brian Russo on for Julien. Good morning.

好的，大家好，我是 Brian Russo，為您播報 Julien 的節目。早安.

Good morning, Brian.

早安，布萊恩。

Just the 3,000 megawatts of large load that you're in discussions with, is there any way to kind of characterize that? Is it all data centers? Or could it be high-tech manufacturing or other type reshoring? And then how does that kind of tie into maybe the high end of that 100 to 400 megawatts in the RFP?

您正在討論的3000兆瓦大負荷，有什麼具體描述嗎？是所有資料中心都用電嗎？還是高科技製造業或其他類型的回流？這和RFP中100到400兆瓦的高階負載有什麼關係？

Yes. Thanks, Brian. I appreciate the question. And the 3,000 megawatts in the pipeline is a wide variety of different types of load. And so there's not necessarily one specific one that's significant out of that.

是的。謝謝，布萊恩。我很感謝你的提問。這3000兆瓦的規劃負載類型多種多樣。因此，其中不一定有哪一種負荷是最重要的。

And then like I mentioned, it's really nice to have the responses of the RFP because we can better inform those conversations with potential customers because, as you can imagine, the supply cost is a big portion of their consideration.

然後就像我提到的那樣，獲得 RFP 的回應真的很好，因為我們可以更好地與潛在客戶進行對話，因為你可以想像，供應成本是他們考慮的很大一部分。

And so now that we have -- over the next month or two, we'll have much better information around the potential type of generation, cost of generation and timeline of generation to be able to inform those conversations. And so we're looking forward to be able to advance those with that additional information.

既然我們已經有了——在接下來的一兩個月裡，我們將獲得更多關於潛在發電類型、發電成本和發電時間表的信息，以便為這些討論提供信息。因此，我們期待能夠利用這些額外的資訊來推進這些討論。

Right. Okay. So I guess, are you comfortable with the high end of the RFP of 400 megawatts? Or could you conceptually need even more on any kind of normal type win rate on this large customer load?

好的。那麼，我想問一下，您對400兆瓦的招標書上限感到滿意嗎？或者，從概念上講，在如此大的客戶負載下，在正常的中標率下，您是否需要更高的容量？

Right. Fortunately, with the 80 bids that we received and the broad range of type of generation that we feel like with the bids we've received, we have plenty of opportunity to support any of -- support those conversations.

是的。幸運的是，我們收到了 80 份投標，我們認為這些投標涵蓋了各種各樣的發電類型，因此我們有足夠的機會支持這些對話。

Okay. Great. And then just on the other businesses, I'm just curious, and I appreciate the commentary before despite noncash volatility it creates in earnings. I'm just wondering like longer term; I think you've already lowered kind of the annual business investment allocation I think to $5 million or somewhat more a year ago or two. And I'm just wondering, would you possibly look for exit or monetization opportunities when they present themselves in the near and intermediate term?

好的。太好了。關於其他業務，我很好奇，儘管非現金業務會為收益帶來波動，但我還是很欣賞您先前的評論。我只是想知道長期情況；我記得您一兩年前就已經將年度業務投資分配降低到500萬美元或更高一些。我想知道，當短期和中期出現退出或貨幣化機會時，您是否會尋找它們？

Yes. Brian, thanks for the question. It's Kevin. We, of course, are analyzing what to do as we move forward with these. As I mentioned, we get the strategic benefit, and we don't want to lose that as we look forward. We are going to moderate the budgets a bit as we see how the dust settles, what happens with clean energy, clean tech.

是的。布萊恩，謝謝你的提問。我是凱文。我們當然正在分析下一步該怎麼做。正如我所提到的，我們獲得了戰略利益，我們不想在未來失去它。我們將根據情況的進展，以及清潔能源和清潔技術的發展情況，稍微調整預算。

And, in particular, I want to point out that within the funds we have, there's this broad-brush name of clean technology that's being applied, and those are the indexes that we're often comparing to. But the types of investments within the portfolio is, it's quite broad and many of which aren't even really related to clean technology.

我特別想指出的是，我們旗下的基金中，普遍存在著「清潔技術」這個泛泛的名稱，我們常拿這些指數來比較。但投資組合中的投資類型相當廣泛，其中許多甚至與清潔技術並沒有太大關聯。

And so it will be interesting to see how this all plays out. Some of the -- what needs to transpire as I've mentioned a call or two ago is the ability for the IPO market to open up for our ability to see exits from the funds of the investments that the funds have made.

所以，看看這一切將如何發展將會很有趣。正如我之前一兩次電話會議提到的，需要發生的事情是IPO市場能否開放，以便我們可以看到基金投資的退出。

And we think there are several opportunities that will help things turn around a bit here. But again, we're not going to rest on our heels and just see how it plays out. We have some strategies we're reviewing and trying to see if we should be making some changes how we think about our nonregulated businesses.

我們認為，目前有幾個機會可以幫助情況略有改善。但我們不會就此止步，只是靜觀其變。我們正在審查一些策略，並嘗試看看是否應該改變我們對非監管業務的看法。

All right. Great. And then just lastly, it's nice that you're at the higher end of the Avista Utilities' guidance range now. But it seems like you're still maintaining that 8.8% earned ROE. Is there potential upside to further close that regulatory gap considering the success or achievements you've had to date to get to the high end of this year's range?

好的。太好了。最後，很高興您現在處於Avista Utilities指引區間的高端。但看起來您仍然保持著8.8%的已賺取淨資產收益率。考慮到您迄今為止為達到今年指引區間的高端所取得的成功或成就，是否還有進一步縮小監管差距的潛在上升空間？

I think that we want to make sure that we place a number out there for you all that's achievable, and we think that the 8.8% is achievable. If we are successful, and I'd like to think that we will be, as you think about what Heather shared that we have opportunities for additional investments that could benefit us and some growth that could benefit us. That would really drive additional EPS growth. I think the ROE at the utilities, 8.8% is a number that's achievable, and we'll stick there for now.

我認為，我們希望確保為大家提供一個可以實現的數字，我們認為 8.8% 是可以實現的。如果我們成功了——我想我們一定會成功——正如 Heather 所說，我們有機會進行額外的投資，這些投資可能會讓我們受益，一些成長也可能讓我們受益。這將真正推動每股收益的進一步成長。我認為公用事業部門的淨資產收益率 (ROE) 8.8% 是可以實現的，我們目前將保持這個目標。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thank you, Brian.

謝謝你，布萊恩。

Thanks, Brian.

謝謝，布萊恩。

(Operator Instructions)

（操作員指示）

Sophie Karp, KBCM.

索菲·卡普，KBCM。

Hi Good morning. Thank you for taking my question.

大家好，早安。感謝您回答我的問題。

Good morning.

早安.

Good morning. Maybe you can talk a little bit about the RFPs here. I don't know if I missed it in the prepared remarks. Are there any thermal resources in there?

早安.或許您可以談談這裡的 RFP 狀況。我不知道我是否在準備好的演講稿中遺漏了這一點。那裡面有熱能資源嗎？

Are there any thermal resources in the RFP? We did have natural gas as one of the resources that we received with solar and wind and battery storage and others.

RFP 中是否包含熱能資源？我們收到的資源中確實包括天然氣，此外還有太陽能、風能、電池儲能等等。

And how you guys feel about like, I guess, your prospective win rate in this round? I don't know if it's too early to talk about that, but like with thermal resource being in there, maybe it's a little easier for you to win that versus a renewable resource because of like accounting legalization issue. But can you discuss that a little bit?

你們覺得這輪的預期勝率如何？我不知道現在談論這個問題是否為時過早，但考慮到火力資源的參與，由於會計合法化的問題，相比可再生資源，火力資源可能更容易勝出。能不能稍微談談這個問題？

I don't know if I caught all of that in terms of the -- we're working with a third-party evaluator to look at all of the 80 bids and assess the cost, the time frames, the feasibility of them and also folding that into our compliance requirements in Washington State specifically. And so we're looking at all of the above. The -- I'm not sure if that covers it.

我不知道我是否理解了所有情況——我們正在與第三方評估機構合作，審查所有80份投標，評估其成本、時間框架和可行性，並將其納入我們在華盛頓州的特定合規要求中。所以，我們正在審查以上所有方面。至於——我不確定這是否涵蓋了所有方面。

I was just wondering if you could share whether you bid into the thermal resource with a pure bid or a third party? And is it easier for Avista Utilities to win a thermal resource versus a renewable plant?

我想知道你們能否分享一下，你們是採用純投標還是第三方投標的方式競標火力發電資源？ Avista Utilities 是否比再生能源電廠更容易得標火力發電資源？

So at this time, with the evaluation underway, we're not sharing specifically what the self-bid options that we put in, but we do think that our bids will be competitive. That's why we put them in, but that's all I can share.

目前，由於評估仍在進行中，我們暫時不會透露我們提出的自主競標方案的具體內容，但我們認為我們的競標方案具有競爭力。這就是我們提出這些方案的原因，但我能分享的也就這些了。

Got it. Got it. Okay. And then I was just wondering if you could talk a little bit about the outlook for wildfires in your region, like how is it shaping up so far? What are you guys seeing on the ground because it's been a pretty dry summer in the West?

明白了，明白了。好的。然後我想問一下，您能否談談您所在地區野火的前景，例如目前情況如何？由於西部地區今年夏天相當乾燥，你們實地看到了什麼狀況？

Yes. The fire activity has been, I think, above normal. But for us, it's been good so far. We haven't seen significant starts, yes, so in August, we'll see. But it is drier than normal, the summer. So we're using all of our mitigation tactics to minimize that risk going forward.

是的。我認為火災活動比正常情況要高。但對我們來說，到目前為止情況還不錯。我們還沒有看到明顯的起火跡象，所以到八月再看吧。不過，今年夏天比往年乾燥。所以我們正在採取一切緩解措施，以最大程度地降低未來的風險。

Good, okay. Oh, thank you. That's all for me.

好的，好的。哦，謝謝。我的就這些了。

Thank you, Sophie.

謝謝你，索菲。

Thank you. And I'm showing no further questions. I would now like to turn the conference back to Stacey for closing remarks.

謝謝。我沒有其他問題了。現在請 Stacey 致閉幕詞。

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

感謝大家今天加入我們，並感謝你們對 Avista 的關注。祝大家有個愉快的一天。

And 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。現在可以掛斷電話了。