Avista Corp (AVA) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Avista Corporation Q3 2025 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Stacey Walters, Investor Relations Manager. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 Avista 公司 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的第一位發言人，投資者關係經理史黛西·沃特斯。請繼續。

Good morning. It's great to have you with us for Avista's Third Quarter 2025 Earnings Conference Call. Our earnings and third quarter Form 10-Q were released premarket this morning. You can find both documents on our website. Joining me today are Avista Corp.

早安.非常高興您能參加 Avista 2025 年第三季財報電話會議。我們的收益報告和第三季 10-Q 表格已於今天上午盤前發布。您可以在我們的網站上找到這兩份文件。今天和我一起的還有 Avista 公司。

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. 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 third quarter of 2025 for a full discussion of these risk factors.

總裁兼執行長 Heather Rosentrater；以及資深副總裁、財務長、財務主管兼監管事務長 Kevin Christie。我們將在本次電話會議中發表一些前瞻性聲明。這些都涉及假設、風險和不確定性，並且可能會發生變化。多種因素可能導致實際結果與我們在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 表格和 2025 年第三季的 10-Q 表格。

Both are available on our website. I'll begin with a recap of the financial results presented in today's press release. Consolidated earnings year-to-date in 2025 were $1.51 per diluted share compared to $1.44 year-to-date in 2024. For the third quarter of 2025, our consolidated earnings were $0.36 per diluted share compared to $0.23 per diluted share for the third quarter of 2024. Now I'll turn the call over to Heather.

這兩款產品都可以在我們的網站上找到。我先來回顧今天新聞稿中公佈的財務表現。2025 年迄今的合併收益為每股攤薄收益 1.51 美元，而 2024 年迄今的合併收益為每股攤薄收益 1.44 美元。2025 年第三季度，我們的合併每股攤薄收益為 0.36 美元，而 2024 年第三季為 0.23 美元。現在我把電話交給希瑟。

Thank you, Stacey. I want to start by highlighting that our third quarter results underscore the strength of our core utility operations and our disciplined approach to cost management. Year-to-date results at Avista Utilities of $1.63 per diluted share reflects a nearly 15% increase over 2024's year-to-date results. This reflects the constructive regulatory outcomes and diligent capital deployment that continue to enhance our financial performance and advance our long-term strategy. As we pursue our strategic initiatives, including the project shortlisted in our 2025 request for proposals or RFP, we remain firmly committed to supporting reliable and affordable customer service, community investment and shareholder value.

謝謝你，史黛西。首先我想強調的是，我們第三季的業績凸顯了我們核心公用事業業務的實力以及我們在成本管理方面採取的嚴格方法。Avista Utilities 今年迄今的每股攤薄收益為 1.63 美元，比 2024 年迄今的收益成長了近 15%。這反映了積極的監管成果和審慎的資本部署，這些成果和部署將繼續提升我們的財務表現並推進我們的長期策略。在我們推動各項策略性措施（包括入圍 2025 年提案徵集或 RFP 的專案）的同時，我們始終堅定致力於支持可靠且價格合理的客戶服務、社區投資和股東價值。

Today, we are affirming our earnings guidance with Avista Utilities expected to be at the upper end of its guidance range and consolidated results expected at the lower end of the range due to valuation losses in our other businesses during the first half of the year. The 2025 wildfire season has ended, and I'm pleased with the significant progress we've made with our wildfire resiliency program. We concluded the season without needing to initiate a public safety power shutoff, fortunately, but we were well prepared to elevate our system into risk responsive levels as conditions warranted. This success is the direct result of strategic grid and process improvements, continued collaboration with communities and first responders and the dedication of our team.

今天，我們重申獲利預期，預計 Avista Utilities 的獲利將達到預期範圍的上限，而由於上半年其他業務的估值損失，預計合併業績將達到預期範圍的下限。2025 年野火季已經結束，我對我們在野火抵禦能力計畫方面取得的重大進展感到滿意。幸運的是，我們在本季結束時無需啟動公共安全斷電措施，但我們已做好充分準備，根據情況需要將系統提升至風險應對等級。這項成功直接歸功於策略性的電網和流程改進、與社區和緊急人員的持續合作以及我們團隊的奉獻精神。

This summer, we completed pilot projects for both strategic undergrounding and installation of covered conductor. We'll be building on this work going forward. With the lessons learned and forming our key decision-making about where and how to deploy these technologies as we advance towards our grid hardening goals. In addition, we began installation of weather stations throughout our service territory. These stations bring critical real-time data to our operations team and inform future system design decisions.

今年夏天，我們完成了策略性地下化和有蓋導線安裝的試點計畫。接下來我們將繼續推進這項工作。吸取經驗教訓，並以此為依據，在推進電網加固目標的過程中，制定關於在哪裡以及如何部署這些技術的關鍵決策。此外，我們開始在我們的服務區域內安裝氣象站。這些站點為我們的營運團隊提供關鍵的即時數據，並為未來的系統設計決策提供資訊。

Our goal is to have a weather station installed on every circuit by 2029. We also expanded our network of AI-enabled cameras, giving our teams and first responders greater access to wildfire monitoring and early detection tools. By the end of 2026, we expect to have coverage of a majority of our high-risk areas through these technologically advanced cameras. All these tools continue to improve and expand the data that goes into our fireweather dashboard, which enables us to react faster to changing conditions and better understand and mitigate risk.

我們的目標是到 2029 年在每個電路上都安裝一個氣象站。我們還擴大了人工智慧攝影機網絡，使我們的團隊和緊急應變人員能夠更好地使用野火監測和早期檢測工具。到 2026 年底，我們預計大部分高風險區域將透過這些技術先進的攝影機實現覆蓋。所有這些工具都在不斷改進和擴展我們火災天氣儀錶板中的數據，使我們能夠更快地對不斷變化的情況做出反應，更好地了解和減輕風險。

This month, we will submit our wildfire mitigation plan to the Idaho Public Utilities Commission. We've been filing our wildfire mitigation plans with the commission for many years now. However, this will be the first wildfire mitigation plan filed after the Wildfire Standard of Care Act was passed by the Idaho legislature earlier this year. The new legislation establishes a standard of care for wildfire risk mitigation and utilities reasonably implementing their plans will now have protection against liability for wildfire in Idaho. And in Washington, we're working through the rule-making process with other stakeholders following the Washington legislation also passed earlier this year around filing and approval of wildfire mitigation plans.

本月，我們將向愛達荷州公共事業委員會提交我們的野火緩解計畫。多年來，我們一直向委員會提交野火減災計畫。然而，這將是愛達荷州立法機構今年稍早通過《野火防治標準法案》後提交的第一份野火緩解計畫。新立法確立了野火風險緩解的注意義務標準，合理實施其計劃的公用事業公司現在將獲得保護，免於承擔愛達荷州野火的責任。在華盛頓，我們正在與其他利益相關者一起推進規則制定程序，此前華盛頓州也於今年早些時候通過了有關野火緩解計劃的提交和批准的立法。

We kicked off our 2025 all-source RFP back in May, looking for up to 425 megawatts of new capacity and at least five megawatts of demand response. As I mentioned in last quarter's earnings call, we saw a positive response to the RFP receiving over 80 bids with 69 supply-side bids totaling nearly 14 gigawatts of capacity and 17 demand response projects offering almost 300 megawatts. We've narrowed the responses down to a short list and these bidders sent in more detailed proposals in October. There's one final chance for bidders to refresh their prices this month. From there, we'll make our final project selections and start negotiations before the year-end.

我們於 2025 年 5 月啟動了 2025 年全來源 RFP，尋求高達 425 兆瓦的新容量和至少 5 兆瓦的需求回應。正如我在上個季度財報電話會議上提到的那樣，我們看到了對 RFP 的積極響應，收到了 80 多份投標書，其中 69 份是供應方投標，總容量接近 14 吉瓦；17 個需求響應項目提供了近 300 兆瓦的容量。我們已經將投標者名單縮減到了一個候選名單，這些投標者在 10 月提交了更詳細的方案。本月競標者還有最後一次機會更新他們的報價。接下來，我們將最終確定專案方案，並在年底前開始談判。

The shortlist has diverse options with supply-side resources like wind, solar, storage, stand-alone and hybrid and thermal as well as demand response projects. There's a mix of ownership options, too, including self-builds, build transfer agreements and power purchase agreements, which gives us more financial flexibility. Some projects are in Montana and could leverage our existing transmission resources in the state as modeled in our integrated resource plan. A big focus is on taking advantage of federal tax credits before they expire. To fully qualify, selected projects need to begin construction by July 2026 and be online by 2029 to 2030. We are working with shortlist bidders to make sure everyone is on track to meet those deadlines and get the most out of any applicable tax credits.

入圍名單涵蓋了多種供應面資源，例如風能、太陽能、儲能、獨立式和混合式以及熱能，以及需求響應項目。所有權選擇也多種多樣，包括自建、建造轉讓協議和購電協議，這給了我們更大的財務靈活性。有些項目位於蒙大拿州，可以利用我們在該州現有的輸電資源，正如我們在綜合資源計劃中所建模的那樣。重點在於利用聯邦稅收抵免政策，以免其過期失效。要完全符合資格，入選項目需要在 2026 年 7 月之前開工建設，並在 2029 年至 2030 年之間投入使用。我們正在與入圍的投標者合作，以確保每個人都能按時完成任務，並最大限度地利用任何適用的稅收抵免。

I continue to be optimistic about the opportunities ahead, particularly as we engage with potential large load customers. These conversations are increasingly central to our long-term planning and investment strategy. Our RFP is helping us evaluate new generation resources and system capacity and is playing a key role in informing our discussions with large industrial customers who are exploring expansion opportunities within our service territory. We're working closely with several of these potential customers to assess how incremental load can be integrated into our system in a way that supports reliability, affordability and long-term value.

我對未來的機會依然保持樂觀，尤其是在我們與潛在的大宗貨物客戶接洽方面。這些對話對我們的長期規劃和投資策略越來越重要。我們的 RFP 正在幫助我們評估新一代資源和系統容量，並在我們與正在探索我們服務區域內擴張機會的大型工業客戶的討論中發揮關鍵作用。我們正在與其中幾家潛在客戶密切合作，評估如何將增量負載整合到我們的系統中，以支援可靠性、經濟性和長期價值。

Serving this level of demand will require not only new generation but also regional grid expansion. System impact studies show we have capacity to accommodate a portion of these requests. With these near-term opportunities best suited to serve customers with scalable implementation capability. We are committed to being competitive in attracting these loads and we view them as an important tool to support customer affordability and as a catalyst for innovation, infrastructure investment and long-term value creation. We'll continue to update you on our progress in future calls.

滿足這種需求不僅需要新的發電設施，還需要擴大區域電網。系統影響研究表明，我們有能力滿足其中一部分請求。抓住這些近期機遇，為具備可擴展實施能力的客戶提供服務。我們致力於在吸引這些貨運方面保持競爭力，並將這些貨運視為支持客戶負擔能力的重要工具，以及創新、基礎設施投資和長期價值創造的催化劑。我們將在以後的電話會議中繼續向您報告進度。

Now I'll hand the call to Kevin for more discussion of our earnings.

現在我將把電話交給凱文，讓他繼續討論我們的收益狀況。

Thank you, Heather. I'm pleased to report a beat to market expectations with our third quarter financial results. Our third quarter results reflect significant growth from the same period in 2024. The strength of our consistent operational execution, including constructive regulatory outcomes, customer load growth and our continuing commitment to cost discipline drive our success. Alongside our other initiatives, regulatory outcomes are key to our progress.

謝謝你，希瑟。我很高興地宣布，我們第三季的財務表現超出了市場預期。我們第三季的業績與 2024 年同期相比實現了顯著成長。我們持續穩健的營運執行力，包括積極的監管成果、客戶需求的成長以及我們對成本控制的持續承諾，推動了我們的成功。除了其他措施之外，監管結果是我們取得進展的關鍵。

And in the third quarter, we implemented constructive, approved settlements of both our Oregon and Idaho general rate cases. We expect to file our next Washington general rate case in the first quarter of 2026. In Washington, we were required to file multiyear rate plans of at least two years and up to four years.

第三季度，我們對俄勒岡州和愛達荷州的一般費率案件都實施了建設性的、經批准的和解方案。我們預計將於 2026 年第一季提交下一份華盛頓州一般費率申請。在華盛頓，我們被要求提交至少兩年、至多四年的多年費率計畫。

While many of the details of the case are still in development, we are evaluating whether we file a two-year, three-year or four-year rate plan. With good regulatory alignment, we are confident that a longer rate plan can be beneficial for us and our customers. The law also provides us with the ability to file a new plan during a three-year or a four-year rate plan, if necessary. We continually invest in our utility infrastructure to support customer growth and maintain our systems so that we can safely and reliably serve our customers. Capital expenditures at Avista Utilities were $363 million in the first three quarters of 2025.

雖然案件的許多細節仍在發展中，但我們正在評估是否提交兩年、三年或四年的費率計劃。我們相信，只要監管政策配合得當，更長的費率方案對我們和我們的客戶都有好處。法律也賦予我們在三年或四年費率計劃期間，如有必要，提交新計劃的能力。我們持續投資於公用事業基礎設施，以支援客戶成長並維護我們的系統，從而安全可靠地為客戶提供服務。2025 年前三個季度，Avista Utilities 的資本支出為 3.63 億美元。

We expect capital expenditures of $525 million in 2025. From 2025 through 2030, we expect capital expenditures of $3.7 billion, resulting in an annual growth rate of 6%. In addition to this base capital, our current estimate of the potential capital opportunity for both our RFP and the addition of a potential large load customer is up to $500 million from 2026 through 2029.

我們預計 2025 年的資本支出為 5.25 億美元。從 2025 年到 2030 年，我們預計資本支出為 37 億美元，年增率為 6%。除了這筆基礎資本外，我們目前估計，從 2026 年到 2029 年，透過我們的 RFP 和新增潛在的大客戶，可獲得高達 5 億美元的潛在資本機會。

If these opportunities materialize, we expect the potential capital to be weighted approximately 75-25 between a potential new large load customer and self-build opportunities. We also expect that this potential investment would be spread somewhat evenly throughout the four-year period. These estimates do not include any incremental capital requirements that could result from incremental transmission projects like regional grid expansion. In July, we issued $120 million of long-term debt and we do not expect further debt issuances this year. We expect to issue up to $80 million of common stock in 2025.

如果這些機會得以實現，我們預計潛在資金將以大約 75:25 的比例分配給潛在的新大客戶和自建機會。我們也預計，這項潛在投資將在四年期間內較為平均分配。這些估算不包括因區域電網擴建等增量輸電項目而可能產生的任何增量資本需求。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更多債務。我們預計在 2025 年發行至多 8,000 萬美元的普通股。

That includes $45 million, which was issued during the first three quarters of the year. In 2026, we expect to issue approximately $120 million of long-term debt and up to $80 million of common stock. We are confirming our consolidated earnings guidance with a range of $2.52 to $2.72 per diluted share for 2025. As a result of the $0.16 of losses associated with our investment portfolio year-to-date, we expect to be at the low end of the 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 of $0.14 in the 90% customer, 10% company sharing band. We have incurred $0.12 under the ERM year-to-date.

其中包括今年前三個季度發行的 4,500 萬美元。預計到 2026 年，我們將發行約 1.2 億美元的長期債務和至多 8,000 萬美元的普通股。我們確認 2025 年合併獲利預期，每股攤薄收益為 2.52 美元至 2.72 美元。由於今年迄今我們的投資組合虧損了 0.16 美元，我們預計我們的綜合收益將處於較低水準。我們預計 Avista Utilities 將貢獻每股攤薄收益 2.43 美元至 2.61 美元區間的上限。我們對 Avista Utilities 的指導意見包括，在 90% 客戶、10% 公司分成比例下，能源回收機制預計會產生 0.14 美元的負面影響。今年迄今為止，我們在企業風險管理 (ERM) 項下已產生 0.12 美元。

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. Over the long term, we expect that our earnings will grow 4% to 6% from the midpoint of our 2025 guidance. I'd like to finish by saying that at Avista, we have positive momentum, our core business is performing per our expectations, and we have much to be optimistic about as we look to execute upon our business plans. Now we'll be happy to take your questions.

由於我們多個轄區內的費率案件時間錯開，展望未來，Avista Utilities 的預期股本回報率為 8.8%。AEL&P 繼續保持良好業績，我們預計其每股攤薄收益將達到 0.09 美元至 0.11 美元。從長遠來看，我們預計我們的收益將比 2025 年預期中位數成長 4% 至 6%。最後我想說的是，Avista 目前發展勢頭良好，核心業務表現符合預期，在執行業務計劃方面，我們有很多理由保持樂觀。現在我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from the line of Shar Pourreza with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Shar Pourreza。

It's actually Alex on for Shar. So just on the $80 million equity needs you have out there for '26, you have a lot of incremental CapEx opportunities you've highlighted. So I just want to get a sense on additional funding sources. Would you look at other avenues? And maybe what about a divestiture of your other business to fund the growth at the utility? Is that something you'd consider?

實際上，是 Alex 取代 Shar 上台。僅就您 2026 年所需的 8,000 萬美元股權而言，您已經強調了許多新增資本支出機會。所以我想了解一下其他資金來源的情況。你會考慮其他途徑嗎？或許可以考慮出售你其他業務的資產，為公用事業公司的發展提供資金？你會考慮這樣做嗎？

Yes. Thanks for the question, Alex. Yes, we're indicating that an expectation of up to $80 million for 2026 as we mentioned. And if we are fortunate enough to have additional spending opportunity or capital investment opportunity for the RFP, large customer or both, then that might change the equity needs, but not significantly so. And I would continue to expect that we would use our periodic offering program as the vehicle. It's not a significant enough increase in equity needs that we would need to do something more dramatic by making a sale of some business or something like that.

是的。謝謝你的提問，Alex。是的，正如我們之前提到的，我們預計 2026 年的收入將達到 8,000 萬美元。如果我們夠幸運，能夠為 RFP、大客戶或兩者兼有提供額外的支出機會或資本投資機會，那麼這可能會改變股權需求，但不會造成顯著改變。而且我預計我們將繼續使用定期發行計畫作為發行工具。股權需求的成長幅度還不夠大，不足以讓我們採取更激烈的措施，例如出售一些業務之類的。

Okay. Got it. And just sort of just the messaging just around looks like the rate base outlook from 5% to 6%, you're now expecting that 6% at the utility. Can you just remind us if that includes the incremental CapEx opportunities you've highlighted or would that push you past that 6%? And can you just walk us through what that means to your 4% to 6% earnings range over the long term?

好的。知道了。而目前的訊息傳遞情況似乎是，費率基礎預期從 5% 提高到 6%，現在公用事業公司預計費率基礎將達到 6%。您能否提醒一下，這是否包括您提到的新增資本支出機會，或者這些機會會使總額超過 6%？能否請您詳細解釋一下，從長遠來看，這對您4%到6%的收益範圍意味著什麼？

As we continue to have opportunity to add to our capital plan and if it comes in the form of the items we highlighted and/or additional transmission, that would help take us towards the top end of our growth range that we stated at 4% to 6%. I don't believe it would take us above that, but let's see what happens with large loads. And there's -- as Heather indicated, there's a lot of great conversation going on with potential developers.

如果我們繼續有機會增加資本計劃，並以我們重點介紹的項目和/或額外的輸電線路的形式出現，那將有助於我們達到我們之前設定的 4% 到 6% 的增長範圍的上限。我不認為這會讓我們超過那個水平，但讓我們看看大負荷會發生什麼。正如 Heather 所指出的那樣，我們正在與潛在的開發商進行許多很好的對話。

(Operator Instructions) Our next question comes from the line of Julian Dumoulin-Smith with Jefferies.

（操作說明）我們的下一個問題來自 Jefferies 的 Julian Dumoulin-Smith。

It's Brian Russo on for Julian. Just on the upcoming Washington MYRP filing. You mentioned that you're evaluating the two-year or three-year or four-year plan. Just curious, how do you manage around external risks of inflation and interest rates and even power costs while under more than the two-year plan that you're currently in. Would you need to seek ERM modifications to kind of insulate yourself from power costs?

布萊恩·魯索代替朱利安上場。僅就即將提交的華盛頓州 MYRP 文件而言。您提到您正在評估兩年、三年或四年計畫。我很好奇，在你們目前執行的兩年多計畫期間，你們是如何應對通貨膨脹、利率甚至電力成本等外部風險的？您是否需要對企業風險管理系統進行修改，以規避電力成本的影響？

Well, there's a few aspects here that I want to get into with you, Brian. First, after a two-year period. So let's say, hypothetically speaking, that we file a four-year. And we move our way through the first couple of years or even just the first year, and we find that we're off track either because of inflation or we've had additional investment opportunities that aren't reflected in the case. Then we have the opportunity to refile, so that case then becomes a two-year and you, in essence, start over.

布萊恩，這裡有一些我想和你探討的面向。首先，經過兩年的時間。假設我們提交一份為期四年的申請。然後，我們度過了最初的幾年，甚至僅僅一年，就發現我們偏離了軌道，要么是因為通貨膨脹，要么是因為我們獲得了案例中沒有反映出來的額外投資機會。然後我們就有機會重新提起訴訟，這樣一來，這個案子就變成了兩年的訴訟期，實際上，你又得從頭開始了。

So we've got a wonderful set of optionality to move forward if we need to by, in essence, cutting that case back from three years or four years to a two-year case. In addition, as we think about how we would proceed, and again, these pieces are all coming together. So it's all preliminary. We would expect to have power supply resets in each subsequent year, at least that would be our objective as we go into the case. So when you ask about the ERM, that's how we would address that.

因此，如果需要的話，我們有了一系列很好的選擇來推進此事，本質上是將案件的審理時間從三年或四年縮短到兩年。此外，當我們思考如何繼續前進時，這些因素都逐漸融合在一起。所以這一切都只是初步階段。我們預計在接下來的每一年都會進行電源重置，至少這是我們著手處理此案的目標。所以，當您問及企業風險管理 (ERM) 時，我們會這樣回答。

Now I'll just proactively answer a question about the ERM. We have talked about how the outcome from the last case wasn't quite what we had hoped it would be in Washington. And we've gone through that workshop process that we felt we were obligated to do. We had great conversations with the parties that involve -- get involved in these workshops. And our approach going into this next case is to likely not try to modify the ERM itself.

現在我主動回答一個關於企業風險管理（ERM）的問題。我們已經討論過，華盛頓上一個案件的結果並沒有達到我們所希望的結果。我們已經完成了我們認為有義務進行的研討會流程。我們與相關各方進行了很好的交流—歡迎大家參與這些研討會。而我們處理下一個案例的方法很可能就是不要嘗試修改企業風險管理本身。

And that's because of the order that we heard from or in our last case in the commission, the words that they used and Puget is still out working on a proceeding that comes well I think, towards the middle of next year, we'll have a better idea of whether or not Puget had success modifying their ERM-like mechanism.

這是因為我們從委員會聽到的命令，或者在我們上一個案件中聽到的措辭，而普吉特仍在進行一項程序，我認為，到明年年中，我們將更好地了解普吉特是否成功修改了其類似歐洲匯率機制的機制。

So we're going to set the ERM aside for now, and then we're going to look to see if Puget has success and if they do, then we'll try to move forward with something similar. And what we're going to focus on is resetting power supply cost at a more appropriate level. And we think we have a path to setting power supply at that more appropriate level. And if we're able to do that, then the impact of the ERM is somewhat muted.

所以我們現在先把ERM放在一邊，然後看看Puget是否成功，如果他們成功了，那麼我們就會嘗試推進類似的專案。我們將重點放在將電源成本重新調整到一個更合適的水平。我們認為我們有辦法將電源供應調整到更合適的水平。如果我們能夠做到這一點，那麼企業風險管理的影響就會減弱。

Okay. Great. I think are we still assuming a power cost drag in 2026 per your most recent disclosures?

好的。偉大的。根據您最近披露的信息，我們是否仍然假設 2026 年電力成本將持續下降？

Yes. We're -- I think our disclosures have covered that pretty well. I'll reinforce that without a change to the ERM and given how power supply was set in the last case that we would expect a drag from the ERM. Now hopefully, because of weather and other factors, it won't be as severe as it is in 2025. but it's too soon to be able to predict that.

是的。我認為我們的披露已經很好地涵蓋了這一點。我再次強調，如果不改變 ERM，並且考慮到上次電源的設定方式，我們預計 ERM 會造成拖累。現在，由於天氣和其他因素的影響，希望情況不會像 2025 年那麼嚴重。但現在預測這一點還為時過早。

Okay. Great. And just can you remind us again on the other businesses, how the mark-to-market works. I think there's a quarter lag, right? So this September quarter actually reflected June mark-to-market values. So it's possible, hypothetically, in your year-end update that could capture September clean -- mark-to-market clean energy investment values, which arguably were well off their lows following the old BBB and executive order, et cetera.

好的。偉大的。您能否再提醒我們一下，在其他業務中，市值計價是如何運作的？我認為有四分之一的滯後，對嗎？因此，9 月的季度實際上反映的是 6 月的市值。因此，理論上講，在您的年終更新中，有可能反映出 9 月的清潔能源投資價值（按市值計價），這些價值在之前的 BBB 和行政命令等措施之後，可以說已經遠遠高於低點。

Yes, you're following it pretty well, Brian. And yes, there is a quarter lag for some of our investments, a fairly significant amount of the investments. And so this quarter reflects second quarter for those investments, and we'll see how it turns out for the rest of the year. We're, as we've mentioned before, not able to call the bottom, but we're encouraged that we saw the impacts in the first half of the year. And then this quarter, it flattened out to some extent.

是的，布萊恩，你理解得相當透徹。是的，我們的一些投資有一個季度的滯後，而且這部分投資的比例相當大。因此，本季反映了這些投資的第二季情況，我們將看看今年剩餘時間情況如何。正如我們之前提到的，我們無法預測底部，但我們感到鼓舞的是，我們在今年上半年看到了影響。然後，本季增速有所放緩。

And the dust seems to be settling around some of the clean energy narrative that had been out there. So we're optimistic. But again, it's hard for us to be able to call whether or not that will completely turn around by the time we are talking to you next quarter.

圍繞著清潔能源的一些說法，似乎塵埃落定了。所以我們持樂觀態度。但是，我們很難預測到下個季度我們與您交談時，這種情況是否會完全好轉。

Okay. Great. And then just lastly, on the increment -- potential incremental CapEx. How should we think about kind of the mix of debt and equity financing? Is it 50-50 or something different than that?

好的。偉大的。最後，關於增量－潛在的增量資本支出。我們該如何看待債務融資和股權融資的組合方式？是五五開還是有其他情況？

Well, our base capital plan that we've described and the amount of debt versus equity for base capital for this year and as now we're describing for next year is $120 million debt, $80 million equity and then if we have incremental spending opportunities after that, there's, of course, a lot of complexities that we would have to work our way through. But generally speaking, I'd expect incremental capital to be in roughly 50-50.

嗯，我們之前描述的基本資本計劃，以及今年和明年的基本資本的債務與權益比例，分別是1.2億美元債務和8000萬美元權益。如果之後我們還有額外的支出機會，當然，其中有許多複雜因素需要我們去解決。但總的來說，我預計新增資本的比例大約是 50-50。

I'm showing no further questions at this time. I would now like to turn it back to Stacey Walters for closing remarks.

我目前沒有其他問題要問。現在我謹將發言權交還給史泰西·沃特斯，請她作總結發言。

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

感謝各位今天蒞臨現場，也感謝各位對 Avista 的關注。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。