Avista Corp (AVA) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Avista Corporation Q4 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位來賓，感謝您的耐心等待。歡迎參加Avista公司2025年第四季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

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

現在我把會議交給今天的第一位發言人，投資者關係經理史黛西·沃特斯女士。請開始吧。

Good morning. Thank you for joining us for Avista's fourth-quarter 2025 earnings conference call. Our earnings and 2025 Form 10-K were released premarket this morning. You can find both documents on our website, along with the presentation that accompanies our remarks this morning.

早安.感謝您參加Avista公司2025年第四季財報電話會議。我們的財報和2025年10-K表格已於今日上午盤前發布。您可以在我們的網站上找到這兩份文件，以及我們今天早上發言的簡報。

Joining me today are Avista Corp. President and CEO, Heather Rosentrater; and Senior Vice President, CFO, Treasurer and Regulatory Affairs Officer, Kevin Christie.

今天與我一同出席的有 Avista 公司總裁兼執行長 Heather Rosentrater；以及資深副總裁、財務長、財務主管兼監管事務官 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 2025 for a full discussion of these risk factors, which is available on our website.

我們將在本次電話會議中發表前瞻性聲明。這些聲明涉及假設、風險和不確定性，且可能隨時發生變化。多種因素可能導致實際結果與我們在本次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，請參閱我們網站上提供的 2025 年 10-K 表格。

On this call, we will also discuss non-GAAP utility earnings. Our fourth quarter earnings presentation is posted on our website and includes definitions and reconciliations for all non-GAAP disclosures, including non-GAAP utility earnings. Our non-GAAP utility earnings are comprised of results from our Avista Utilities and AEL&P segments. The unrealized gains and losses that have historically made up the majority of our nonregulated other business earnings can be significant, but they are difficult to predict and outside management's control. The shift to discussion of non-GAAP utility results and earnings guidance reflects management's focus on the core utility business.

在本次電話會議中，我們也將討論非GAAP公用事業收益。我們已在網站上發布了第四季度收益報告，其中包含所有非GAAP揭露項目的定義和調節表，包括非GAAP公用事業收益。我們的非GAAP公用事業收益由Avista Utilities和AEL&P兩個業務部門的表現所構成。歷史上構成我們非監管其他業務收益大部分的未實現損益可能數額龐大，但難以預測且不受管理層控制。這次會議重點討論非GAAP公用事業績效和獲利預期，反映了管理層對核心公用事業業務的關注。

And now, let me begin with a recap of the financial results presented in today's press release. Our 2025 consolidated earnings were $2.38 per diluted share compared to $2.29 in 2024. Our 2025 non-GAAP utility earnings were $2.55 per diluted share compared to $2.38 per diluted share in 2024. For the fourth quarter of 2025, our consolidated earnings were $0.87 per diluted share compared to $0.84 per diluted share for the fourth quarter of 2024. Our non-GAAP utility earnings were $0.88 per diluted share for the fourth quarter of 2025 compared to $0.89 per diluted share for the fourth quarter of 2024.

現在，讓我先回顧一下今天新聞稿中公佈的財務業績。我們2025年的合併每股攤薄收益為2.38美元，而2024年為2.29美元。我們2025年的非GAAP公用事業每股攤薄收益為2.55美元，而2024年為2.38美元。 2025年第四季度，我們的合併每股攤薄收益為0.87美元，而2024年第四季為0.84美元。我們2025年第四季的非GAAP公用事業每股攤薄收益為0.88美元，而2024年第四季為0.89美元。

And now, I'll turn the call over to Heather.

現在，我將把電話交給希瑟。

Thank you, Stacey. And as I reflect on my first year as CEO of Avista, I am struck by how it combined exciting opportunities for growth and investment with an unprecedented level of uncertainty. Yet, just as we have for the last 136 years, our teams leaned in and sustained their focus on executing our strategies.

謝謝你，斯泰西。回顧我擔任Avista執行長的第一年，我深感這一年既充滿了令人振奮的成長和投資機遇，也面臨前所未有的不確定性。然而，正如過去136年來我們所做的那樣，我們的團隊全力以赴，始終專注於執行我們的策略。

Before I get into the details, I want to start with how we're thinking about this last quarter. While our results were impacted by a few specific items, our sustained focus led to progress on key priorities, that includes progress on our request for proposal, or RFP; continued discussions with potential large load customers; and steady regulatory activity. All of this supports the strength of our utility over the long term.

在深入探討細節之前，我想先談談我們對上個季度的展望。雖然一些具體因素對我們的業績產生了一定影響，但我們持續的專注使我們在關鍵優先事項上取得了進展，包括推進招標書（RFP）的編制；與潛在的大負荷客戶持續洽談；以及穩步推進監管工作。所有這些都為我們公用事業公司的長期穩健發展奠定了基礎。

We remain committed to delivering safe, reliable energy to the communities we serve and creating value for our shareholders. As we closed out 2025, Avista Utilities results were impacted by both the onetime adjustment of coal strip related investments, which on its own decreased our earnings per share by $0.07, and other timing-related items. Even with those headwinds, we were able to land within the original utility guidance range. And excluding those factors, utility results would have been above the midpoint of our 2025 utilities earnings guidance.

我們始終致力於為我們服務的社區提供安全可靠的能源，並為股東創造價值。 2025 年末，Avista Utilities 的表現受到兩方面因素的影響：一是與煤炭開採相關的投資的一次性調整，該調整導致每股收益減少 0.07 美元；二是其他一些與時間相關的因素。即便麵臨這些不利因素，我們最終仍實現了原先的公用事業績效預期。若排除這些因素，我們的公用事業表現將高於 2025 年公用事業獲利預期的中位數。

With 2025 concluded, we're excited to look ahead to 2026. Last month, we filed a four-year rate plan with the Washington Utilities and Transportation Commission. This filing reflects how we're thinking about supporting safe and reliable service over the long term. Among other considerations, our proposal addresses rising costs related to grid modernization, clean energy compliance, purchased power, hydropower infrastructure investments and emerging risks such as wildfires and extreme weather. By filing a four-year case rather than a two-year case, we aim to reduce the frequency of regulatory proceedings, provide greater stability and our cost recovery and shareholder returns and provide more transparency and predictability for our customers.

2025年已過，我們對2026年充滿期待。上個月，我們向華盛頓州公用事業和運輸委員會提交了一份為期四年的費率計畫。這份計畫反映了我們如何著眼於長期保障安全可靠的電力服務。除其他因素外，我們的方案還著重解決電網現代化、清潔能源合規、外購電力、水力發電基礎設施投資以及野火和極端天氣等新興風險帶來的成本上漲問題。我們選擇提交一份為期四年的費率計劃，而非通常的兩年計劃，旨在減少監管程序的次數，提高成本回收和股東回報的穩定性，並為客戶提供更高的透明度和可預測性。

Last month, we announced the projects we selected from our RFP process. The first selection is an upgrade to existing natural gas turbines which will add 14 megawatts of capacity without increasing carbon emissions. Second, we selected a 100-megawatt battery energy storage system to be located in Eastern Washington and to be built and transferred to Avista under a build transfer agreement.

上個月，我們公佈了從招標流程中選定的項目。第一個項目是對現有天然氣渦輪機進行升級改造，將在不增加碳排放的情況下新增14兆瓦的發電容量。第二個項目是建造一個100兆瓦的電池儲能係統，該系統將位於華盛頓州東部，並根據建設-移交協議交付給Avista公司。

Finally, we selected a 200-megawatt power purchase agreement for wind from Montana and approximately 40 megawatts of demand response programs across our service territory. These projects will bring valuable resilient energy solutions to our portfolio. Since we first reported on our queue of interest from potential new large load customers last year, we've continued to work through conversations with these potential customers. And I am happy to announce that we've received a significant deposit from a data center developer intending to locate in our service territory in Washington.

最終，我們選定了蒙大拿州200兆瓦的風電購電協議，並在我們的服務區域內啟動了約40兆瓦的需求響應計畫。這些項目將為我們的能源組合帶來寶貴的彈性能源解決方案。自從去年我們首次公佈潛在大負荷新客戶的意向名單以來，我們一直在與這些潛在客戶進行洽談。我很高興地宣布，我們已收到一家資料中心開發商的大筆定金，該開發人員計劃在華盛頓州我們的服務區域內建造資料中心。

The initial load is expected to be 125 megawatts, quickly ramping up to a maximum of 500 megawatts. We expect the initial load to come online by 2030, and we'll keep you updated as we make progress. As expected, as we have worked with customers in our queue to evaluate their projects, we are narrowing in on the most feasible opportunities. At present, including the customer just mentioned, approximately 1,700 megawatts remain in our queue of potential large load customers.

預計初始負荷為125兆瓦，並將迅速提升至最高500兆瓦。我們預計初始負載將於2030年投入使用，並將隨時向您報告進度。如預期，在與排隊等候的客戶合作評估其專案後，我們正在篩選出最可行的專案。目前，包括剛才提到的客戶在內，我們潛在的大負載客戶佇列中仍有約1700兆瓦的裝置容量。

We continue to receive inbound interest, and we expect to begin curated recruiting to attract additional interest that could align with specific geographic and electric infrastructure areas of the system that are best suited for large load interconnections. We know affordability is critically important. And as we look to add new large load in our service territory, it's our expectation that agreements we reach, both with our current negotiations and future prospective customers, would make a significant contribution to customer affordability.

我們持續收到客戶的諮詢，並計劃啟動有針對性的招募活動，以吸引更多符合特定地理區域和電力基礎設施要求的客戶，這些區域最適合進行大負荷互聯。我們深知價格負擔至關重要。隨著我們尋求在服務區域內新增大負荷項目，我們期望與現有客戶以及潛在客戶達成的協議，能夠顯著降低客戶的成本承受能力。

We've also made significant strides in expanding our energy assistance programs for our customers in need. These programs help make energy bills more affordable for those that most need the support. Recent enhancements to our best-in-class programs have expanded our reach for energy assistance to as much as 4 times as many customers need in the last two years. These programs are fundamental to how we think about serving our communities now and into the future.

我們已在擴大困難客戶的能源援助計畫方面取得了顯著進展。這些計劃旨在幫助最需要幫助的客戶減輕能源帳單負擔。我們一流計劃的最新改進，使過去兩年中受益客戶數量增加了近四倍。這些計劃是我們服務社區（無論現在或將來）的基石。

The opportunities that were a highlight of 2025 continue into 2026. The Washington Commission has encouraged Avista to explore early acquisition of resources to capitalize on tax credit opportunities. We are still evaluating several other RFP bid projects, exploring the acquisition or long-term contracting of these projects to take advantage of tax credits, serve large loads and enhance flexibility until Avista has a need for serving more load.

2025年的亮點機會延續至2026年。華盛頓州委員會鼓勵Avista儘早取得資源，以充分利用稅收抵免優惠。我們仍在評估其他幾個招標項目，探索收購或長期承包這些項目的可能性，以便享受稅收抵免、滿足大負荷需求並增強靈活性，直至Avista需要處理更多負荷為止。

Beyond generation, additional transmission is needed to move energy from generation resources to load centers. The North Plains Connector is one such project that supports this need, and we have significant additional opportunities closer to home that would improve regional grid reliability and resilience as customer demand evolves.

除了發電之外，還需要額外的輸電設施將能源從發電資源輸送到負載中心。北平原連接線計畫正是滿足這項需求的計畫之一。此外，我們還有許多其他專案距離本地更近，這些專案將隨著客戶需求的變化，提升區域電網的可靠性和韌性。

Finally, earlier this month, the Board of Directors raised the dividend for our shareholders to $1.97 per share. Our dividend is an important component of shareholder return. And for 24 consecutive years, the Board of Directors has raised the dividend for our shareholders resulting in compound annual growth of more than 5% over that time period.

最後，本月初，董事會將股東分紅提高至每股1.97美元。分紅是股東回報的重要組成部分。董事會已連續24年提高股東分紅，在此期間實現了超過5%的複合年增長率。

We remain committed to the importance of returns for our shareholders and to the financial strength of our company. We are now targeting a competitive payout range of 60% to 70%, which is in line with our peers. And for the last few years, we've been a bit above our target payout range, which was 65% to 75% during that period. As a result, we expect that our dividend growth rate will be less than the growth in our earnings per share until we reach our target payout range.

我們始終致力於為股東創造回報，並維護公司的財務穩健。目前，我們的目標是將股息支付率維持在60%至70%的具有競爭力的水平，與同業持平。過去幾年，我們的股息支付率略高於目標水平，當時的目標水準為65%至75%。因此，我們預計在達到目標股利支付率之前，股利成長率將低於每股盈餘的成長率。

And now, I'll hand the call to Kevin for additional discussion of earnings.

現在，我將把電話交給凱文，讓他進一步討論收益狀況。

Thank you, Heather. And good morning, everyone. In each of the last four quarters, I've shared with you how strong our utility performance is and how our utility earnings form the foundation of our business and future plans, and that's still true today. We're focused on delivering results at our utility. Of course, we're disappointed by the order we received late in December from the Washington Commission requiring us to adjust recovery of needed investments at Colstrip.

謝謝Heather。大家早安。在過去的四個季度裡，我都向大家介紹了我們公用事業業務的強勁表現，以及公用事業收益如何構成我們業務和未來計劃的基石，這一點至今依然如此。我們專注於提升公用事業業務的表現。當然，我們對華盛頓州委員會在12月底下令調整Colstrip專案所需投資回收情況的命令感到失望。

Were it not for the impact of that order, Avista Utilities would have reported earnings above the midpoint of our 2025 earnings guidance for the segment. I want to emphasize that our utility earnings in 2025 reflect the strength of our operational execution and the continued diligence in the cost management that we've reported in each of our 2025 earnings calls alongside constructive regulatory outcomes, with the exception of the Colstrip order in December.

若非受該項命令的影響，Avista Utilities的獲利將高於我們先前對該業務板塊2025年獲利預期的中位數。我想強調的是，我們2025年的公用事業盈利反映了我們強大的營運執行力，以及我們在2025年歷次財報電話會議上所報告的持續有效的成本控制，同時還得益於監管方面取得的積極成果，但12月份的Colstrip命令除外。

We've had a quiet fourth quarter in our nonregulated business results, and it appears that valuations have steadied from earlier in 2025. Alongside our other initiatives, regulatory outcomes are key to our success. As Heather mentioned, in January, we filed a four-year rate plan with the Washington Commission. The single largest driver of our requested rate increase in rate year one is power supply cost. Setting an appropriate baseline for power supply cost is pivotal to the success of our rate plan.

我們非監管業務的第四季業績表現平平，估值似乎也已從2025年初的水準趨於穩定。除了其他措施之外，監管結果對我們的成功至關重要。正如Heather所提到的，我們在1月向華盛頓州委員會提交了一份為期四年的費率計畫。我們申請在第一年提高費率的最大驅動因素是電力供應成本。設定合理的電力供應成本基準對於我們費率計劃的成功至關重要。

We believe the workshops undertaken with the parties after our last rate case provided an understanding of the shifts in our regional power markets. We will continue to work through the regulatory process beginning with the initial settlement conference set for May 22 and the evidentiary hearings on September 17 and 18. We continue to invest in our utility infrastructure to support customer growth and maintain safe and reliable service.

我們相信，上次費率調整後與各方舉行的研討會，有助於我們了解區域電力市場的變化。我們將繼續推動監管流程，首先是定於5月22日舉行的初步和解會議，以及9月17日和18日舉行的證據聽證會。我們將繼續投資於公用事業基礎設施，以支持客戶成長並維持安全可靠的服務。

Capital expenditures at Avista Utilities were $553 million in 2025 and are expected to be $585 million in 2026. From 2026 through 2030, we expect capital expenditures of $3.4 billion, a base capital compound growth rate of 5%. This reflects the addition of $164 million to our capital plan associated with the self-build natural gas combustion turbine upgrades and build transfer battery energy storage system selected from our 2025 RFP.

Avista Utilities 2025年的資本支出為5.53億美元，預計2026年將達到5.85億美元。從2026年到2030年，我們預期資本支出將達到34億美元，基本資本複合成長率為5%。這其中包括在我們2025年招標中選定的自建天然氣燃氣渦輪機升級和建設轉移電池儲能係統項目，該項目將為我們資本計劃增加1.64億美元。

We continue to estimate a potential capital investment of up to $350 million associated with integrating a new large customer that would be incremental to the $3.4 billion five-year expenditure plan. Integrating that investment in our five-year projection would result in a compound capital growth rate of 12%. Our base capital plan does not include incremental transmission projects like regional grid expansion or additional generation pulled forward from our 2025 RFP.

我們預計，整合一位新的大型客戶可能需要高達3.5億美元的潛在資本投資，這將超出我們34億美元的五年支出計畫。將這筆投資納入我們的五年預測後，複合資本成長率將達到12%。我們的基本資本計畫不包括增量輸電項目，例如區域電網擴建或從2025年招標中提前撥出的新增發電項目。

In 2025, we issued $120 million of long-term debt and $78 million of common stock. For 2026, we are updating our funding plans and now expect to issue approximately $230 million of long-term debt and up to $90 million of common stock compared to $120 million of debt and $80 million of common stock disclosed in Q3. This increase reflects higher capital expenditures in 2025 as well as additional debt to support liquidity, given the recovery timing of deferrals while maintaining a prudent capital structure.

2025年，我們發行了1.2億美元的長期債務和7,800萬美元的普通股。對於2026年，我們正在更新融資計劃，目前預計將發行約2.3億美元的長期債務和至多9000萬美元的普通股，而第三季度披露的債務和普通股發行計劃分別為1.2億美元和8000萬美元。此次成長反映了2025年更高的資本支出，以及為支持流動性而增加的債務，同時考慮到延期付款的恢復時間，並保持審慎的資本結構。

We are initiating non-GAAP utility earnings guidance with a range of $2.52 to $2.72 per diluted share for 2026. As Stacey mentioned, utility earnings include earnings from our Avista Utilities and AEL&P segments with no other adjustments. The closest GAAP measure is consolidated earnings, and since we are removing the impact of our nonregulated businesses, we are required to refer to utility earnings as a non-GAAP measure.

我們首次發布2026年非GAAP公用事業獲利預期，預計每股攤薄收益為2.52美元至2.72美元。正如Stacey所提到的，公用事業盈利包括Avista Utilities和AEL&P兩個業務部門的盈利，並未進行其他調整。最接近的GAAP指標是合併獲利，但由於我們剔除了非監管業務的影響，因此必須將公用事業獲利稱為非GAAP指標。

Last year, we set guidance for these other businesses at zero and indicated that we expected variability in results due to ongoing cost, dilution and periodic valuation updates. As a management team, we can't control public policy and the valuation losses we experienced in 2025 were the direct result of shifts in public policy and sentiment due to the administration change. By discussing our non-GAAP utility earnings and giving you guidance that is focused where we as a management team are focused, we're striving to limit the noise in our results and communicate with you about where we're headed as a business.

去年，我們將其他業務的業績預期設定為零，並指出由於持續的成本、股權稀釋和定期估值更新，我們預期業績會有波動。作為管理團隊，我們無法控制公共政策，而我們在2025年經歷的估值損失正是由於政府更迭導致的公共政策和市場情緒變化所致。透過討論我們的非GAAP公用事業收益，並向您提供與我們管理團隊專注於重點一致的績效指引，我們力求減少績效波動，並與您溝通我們未來的業務發展方向。

In 2024, a large industrial customer in our service territory contracted with us for electric service. This customer owns transmission rights and has access to procure their own energy. They sought relief in a period of high market power prices through service with us. As market prices have since declined, they notified us earlier this year of their intent to return to procuring their power independently in the power market sooner in '26 than what we had expected. Our 2026 non-GAAP utility earnings guidance reflects a onetime decrease of $0.12 as a result of this departure.

2024年，我們服務區域內的一家大型工業客戶與我們簽訂了電力服務合約。該客戶擁有輸電權，並可自行購買電力。在市場電價高企時期，他們希望透過與我們合作來緩解電力成本壓力。隨著市場電價的回落，他們在今年稍早通知我們，並計劃在2026年提前恢復獨立採購電力，比我們預期的時間還要早。因此，我們2026年的非GAAP公用事業獲利預期將因此一次性減少0.12美元。

Our guidance includes an expected negative impact from the energy recovery mechanism of $0.10 at the midpoint in the 90% customer, 10% company sharing band. While our current hydro forecast shows normal levels of generation for the year, even if we were above or below normal, there would be no material change to our position in the year.

我們的預期包括能源回收機制帶來的負面影響，即在90%客戶分成、10%公司分成比例區間的中點，每股盈餘將增加0.10美元。儘管我們目前的水力發電預測顯示全年發電量將保持正常水平，但即使實際發電量高於或低於正常水平，也不會對我們今年的財務狀況產生實質影響。

Over the long term, we expect that our earnings will grow 4% to 6% from the midpoint of our 2025 consolidated earnings guidance. We are raising our long-term expected return on equity at Avista Utilities to approximately 9% excluding any impact from the This reflects expected structural lag of 60 basis points.

從長遠來看，我們預期公司獲利將比2025年綜合獲利預期中位數成長4%至6%。我們將Avista Utilities的長期預期股本回報率上調至約9%，不計入任何影響。這反映了預期的60個基點的結構性滯後。

Now, we'll be happy to take your questions.

現在，我們很樂意回答您的問題。

(Operator Instructions) Shar Pourreza, Wells Fargo Securities.

（操作員說明）Shar Pourreza，富國證券。

This is Whitney Mutalemwa on for Shar. So just to take a step back and think about the financing, there's just multiple moving pieces in 2026 from the customer departure to the headwind, the variability and obviously the Washington rate case, how are you sequencing financing decisions? What would cause you to pull forward or push out equity issuance? How much flexibility do you have to bridge with debt or hybrids without pressuring the credit profile?

這裡是Whitney Mutalemwa，代表Shar發言。我們先退一步，思考一下融資問題。 2026年有很多不確定因素，從客戶流失到不利因素、市場波動，當然還有華盛頓的利率決議，你們是如何安排融資決策的？什麼情況下你們會提前或延後股權發行？你們在不影響信用評級的前提下，有多少彈性可以利用債務或混合融資來彌補資金缺口？

Well, for the guidance that we've expressed here for 2026, we've incorporated the base plan that we've described. So that includes the capital investment and to the extent that we had additional capital investment opportunities, we would need to reassess how much debt and equity we would issue.

嗯，對於我們在此提出的2026年指導方針，我們已經納入了先前描述的基本計劃。這包括資本投資，如果出現額外的資本投資機會，我們將需要重新評估我們將發行多少債務和股權。

We issue our equity through a periodic offering program. And so you would see steady progress throughout the year towards that $90 million, again, barring some kind of additional investment opportunity, which would be a positive thing if we had that opportunity.

我們透過定期發行股票的方式籌集資金。因此，除非出現其他投資機會（如果有的話，那當然是好事），否則您將會看到我們全年穩步朝著9000萬美元的目標邁進。

As far as using other mechanisms, again, we would likely stick with our periodic operating program unless we had a much more significant investment opportunity, and then we would have to reassess whether we'd visit other mechanisms or vehicles.

至於使用其他機制，我們可能還是會堅持定期營運計劃，除非我們有更重要的投資機會，屆時我們將不得不重新評估是否會採用其他機製或工具。

Understood. And then just following up on the incremental CapEx, I think it's $350 million to integrate a new large load customers. So what's the internal go or no-go threshold before you commit to that type of incremental build? How do you ensure existing customers are insulated if the large load doesn't fully materialize?

明白了。接下來想問一下新增資本支出的問題，我認為整合新的大客戶需要3.5億美元。那麼，在你們決定進行這種增量建設之前，內部的審批門檻是多少？如果大客戶最終沒有完全實現，你們如何確保現有客戶不受影響？

Yes. I would start by saying that the next step, now that we have a significant deposit on board from that potential customer, is moving towards an MOU. And we'd expect to move towards that MOU in the next 90-or-so days. And as we work forward there, we would likely have ongoing conversations where -- with the customer. And we -- again, I want to emphasize a point to the extent that we're able to add this customer, they would make a significant contribution back to the system and our existing customers such that it would help with affordability.

是的。首先我想說的是，既然我們已經從這位潛在客戶那裡收到了一筆可觀的訂金，下一步就是著手簽署諒解備忘錄。我們預計將在未來90天左右完成這項工作。在此過程中，我們可能會與客戶保持持續的溝通。再次強調，如果我們能夠成功拿下這位客戶，他們將為我們的系統和現有客戶做出重大貢獻，有助於降低成本。

And we would ensure that those same customers would not be negatively impacted to the extent that the customer were to start conversations with us, maybe even go to construction and then walk away. We would have in place, in addition to the deposit we would have collateral and security to protect our business and our customers significant amount such that we would expect no impact if they were to walk away. Now, that's not the intent. We would expect them to go forward and contribute revenue to the system on an ongoing basis for many years into the future.

我們會確保這些客戶不會受到負面影響，即使他們與我們展開洽談，甚至進入施工階段，最終卻選擇放棄。除了訂金之外，我們還會提供抵押品和擔保，以保障我們和客戶的利益，確保即使客戶最終放棄，我們也不會受到任何影響。當然，這並非我們的本意。我們希望他們能夠繼續合作，並在未來多年持續為系統貢獻收入。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

It's Brian Russo on for Julien. Just a follow-up on the financing plan for the potential $350 million upside CapEx. Should we kind of generally model that as 50-50 debt and equity and would you possibly consider hybrids?

我是布萊恩·魯索，替朱利安發言。我想跟進一下關於潛在3.5億美元資本支出增值部分的融資計劃。我們是否應該大致將其建模為50%債務和50%股權，您是否會考慮混合融資方式？

Yes. To be clear, we'd expect that spending to start maybe in earnest to the extent that we're able to proceed sometime later this year, but really in '27, '28, and into '29. And we would expect a 50-50 cap structure or funding approach with incremental capital beyond what we've described here. And to your question around hybrids, we would consider that option if we were able to move forward with that much additional capital beyond the base plan.

是的。需要明確的是，我們預計支出可能會在今年晚些時候，或者更確切地說，是在2027年、2028年以及2029年，具體時間取決於我們能否推進相關工作。我們預計會採用50/50的資本結構或融資方式，並在我們先前描述的基礎上增加增量資本。至於您提到的混合投資方案，如果我們能夠在基本計劃之外獲得如此多的額外資金，我們會考慮這種方案。

Okay. And would you also consider monetizing the other businesses, which, according to the 10-K, have an equity interest value of $148 million as of December 2025? I'm wondering because of your shift in reporting, it just seems that there's a much bigger focus on the utility and are any of those investments considered noncore, so to speak?

好的。您是否也考慮將其他業務變現？根據10-K報告，截至2025年12月，這些業務的股權價值為1.48億美元。我注意到，由於貴公司報告方式的轉變，似乎更加關注公用事業業務，那麼這些投資中是否有任何被視為非核心業務？

Yes. I appreciate you noticing all of that, Brian, and that's exactly the intent here. We would look to monetize some of our nonregulated investments to the extent that there's an opportunity to do so with a material gain. And if that were to take place, that would help affect our equity, meaning that we would issue less equity on a go-forward basis. That would be the likely plan.

是的，布萊恩，我很感謝你注意到這些，這正是我們的初衷。我們會考慮將部分非監管投資變現，前提是能夠獲得實質收益。如果真的實現了這一點，將有助於改善我們的股權結構，這意味著我們未來將減少股權發行。這大概就是我們接下來的計畫。

Okay. Great. And one more question. Just to be clear, the 4% to 6% EPS -- long-term EPS CAGR correlates to the 5% rate base CAGR; therefore, this 12% hypothetical rate base CAGR would, in theory, be accretive to the 4% to 6%, correct?

好的，太好了。還有一個問題。為了確認一下，4%到6%的長期每股盈餘複合年增長率與5%的利率基數複合年增長率相關；因此，理論上，這12%的假設利率基數複合年增長率會對4%到6%的增長率產生增益，對嗎？

Yes. Let me walk you through that. So the way I think about it is, so the 5% CAGR on our capital investment plan over the next five years, you'll notice from the graphic that we were displaying that we have an increase in the middle due to the RFP. And so to call it 5%, I'd say that's a bit conservative. We have a significant increase from year one through three when we execute on the investments related to the RFP in 2028.

是的，讓我來詳細解釋一下。我的想法是這樣的：我們未來五年資本投資計畫的複合年增長率是5%，您從我們展示的圖表中可以看到，中間部分的成長是由於招標書（RFP）的緣故。所以，如果說5%這個數字有點保守。實際上，從第一年到第三年，也就是2028年，當我們執行與招標書相關的投資時，成長率會有顯著提升。

And then in the back end, we would expect that we have additional investment opportunities, hopefully, the large load and more, and then that would pull us up to the 12% rate base CAGR. If we had that opportunity, and all those investments came to fruition, that would help pull us up to the top end of the 4% to 6% range. I don't have exact figures, and we don't know yet all the investment opportunities that we might have, whether we could get above the 6%, but we would talk to you about that in subsequent quarters.

然後，在後端，我們預計會有額外的投資機會，希望能夠抓住大額貸款等項目，將我們的利率基數複合年增長率提升至12%。如果我們能抓住這些機會，並且所有投資都能成功，這將有助於我們達到4%至6%區間的上限。我目前還沒有確切的數字，我們也還不清楚所有可能的投資機會，以及我們是否能夠超過6%的目標，但我們將在接下來的幾個季度與您討論這個問題。

Okay. Great. And then one more lastly, on the large customer, would you look to file a large tariff or an ESA?

好的，太好了。最後一個問題，對於大客戶，您會考慮提交大額關稅申請還是經濟和社會安全申請？

Yes. We call it a special contract, and we would file that special contract with the commission in both Washington and Idaho. And when we file those special contracts, which is a pretty standard approach in our states for large customers, we would expect the commission to look favorably upon a large load special contract to the extent, as we've said before, we would be providing significant benefit back to existing customers from an affordability perspective. So I think that the commission would carefully review, but we're encouraged by the fact that it could help with affordability.

是的。我們稱之為特殊合同，我們會向華盛頓州和愛達荷州的能源委員會提交這份特殊合約。在我們州，對於大客戶來說，提交這類特殊合約是相當標準的做法。正如我們之前所說，如果大負荷特殊合約能夠從經濟承受能力的角度為現有客戶帶來顯著的益處，我們希望能源委員會能夠對此予以積極考慮。因此，我認為能源委員會會認真審查，但我們對此感到鼓舞，因為它有助於提高客戶的承受能力。

(Operator Instructions) Chris Hark, Mizuho.

（操作說明）克里斯·哈克，瑞穗。

I just have a follow-up question on the CAGR there. Just given the low result in 2025, do you still expect to be in the 4% to 6% range? And then what kind of ROE are you using to get to the midpoint of the 2026 guidance?

我還有一個關於複合年增長率（CAGR）的後續問題。鑑於2025年的結果較低，您是否仍預期複合年增長率能達到4%到6%的區間？另外，您使用什麼樣的淨資產收益率（ROE）來計算2026年業績指引的中點？

Yes. We certainly believe that we can get to our 4% to 6% growth. 2025 was our baseline. And although we fell short there over the next three, four, or five years, we'd expect to be in that 4% to 6% range. So that is the plan, and we think we can get there.

是的。我們當然相信能夠達成4%到6%的成長目標。 2025年是我們的基準年。儘管未來三到五年我們未能完全達到這個目標，但我們預計仍能維持在4%到6%的範圍內。這就是我們的計劃，我們相信能夠實現它。

What was your second question, Chris?

克里斯，你的第二個問題是什麼？

And then the ROE that you're using to get to 2026 guidance, assumed ROE?

那麼，您用來得出 2026 年業績指引的 ROE 是假設 ROE 嗎？

Well, again, we've expressed here that we expect to be at on a long run basis at 9%, which is an increase from 8.8%. And that incorporates the or does not include the I should say. So in 2026, as we've described to you here, we're going to have pressure on that 9% due to the fact that we're likely to be, as we've said here, $0.10-or-so negative and then we continue to have structural lag around 60 basis points. We also lost that large customer, which has an impact. So overall, we would expect to be in the low to mid-8s in 2026 from a utility ROE with the

好的，我們再次強調，我們預期長期來看，我們的淨資產收益率將達到9%，高於先前的8.8%。需要說明的是，這個預測包含了……（或者說，不包括……）。正如我們之前提到的，到2026年，9%的淨資產收益率將面臨壓力，因為我們可能會出現約0.10美元的虧損，而且結構性滯後效應仍然存在，約為60個基點。此外，我們也失去了一位大客戶，這也會產生影響。因此，總體而言，我們預計到2026年，公用事業淨資產收益率將在8%左右。

Okay. Super helpful. And then just one last thing, just looking for some clarity on the rate base CAGR. Have you included that upside CapEx in the CAGR at all?

好的，非常有幫助。最後還有一個問題，我想確認一下利率基準的複合年增長率（CAGR）。你們在計算複合年增長率時是否包含了上行資本支出（CapEx）？

The upside CapEx is not included. We're using the incremental $350 million related to a potential large load as a proxy for what -- how it could help from an overall investment opportunity. And to the extent that we are able to pull forward additional items from or investments from the RFP, and we have the opportunity to invest in additional transmission, that would all be incremental to that base.

未計入上行資本支出。我們以潛在的大負荷相關的3.5億美元增量資金作為參考，來衡量其對整體投資機會的貢獻。此外，如果我們能夠提前從招標書中提取其他項目或投資，並有機會投資額外的輸電設施，所有這些都將在此基礎上增加。

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

目前我沒有其他問題要問。現在我把時間交還給史泰西沃特斯，請她做總結發言。

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，也感謝你們對Avista的關注。祝您有美好的一天。

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。本次會議到此結束，您可以斷開連線了。