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- **EPS Growth**: Avista Utilities YTD EPS up 15% to $1.63. Q3 EPS: $0.36 (vs. $0.23 YoY). 
- **Wildfire Resiliency**: $140M+ invested in grid hardening. No PSPS during 2025 wildfire season. Idaho wildfire plan filed under new standard of care law. 
- **RFP Progress**: 80+ bids received for 425MW RFP. Shortlisted projects include renewable energy, storage, and demand response. Construction must begin by Q2 2026 to qualify for federal tax credits. 
- **Customer Growth**: Engaging with potential large load customers. System impact studies show capacity for incremental load. 
- **Financial Outlook**: 2025 EPS guidance: $2.52-$2.72. Long-term earnings growth target: 4-6% YoY. 
- **Capital Allocation**: 2025-2030 capex: $3.7B. Potential $500M+ for RFP and load growth projects. Debt/equity split for incremental capex: ~50-50. 
- **Risk Management**: $0.14 ERM impact expected in 2025. Washington rate case to file Q1 2026 with 2-4 year plan. 
- **Market Sentiment**: Encouraged by stabilization in clean energy investment narrative. Q3 2025 portfolio values reflect June 2025 market conditions.

**【Management Opening Remarks】**
- Year-to-date 2025 consolidated earnings: $1.51 per diluted share (vs. $1.44 in 2024). Q3 2025 EPS: $0.36 (vs. $0.23 in 2024). Avista Utilities YTD EPS: $1.63 (+15% YoY). 

**【CEO Commentary】**
- **Utility Performance**: Regulatory outcomes and capital deployment drove 15% YTD EPS growth. Wildfire season ended without PSPS; $140M+ invested in grid hardening (AI cameras, weather stations, undergrounding). 
- **RFP Progress**: 80+ bids received for 425MW capacity RFP. Shortlisted projects include wind, solar, storage, and demand response. Federal tax credits require construction start by Q2 2026. 
- **Customer Growth**: Engaging with potential large load customers (e.g., industrial expansions). System impact studies show capacity for incremental load. 
- **Wildfire Mitigation**: Filed Idaho wildfire plan under new standard of care law. Washington rulemaking underway. 

**【CFO Financial Commentary】**
- **Financial Results**: Q3 2025 Avista Utilities EPS: $0.36 (upper end of guidance). Consolidated EPS at lower end due to $0.16 portfolio losses. 
- **Capital Spending**: 2025 capex: $525M (6% YoY growth). 2025-2030 capex: $3.7B. Potential $500M+ for RFP and load growth projects (75% utility, 25% equity). 
- **Debt & Equity**: 2025 debt: $120M issued, $80M equity. 2026: $120M debt, $80M equity. Incremental capex split ~50-50 debt/equity. 
- **Earnings Guidance**: 2025 EPS: $2.52-$2.72 (Avista Utilities: $2.43-$2.61). Long-term growth: 4-6% YoY. 
- **ERM Impact**: $0.14 ERM impact expected in 2025 (vs. $0.12 YTD). Washington rate case to file Q1 2026 (2-4 year plan). 

**【Q&A Highlights】**
- **Funding Strategy**: No plans to divest non-utility businesses. Equity needs for 2026: $80M via periodic offering program. 
- **Rate Base Growth**: 6% annual growth target. Additional capex could push to top of 4-6% earnings range. 
- **ERM Reset**: Likely to reset power supply costs annually in Washington rate case. ERM modifications contingent on Puget Sound precedent. 
- **Mark-to-Market Lag**: Q3 2025 reflects June 2025 portfolio values. Encouraged by stabilization in clean energy investment narrative. 
- **Transmission Expansion**: Exploring regional grid expansion to support load growth. Incremental transmission capex not included in current estimates.

Avista Corporation (AVA) Q3 2025 Earnings Call Transcript

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