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What were the key takeaways from Avista's earnings call?

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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Basic EPS

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AVA

AVA fundamentals

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