Financial Performance - Avista Corporation reported a significant increase in overall revenue, reaching $1.2 billion, a 10% increase compared to the previous year[38]. - The company experienced a 15% growth in customer accounts, totaling 1.5 million users across its service areas[43]. - Avista's net income for the quarter was $150 million, reflecting a 12% increase year-over-year[41]. - Utility revenues for Q1 2024 reached $609.394 million, up from $474.505 million in Q1 2023, representing a 28.4% increase[33]. - Net income for Q1 2024 was $71.495 million, compared to $54.845 million in Q1 2023, reflecting a 30.2% year-over-year growth[33]. - Basic and diluted earnings per share for Q1 2024 were both $0.91, an increase from $0.73 in Q1 2023, marking a 24.7% rise[33]. - Total operating revenues for Q1 2024 were $609.416 million, compared to $474.631 million in Q1 2023, indicating a 28.4% increase[33]. - The company reported a comprehensive income of $71.486 million for Q1 2024, compared to $54.827 million in Q1 2023, a 30.2% increase[35]. - Net income for the three months ended March 31, 2024, was $71,495 thousand, compared to $54,845 thousand for the same period in 2023, representing an increase of approximately 30.24%[41]. - The company reported total regulatory assets of $84,590 thousand as of March 31, 2024, compared to $146,327 thousand as of December 31, 2023, reflecting a decrease of about 42.3%[71]. - Total regulatory liabilities amounted to $62,679 thousand as of March 31, 2024, down from $76,007 thousand as of December 31, 2023, representing a decline of approximately 17.5%[71]. Capital Expenditures and Investments - The company plans to invest $300 million in capital expenditures over the next year to enhance its infrastructure and service capabilities[38]. - Utility property capital expenditures (excluding equity-related AFUDC) for the three months ended March 31, 2024, were $118,709 thousand, compared to $100,490 thousand for the same period in 2023, an increase of approximately 18.14%[44]. - Avista Corporation expects capital expenditures of $500 million in 2024 to enhance service and system reliability[196]. Revenue Sources - Revenue from contracts with customers in electric operations reached $305,006 thousand for the three months ended March 31, 2024, compared to $270,622 thousand in 2023, marking an increase of about 12.7%[81]. - Natural gas revenue from contracts with customers was $208,678 thousand for the three months ended March 31, 2024, down from $222,364 thousand in 2023, indicating a decrease of approximately 6.2%[82]. - The residential electric revenue increased to $149,183 thousand in Q1 2024 from $129,704 thousand in Q1 2023, a growth of approximately 15%[81]. - Commercial electric revenue rose to $99,874 thousand in Q1 2024, up from $88,492 thousand in Q1 2023, reflecting an increase of about 12.9%[81]. - Total electric revenues increased by $109.6 million in Q1 2024 compared to Q1 2023, driven by a $33.9 million increase in retail electric revenue and a $35.4 million increase in wholesale electric revenues[175]. - Total natural gas revenues increased by $23.5 million in Q1 2024 compared to Q1 2023, despite a $13.8 million decrease in retail revenues due to lower sales volumes[180]. Operating Expenses - Total operating expenses for Q1 2024 amounted to $508.300 million, up from $398.030 million in Q1 2023, which is a 27.7% increase[33]. - Resource costs in Q1 2024 were $293.117 million, compared to $192.928 million in Q1 2023, reflecting a 52.0% increase[33]. - Other operating expenses for Q1 2024 were $111.249 million, up from $104.978 million in Q1 2023, representing a 6.5% increase[33]. - Utility operating expenses increased due to higher benefits expenses and amortizations of previously deferred items[168]. Regulatory and Compliance - Avista's management highlighted the importance of regulatory compliance, noting potential impacts from new state and federal regulations on operational costs[39]. - The company has unresolved regulatory, legal, and tax issues, which may lead to material losses, although specific amounts are not disclosed[55]. - The Washington Clean Energy Transformation Act (CETA) mandates that coal-fired resources, including Colstrip, may no longer be delivered to Washington retail customers after 2025[136]. - The company is monitoring legal challenges regarding permits for the Westmoreland Rosebud Mine, which supplies coal to Colstrip[139]. Strategic Initiatives - Avista is focusing on expanding its renewable energy portfolio, aiming for a 25% increase in renewable energy generation by 2025[39]. - The company has initiated a new technology development program with a budget of $50 million to improve energy efficiency and grid reliability[38]. - The company is exploring strategic acquisitions to enhance its market presence, particularly in the Pacific Northwest region[39]. - The company is actively addressing climate change risks, implementing strategies to mitigate the impact of severe weather on energy generation and distribution[21]. Legal Matters - Avista Corporation is involved in ongoing litigation related to the Boyds Fire, with potential claims amounting to $4.4 million, which the company disputes[129]. - The company reported a total of $5 million in damages sought from the Road 11 Fire incident, which occurred in July 2020, and is vigorously defending against the claims[130]. - The Company is involved in multiple legal proceedings related to the Babb Road Fire, with a trial date set for May 5, 2025, focusing on liability[133]. - The Company intends to vigorously defend itself in lawsuits related to the Rathdrum, Idaho natural gas incident, which resulted in one destroyed residence and minor injuries[141]. - The Company believes that any ultimate liability from various legal claims will not materially impact its financial condition or results of operations[142]. Debt and Financing - Total debt as of March 31, 2024, was $2,987.0 million, representing 54.2% of total capitalization, a slight decrease from 55.0% as of December 31, 2023[194]. - Borrowings outstanding under the committed line of credit decreased from $349.0 million to $295.0 million as of March 31, 2024[105]. - The average interest rate on borrowings increased slightly from 6.46% to 6.50% during the same period[105]. - The company closed on the remarketing of $66.7 million and $17.0 million of bonds in April 2024, recognizing long-term debt of $83.7 million[109]. Cash Flow and Liquidity - Net cash provided by operating activities for the three months ended March 31, 2024, was $190,147 thousand, compared to $94,246 thousand for the same period in 2023, an increase of approximately 101.00%[41]. - As of March 31, 2024, the company had $198.3 million of available liquidity under its committed line of credit, ensuring adequate liquidity for the next 12 months[191]. - Cash and cash equivalents decreased from $35,003 thousand at the beginning of the period to $12,274 thousand at the end, a decrease of approximately 65.00%[44]. Future Outlook - Avista anticipates a 5% increase in earnings per share for the upcoming fiscal year, projecting EPS to reach $2.10[41]. - Proposed electric rate increases are expected to raise annual base electric revenues by $77.1 million (13.0%) in December 2024 and $53.7 million (11.7%) in December 2025[160]. - Proposed natural gas rate increases aim to raise annual base natural gas revenues by $17.3 million (13.6%) in December 2024 and $4.6 million (3.2%) in December 2025[160]. - The company is evaluating the acceleration of generation additions in response to increased demand from severe weather events and the transition to clean energy[155]. - The financial outlook for 2024 indicates a focus on managing energy commodity risks effectively while maintaining operational stability[206].

One of the best ideas for surviving market ambiguity is to focus on utility stocks. Since the enterprises underlying this category benefit from a natural monopoly, they effectively command permanent relevance. Still, even this ecosystem can become a short-seller target. Ordinarily, you wouldn't look for short trades in the regulated power and resource space. Nevertheless, not all regions enjoy the same level of economic viability or resilience. Further, certain regions may suffer from unique headwinds that ...

SPOKANE, Wash., April 05, 2024 (GLOBE NEWSWIRE) -- Avista Corp. (NYSE:AVA) will hold its quarterly conference call and webcast to discuss first quarter 2024 results on Wednesday, May 1, 2024, at 10:30 a.m. Eastern Daylight Time. A news release with first quarter 2024 earnings information will be issued at 7:05 a.m. Eastern Daylight Time on May 1, 2024. This call can be accessed on Avista's website at investor.avistacorp.com. You must pre-register for the call via the Presentations and Events link at Avista' ...

SPOKANE, Wash., March 04, 2024 (GLOBE NEWSWIRE) -- Avista Corp. (NYSE:AVA), a Washington state-based energy company with operations spanning five states, has been recognized by Ethisphere, a global leader in defining and advancing the standards of ethical business practices, as one of the 2024 World's Most Ethical Companies. Avista has been recognized by Ethisphere for five consecutive years since 2020 and is one of only 8 honorees in the Energy and Utilities industry. In 2024, 136 honorees were recognized ...

Financial Data and Key Metrics Changes - Consolidated earnings for Q4 2023 were $1.8 per diluted share, up from $1.5 in Q4 2022, reflecting a year-over-year increase [3] - Full year consolidated earnings for 2023 were $2.24 per diluted share compared to $2.12 in 2022, indicating a positive trend in earnings [3] Business Line Data and Key Metrics Changes - Core utility operations demonstrated significant earnings growth of over 35% in 2023 compared to 2022, primarily due to improved cost recovery and successful cost management [11] - The Energy Recovery Mechanism (ERM) was a pre-tax expense of $8.4 million in 2023, down from $10.9 million in 2022, showing improved cost management [11] Market Data and Key Metrics Changes - The company faced challenges due to high commodity prices resulting from operational issues and extreme cold temperatures in January, impacting the natural gas system [7][8] - The company expects to purchase $9.7 million therms of natural gas annually from renewable sources, indicating a shift towards cleaner energy [8] Company Strategy and Development Direction - The company is committed to clean energy goals, including fleet electrification partnerships with school districts and investments in renewable natural gas [8] - A general rate case was filed in January for electric and gas, requesting increases of $77.1 million and $17.3 million respectively in the first year [10] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the accomplishments of 2023, highlighting improved cost recovery and resilience in navigating operational challenges [4][6] - The company anticipates earnings growth of 4% to 6% from a 2025 base year, assuming constructive outcomes in regulatory filings [18] Other Important Information - The Board increased the annual dividend to $1.90 per share, reflecting a commitment to maximizing shareholder value [9] - Capital expenditures for Avista Utilities were $485 million in 2023, with planned expenditures increasing to $575 million by 2026, primarily for wildfire mitigation projects [14] Q&A Session Summary Question: Impact of ERM on 2023 and EPS guidance - Management indicated that the ERM negatively impacted earnings by approximately $0.09, and adjustments could potentially reduce this impact [21] Question: Allocation of capital expenditures for wildfire resiliency - Management noted that capital for wildfire resiliency is expected to be about $35 million in 2025 and closer to $60 million in 2026 [23] Question: Changes in financing plan for 2024 - The increase in equity guidance from $60 million to $70 million was attributed to rebalancing debt and equity as part of regulatory considerations [26] Question: Earnings distribution and hydrology impact - Management is building expectations of current hydro conditions into forecasts, with plans to optimize resources to offset early negative impacts [29] Question: Regulatory lag and Washington rates - Management focused on mitigating the 60 basis points of timing lag with constructive outcomes in the Washington case [32] Question: Long-term investment opportunities - Management discussed potential near-term investments in clean generation and enhancements to the transmission system as part of future growth strategies [36][37] Question: Impact of wildfires on bottom line - Management confirmed that while some infrastructure was lost due to wildfires, the overall impact on the bottom line was manageable [42] Question: Effects of potential dam removals - Management stated that the removal of the four lower Snake River dams would not directly impact the company but could affect regional power prices [44]

Q4 2023 Earnings Call Participants ...

Exhibit 99.1 Contact: Media: Lena Funston (509) 495-8090 lena.funston@avistacorp.com Investors: Stacey Wenz (509) 495-2046 stacey.wenz@avistacorp.com Avista 24/7 Media Access (509) 495-4174 Avista Corp. Announces 2023 Results and Initiates 2024 Earnings Guidance • 2023 consolidated earnings per diluted share of $2.24 • Significant improvement in Avista Utilities earnings reflects the benefits of cost recovery and cost management • 2024 consolidated earnings guidance initiated at $2.36 to $2.56 per diluted s ...

Part I [Business Overview](index=17&type=section&id=Item%201.%20Business) Avista Corp. is a regulated electric and natural gas utility operating through Avista Utilities and AEL&P, providing power from diverse sources [Company Overview](index=17&type=section&id=Company%20Overview) Avista Corp. is an electric and natural gas utility operating through Avista Utilities and AEL&P, with non-utility investments and a focus on human capital - Avista Corp. operates two primary segments: **Avista Utilities** (regulated utility in WA, ID, OR, MT) and **AEL&P** (regulated utility in Juneau, AK)[29](index=29&type=chunk) - The company emphasizes human capital through initiatives in **Equity, Inclusion, and Diversity (EID)**, employee development, retention, and workplace safety[29](index=29&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) Avista Utilities Employee Profile (as of Dec 31, 2023) | Category | Women | Under-Represented Groups | | :--- | :--- | :--- | | Bargaining Unit | 3% | 6% | | Non-bargaining Unit | 45% | 11% | | Executives (VP or higher) | 17% | 17% | | Overall | 30% | 9% | [Avista Utilities](index=19&type=section&id=Avista%20Utilities) Avista Utilities serves over 400,000 electric and 380,000 natural gas customers, utilizing diverse generation and implementing a **$437 million Wildfire Resiliency Plan** - As of year-end 2023, Avista Utilities served approximately **416,000 retail electric customers** and **381,000 retail natural gas customers**[36](index=36&type=chunk) - The electric generation resource mix as of December 31, 2023, was approximately **48% hydroelectric**, **43% thermal**, and **9% other renewables**[40](index=40&type=chunk) - The company is implementing a 10-year Wildfire Resiliency Plan, initiated in 2020, with an expected total spend of **$437 million** to enhance grid hardening, vegetation management, and emergency response[56](index=56&type=chunk)[58](index=58&type=chunk) - Avista Utilities has an aspirational goal to serve customers with **100% clean electricity by 2045** and for its natural gas operations to be **carbon neutral by 2045**[55](index=55&type=chunk)[61](index=61&type=chunk) [Alaska Electric Light and Power Company (AEL&P)](index=33&type=section&id=Alaska%20Electric%20Light%20and%20Power%20Company%20(AEL%26P)) AEL&P is Juneau, Alaska's sole electric utility, serving approximately 17,700 customers with a mix of hydroelectric and diesel generation capacity - AEL&P is the sole electricity provider in Juneau, Alaska, serving approximately **17,700 customers** as of year-end 2023[82](index=82&type=chunk)[84](index=84&type=chunk) - The utility's generation capacity consists of **102.7 MW from hydroelectric facilities** and **107.5 MW from diesel backup generators**[84](index=84&type=chunk) - A key asset is the Snettisham hydroelectric project, operated under a take-or-pay PPA treated as a finance lease, expiring in **December 2038**[84](index=84&type=chunk) [Other Businesses](index=37&type=section&id=Other%20Businesses) The 'Other Businesses' segment, managed by Avista Capital, includes non-utility equity, venture capital, and real estate investments Other Businesses Assets (in thousands) | Asset Type | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Equity investments | $153,350 | $147,809 | | Real estate investments | $4,512 | $7,852 | | Notes receivable – third parties | $20,380 | $17,954 | | Other assets | $2,452 | $2,865 | | Alaska companies (AERC & AJT Mining) | $10,971 | $10,547 | | **Total** | **$191,665** | **$187,027** | [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) Avista Corp. faces significant risks including regulatory, operational, climate change, cybersecurity, and financial factors impacting its business - Utility Regulatory Risk: Regulators may not grant timely or sufficient rate increases to recover costs and earn a reasonable return, potentially impacting financial condition[91](index=91&type=chunk) - Operational Risk: Wildfires ignited by company equipment could lead to significant liability, financial harm, and reputational damage, with severe weather also posing threats[92](index=92&type=chunk)[94](index=94&type=chunk) - Climate Change Risk: Increasing average temperatures could impact hydro generation, alter energy demand, and increase stress on infrastructure[96](index=96&type=chunk) - Cybersecurity Risk: Cyberattacks on operational and administrative systems could disrupt business, compromise sensitive data, and result in significant liabilities and costs[97](index=97&type=chunk) - Financial Risk: Energy commodity price volatility affects cash flows, and credit rating downgrades could increase borrowing costs and collateral requirements[105](index=105&type=chunk)[107](index=107&type=chunk) [Item 1B. Unresolved Staff Comments](index=47&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) As of the filing date, Avista Corp. reports no unresolved comments from the U.S. Securities and Exchange Commission (SEC) staff - The company reports no unresolved comments from the SEC staff as of the filing date[115](index=115&type=chunk) [Item 1C. Cybersecurity](index=47&type=section&id=Item%201C.%20Cybersecurity) Avista manages cybersecurity risk through its enterprise risk management program, with oversight from senior leadership and the Board of Directors - Cybersecurity risk is managed as part of the overall enterprise risk management program, with mitigation efforts including employee training, third-party audits, and emergency operating plans[116](index=116&type=chunk) - The cybersecurity program is led by the **Vice President, Chief Information Officer, and Chief Security Officer**, with over 20 years of experience[116](index=116&type=chunk) - Board-level oversight is provided by the **Environmental, Technology and Operations Committee**, receiving at least quarterly briefings on security policies, programs, and incidents[116](index=116&type=chunk) [Item 2. Properties](index=48&type=section&id=Item%202.%20Properties) Avista Corp.'s utility assets include Avista Utilities' **1,909.4 MW** generation capacity and AEL&P's **210.2 MW** capacity, along with extensive transmission and distribution networks [Avista Utilities Properties](index=48&type=section&id=Avista%20Utilities%20Properties) Avista Utilities owns diverse generation, transmission, and distribution assets, with a total generation capability of **1,909.4 MW** and extensive electric and natural gas networks Avista Utilities Generation Capability (MW) | Type | Capability (MW) | | :--- | :--- | | Total Hydroelectric | 1,049.1 | | Total Thermal | 860.3 | | **Total Generation** | **1,909.4** | - The electric transmission and distribution system includes approximately **2,300 miles of transmission lines** and **19,700 miles of distribution lines**[120](index=120&type=chunk)[121](index=121&type=chunk) [Alaska Electric Light and Power Company Properties](index=50&type=section&id=Alaska%20Electric%20Light%20and%20Power%20Company%20Properties) AEL&P's assets in Juneau, Alaska, include generation, transmission, and distribution facilities, with a total generation capability of **210.2 MW** from hydro and diesel sources AEL&P Generation Capability (MW) | Type | Capability (MW) | | :--- | :--- | | Total Hydroelectric | 102.7 | | Total Diesel | 107.5 | | **Total Generation** | **210.2** | - AEL&P's network includes **61 miles of transmission lines** and **184 miles of distribution lines**[123](index=123&type=chunk) [Item 3. Legal Proceedings](index=51&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding legal proceedings is cross-referenced to Note 22 of the Notes to Consolidated Financial Statements - Details on legal proceedings are cross-referenced to **Note 22** of the financial statements[124](index=124&type=chunk) [Item 4. Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Avista Corp - The company states that Mine Safety Disclosures are not applicable[124](index=124&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=52&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Avista Corp.'s common stock trades on the NYSE under 'AVA', with dividends funded by utility net income and subject to regulatory equity ratio requirements - Avista Corp.'s common stock is listed on the NYSE under the ticker symbol **'AVA'**[126](index=126&type=chunk) - The Board of Directors considers multiple factors for dividend payments, primarily derived from regulated utility net income[126](index=126&type=chunk) - Dividend payments are subject to limitations, including an OPUC requirement to maintain a capital structure of at least **35% common equity**[126](index=126&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=53&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes Avista's financial condition and operations, noting a net income increase to **$171.2 million** in 2023 driven by utility margin growth Net Income by Business Segment (in thousands) | Segment | 2023 (in thousands) | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | :--- | | Avista Utilities | $167,016 | $117,901 | $125,558 | | AEL&P | $8,937 | $7,545 | $7,224 | | Other | $(4,773) | $29,730 | $14,552 | | **Net income** | **$171,180** | **$155,176** | **$147,334** | - Avista Utilities' net income increased in 2023 due to benefits from general rate cases and lower property taxes, partially offset by higher interest and operating expenses[130](index=130&type=chunk) - The 'Other' businesses segment experienced a significant decrease in net income, shifting from a **$29.7 million gain in 2022** to a **$4.8 million loss in 2023**, primarily due to net investment losses[130](index=130&type=chunk) - **2023** was one of the worst years for hydroelectric generation due to rapid snowpack melt, negatively impacting power supply costs and financial results[131](index=131&type=chunk) [Regulatory Matters](index=54&type=section&id=Regulatory%20Matters) Avista actively manages its regulatory environment through regular general rate cases (GRCs) and Purchased Gas Adjustments (PGAs) to recover costs - In **January 2024**, Avista filed a new multi-year GRC in Washington requesting electric revenue increases of **13.0% in Dec 2024** and **11.7% in Dec 2025**, and natural gas increases of **13.6%** and **3.2%** respectively[138](index=138&type=chunk) - The approved **2023 Idaho GRC** resulted in an **8.0% electric revenue increase** effective Sep 2023 and a **1.4% increase for Sep 2024**, based on a **9.4% ROE**[139](index=139&type=chunk) - AEL&P's **2022 GRC** was finalized in **August 2023**, approving a **6.0% base electric revenue increase** based on an **11.45% ROE**[142](index=142&type=chunk) [Results of Operations](index=57&type=section&id=Results%20of%20Operations) Consolidated net income increased to **$171.2 million** in 2023, driven by higher utility margins, partially offset by a net loss in the 'Other Businesses' segment - Avista Utilities' electric utility margin increased by **$60.0 million** in 2023, primarily due to general rate cases and customer growth[165](index=165&type=chunk)[166](index=166&type=chunk) - Avista Utilities' natural gas utility margin increased by **$12.8 million** in 2023, also driven by customer growth and rate cases[165](index=165&type=chunk)[166](index=166&type=chunk) - AEL&P's net income increased to **$8.9 million in 2023** from **$7.5 million in 2022**, with utility margin rising to **$44.3 million** from **$42.1 million** due to higher sales volumes and rate increases[168](index=168&type=chunk)[169](index=169&type=chunk) - The 'Other Businesses' segment recorded a net loss of **$4.8 million in 2023**, compared to a net income of **$29.7 million in 2022**, mainly from decreases in the fair value of investments[170](index=170&type=chunk) [Liquidity and Capital Resources](index=69&type=section&id=Liquidity%20and%20Capital%20Resources) Avista's liquidity is primarily from operating cash flows, which increased to **$447.1 million** in 2023, with capital expenditures funded by cash flow, debt, and equity issuances - Net cash provided by operating activities increased to **$447.1 million in 2023** from **$124.2 million in 2022**, largely due to a significant decrease in cash collateral posted for derivative instruments[180](index=180&type=chunk) Capital Expenditures (in thousands) | Year | Avista Utilities (in thousands) | AEL&P (in thousands) | | :--- | :--- | :--- | | 2023 Actual | $484,716 | $13,921 | | 2024 Expected | $500,000 | $21,000 | | 2025 Expected | $525,000 | $10,000 | | 2026 Expected | $575,000 | $12,000 | - In **2024**, the company plans to issue up to **$85 million of long-term debt** and **$70 million of common stock** to help fund capital expenditures[191](index=191&type=chunk) - As of **December 31, 2023**, Avista Corp. had **$176.3 million** of available liquidity under its credit facilities[186](index=186&type=chunk) [Environmental Issues and Other Contingencies](index=77&type=section&id=Environmental%20Issues%20and%20Other%20Contingencies) Avista is subject to extensive environmental regulations, including Washington's CETA and CCA, impacting operations and requiring an exit from coal-fired power by 2025 - Washington's **Clean Energy Transformation Act (CETA)** requires the company to eliminate coal-fired resources from its retail electric sales by **December 31, 2025**[214](index=214&type=chunk) - The company entered into an agreement with NorthWestern to transfer its **15% ownership interest** in the Colstrip plant at the end of **2025**, while retaining responsibility for existing remediation obligations[220](index=220&type=chunk)[450](index=450&type=chunk) - Washington's **Climate Commitment Act (CCA)**, a cap-and-trade program effective in **2023**, is expected to have a limited financial impact on electric operations initially but will increase costs for natural gas customers[216](index=216&type=chunk) [Enterprise Risk Management](index=81&type=section&id=Enterprise%20Risk%20Management) Avista employs a comprehensive enterprise risk management process, overseen by senior management and the Board, to identify and mitigate key business risks - The company's primary identified risk categories include **Utility Regulatory, Operational, Climate Change, Cybersecurity, Technology, Strategic, External Mandates, Financial, Energy Commodity, and Compliance**[225](index=225&type=chunk)[227](index=227&type=chunk) - Financial risk is mitigated through regulatory strategies like decoupling, active capital structure management to maintain credit ratings, and the use of interest rate swaps to hedge future borrowing costs[235](index=235&type=chunk)[236](index=236&type=chunk)[238](index=238&type=chunk) - Energy commodity risk is managed through an energy resources risk policy that includes hedging, resource optimization, and long-term planning to reduce cost volatility for both electricity and natural gas[247](index=247&type=chunk) - If the company's credit rating were lowered to below investment grade, it would be required to post an estimated **$17.5 million** in additional collateral for energy contracts and **$0.2 million** for interest rate swaps as of year-end 2023[244](index=244&type=chunk)[245](index=245&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=88&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's consolidated financial statements for **FY2023**, audited by Deloitte & Touche LLP, with an unqualified opinion on their fair presentation Consolidated Financial Highlights (Year Ended Dec 31, 2023, in thousands) | Metric | Amount (in thousands) | | :--- | :--- | | Total Operating Revenues | $1,751,554 | | Income from Operations | $257,690 | | Net Income | $171,180 | | Diluted EPS | $2.24 | | Total Assets | $7,702,477 | | Total Liabilities | $5,217,154 | | Total Equity | $2,485,323 | | Net Cash from Operations | $447,079 | - The independent registered public accounting firm, **Deloitte & Touche LLP**, issued an unqualified opinion on the consolidated financial statements[255](index=255&type=chunk) [Item 9A. Controls and Procedures](index=133&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and internal control over financial reporting were effective as of **December 31, 2023** - Management concluded that the company's disclosure controls and procedures were effective as of **December 31, 2023**[473](index=473&type=chunk) - Based on the **COSO framework**, management determined that the company's internal control over financial reporting was effective as of **December 31, 2023**[474](index=474&type=chunk) - The independent registered public accounting firm issued an unqualified opinion on the company's internal control over financial reporting[477](index=477&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=136&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section provides information on executive officers, with other details on directors and corporate governance incorporated by reference from the Proxy Statement - Information regarding directors and corporate governance is incorporated by reference from the company's Proxy Statement[483](index=483&type=chunk) [Item 11. Executive Compensation](index=137&type=section&id=Item%2011.%20Executive%20Compensation) Information concerning executive compensation is incorporated by reference from the company's definitive Proxy Statement - Information regarding executive compensation is incorporated by reference from the company's Proxy Statement[486](index=486&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=137&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section addresses security ownership and equity compensation plans, with beneficial ownership information incorporated by reference from the Proxy Statement - Information regarding security ownership of beneficial owners and management is incorporated by reference from the company's Proxy Statement[486](index=486&type=chunk) - As of **December 31, 2023**, **665,198 securities** were available for future issuance under shareholder-approved equity compensation plans[488](index=488&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=138&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information concerning related party transactions and director independence is incorporated by reference from the company's definitive Proxy Statement - Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the company's Proxy Statement[489](index=489&type=chunk) [Item 14. Principal Accounting Fees and Services](index=138&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information concerning principal accounting fees and services is incorporated by reference from the company's definitive Proxy Statement - Information regarding principal accounting fees and services is incorporated by reference from the company's Proxy Statement[489](index=489&type=chunk) Part IV [Item 15. Exhibits, Financial Statement Schedules](index=139&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements and exhibits filed as part of the Form 10-K, with financial statements included and no schedules filed - The financial statements are included in **Part II** of the report[491](index=491&type=chunk) - No financial statement schedules were filed[491](index=491&type=chunk) - An Exhibit Index is provided, listing all filed exhibits[491](index=491&type=chunk)

SmileStudioAP This week features twelve new dividend increases, down from nineteen last week. The average and median increase is about 7.5%, well above inflation and a testament to the wealth-creating ability of dividend growth companies. As an investor utilizing a dividend-growth strategy, I always look forward to receiving dividends, especially increases. I have observed that companies that regularly raise their dividend payouts perform significantly better than those that do not. I constantly monitor ...

SPOKANE, Wash., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Avista Corp.'s (NYSE:AVA) board of directors has declared a quarterly dividend of $0.475 per share on the company's common stock, an increase of $0.015 per share, yielding an annualized dividend of $1.90. The common stock dividend is payable March 15, 2024, to shareholders of record at the close of business on February 23, 2024. "The dividend increase approved by the board of directors marks the twenty-second consecutive year the board has raised the dividen ...