Financial Data and Key Metrics Changes - Consolidated earnings year-to-date in 2025 were $1.51 per diluted share compared to $1.44 in 2024, reflecting a growth of approximately 4.86% [3] - For Q3 2025, consolidated earnings were $0.36 per diluted share, up from $0.23 per diluted share in Q3 2024, indicating a year-over-year increase of about 56.52% [3] Business Line Data and Key Metrics Changes - Year-to-date results at Avista Utilities were $1.63 per diluted share, reflecting a nearly 15% increase over 2024's year-to-date results, driven by regulatory outcomes and capital deployment [4] Market Data and Key Metrics Changes - The 2025 wildfire season concluded without public safety power shutoffs, attributed to strategic grid improvements and community collaboration [5][6] - The company is expanding its network of AI-enabled cameras for wildfire monitoring, aiming for coverage of high-risk areas by the end of 2026 [7] Company Strategy and Development Direction - The company is committed to supporting reliable and affordable customer service, community investment, and shareholder value through strategic initiatives [4] - The 2025 all-source RFP aims to secure up to 425 megawatts of new capacity, with a focus on leveraging federal tax credits before they expire [10] - The company is evaluating new generation resources and system capacity to attract large load customers, which are central to long-term planning [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future opportunities, particularly in engaging with potential large load customers and the positive momentum in core business operations [16] - The expected return on equity at Avista Utilities is projected at 8.8%, with long-term earnings growth anticipated at 4%-6% from the midpoint of 2025 guidance [15] Other Important Information - Capital expenditures at Avista Utilities were $363 million in the first three quarters of 2025, with an expected total of $525 million for the year [13] - The company plans to issue up to $80 million of common stock in 2025, including $45 million already issued [14] Q&A Session Summary Question: Regarding the $80 million equity needs for 2026 and potential divestitures - Management indicated that the $80 million equity needs are expected to be met through periodic offerings, and significant divestitures are not anticipated [20][21] Question: On the rate-based outlook and incremental CapEx opportunities - Management clarified that additional capital opportunities could help reach the top end of the 4%-6% growth range, but not exceed it [22][23] Question: About managing external risks in the upcoming Washington MYRP filing - Management explained that they have the option to refile if external risks impact the plan, allowing flexibility in response to inflation and investment opportunities [29][30] Question: On the mark-to-market process for other businesses - Management confirmed a quarter lag for some investments, with optimism about potential recovery in clean energy investment values [33] Question: Regarding the mix of debt and equity financing for incremental CapEx - Management expects a mix of approximately 50/50 for incremental capital financing, with base capital plans indicating $120 million in debt and $80 million in equity [34]