Core Insights - Avista Corp. reported a net income of $14 million for Q2 2025, a decrease from $23 million in Q2 2024, and year-to-date net income of $93 million, slightly down from $94 million in the same period last year [1][2][3] - Earnings per diluted share for Q2 2025 were $0.17, down from $0.29 in Q2 2024, while year-to-date earnings per diluted share were $1.15, compared to $1.20 in 2024 [1][2][3] - The company expressed disappointment over lower valuations in its investment portfolio, particularly in clean technology, due to shifting public policy and sentiment [1] Financial Performance - Avista Utilities contributed $23 million to net income in Q2 2025, down from $24 million in Q2 2024, and $101 million year-to-date, up from $91 million [1][2] - AEL&P's net income remained stable at $1 million for both Q2 2025 and Q2 2024, but year-to-date income decreased from $5 million in 2024 to $4 million in 2025 [1][2] - The other non-reportable segment incurred a loss of $10 million in Q2 2025, compared to a loss of $2 million in Q2 2024, and a loss of $12 million year-to-date, up from $2 million in 2024 [1][2] Revenue and Margins - Electric utility margin increased by $14 million in Q2 2025, attributed to general rate cases, customer growth, and non-decoupled load growth [4] - Natural gas utility margin rose by $5 million in Q2 2025, also due to general rate cases and customer growth [4] - Other operating expenses increased by $11 million in Q2 2025, driven by higher employee salaries, benefits, and thermal generation costs [5] Capital Expenditures and Investments - Avista Utilities' capital expenditures for the first half of 2025 were $236 million, with expectations of approximately $525 million for the full year [11][12] - AEL&P's capital expenditures were $10 million in the first half of 2025, with a projected total of $21 million for the year [12] - The company plans to invest $5 million in non-regulated investment opportunities and economic development projects in 2025 [13] Guidance and Outlook - Avista Corp. confirmed its 2025 consolidated earnings guidance in the range of $2.52 to $2.72 per diluted share, expecting to be at the low end due to losses in other businesses [14] - Avista Utilities is projected to contribute earnings between $2.43 and $2.61 per diluted share, supported by strong performance and regulatory outcomes [15] - AEL&P is expected to contribute earnings in the range of $0.09 to $0.11 per diluted share in 2025 [16]

Financial Performance & Guidance - Avista Utilities' year-to-date earnings increased nearly 5 percent from 2023[8] - The company initiates consolidated earnings guidance with a range of $2.52 to $2.72 per diluted share for 2025[8] - Avista Utilities provides earnings guidance of $2.43 to $2.61 per share for 2025[28] - AEL&P provides earnings guidance of $0.09 to $0.11 per share for 2025[28] Regulatory Updates - Washington: New rates effective 1/1/2025, including a base electric revenue increase of $11.9 million (2%) in year 1 and $68.9 million ($44.5 million net) (11.6%) in year 2, and a base gas revenue increase of $14.2 million (11.2%) in year 1 and $4.0 million (2.8%) in year 2[17, 19] - Idaho: Proposed base electric revenue increase of $43 million (14.4%) in year 1 and $17.7 million (5.2%) in year 2, and a proposed base gas revenue increase of $8.8 million (5.2%) in year 1 and $1 million (1%) in year 2, with new rates effective in September 2025[20] - Alaska: Rate increase of 6.0% approved[18, 20] Capital Expenditure & Dividend - Avista Utilities expects capital spending between 2025-2029 to be $525 million, $575 million, $600 million, $625 million, and $650 million respectively[22] - The company expects dividend growth to be less than earnings growth until it reaches its target payout range of 65-75%[15, 14] Balance Sheet & Liquidity - The company expects long-term debt in 2025 to be $120 million and equity to be $80 million[26] - As of December 31, 2024, the company has $342 million in borrowings outstanding, $17 million in letters of credit outstanding, and $191 million in available liquidity[26]