Avista Corporation

Avista Corp. is a Washington-based utility holding company founded in 1889 that primarily operates regulated electric and natural gas utilities in the Inland Northwest and Alaska. Its core business is Avista Utilities, which serves customers in Washington, Idaho, Oregon and Montana through electric distribution and transmission, natural gas distribution, and related generation and wholesale energy activities. Through AEL&P, the company also provides regulated electric service in Juneau, Alaska. In addition to its utility operations, Avista owns non-regulated investments through Avista Capital, including venture capital, real estate and other equity investments that add earnings volatility outside the utility base.

32,7 %

9,8 %

+1,3 %

0.83

0.56

— Avista Corporation
%
Regulated Electric Utility68% Electric distribution, transmission, generation and related wholesale power activities serving retail and small wholesale customers.
Regulated Natural Gas Utility24% Natural gas distribution and transportation services for residential, commercial and industrial customers in the Northwest.
Alaska Electric Utility6% Regulated electric service provided by AEL&P to customers in Juneau, Alaska.
Non-Regulated Investments2% Equity investments, venture funds, real estate and other holdings managed through Avista Capital and related subsidiaries.

Avista sells primarily to regulated retail utility customers, including households, commercial businesses, public...

  • Residential utility customersprimary

    Households buying electric and natural gas service under regulated tariffs for heating, lighting and everyday consumption.

  • Commercial customersprimary

    Retail, office and service businesses buying electricity and gas distribution service for ongoing operations.

  • Industrial customerssecondary

    Larger users that may buy transportation or delivery service while sourcing their own commodity, helping Avista retain load and recover infrastructure costs.

  • Public and municipal customerssecondary

    Government and street-lighting accounts that purchase regulated electric service and contribute stable load.

  • Wholesale energy market participantssecondary

    Counterparties in electricity and natural gas purchases and sales used for resource management and load-serving obligations.

  • Juneau electric customerssecondary

    Retail electric customers served by AEL&P in Alaska under regulated utility rates.

Avista’s utility footprint is concentrated in the Inland Northwest, with regulated operations in Washington, Idaho,...

  • •Headquartered in Spokane, Washington, the center of the Inland Northwest service area
  • •Core utility operations span Washington, Idaho, Oregon and Montana
  • •AEL&P serves electric customers in Juneau, Alaska
  • •Electric generating facilities are located across the Northwest utility footprint
  • •Regional weather, wildfire and hydro conditions affect load, supply and reliability
  • •State utility regulation in Washington, Idaho, Oregon, Montana and Alaska drives earnings recovery

Avista’s strategy is centered on maintaining and expanding its regulated utility base through capital investment in...

01
Utility capital investmentmedium-term

Reliability, replacement of aging infrastructure and service expansion are necessary to sustain regulated earnings and meet customer demand.

02
Regulatory recovery and rate casesshort-term

The business depends on timely recovery of costs and allowed returns through state utility regulation.

03
Resource planning and emissions compliancemedium-term

Generation and supply choices must align with state policy, reliability needs and cost recovery.

04
Customer and workforce capabilityshort-term

Utility performance depends on safe operations, employee retention and effective customer interactions.

Avista’s biggest business risk is regulatory and cost-recovery risk, because most earnings come from regulated utility...

high

Regulatory cost-recovery risk

Utility earnings depend on approved rates and recovery of deferred costs; adverse rulings can force write-offs or lower returns.

Scope
Electric and natural gas regulated operations in multiple states
Materiality
high
high

Cybersecurity and operational disruption

Interconnected utility and billing systems could be disrupted by cyberattacks or ransomware, causing outages, repair costs and data loss.

Scope
Generation, transmission, distribution, customer billing and administrative systems
Materiality
high
high

Wildfire and environmental compliance

Utility infrastructure and resource plans are exposed to changing environmental requirements and physical hazard costs.

Scope
Washington, Idaho, Oregon, Montana and Alaska operations
Materiality
high
medium

Weather and demand variability

Heating degree days and customer usage affect electric and gas sales and decoupling balances.

Scope
Northwest utility territories
Materiality
medium
medium

Investment fair value volatility

Non-regulated holdings can generate gains or losses that flow directly into net income.

Scope
Avista Capital and other equity investments
Materiality
medium
Regulatory accounting under ASC 980
Potential write-offs or delayed income recognition
Decoupling revenue mechanisms
Quarterly revenue and margin volatility
Fair value accounting for non-regulated investments
Earnings volatility outside utility operations
Environmental remediation estimates
Potential one-time charges and liability revisions
Pension and postretirement assumptions
Changes in expense and funded status

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: 11/08/2026