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Here are 1-3 brief analogies for Avista (AVA):

• Avista is like the Waste Management (WM) of electricity and natural gas, providing essential utility services.
• Avista is like American Water Works (AWK), but for power and natural gas distribution instead of water.

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• Electricity Distribution: Avista provides the generation, transmission, and distribution of electricity to residential, commercial, and industrial customers.
• Natural Gas Distribution: Avista provides the transmission and distribution of natural gas to residential, commercial, and industrial customers.

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Avista Corporation (symbol: AVA) is a public utility company that provides electric and natural gas services to customers in parts of eastern Washington, northern Idaho, and small parts of Oregon and Montana. As a utility, Avista primarily sells its services directly to end-users within its regulated service territory rather than to a few major corporate customers for resale.

Therefore, Avista's customer base is comprised of various categories of individuals and businesses. The company primarily serves the following three categories of customers:

• Residential Customers: This category includes individual households and apartments that use electricity and natural gas for personal consumption, such as heating, cooling, lighting, and appliances. These are individuals and families within Avista's service area.
• Commercial Customers: This category encompasses a wide range of businesses and non-residential establishments. It includes small to medium-sized businesses such as retail stores, offices, restaurants, schools, hospitals, and government buildings that utilize Avista's services for their operational needs.
• Industrial Customers: This category consists of larger-scale enterprises with significant energy demands, such as manufacturing plants, factories, and other industrial operations. These customers typically have higher consumption levels for their production processes.

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• TC Energy (TRP)
• Williams Companies (WMB)

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Heather Rosentrater, President and Chief Executive Officer

Heather Rosentrater began her career at Avista in 1996 as a student engineering technician for Avista Labs, a fuel cell subsidiary that was later sold and became ReliOn. In 1999, she joined Avista Corp. as an electrical engineer, advancing through various leadership roles in both the electric and natural gas businesses. She managed departments and projects in electric transmission and distribution, system operations, natural gas supply, and business process improvement. Rosentrater was named Vice President of Energy Delivery in 2015, Senior Vice President of Energy Delivery and Shared Services in 2019, and Senior Vice President and Chief Operating Officer in August 2022. She became President and COO on October 1, 2023, and assumed the role of President and Chief Executive Officer on January 1, 2025, becoming the first woman CEO in the company's history. She also serves as the Board chair of Alaska Electric Light and Power Company.

Kevin Christie, Chief Financial Officer, Treasurer and Senior Vice President Regulatory Affairs

Kevin Christie joined Avista in 2005 and has held several leadership positions within the company's natural gas business. He was appointed Senior Director of Finance in 2012, Vice President of Customer Solutions in 2015, and Vice President External Affairs and Chief Customer Officer in 2018, before being named Senior Vice President in 2019. Prior to his time at Avista, Christie worked for Gas Transmission Northwest (GTN), where he held roles as an accountant, Director of Pipeline Marketing and Development, and Director of Pricing and Business Analysis. He played a key role in Avista's acquisition of Alaska Electric Light and Power Company. He became Chief Financial Officer, Treasurer, and Senior Vice President Regulatory Affairs effective May 11, 2023.

Jason Thackston, Senior Vice President of Growth, Energy Policy, and External Relations

Effective October 1, 2025, Jason Thackston's responsibilities expanded to include overseeing company-wide growth initiatives, in addition to energy policy and external relations. He was previously the Senior Vice President of Energy Policy and Chief Strategy Officer and prior to that, Senior Vice President, Energy Resources and Environmental Compliance Officer, a role he assumed effective September 1, 2022.

Wayne Manuel, Senior Vice President, Operations and Technology

Wayne Manuel was promoted to Senior Vice President, Operations and Technology, effective October 1, 2025. In this role, he oversees energy delivery operations and technology initiatives and reports directly to the President and CEO. Manuel joined Avista in 2023, bringing an extensive background in Information Technology, Strategy, Human Resources, Marketing, Clinical (P&L) Operations, Research, Process Improvement, Project Management, and Change Management from various organizations.

Gregory Hesler, Senior VP

Gregory Hesler holds the position of Senior VP at Avista.

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The public company Avista (symbol: AVA) faces several key risks inherent to its operations as a regulated utility.

The most significant risks to Avista's business include:

1. Wildfire Risks: Operating in the Pacific Northwest, a region prone to wildfires, Avista is exposed to substantial risks despite implementing strict prevention protocols and maintaining insurance. Wildfires can cause significant business interruptions, operational challenges, and necessitate continuous mitigation efforts such as vegetation management and grid hardening. The potential for liabilities and costs associated with wildfires, as seen with other utilities, remains a major concern.
2. Regulatory and Political Environment: As a regulated electric and natural gas utility, Avista's financial performance and ability to recover costs are highly dependent on favorable outcomes from state regulatory bodies regarding rate cases, tariffs, and environmental policies. Adverse regulatory decisions, delays in approving rate adjustments, or changes in federal, state, or local laws and policies can negatively impact the company's revenues, cost recovery, and overall financial stability. The company's stable financial outlook is directly linked to positive regulatory outcomes and approved rate increases.
3. Financial Risks and Capital Requirements: Avista faces financial risks related to its debt levels, significant capital expenditure plans, and the need for ongoing financing. While utilities typically utilize debt, concerns have been noted regarding Avista's conversion of earnings before interest and taxes (EBIT) to free cash flow and its total liabilities. The company has substantial planned capital expenditures, amounting to nearly $3 billion for Avista Utilities over the five-year period ending in 2029, which will require continued access to capital, including potential future equity issuances. Furthermore, losses in its non-utility investment portfolio have impacted consolidated earnings.

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The clear emerging threats for Avista (AVA) are:

• Widespread adoption of distributed energy resources (DERs), particularly customer-owned rooftop solar and battery storage systems, which allow consumers to generate and store their own electricity, reducing their reliance on Avista's grid and purchased power.
• Continuous advancements and increasing adoption of energy efficiency technologies and demand-side management solutions across residential and commercial sectors, leading to a sustained reduction in overall energy consumption and demand for Avista's electricity and natural gas services.

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Avista Corporation (AVA) primarily provides electricity and natural gas services. Its main service regions include eastern Washington, northern Idaho, and parts of southern and eastern Oregon. A subsidiary also provides electric service in Juneau, Alaska.

Electricity Market

• Washington: The total retail sales of electricity in Washington were 89,552,630 megawatthours (MWh) in 2023. The state's net generation of electricity was 102,960,605 MWh in 2023. From June 2024 to May 2025, Washington's electricity consumption was approximately 13,051 kWh per person annually.
• Idaho: In 2024, Idaho consumed approximately 23.7 terawatthours (TWh), or 23,700,000 MWh, of electric power. Idaho's electricity usage was 13,734 kWh per person in 2025. In 2018, Idaho generated 17.4 million MWh of electricity.
• Oregon (Southern and Eastern parts): null
• Alaska (Juneau): null

Natural Gas Market

• Washington: Customers in Washington consume 355.0 billion cubic feet (Bcf) of natural gas each year. In 2015, the value of natural gas delivered to consumers in Washington State was $1.93 billion, with a total consumption of 296 Bcf across all sectors. Annual gas demand in Washington topped 345 Bcf in 2019.
• Idaho: In Fiscal Year (FY) 2023, the overall consumption of natural gas in Idaho was 137,128 million cubic feet (MMCF). In FY 2024, the total revenue for natural gas in Idaho was $340.06 million.
• Oregon (Southern and Eastern parts): null
• Alaska (Juneau): null

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Avista (AVA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market conditions:

1. Constructive Regulatory Outcomes and Rate Cases: Avista anticipates revenue increases stemming from favorable rate settlements and ongoing general rate cases in its service territories across Oregon, Idaho, and Washington. These regulatory outcomes have already contributed to increased electric and natural gas utility margins and are expected to continue to do so. For instance, recent regulatory outcomes in Washington include approved base electric revenue increases of $11.9 million (2%) for year one and $68.9 million (11.6%) for year two, and natural gas revenue increases of $14.2 million (11.2%) for year one and $4.0 million (2.8%) for year two.
2. Significant Infrastructure Investments and Grid Modernization: The company plans substantial capital expenditures on its utility infrastructure. Avista expects capital expenditures of $525 million in 2025, and a total of $3.7 billion from 2025 through 2030, representing an annual growth rate of 6%. These investments are aimed at grid modernization, clean technology, and maintaining system reliability, which in turn expands the regulated rate base and supports long-term earnings growth.
3. Customer Load Growth and Electrification: Avista is poised to benefit from accelerating electrification trends and overall customer load growth in its Northwest markets. The company is also actively engaging with potential "large load customers," which presents significant opportunities for increased demand and, consequently, revenue. The company notes a sharp rise in load inquiries totaling over 3,000 megawatts, significantly exceeding the current peak load of approximately 2,000 megawatts.
4. Development of New Generation Capacity: Avista's 2025 all-source Request for Proposal (RFP) for new capacity has attracted substantial interest, with over 80 bids totaling nearly 14 gigawatts. The selection and development of these projects, with a focus on leveraging federal tax credits and beginning construction by July 2026, are expected to contribute to future revenue growth by expanding the company's generation assets and service offerings.

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