阿维斯塔 2024年度报告

Form10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCAL YEAR ENDEDDecember 31,2024OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934FOR THE TRANSITION PERIOD FROMTOCommission file number001-03701 AVISTA CORPORATION Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days:Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. (Check one): Large Accelerated Filer☒Non-accelerated Filer☐Emerging growth company☐ Accelerated Filer☐Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant includedin the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):Yes☐No☒ The aggregate market value of the Registrant’s outstanding Common Stock, no par value (the only class of voting stock), held by non-affiliates is$2,723,880,269basedon the last reported sale price thereof on the consolidated tape on June 30, 2024. As of January 31, 2025,80,126,259shares of Registrant’s Common Stock, no par value (the only class of common stock), were outstanding. INDEXItemNo.PageNo.Acronyms and TermsivForward-Looking Statements1Available Information5Part IBusiness6Company Overview6Avista Utilities7General7Electric Operations7Electric Requirements8Electric Resources8Hydroelectric Licenses11Future Resource Needs12Natural Gas Operations14Utility Regulation16Federal Laws Related to Wholesale Competition17Regional Transmission Planning17Regional Energy Markets17Reliability Standards18Vulnerability to Cyberattack18Avista Utilities Operating Statistics19Alaska Electric Light and Power Company21Alaska Electric Light and Power Company Operating Statistics23Other Businesses241A.Risk Factors251B.Unresolved Staff Comments341C.Cybersecurity34Properties35Avista Utilities35Alaska Electric Light and Power Company37Legal Proceedings37Mine Safety Disclosures37Part IIMarket for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities38Removed and Reserved38Management’s Discussion and Analysis of Financial Condition and Results of Operations39Business Segments39Executive Overview39Regulatory Matters41 Results of Operations - Overall43 iiNon-GAAP Financial MeasuresResults of Operations - Avista UtilitiesResults of Operations - Alaska Electric Light and Power CompanyResults of Operations - Other BusinessesAccounting Standards to Be Adopted in 2025Critical Accounting Policies and EstimatesLiquidity and Capital ResourcesOverall LiquidityReview of Consolidated Cash Flow StatementCapital ResourcesUtility Capital ExpendituresNon-Regulated Investments and Capital ExpendituresPension PlanCredit RatingsDividendsCompetitionEconomic Conditions and Utility Load GrowthEnvironmental Issues and Other ContingenciesColstripEnterprise Risk ManagementQuantitative and Qualitative Disclosures about Market RiskFinancial Statements and