阿维斯塔美股招股说明书(2025-05-07版)

AVISTA CORPORATION At-the-MarketOffering Common Stock We may offer and sell shares of our common stock through one or more of the sales agents named in this prospectus supplement, over a period oftime and from time to time in transactions at the market prices prevailing at the time of sale, pursuant to the applicable sales agency agreement. We willpay each of the sales agents a commission not to exceed 2% of the gross sales price per share of all shares sold through it as agent under the applicablesales agency agreement, except as otherwise provided in the sales agency agreement. None of the sales agents is required to sell any specific number ordollar amount of shares of our common stock but each has agreed to use its commercially reasonable efforts, as our sales agent and on the terms and Our annual and quarterly reports filed with the Securities and Exchange Commission, which are incorporated by reference, contain informationregarding the amount of common stock issued and expected to be issued from time to time as described above. This prospectus supplement relates to a Our common stock is listed on the New York Stock Exchange under the symbol “AVA.” The reported last sale price of our common stock on May6, 2025, as reported in the consolidated reporting system, was $41.80 per share. See “Risk Factors” beginning on page S-3 for reference to certain factors you should consider before buying our common stock. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities orpassed upon the accuracy or adequacy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is acriminal offense. BofASecurities J.P.Morgan Prospectus Supplement We have not authorized anyone to give you any information other than this prospectus supplement and the accompanying prospectus. You shouldassume that the information contained or incorporated in this prospectus supplement and the accompanying prospectus is accurate only as of therespective dates of these documents. We are not offering to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction RISK FACTORS General Investing in common stock involves risk. You should review all the information contained or incorporated by reference in this prospectussupplement and the accompanying prospectus before deciding to invest. See “Where You Can Find More Information” in the accompanying prospectus.In particular, you should carefully consider the risks and uncertainties discussed in “Risk Factors”,“Forward-LookingStatements” and “Management’s Risks Related to an Investment in Avista Common Stock The market price of our common stock fluctuates continuously. Our common stock is listed on the New York Stock Exchange and is traded on that exchange and elsewhere. The market price fluctuatescontinuously. The fluctuation in the market price of our common stock is caused by a variety of factors, most of which are beyond our control. These factorsinclude, but are not limited to: •any and all factors that affect the U.S. and global financial markets generally including, but not limited to, general U.S. and globaleconomic conditions;•events or circumstances relating to us, particularly those related to the risk factors discussed in our periodic reports filed with the SEC;•periodic variations in our operating results, the perceived value of our assets or our business prospects, or the perceptions or expectationsof investors or securities analysts as to such variations; •our ability to continue to pay dividends or any change in the level of dividends, or the perceptions or expectations of investors or securitiesanalysts as to dividends; and Any reduction, interruption or elimination of the quarterly dividend on our common stock would likely have an adverse effect on themarket price of our common stock. The payment of dividends on our common stock is solely within the discretion of our Board of Directors. The Board considers the level ofdividends on a regular basis, taking into account numerous factors including, without limitation •our results of operation, cash flows and financial condition;•the success of our business strategies; and•general economic and competitive conditions. Our credit facilities have financial covenants that limit the percentage of debt in relation to our overall capital structure. These could have theeffect of restricting our ability to pay dividends. We are currently in compliance with these provisions. In addition, the terms of our preferred stockcontained in our articles of incorporation prohibit the payment of dividends on our common stock unless all accumulated dividends on preferred stock The market price of our common stock could be adversely affected by future sales of our common stock. Except as described under “Plan of Distribution” and except for required regulatory approvals, we are not restricted