阿维斯塔 2025年度报告

Form 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCAL YEAR ENDED December 31, 2025 OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934FOR THE TRANSITION PERIOD FROMTOCommission file number 001-03701 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 if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the 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☐ 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$3,078,099,757 based on the last reported sale price thereof on the consolidated tape on June 30, 2025. As of January 31, 2026, 82,251,245 shares of Registrant’s Common Stock, no par value (the only class of common stock), were outstanding. INDEXItemNo.PageNo.Acronyms and TermsivForward-Looking Statements1Available Information6Part I1Business7Company Overview7Avista Utilities8General8Electric Operations9Electric Requirements9Electric Resources9Hydroelectric Licenses13Future Resource Needs13Natural Gas Operations16Utility Regulation18Federal Laws Related to Wholesale Competition19Regional Transmission Planning19Regional Energy Markets20Reliability Standards20Vulnerability to Cyberattack20Avista Utilities Operating Statistics21Alaska Electric Light and Power Company23Alaska Electric Light and Power Company Operating Statistics25Other Businesses261A.Risk Factors271B.Unresolved Staff Comments371C.Cybersecurity372Properties39Avista Utilities39Alaska Electric Light and Power Company413Legal Proceedings414Mine Safety Disclosures41Part II5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities426Removed and Reserved427Management’s Discussion and Analysis of Financial Condition and Results of Operations43Business Segments43Executive Overview43Regulatory Matters45Results of Operations - Overall48 iiNon-GAAP Financial Measures50Results of Operations - Avista Utilities50Results of Operations - Alaska Electric Light and Power Company57Results of Operations - Other Businesses57Accounting Standards to Be Adopted in 202657Critical Accounting Policies and Estimates57Liquidity and Capital Resources59Overall Liquidity59Review of Consolidated Cash Flow Statement60Capital Resources61Utility Capital Expenditures63Non-Regulated Investments and Capital Expenditures64Pension Plan64Credit Ratings64Dividends65Competition65Environmental Issues and Other Contingencies66Colstr