Avista is a regulated electric and natural gas utility headquartered in Spokane, Washington. Avista's primary operating division, Avista Utilities, serves approximately 429,000 electric customers and 386,000 natural gas customers across a 34,000-square-mile territory covering eastern Washington, northern Idaho, and parts of Oregon. A smaller subsidiary, AEL&P, serves roughly 17,600 customers in Juneau, Alaska. Avista sells electricity and natural gas directly to retail customers at rates set by state utility commissions on a cost-of-service basis, meaning rates are designed to allow recovery of operating expenses plus a reasonable return on rate base. Avista's electricity comes from a mix of hydro, thermal, wind, and solar generation, with hydro covering roughly half of average load under normal conditions. Key earnings drivers include rate base growth from capital investment, regulatory outcomes across four state jurisdictions, hydrology, and weather. Avista's five-year base capital plan totals approximately $3.4B and covers grid modernization, wildfire resiliency, hydropower maintenance, and clean energy compliance. Avista is also pursuing large load growth, having secured a deposit from a data center developer expected to draw an initial 125 MW ramping to 500 MW by 2030, with roughly 1,700 MW of additional large load customers in its pipeline. Management targets 4%–6% EPS CAGR from the FY25 base, with the large load opportunity potentially supporting the upper end of that range. Avista also holds venture capital and real estate investments through Avista Capital, though management guides this segment to a near-zero earnings contribution.