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Long-Term Debt | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 16. LON G-TERM DEBT The following details long-term debt outstanding as of December 31 (dollars in millions):
Maturity Year |  | Description |  | Interest Rate |  | 2024 |  |  | 2023 |
Avista Corp. Secured Long-Term Debt |  |  |  |  |  |  |  |
2028 |  | Secured Medium-Term Notes |  | 6.37% |  | $ | 25 |  |  | $ | 25 |
2032 |  | Secured Pollution Control Bonds (1) |  | 3.88% |  |  | 67 |  |  |  | 67 |
2034 |  | Secured Pollution Control Bonds (1) |  | 3.88% |  |  | 17 |  |  |  | 17 |
2035 |  | First Mortgage Bonds |  | 6.25% |  |  | 150 |  |  |  | 150 |
2037 |  | First Mortgage Bonds |  | 5.70% |  |  | 150 |  |  |  | 150 |
2040 |  | First Mortgage Bonds |  | 5.55% |  |  | 35 |  |  |  | 35 |
2041 |  | First Mortgage Bonds |  | 4.45% |  |  | 85 |  |  |  | 85 |
2044 |  | First Mortgage Bonds |  | 4.11% |  |  | 60 |  |  |  | 60 |
2045 |  | First Mortgage Bonds |  | 4.37% |  |  | 100 |  |  |  | 100 |
2047 |  | First Mortgage Bonds |  | 4.23% |  |  | 80 |  |  |  | 80 |
2047 |  | First Mortgage Bonds |  | 3.91% |  |  | 90 |  |  |  | 90 |
2048 |  | First Mortgage Bonds |  | 4.35% |  |  | 375 |  |  |  | 375 |
2049 |  | First Mortgage Bonds |  | 3.43% |  |  | 180 |  |  |  | 180 |
2050 |  | First Mortgage Bonds |  | 3.07% |  |  | 165 |  |  |  | 165 |
2051 |  | First Mortgage Bonds |  | 3.54% |  |  | 175 |  |  |  | 175 |
2051 |  | First Mortgage Bonds |  | 2.90% |  |  | 140 |  |  |  | 140 |
2052 |  | First Mortgage Bonds |  | 4.00% |  |  | 400 |  |  |  | 400 |
2053 |  | First Mortgage Bonds |  | 5.66% |  |  | 250 |  |  |  | 250 |
|  | Total Avista Corp. secured long-term debt |  |  |  |  | 2,544 |  |  |  | 2,544 |
Alaska Electric Light and Power Company Secured Long-Term Debt |  |  |  |  |  |  |  |
2044 |  | First Mortgage Bonds |  | 4.54% |  |  | 75 |  |  |  | 75 |
|  | Total secured long-term debt |  |  |  |  | 2,619 |  |  |  | 2,619 |
Alaska Energy and Resources Company Unsecured Long-Term Debt |  |  |  |  |  |  |  |
2029 |  | Unsecured Term Loan (2) |  | 5.92% |  |  | 15 |  |  |  | 15 |
|  | Total secured and unsecured long-term debt |  |  |  |  | 2,634 |  |  |  | 2,634 |
Other Long-Term Debt Components |  |  |  |  |  |  |  |
|  | Unamortized debt discount |  |  |  |  | (1 | ) |  |  | (1 | )
|  | Unamortized long-term debt issuance costs |  |  |  |  | (19 | ) |  |  | (19 | )
|  | Total |  |  |  |  | 2,614 |  |  |  | 2,614 |
|  | Secured Pollution Control Bonds held by Avista Corporation (1) |  |  |  |  | — |  |  |  | (84 | )
|  | Current portion of long-term debt |  |  |  |  | — |  |  |  | (15 | )
|  | Total long-term debt |  |  |  | $ | 2,614 |  |  | $ | 2,515 |
(1) In April 2024, the Company remarketed the City of Forsyth, Montana Pollution Control Revenue Refunding Bonds. The bonds are not subject to ordinary optional redemption. The bonds are secured by equal principal amounts of non-transferable first mortgage bonds of the Company. Avista Corp. had purchased the Forsyth bonds upon original issuance in December 2010 and held the bonds until market conditions were favorable for remarketing the bonds to unaffiliated investors. In connection with the pricing of the Forsyth bonds, the Company cash-settled two interest rate swap derivatives (notional aggregate amount of $20 million) and received a net amount of $4 million. See note 8 for a discussion of interest rate swap derivatives. (2) In December 2024, AERC entered an amended agreement for its $15 million unsecured term loan. The amendment extends the maturity to December 2029, and increases the interest rate from 3.44 percent to 5.92 percent. The following table details future long-term debt maturities including long-term debt to affiliated trusts (see Note 17) (dollars in millions):
|  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | Thereafter |  |  | Total |
Debt maturities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  | $ | 15 |  |  | $ | 2,646 |  |  | $ | 2,686 |
Substantially all of Avista Utilities' and AEL&P's owned properties are subject to the lien of their respective mortgage indentures. Under the Mortgages and Deeds of Trust (Mortgages) securing their first mortgage bonds (including secured medium-term notes), Avista Utilities and AEL&P may each issue additional first mortgage bonds under their specific mortgage in an aggregate principal amount equal to the sum of: • 66-2/3 percent of the cost or fair value to the Company (whichever is lower) of property additions of that entity which have not previously been made the basis of any application under that entity's Mortgage, or • an equal principal amount of retired first mortgage bonds of that entity which have not previously been made the basis of any application under that entity's Mortgage, or • deposit of cash. Avista Utilities and AEL&P may not individually issue any additional first mortgage bonds (with certain exceptions in the case of bonds issued on the basis of retired bonds) unless the particular entity issuing the bonds has “net earnings” (as defined in that entity's Mortgage) for any period of 12 consecutive calendar months out of the preceding 18 calendar months that were at least twice the annual interest requirements on all mortgage securities at the time outstanding, including the first mortgage bonds to be issued, and on all indebtedness of prior rank. As of December 31, 2024, property additions and retired bonds would have allowed, and the net earnings test would not have prohibited, the issuance of $1.5 billion by Avista Corp. in an aggregate principal amount of additional first mortgage bonds and $56 million by AEL&P, at an assumed interest rate of 8 percent in e ach case.

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