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Derivatives and Risk Management (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedges, Assets [Abstract]

Schedule of Energy Commodity Derivative Volumes

The following table presents the underlying energy commodity derivative volumes as of September 30, 2025 expected to be delivered in each respective year (in thousands of MWhs and mmBTUs):


	Purchases								Sales
	Electric Derivatives				Gas Derivatives				Electric Derivatives				Gas Derivatives
Year	Physical (1) MWh		Financial (1) MWh		Physical (1) mmBTUs		Financial (1) mmBTUs		Physical (1) MWh		Financial (1) MWh		Physical (1) mmBTUs		Financial (1) mmBTUs
Remainder 2025		3		—		12,918		9,990		157		116		570		155
2026		—		—		26,651		23,633		364		316		1,393		—
2027		—		—		13,110		11,403		—		—		1,393		—
2028		—		—		1,820		4,483		—		—		1,013		—

As of September 30, 2025, there were no expected deliveries of energy commodity derivatives after 2028.

The following table presents the underlying energy commodity derivative volumes as of December 31, 2024 expected to be delivered in each respective year (in thousands of MWhs and mmBTUs):


	Purchases								Sales
	Electric Derivatives				Gas Derivatives				Electric Derivatives				Gas Derivatives
Year	Physical (1) MWh		Financial (1) MWh		Physical (1) mmBTUs		Financial (1) mmBTUs		Physical (1) MWh		Financial (1) MWh		Physical (1) mmBTUs		Financial (1) mmBTUs
2025		7		—		27,993		39,483		427		420		1,897		1,963
2026		—		—		17,560		13,175		—		—		—		—
2027		—		—		7,555		2,250		—		—		—		—

As of December 31, 2024, there were no expected deliveries of energy commodity derivatives after 2027.

(1)

Physical transactions represent commodity transactions in which Avista Corp. will take or make delivery of either electricity or natural gas; financial transactions represent derivative instruments with delivery of cash in the amount of the benefit or cost but with no physical delivery of the commodity, such as futures, swap derivatives, options, or forward contracts.

Summary of Foreign Currency Exchange Derivatives

The following table summarizes the foreign currency exchange derivatives outstanding as of September 30, 2025 and December 31, 2024 (dollars in millions):


	September 30,		December 31,
	2025		2024
Number of contracts		17		22
Notional amount (in United States dollars)	$	1	$	2
Notional amount (in Canadian dollars)		1		2

Schedules of Fair Values and Locations of Energy Commodity Derivative Instruments

The following table presents the fair values and locations of energy commodity derivative instruments recorded on the Condensed Consolidated Balance Sheet as of September 30, 2025 (dollars in millions):


	Fair Value
Derivative and Balance Sheet Location	Gross Asset		Gross Liability			Collateral Netted		Net Asset (Liability) on Balance Sheet
Other current assets	$	5	$	—		$	—	$	5
Other property and investments-net and other non-current assets		2		—			—		2
Other current liabilities		6		(36	)		5		(25	)
Other non-current liabilities and deferred credits		4		(16	)		1		(11	)
Total derivative instruments recorded on the balance sheet	$	17	$	(52	)	$	6	$	(29	)

The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2024 (dollars in millions):


	Fair Value
Derivative and Balance Sheet Location	Gross Asset		Gross Liability			Collateral Netted		Net Asset (Liability) on Balance Sheet
Interest rate swap derivatives
Other current assets	$	1	$	—		$	—	$	1
Energy commodity derivatives
Other current assets		10		—			—		10
Other current liabilities		11		(48	)		23		(14	)
Other non-current liabilities and deferred credits		2		(16	)		1		(13	)
Total derivative instruments recorded on the balance sheet	$	24	$	(64	)	$	24	$	(16	)

Schedule of Collateral Outstanding Related to Energy Commodity Derivative Instruments

The following table presents collateral outstanding related to its energy commodity derivative instruments as of September 30, 2025 and December 31, 2024 (dollars in millions):


	September 30,		December 31,
	2025		2024
Cash collateral posted	$	7	$	24
Letters of credit outstanding	$	7	$	12

Certain of Avista Corp.’s derivative instruments contain provisions that require Avista Corp. to maintain an "investment grade" credit rating from the major credit rating agencies. If Avista Corp.’s credit ratings were to fall below "investment grade," it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing collateralization on derivative instruments in net liability positions.

The following table presents the aggregate fair value of energy commodity derivative instruments with credit-risk-related contingent features in a liability position and the amount of additional collateral Avista Corp. could be required to post as of September 30, 2025 (dollars in millions):


	September 30,
	2025
Liabilities with credit-risk-related contingent features	$	22
Additional collateral to post		21