Avista Pauses 500 MW Data Center Deal Two Weeks After Announcing It

Avista Corp. (NYSE: AVA) is a regulated electric and gas utility headquartered in Spokane, Washington, serving 429,000 electric and 386,000 natural gas customers across eastern Washington, northern Idaho, and parts of Oregon, with a market capitalization of approximately $3.5 billion. The company reported full-year 2025 GAAP net income of $193 million, or $2.38 per diluted share, and 2026 non-GAAP utility earnings guidance of $2.52 to $2.72 per diluted share.

In addition to its base capital plan of $615 million in 2026 and $3.4 billion through 2030, Avista has been flagging for investors the possibility of a hypothetical additional $350 million in capital expenditures associated with integrating a new large load customer — a figure it presented in both its February and May 2026 investor materials as a potential driver of an 8% rate base CAGR versus a 7% base case. The prospect of data center growth had become a visible part of the investor narrative heading into mid-2026.

Avista's core utility operations have been solid: first-quarter 2026 non-GAAP utility earnings rose to $1.10 per diluted share from $1.01 a year earlier, driven by general rate case outcomes. A four-year multi-year rate plan filed with the Washington Utilities and Transportation Commission in January 2026 requested a $111 million (13.9%) base electric rate increase for 2027, with phased increases through 2030.