IDACORP (IDA) 3 Aug 182018 Q2 Earnings call transcript

Welcome to IDACORP Second Quarter 2018 Earnings Conference Call. Today’s call is being recorded and webcast live. A complete replay will be available from the end of the day for a period of 12 months on the Company’s website at idacorpinc.com. [Operator Instructions] Now, I will turn the call over to Justin Forsberg, Director of Investor Relations.

Thanks, Rocco.

today, second and and quarter XX-Q. opened website, to our markets our both XXXX the we posted issued IDACORP’s Form Before earnings release slides call supplement our The using available website. also on today’s be we’ll are to refer call. the number to those We’ll by during slides

our our the slide differ These cause We with represent forward-looking Exchange statements uncertainties, subject risks views on noted which statements statements on in statements. will some forward-looking the and are slide our and are and two, As may two any today. that you filings on reliance actual listed of Commission Securities caution today what placing presentation made should materially include which undue review current forward-looking against to holds. on results from which future to

on shown Treasurer. call, and Officer; Financial Keen, slide As Darrel and President Anderson, Chief Officer we three, Chief today’s President, Executive on IDACORP’s and Senior Vice Steve have

to We you available also year’s quarterly any during $X.XX, last quarter present IDACORP’s we slide financial have $X.XX have quarter. earnings Q&A our results. questions of share share XXXX per may other period. an were diluted four, second over second On individuals help per answer increase the

of months the first diluted period $X.XX, share were higher earnings For six than XXXX. XXXX, per $X.XX in same the

Steve. $X.XX to $X.XX diluted over share. per and We now to a the have our tightened presentation full-year and increased range I XXXX estimates earnings of guidance turn will

Usage XXXX. successful proceedings from both And resolution Slide of operational to prior includes five a solid Thanks, run activities irrigation led them precipitation, of income to by of per $X.X increase increase due normal the Strong a increasing sales XX% Justin. quarters, this through customer was income moving quarter an a quarter, will irrigation sales Good afternoon, regulatory customer decrease million, With growth second the an current a X.X% and were this higher, residential growth million. year’s the this and Strong lower I second year. customers the which operating to income per customer everyone. in to adding over of Partly period degree offsetting heating parts X% added XXXX also cooling more second in plentiful. as year’s $X.X drive same in quarter. reconciliation operating and the quarter. foundation last in are of helped higher days second the today. was constructive customer number of quarter and balanced to mostly otherwise usage

XXXX, additional in hour quarter-over-quarter quarter, mitigated as weather-related of in tax the in rates million respectively. industrial impacts, increase weather customer North depreciation last decrease impact expense and $X.X megawatt depreciation per an to are from revenues. Oregon residential increase in Public that partially lower due sales million offset to of revenues million the plant also this impacts quarter related plant to million the as less sensitive of was improvements. second fixed and $X.X customer contributed than related depreciation were first Recall benefits quarter in recorded of reform XXXX plant of the on the capital year’s differences nearly table. to which continue approved the in down though period same customers, of related for year, electric North per as is Valmy. the X% usage comparative retail our by was service Valmy were we higher Of were the of commercial higher well collection, the Commission $X.X reconciliation the the to last primarily June adjustment quarter However, Lower that to in note, to volume and expense, settlement $X.X partially X They further accelerated trend next decrease to an This implemented the the the led by X% that second annual settlements settlement cost Valmy table, also all North year. Utility

revenues, these is to million transmission a transmission of Power’s operating increase providing an addition due $X.X changes the closely Idaho last In in service. income from more aligned October. effect in went transmission cost retail that wheeling in Transmission benefited the rate wheeling with to increase rate into now

of million costs, Income full-year that differences, tax forecasted achieved $X the Idaho grossed income. few for deferrals provided of largely Idaho related annual be almost XXXX. million tax the non-cash is a of Further higher taxes a table, XXXX Coal for than anticipate regulatory quarter, customers. $X that operating fairly amortization years. earnings asset these Company the Bridger settlement as $X.X million all recent related. range million accruals parts consistent increase as of earnings and the other to and of $X.X statutory relates year, increased $X.X Power was other related rate an with transmission earnings items. reductions reform, Finally, with of $X.X change investments recent to to the positive the of expenses, this the maintenance primarily expense the timing moving well to were from lower, were that to employee-related down equity million revenue variable in method we from expense Despite Even increase quarter and timing liability operating in to investment We up in in for lower reform last service are mostly increase a expenses due the and million distribution million maintenance was and $X.X of our second for stipulation maintenance a related maintaining and the operating

with Tax quarter, the During because The compared year of reversal reversed the or we a quarter $X.X of in $X.X million saw from XXXX. ADITC we million Additional a net resulting income tax reversal Credit benefit is for reversal Income $X.X Accumulated Deferred second last million the amortization. benefit

so year-end equity the this performance certainty to does full-year our XXXX. not The any regulatory Idaho With Power premiums now that has benefit year, around Idaho tax Power be in on of return ADITC above flow-through with long-term the whole of expect XXXX quarter expense. far in and to tax Idaho Power’s and the and proceedings bid million of April X.X% within also expectations redemption Idaho jurisdictional increased connection to $X.X this we record finalized contributed income the band. conclusion lower paid debt expect make amortization in deductible additional early of XXXX, various

expense income the comparability lower comparable and plant the The the in federal lower the reform to on due tax impacts rates pro amortizations -- income the periods expense roughly in stipulation grossed-up Finally, stipulations I to The tax due discussed and by applied settlement for second Valmy the tax in to stipulations earlier, for statutory increasing Oregon. O&M is year-to-date Decreases income of reductions expense forma tax of XXXX. tax remaining revenue focused impacted as XXXX. the referred and state to quarter in tax both earlier changes XXXX. law correlate income income Idaho to

million increased sheets, the last Power ratings quarter. contributions. All credit both, end million flows investment-grade of increase flow and continue reform plan these $XX.X capital accruals from as second and including over net by in minimal with changes the tax of to slide offset strong mostly retirement due $X operations net with and IDACORP’s combined working higher of Idaho June Idaho year’s income balance income and and maintain by of impact positions operating to liquidity our tax $XX.X IDACORP’s respectively, sound cash settlements. IDACORP and Power’s six, along timing and income Cash payments, XXXX. from we the million, approximately to show proceeds changes liquidity On

facilities that Idaho proceeds this A for from additional that issued XXXX liquidity guidance, nominal coupon six. financial increased the and that do and time, IDACORP’s XXXX. end Power relative the remainder Slide other of the the redemption April for due was and XXXX, slide million in coupon XX-year related X.X% At the on recall with operating earnings $XXX through anticipate seven ongoing estimated of X.X% the of updated key is the bottom under compensation million metrics credit Power’s plans. XX-year amounts bond You’ll our were and operating equity a during and Idaho rate, early portion in than a equity $XXX issuing shows benefits full-year capital this available shown to March of we needs. year. XXXX The bond not used bond and

outcomes of uncertainties year year six relatively combined this of guidance, million expectation We as ADITC our longer XXX on to to our Our in with guidance would outcomes earnings includes This to recovery, removed These per and the $XXX first on additional regulatory this decision refine past spending expect of operating consecutive have to we our year. IDACORP change expenses some no a and in Based increase cases cost expenditures reaffirm midpoint our growth. XXth in approved capital seventh also and allow diluted $X.XX Oregon. maintenance guidance in $X.XX and earnings for range straight the between this us reaffirm and use to results, achieve months Valmy the XXXX. flat share. quarter of others, such

months results of hours conditions suggest remind guidance the of that range X reflect weather our turn and of the With for actual I’ll hydroelectric to X We normal million conditions can Darrel. current be the moved XXXX. tightened XXXX. over have megawatt six the last year, that we half to to the As through for range you generation that, presentation assumptions

participating thanks Steve, today’s on everyone to Thanks, call. and

of was mechanism. benefit positive customers a Further, It second the ADITC started outcomes within news our welcome area. our IDACORP of service trends quarter both the second regulatory the we were with in continued will productive Power. that the quarter. Idaho the Company and indefinite extension to for The experience our finalized from and growth And strong one

XXXX. eight, last compared we base customer upwards. we customer quarter that increased continues Power’s trend look the second X.X% at Idaho to As slide to of growth see quarter

residents. Our lucky would live. to as it and list make service attracts anyone continues headlines where cities new Boise of businesses made recently Business U.S. be Insider’s to XX area

at XX by quality accolades of of remains salary. of cities also one average These America’s Our fastest life in state capital U.S. reasons came many Newsweek’s Idaho list number of underscore on ranked and growing the top states. the

the requests company food area, total above facilities that nation’s XXXX. cold load six XX% of service capacity seen the year’s recently manufacturing Netherlands requests in will new large have build largest within storage months the expansion The of and of dairy Burley, storage sub-zero last only is including number number We of received, one based cold NewCold already Idaho. announcement into

new While have growth. economic for of be learned not customers on that large result an requests in number the load coming of the these potential load all can large requests line, of large we indicator

into placed service highlighted update cobalt the June. Capital’s an company a mine on end Formation a of in at ago, and As quarters was Idaho we few energized

We customers. cryptocurrency over expect very operations time. the In interest mining, kind up and ramp from we a different see blockchain continue mine to to from load of active

However, have volatile connections due to of the nature actual cryptocurrency. seen delay we

We satisfaction with the finalize XXXX the customer J.D. survey. in come logistical within regulatory to front, Idaho J.D. Customer companies customer Electric West a ranked Segment investor-owned ever are Satisfaction customers working highest operations year-end our utility system. on Power scores and Power our XX Power category. Midsized by these that this our customer service among we we area bringing continue is onto several on first strong Residential Further peers Utilities result companies line of second to see improve. in as our Northwest and details Utility expect launching and This our among recent already

XXXX. enhancing corporate-wide According XXXX our strengthen to predicted region within to grow focus Employment the business. is and GDP X.X% customer experience Idaho’s to our Moody’s in core on remains in continues forecast, strong. latest X.X% Our

X.X% people to XXX,XXX Second X.X%, X% record service within area grown employed, service is quarter Compared this area unemployment time Idaho in Power Power nationally. a year, which last Idaho was for service the employment compared has to area. exceeding

improves jurisdictional customers. unused if future both, This million on the also support a related ADITC agreement is included will XX, mechanism On a both adding decreases sharing to XXXX. $XX this tax fall revenue it for our benefit the support an Idaho need earnings X.X%. potentially XXXX to the ADITC and provision for with The tax forward, additional and mechanism for customers sharing price existing were on approved to shareowners available to and continue December remaining our delays stability rate to of the Commission a and regulatory of reform. and extend federal side, The I general predictability use, mechanism. the below Idaho approved start case of our be agreement evergreen going earnings file means any will earnings state extension beyond rate spring, portion earnings This as

we additional Oregon in case to do growth, we Steady number Idaho expenses XXXX, operating of productive we as in the of of rate anticipate with and a As management combined the next reaffirm in file significant increases currently Steve either months. load indicated, XX a general roles ADITC the case. do rate and plan customers, that using not not we general look any regulatory at in all and outcomes next need our play or timing

will We the general for evaluate continue rate and XXXX in need to case beyond.

joined Imbalance slide western on electric Market EIM. or -- seven As nine, successfully utilities seen other several utility Energy Xrd, seven on -- other the April we in

demand will customer help the by more region the allowed respond Joining in to and a balance least manner, constantly stated, available which cost real-time deploying to the EIM load. us from changing generally us resource efficient energy purchase to across

its for order Idaho classes request low its of and was be create for and a an classes existing perform solution. of from generation. our the with But, In on-site approximately and system. to an residential challenge order acknowledged under current third-party fixed X,XXX nationally a positive is for generation this outcome outcomes efforts energy with on-site work regarding customers. both help we cost-of-service general customers solar Commission, be much still it granted customer the customers Idaho one on contribute the classes its to keep customers utility our request is Idaho Idaho a of will expect service costs, share other energy Power and commission this with meet first generation. We of new small to customers a to and rates we order large may There received positive new customers find with the for the the which customer new has The the will as is our Commission the as utilizing to there help inequity system. study May, in step has and fair, integrating on-site their wind Power Power on-site for staff, first a And Company customers in Commission and established and done long-term currently way generation. stakeholders volume

above cost will have. where we weather The October you indicate the normal that, above average are Power shifting slide the the push look conditions and to normal service I of any may second will of the July. call and at August prevent a feel the Today, chance precipitation. to saw answer have we now couple addressing through collaboratively close consistently XX% been Idaho century So, greater I area in that chance We weeks. and equal last other below issues for questions customers be than in of or mark during will happy projections a Steve on others temperatures on With XX. Boise, to help the expected than quarter, the future. temperatures inappropriate weather with to in cooler weather but turned hot in

[Operator Dumoulin-Smith first from America from comes Instructions] Julien Please Today’s of Bank go Lynch. ahead. Merrill question

Hey. Good afternoon.

come things just So, Perhaps a rate think at the it timing? beyond really here. it little different the it? sense a period few you this be about I to how Obviously, back pushed like here. it’s on a that, case out Can decision a timing. give bit mean, protracted for us variables even the but could ‘XX seems here and more point, you to

is this Julien, Darrel.

the as a business we we will number going at out customer factors, at on what’s to look whether my the and case. economy is let go general our happening need whole. find on a all of what whole, with we not those And factors look will series a -- with said number with me in I going continue a two, one, as and determine prepared and file -- or have rate what’s growth; So, as comments, actually to of to

that elongated process thing other rate recall our is might fairly case The timetable. you

we that around seven an time months we order. generally the it’s So, get the file from time to

look long-term a things. is at it obviously, So,

know given based committing that now, next to again, stay But, now, the would may to the the have we that stay right longer file are that than on what also committing that. may we to But, months. next ADITC XX I the allow just to that out extension right fact time the so, to not we ADITC as we in evergreen that we’re don’t months. But, additional expect said, nature And with we today, provide XX of and us us say that the the today. out. extension mechanism,

generation growth low bit translating little thinking some against seems has iterative on the of that here the the give IRP. that rate on time maybe more that in a clearly next But, thought obviously, that? be how a And exceptional, line current obviously, comment days it’s little into the build? you on early the preliminary your process reconciles case. and been bit for back can you us stuff And and to about Can reconciles the with

right of process. the we the IRP early in are stages just So,

We different very-collaborative. are assessing think a And as process our lot is know, of IRP you factors. I

out And take things at all process, a we sense what load so, with looking makes resources, that and look at aspects of there. begin be we’ll and that as our are happening the

into go believe As of within based the assessed portfolio made that And we nature sense the that again the that to Northwest, continued be top be access the and energy then as XXXX having the will Line. you to know, our IRP, on continues XXXX because region IRP. to Transmission Hemingway Boardman to we in of the be [indiscernible] resource because

that of part as of the region. we And discuss this of will continue that are a to stakeholders in lot things there’s there’s lot a process. lot have of happening we So, a factors,

as I think that And position to to would so, you as that to with give with I process. really stakeholders. our well do we IRP update a I answers like just we tuned. engaged are we folks in as not Because continue to XXXX these will question. what are status internally But, as both actively looks some would a But, can the say of I today. something calls, but we like, say, as very have stay to our great that it’s It’s

ask me slightly that just Let differently.

kilowatt that ultimately some into of kind hour peak you customer does initial IRP many this here? You’ve at at sense incremental growth last translate megawatts just talked numbers, growth against to of point, How numbers. the looking some an might reconcile be how

Sure. That’s fair question. a

that And in you again, rate look about so, over We But, that’s as what’s that’s X.X% number. near-term at And look where long-term that’s at talked this today, Obviously, still we a years on out a our what at we’re year-over-year IRP growth. looks a growth customer like. today. we XX look higher, in basis.

reassessing we so, And will those. be

We years. have in seen prior numbers swings in those

years today what’s to And going now. so, happening necessarily doesn’t happen from XX

And when growth those have in term, around IRP. align the what today, on to we’ll are term, we numbers so, excess those numbers long near like. But our look been of what’s growth look a in at in

you in a we consideration will to to that big happening And load are part for in have numbers that as what of I to And that be the to to as able And give today. would like going also. we we be like to at to that. what’s addition more But, looks going just be region process crunching so, a it. as certainty is is speak what look

tell do but to be that a like of in there’s looks today what position not lot to that. like variables just to you we’re So able it I’d a

take to years we So, this. two do

familiarity little a here a delineate get given talk done of more to bit it given you just bit balance that. I’ll on year? to like get broad in line line as time you’d exactly leave Can fair. Governor for on the the issues. about Otter’s time existing Maybe the what more the involved, That’s administration, little what the needs as done, Just

Julien. that, to briefly start I’ll

have been think I years and issues projects, relicensing engaged been other now in to has work the yes, actively the transmission-related eight that, had there so among obviously on, current activity, has on administration things. we that going

so, been very that for Lieutenant know, up quite is Governor has And administration is also the And obviously, current time yes, Governor the the speed. administration a in some the candidate Lieutenant as to also. Governor’s you But for seat.

things outcome kind force But love forward. of out. related that to the run we calendar relicensing, election in -- things. impact, forward will on going Again, something where of the of will relicensing see in again, that out things of plays who on those we’d the our it’s administration is some current that site-specific obviously Governor sorts have place, that so in and the will move criteria continue forward sometimes November an to But And with to on move happen Hells continue that seat Canyon and election will to before effort, time. not will we’ll

And of with so, we if now -- our to that’s to end work if will what the move the administration forward. governor continues next we to stay If issues and between done we do need do we in don’t, something and great. the the get his year,

pretty I feel we when the historically And lot think, pretty are been we leadership, good of new So, set to these successful with transition we on in a on things. I where -- engaging leaders. have have of have a about

manage we is continue can going I guess would think to we I are what control what I say. So, to

that you of lingering added or you up it like way you out does on -- given it’s not give the does all you issues, do of finish of sort But think conclusive? relicensing from just some could perhaps that things get sides, the to give confidence you say the desire

will we is the the at with is say I’m and we it. have Governor’s in that I’d past. it’s in the time, whoever demonstrated office leave say, success conclusive going to work not where I’d

question our of Paul KeyBanc. comes today Ridzon next And from

optimistic your kind time Did the on like GW? you of most give view for lines and latest BXH

Yes.

Gateway both and -- on correct? you’re BXH, talking So,

Yes.

Yes.

Okay.

a sections in us. don’t So for timetable have our us X the actually specific obviously, Gateway, we on for -- Gateway,

-- on system as a Hemingway. Hemingway me, Boardman to availability Boardman and range relates manage reliability West of about it to us, And for Gateway to timing have better footprint. is broad our our really excuse We to

so Sections today. here them on are the X of of timing Gateway have I representative on us. bit our least X, to the talk a we’re I’m And components comment to chance about going some to West and team -- there transmission they’re then where key at with a give X little for also Boardman Hemingway. at

Vern Vice And of Porter, of our So, speak are who a We’ll Transmission and we to that. Distribution. got to at. title, long President kind he’s give is chance but I’ll to it shorten a where him

You bet.

the First Boise the Darrel decision from West, of western progress here, most wise, just Twin And to Falls Segments to mentioned, the and that. of as Gateway permitting for got continuing really -- were X, which X, all, for we’re segments area we just make we the of the on south project. record parts

So project. that the that federal committee completes on process really

project, It’s west, that permitting be PacifiCorp be that the type We PacifiCorp this head towards to between about would section. the Bridger is, project on called know timing XXX needed as West as we’ve time then which with that. miles. built on coordinated steps Gateway segment far Idaho. projected is the and and always Now, eastern-most Aeolus in working Wyoming the from east Jim a place starts And west and detail to which -- on the of next course, local wise, county would from

work now. that So to they’re starting on

resource -- PacifiCorp’s they to across expect the integrated states we and working continue to in will get XXXX Idaho range of Hemingway XXXX them XXXX. that so And plan to by get westward.

continue We in remember the are record more of the events received built. of issued come progress a on On federal things. side So on service we in on We’ll when draft to with that just Hemingway, back there a will making project. be Boardman coordinate the X record November those to June, permitting And big timing to that. XXXX, decision. milestone we PacifiCorp BLM back the and of for decision, good

that, expect decision forest comment and in XX-day we the they’ve a the and on the from And just of XXXX. completed record so period service Navy from

things, in site December submitted of side for our we state the back On -- we’ve certificate. applicator XXXX,

we we will that and big of proposed the soon. So which counties. in And of we expect Energy of which expect pages, And Oregon to well. in on X are hold issuing and happens, the Energy Department XX,XXX draft application, then very to completeness with focusing it’s XXXX Department a that once working happen they’ll preparing start meetings as public the a happen Oregon on order, application,

on moving we So these continue to lots progress going And make expect to the projects. and of permitting in forward.

Steve, right, put dubious $XXX is timing right million? expecting which XX always your now has is you are half assumption, a trailing my hit most And What second issues if math that the is we you $XXX million. to in it optimistic

I this the do pretty trend we’re the we into reconciliation second in last heavily of $XXX back why bit think quarter getting I year. do quarter-over-quarter, particularly you’re on got good mentioned we’ve lifted and haven’t And we a our trailing, to I year. predictable year prior Paul, certainty We think last million. weren’t than number had But we more some to that fact expenses little of end that’s related some a a the would a loaded a more about time. guidance. do We feel. this of know year. as point had little year. we were necessary a we’ve items that at lifted I of They items recall, us I last in our accrued that some towards is think, the

at this guessing I’m right of that’s missing what’s moment. So part

you be? could big mentioned a risk you And load crypto. against How potential do how Darrel, guard credit around yourself that that business? volatile

perspective ourselves one answer first. protect good ensuring We of actually the questions. from second we that And do working First are folks. I’ll these both with all, very a on credit

aren’t get stuck term, we some we speak. holding other to long on here so ensure working the things deposits that of -- folks are don’t if types And to with they on we those bag, efforts and so that

to On the do there is, where numbers get in run, reality But first sort -- kind large. seems are that to seem kind X- they the side of XX-megawatt of of out they thrown of blocks is numbers it that, that. pretty the those some of to,

capacity looking to they’re the hook to on be so that just And up our would way system. available our system for cheapest

believe could And of hundreds in I of the megawatts, some these so we think volatility And of be been industry but the part you that seen it’s projections, that days. it, if it actually haven’t materialize.

So doing we to protected the manage -- service providing best ensuring we the are we is can provide that that because are we time to Company service all. same the at

that time. we obligation. do So But that’s sure want other the to are same at make our customers protected

that, working we’re Paul. on So actively

question of next comes Williams Chris Capital. from Today’s Instructions] [Operator Ellinghaus

Darrel, of for strong were pretty almost But decade recession from the consistent growth. you sort some new customers. of had since pretty about talking interest you’ve acceleration ended, the last, you’ve customer

that now that sense get still you’re interest? So hit accelerating that customer do X.X%, you from a you

go I that share XX-Q, growth. on of In couple annual of and like average me last annual look those IRP a back of include long provide Let numbers, questions peak a growth growth both the were look standpoint perspective, it’s demand think in builds of X.X%. we we we as our X-year And too. -- that kind It thoughts again, planning X.X% look those term. sort you on at and the they that were to the a From from rates if Julien’s windows the X to you historical IRPs, rates will also. and interesting -- if at on the in

on average. numbers, they about On average the X% XX-year

off numbers is X.X%, we what we’ve because going the of And number. aggressive spikes that’s to the don’t is up healthy to fall hope is as and But the we want a an in a come mid-XXXXs past. obviously, so happen higher seen cliff. And we see not more -- actually the growth

And believe, are hope maintaining operations. we bringing old-time a that are -- of types of the combined hopefully, is, businesses, businesses some customers They’re sustainable. quality I we so They’re adding, jobs. type types the are with -- of are to technology mining manufacturing

group. sector. It’s it’s And really not so to a any tied one particular diverse

to pretty it tell And just the down. in X.X%? I know. impressive. be we don’t slowing interest I having, are interest, as And appear is level indicated new sustain so we can our load large will I But you doesn’t request of

Treasure so can our particular would but predict most So that area like tell experiencing just that’s the -- And Magic say and -- and Valley The of over future, happening it I is eastern Twin Pocatello. growth. in there’s on service in lot around area, in is can’t the I’d the significant Falls you in Boise the here side in a Valley and I really I also but

good a from also geographic news So actually diversity perspective. that’s

sort of it of have fundamental growth a rate absent Is Is you the I’m your that And there, growth at that, were X%. looking that’s lot recession years? numbers to your -- X.X% possible it just more years historically. possible

talk thing to too aren’t We mean X.X% should see -- customer same. I necessarily and going you’re Let’s is customer growth. other load -- growth have the always load about because X.X% they it and clarify always too between growth doesn’t growth,

So that’s kind consider. factor of another to

load indicator moment. that necessarily Yes. what’s those Chris, used because If think an we don’t their I customer it’s hook the have you number coming. often of customers up,

may takes a that, been a growth show a and the generate is been on it X%, you that’s X% up, does Sometimes has around will growth when really X%. activity going the below period load think that our were I growth ramps growth. on it of going the years mentioned, between probably as somewhere do when time. customer be load we’ve things to But and customer there closer basis. X% X% And

usually at. those the were it’s echoing around not a building we been for not because pace it guess, things were to we or sure that I higher it’s And steady were don’t crash certainly higher, it’s that they this So a Those go bit in the been Darrel, and X impossible hope that but fairly level. years. people right of X%, it’s when sustainable before we X needed level for approached we -- kind years at -- that be

of longevity before most Boise Lake look I you probably sure continuation you a happened it’s -- be. gone. of where have Lake the that I’m think side that’s think an size I ask, place and do that livability has So little is on watch load keep don’t is our what to commented bit at it’s I effect of us similar. and at flash. Salt that. and if necessarily -- us city, Salt lending the you But I of there this the a think not to healthy element

industries becomes of people to think they are kind I a interest. our other what the provide people got you’ve in comfortable And there sweet of and more generates in city size that Idaho. where liking attractive services there suddenly we’re and feel see because that now right spot seeing are and

up eventually quite not to, to I those be. don’t things as hit around think as spot I good country, all cities used it a there. the think it’s as we’re added that where find you’d

in is I story. So think left time our there

thing. last One Okay.

You were July. in talking How heat was about precipitation? the the

Little to none.

So this...

really isn’t untypical. It

of it’s where standpoint a probably headed. from So you’re irrigation maybe load,

irrigation we mean, now, kind of those around the out -- crops As things. so coming and time first starts of fall the that the wheat July or of it’s the on we then as crops seeing week peaks start that on are get and in and sort there, what frame depending I sort to off

load July into of And into so we see a we August. declining go as irrigation end

been has we as decline crops those dry, loads. it natural we’ve up, But the strong But quite So a loads. seen come see irrigation in dry.

It safe say I’d terms a weather. to a month the of it’s Chris, been in in warm, and July good say, that

year’s to last July to You hot quarter-over-quarter was, July go at as also last look extremely have X, well. year’s remember for was as you

may the time. I think, been it have at record the

over, So XX years. the like, at least last

years... XX look If last we at the

compared lands but So we exactly to hard July, year, where it say. to another had last it’s good

July, last it But wetter probably right? was

is and terms know last up, sitting a well, It of I little remember that seemed earlier. The more And we I in us the the year we normally, weather typical a use dry. expect quite hot because which us. pretty change on did. would This continue year bit doesn’t say, out today, it’s I I where will that if And little lot more playing are hurt in -- here and spring harmed the we the irrigation don’t a load. we like that would again, might got and has us helped thinking, catch it into wet coming

question-and-answer today. to the for That session concludes conference I will Mr. Anderson, back turn the you.

we all great from for your the a And you, afternoon. very thank hope recuperating calls. much. call Thank Thank you IDACORP. your continued day other on And have participating this rest our in interest appreciate of We Rocco. you you

you all for you, And, concludes participation. thank sir. That your conference. today’s Thank