IDACORP (IDA) 2 May 202020 Q1 Earnings call transcript

Welcome to IDACORP's First Quarter 2020 Earnings Conference Call. Today's call is being recorded and our webcast is live. A complete replay will be available later today and for a period of 12 months on the Company's website at idacorpinc.com. [Operator instructions]

At this time, I'd like to turn the conference call over to Justin Forsberg, director of investor relations and treasury.

afternoon, good and Jamie, everyone. Thanks,

XX-Q. opened Before slides available posted and on we accompany by Form and our website. to throughout morning, IDACORP's the quarterly call website those also on release number markets to earnings our issued XXXX the that refer this first are slides The We'll report today's quarter call.

reflect are the Slide our and those is statements, note also to any guidance, crisis. to forward-looking which from placing forward-looking statements future risks Exchange our and Commission. discussion including on what in included These we This undue on but includes made As our risks reliance today today, differ review X, uncertainties, views noted related subject materially COVID-XX on several and may in caution results to cautionary detail your holds current and against statements. with public earnings actual including the Securities for filings the uncertainties more health cause

As X, on Lisa we Financial both and Idaho IDACORP's and call, shown Keen, Vice on Anderson, Power President companies. Chief Officer; of President of Senior Grow, Chief Slide and have President Steve Executive Officer Darrel Company; today's

any quarter. first We On and representatives share years. to a XXXX quarter of from also decrease IDACORP's first questions XX in first first present results. Darrel, diluted XXXX year's $X.XX second X, available almost $X.XX, per were share earnings results The earnings have our after you are we highest Lisa quarter last quarter IDACORP's help other per have Slide answer may updates. company Steve provide quarterly financial

a seen tax our the year to in share, are not diluted today, $X.XX full pandemic range the earnings from the our we as of to have relatively Power of Public COVID-XX its available our XXXX with IDACORP to of estimates Idaho that to affirm in per to the as These Idaho in any estimate also utilize $X.XX stipulation that Commission. need small support expectation only impact under credits will earnings be settlement we guidance Today, Idaho Utilities date. are XXXX with

to customers could as expect, of Power's worsens the prolonged. and However, would the how and Idaho evolving if is or full the impact credits suppliers conditions earnings pandemic economic predict upper end is on the the that it of long-term range impact guidance use or of tax you difficult

I will the now over to turn Darrel. call

Thanks, follow-up COVID-XX Justin. I some to call. And I'm of to to everyone, to a a I couple going I about thanks, start just things. pandemic, remarks. today's talk as Justin's But on acknowledge around want get we joining out. for that, before us want comments do

your all, First on through this navigated work and and that hope impacted I you of many crises. it's families of of of have you know organizations safely I the for. these you call all kind

And guys all behalf in I this our hanging so on of there are organization, hope chaos. that all you throughout

call And so that on make it can we're today. the you glad

The give going other I'm you thing, heads-up. just to

pretty pretty happening. a now outside thunderstorm right We raging have on little good and going a good storm that's

does, dispersed. normally it first a situations you many warm But and much there, And few have time, had through really of the is, on than this spell thing lived like you there we for doing so but other warm a we're out bumpers call in worse the fairly thunder into that. hangs yesterday, translated never system this the that hoping has just we're So know. spell

there may much of the hangs some you to we on see the what folks But who this through Q&A in kind we're we calling try that. on be hoping are remotely, interruption. is move will in So will so without technology

crisis. COVID the of onset the with beginning So

safety of ensure to Our to our company customers. our communities and safely ensure employees took to we reliable provide energy that swift the action and to continue our

is and workforce measures our the our power work and infrastructure facilities business, and essential as been well at field, for Extra that have economy. to areas. deemed safety place the critical an and maintaining our in being plants as powers in other essential public-facing colleagues, are critical with our operating We precautions our taken special

our We let providing remain have been them energy. proactively safely communicating customers we reliable to with committed to know

while employees operations closed all largely our distribution uninterrupted. communities, are and these to As on we we navigate power our protecting am emergency provide continue our services order pandemic Idaho facilities generation, X, as robust I this our crisis, business noted continuity, plans. and In transmission we on to recreation Slide sites. drawing that, essential and I management proud response have report both and

reopening However, workforce. some our nonessential over We've and We've facilitate will We've continued monitor meetings in-person eliminated to remote physical travel. to capabilities IT those work upgraded for and security be half large cyber of Xst. of threats. effective May tomorrow, working

We've tested for critical IT continuity systems purposes. business

our and other chain, monitored practice encouraged closely enhanced cleaning our social responsible distancing supply measures. prevention have effective all We employees to facilities procedures at and

many hardships the In we have associated We and suspended also facing our economic of understand temporarily fees. customers. waived disconnections response, late

particular will all, COVID-XX and how performance. commend operations the company's times XXXX we emphasis uncertain employees would service And other, impact they our across have themselves, Like significantly efforts Power's customers not most, remain like made area communities each safe. our I on ultimately safety of companies, is for financial to crisis. during Our importance strong Idaho our and if to of somewhat keep thank and

yet loads we stay-at-home to the acknowledge if our overall a soften significant during is orders, prolonged. in have decrease crisis but We the may it see

of a of March, that do Overall, the large Certainly, our sales to versus and area. food most due was weather-adjusted showing in slowed X% of we area April. as operate On sales operating actual large recent the during or a and much X, a of commercial see the than our and With Slide our number across in weather. and businesses or many those continue less in mild industrial service closed some sales businesses million to month our can sizable March have customers commercial service been agriculture decrease down $X portion and of you saw industry, in weeks. forecasted companies

home from offices, load residential their working more With uptick. could people

April that and off-peak crisis run customers increase months, when not unless expect we given their summer, a do conditioners. extends air significant However, into the are May

and conditions We on these that XX in will virus a change. the impacts Governor and expectations April announced you crafted process response continue four-stage state State an entered to if focused had the economic a In and Little update rebound. monitor carefully new on phase of Idaho, Brad launched the

X be June state XX, May metrics met, June if expected XX. be X. certain completely begin with conditions Each businesses stage after open met, opening are requires would to up on with the X And to criteria be Stage begin and to Stage by continued

measured a our plan.And Oregon cautiously such has accounts of but approximately as to the develop are optimistic reminder, no is economy the for with other coordinating made that a We announcement its will to recover enable yet Idaho's region Oregon states X% reopening plan fashion. in business. in jurisdiction our

with hand to Steve, us our that, walk position And off will like through and liquidity things would I first-quarter our who results. to financial

first and dividend ratings a to some balance and strong expenditures payments. Power provide maintain Thanks, as Darrel, I'll sound of fund ongoing afternoon, and well credit reminders Idaho good are address including sheets, IDACORP mechanisms. enables our from and us of where standpoint, IDACORP as liquidity investment-grade capital regulatory continue you and Idaho Power liquidity, everyone. to Today, which

despite market bond at million closed approximately proceeds successfully time, the offering At Power. to brought of conditions of volatile that beginning the April, $XXX we the cash Idaho a

had XX% of at this of retire as reoffer of issued a set bond XX-year $XXX existing yield approximate this well to an issuance as We to premium to the XXXX, planned which first rate, A a a million size crisis, bond long-term liquidity coupon address X.XX%. series development mortgage and of medium-term mature of nearly been resulted during million $XXX even the tenure to before notes bonds the later X.X% needs, year. COVID-XX from in

with revenues, We orders are and feel impact stay-at-home collections. strong weather the the both a associated in Power's pleased potential are Idaho Idaho from and on cash Power IDACORP and position debts to bad now liquidity outcome

with along the of positions liquidity end Slide are of our as quarter, included cash operating the IDACORP's on X. flows, first

liquidity middle amounts this equity lower the the power Cash to first The on do flows we available assets resulting Slide of mostly collections shown regulatory those compensation under of is additional million nominal was IDACORP's XXXX. Power's At plans. Idaho about credit facilities decrease than mechanism. $XX The especially X. cost time, net anticipate were relatively than under our adjustment issuing the from of this related from liabilities, the of timing and operations and year quarter not other

that million, million including April XX, liquidity of both note respectively. of Power, and positions as $XXX IDACORP at cash to have $XXX and access we Idaho approximately current You'll the

substantial combined the our our far, and pension capital from status minimally of adjustment regulatory support million you Power's of While collects remind customers funded to of briefly backstop annual treatment cash Idaho pension with all Annually, $XX is mechanisms, thus have flows across expected employee been plan. expenses along operating and a regulatory approximately Power jurisdictions. also Idaho needs. I'll from affected our liquidity,

Power contribute its million liability. Idaho year is in or a during the accrued on required and currently quarter In to deferred $XX plan in to for million basis, effects market its financial rates cash or as additional regulatory make Idaho, additional cash up I'll or accounts collected first to asset Power performance. is above contributions a plan and amount flows the $XX Idaho contributions below during and to the where pension pension X, XXXX. to address contributions any contributed Slide conditions, the an flexibility, this only $X point I health crisis. but now the currently plan into will less million We depending on have than of

well-positioned Despite winter results, rest we of we excellent we and forward feel first XXXX. quarter the the through had move weather, mild as

tax on to Our our possible credits Idaho past minimum results those efforts and X.X%, and as during of forward. available our we financial preserve management to continuing current preserved strong, the million equity many as going of jurisdictional return decade credits the are efforts of cost consistent $XX have support

$X.X table the income first X.X% quarter. in strong you'll year-over-year changes, of the see to On operating growth that of the customer added million

due by usage in customers, customer, per used decline mostly sales residential weather to declines income lesser A and stay-at-home-related commercial extent, to commercial purposes energy impacted related a to operating mild that heating million. $X.X to decreased and, a in for

COVID-XX customers customer $X than a on effect by estimated increase was we in weather-related The on commercial noted, in the and of revenues, small revenues largely Darrel adjustment quarter. for million residential less was this $X.X decline table. cost million the past offset next fixed As commercial

last period hour In decreased made up Idaho-jurisdiction XXXX operating per a were customers a were certain expenses net Also, a energy Power, as due XXXX, of power the mix mix, quarter wholesale sales by $X.X regional includes supply Net market sales pipeline year. net in the and customer to partially offset the sold of disruptions. cost-to-benefit portion quarter combination by income between by supply smaller volumes revenues prices XX%; than ratio of energy that energy customer a in of Regional in partially residential weather, same retail caused customers, changes Idaho mechanism significant wholesale natural gas first to wholesale the megawatt the PCA million, deviations allocates in the first amount import due power X%. conditions. to expenses and elevated constraints of

approximately first sales at Company greater PCA. Power, quarter through and of to the led This that wholesale the retained benefit was of for Idaho the during energy XXXX X%

part rate XX% in in This Idaho by to activity revenues the higher pipeline Next, open due explosion typical by transmission which Canada. a energy year of in October transmission expected, wheeling-related from also Power's volumes in lowered conditions declined regional market combined wheeling the gas were last quarter was decrease XXXX. access $X.X Remember, million. rates in wholesale than decrease, tariff transmission stemming with first

million, a operating maintenance benefit last to by the increase and labor slight year's $X.X on increased Next in table, expenses quarter. first and costs only over other due primarily

collectively to expect to O&M decrease Idaho of that note with operating we to a be continue year $X.X Power's You'll million. XXXX. expenses netted to items full income quarter-over-quarter These in line

million $X.X XXXX full-year last and earnings operating Slide Idaho our and affirmed million metric year, estimates. key financial lower and net than and X shows IDACORP's our $X.X Overall, were Power's guidance income respectively.

evolving to we earnings it be of IDACORP's difficult economic While in of $X.XX is predict long-term on continue the per to potential Idaho impact diluted conditions the Power's customers our to to and the on XXXX expect $X.XX guidance, impact earnings range associated share. full

forecasts time remaining no use operating assume the to than lowered of full-year normal Our guidance back and the to was turn conditions. are generation and Lisa. provided consistent continues financial to that, credits I'll February. million of additional Other expectation slightly tax X to a the hours, of hydropower X With metric weather megawatt what range million in with

Steve. Thank you,

signed end on customer XXth, removing pipeline diverse certain area. for a meets Idaho Slide opening that sales equipment through see compete bill Idaho July March XX. remains enterprise Governor number with Brad potential of strong tax X, the center trajectory our growth the service large-scale business projects doors Power's a Little for our centers. criteria data on to You'll throughout data Idaho On March development effective of for

Idaho Western this Power's Idaho's came online that operate attract and our arid Notable with Idaho actively low for Power climate, load competitive in at line River prices, continue to make risk projects data companies in the Chobani activity. that Twin business disasters quarter a Despite center engaging minimal along an positive COVID-XX, Rock projects to is construction and delays for state large with in by Sand climate, move well-positioned space. natural with expansion Falls far. yogurt oat-based so include Gravel during first Idaho. forward most & under an expansion new

As customer Steve the saw of X.X% mentioned, last continues growth seen ending during March which XX, XX couple months the we over we've trajectory the years. a

one the our most our and crisis negatively the been have, monitor service affordable, by of current our Despite now GDP XXXX pandemic, remain states reliable, Idaho course, for growth, X% service employment forward, in of of expect many remain long-term in Moody's which going numbers by for calls as expected we customers. including continue area, impacted the a unemployment hardships energy fastest-growing forecasted for of While a COVID-XX, the of have COVID-XX, on economic to in impacts drivers incorporated caused country in growth the impact X.X% we and XXXX. the intact. area to the clean

next look all did in regulatory outcomes for Darrel's or general months. to the echo work I true we to of Idaho management and timing That file play COVID-XX Oregon as crisis. effective XX case. case rate a and constructive cost customer significant we the in like their employees need future In general at stated a the Idaho roles not our February, Power today. plan Steady remains rate would in during comments commending growth,

running remain on continuing credit, execute pandemic for to demonstrated, their commitment To safety their enough them strategy our for thank expect and our and to goals, they onset mild have cannot keeping XXXX to to meet that continue our and their show I and flexibility customers our operations to winter to despite smoothly. adaptability and weather. the we this track of

outlook National recent to XX% a the precipitation outlook above-normal and Idaho area. weather in for shows XX% chance projections XX% from Power's XX% Atmospheric to XX temperatures weather for the service below-normal July May to Slide precipitation and of Oceanic chance the Current suggest a and of Administration.

level things of weather last more year's hot normal quarter. So portion trending this wet over a sales the following dry large return look be closer second If to season. a our materializes, and could help irrigation irrigation it to of impact

hydropower levels we reservoir the for head the affordable, generating remain Our snowpack into customers clean all reliable, benefit of as to favorable and summer. conditions storage

of above As was system in of are Reservoir a the entering strong Brownlee April XX, the position. normal, season the and snowpack in XXXX, XXX% reservoirs

Our been lower April slightly draws had lowered forecasted. and reflects forecast precipitation higher hydropower irrigation than

Darrel. will turn that, I with back you, it to And

are we well-positioned for and ahead. Thanks, believe, Lisa. we can you see, times Hopefully, the

on of June X. As be know, most retiring you I'll effective

this CEO. So earnings last call will quarterly as be my

worked the Power I all years. have companies. keep provided and owners working as and support I feedback such investment we the IDACORP community with great our Idaho make you and have enjoyed the And have to and throughout you and appreciate

dialogue without your continued possible support. and success not Our would be

president and think retirement, I upon are you CEO of over Lisa aware, will Power. my as take as and Also, IDACORP Idaho

As the you in the have years, is over seen Company from her hands. work great

that and ask of for the hand is organization. not of by to this the partner group an could other I reins success great officers the lead outstanding leaders to to continued better organization. She overall a committed supported are over

Steve others questions on With may any the happy have. that will and be answer you and that, Lisa, call I to

instructions] the your Julien America. ready go now Bank session. are question question. comes from begin we to the Please gentlemen of and first with from question-and-answer Ladies Dumoulin-Smith today [Operator And ahead

is Alex Julian. This on Morgan in afternoon. the… Good calling for Congrats

have to you. good Alex,

bit factor O&M. of would would much specifically into understanding, costs current have XXXX to could many see I from order of COVID And cost ask savings some going more you case pursue then XXXX than a if to your cuts XXXX. guidance about wanted you O&M was also, my might expectations? expect the flat operations, wondering how worsens you how From you assumes I in little Potentially of before we just cost pandemic think in? levers ADITC? the the

shot, in say, levers I preserve have would that is Let look pull me reverse ADITC. to answer them I'll to give we Alex. we a would absolutely, order. This Steve. order that in

I'd I I would I think today, and depending which to that levers of hit on ready mean, exceed on which a identified series we've were have. quantification to of used we're own O&M it say, we But number. here to as targets we we pulling. depend of the our that levers mean, are, target. sort I sit before think they choices our don't we give have

know would because, that are probably to I for instance, going be exercised is say, travel some, we And regardless gone. all

right those because to we're as into. We We even remotely, we're hire have some not right We've to it's think savings function we been and positions let the don't plan disappear. and hiring turn around go. savings to we this environment moment able capturing don't

year lot what the of think you are further of cover that that what out. to say We be the forever, year. in We as that, Oregon absolute would aren't we've of approach, about think sort say We beyond identified in a a think make longer. don't do do good worsens. that generally things are know. be and can we've hold can are of positions they is that you levers. an Idaho, in, year initial at and say, at go coming We roll even, And where levers but reflective if probably out terms will we don't that middle feel know There think it trying things those. might to plan of least we It's safe in the cuts similar. we I can have we us because there identified the challenging we further

As like got we involved, we every look territory the the businesses. And a mayor approach crisis looking all at governor that. involved, involved, anyway. president you've service at this, the as across know, the communities, things conservatively our you We're

So we we've do. things are going to I everyone real is we planning that worse. that try leave else. And to to be hard got really that for number could exactly a Until data. But to think more on think to hang we're

we we As don't to also use credits accomplish. early, look impact today, hopefully deliver as indication to might range will those that can preserve sit levers in to and assured, have of here really just good we we But that spot be. and earnings it's be much on what as a

Darrel. add I'd couple is what said. things this to a Alex, of Steve like to

of as not is going I of First one to we're premises have the or all, think reliability. we manage sacrifice safety we O&M overarching

points to think everybody two needs I understand. those that are key

with going where to continue management corners not we're to things I programs. vegetation those reliability. to it as our We're safety, on cut do with associated are things So can going relates

have those. on We We're going to schedules those. continue

have we confidence really look focus state was back it things we of from be recovery to is spending. by Part driven the will committee. And long spending, going on the get the do consumer have and extent tapped where will chair by take I an will business things. to governor discretionary to level employee discretionary normal. I have And we those as the hard this that to is do. how at opportunity, those have absolutely are to economic to What So we we

back drivers the of employee and to how state workplace. key enhance confidence so the is confidence you one into coming consumer the do reopening And

that to, time as people over bring ourselves, So which we period back it's look do potentially to internally, have in we we safe manage that. of to when a have to

lot We people from have home. of working a

is looking looking I managing, have deferral be will will of will to those all is also the we pressures bad today upward we're with where be what And doing at tell all pointed So side. one utilities we the we the and on things that Steve you debts. downward disconnects that are costs. facing that of

do we so actively that. how manage are at And looking we

And Idaho result incur thing, made commissions as and to in around Oregon see also as of you the we the might with that filing XX-Q, any COVID. a the recover potential a this the costs excess we other

you at all or manage we're different looking in how been it look on that. six here track relates unbeatable years managed we the it's last to record at levers And to seven So types over O&M, of pretty our which that. if as have

to So rock looking manage O&M or still trying to ways think talked beat under there pressure within leaders I targets find Steve while O&M already that's stay the every the that just about. to the upward on are

So all hands the because on on this we absolutely the value deck we understand of credits. have

guys summer hot had, of months. bring to particularly would positives. haven't And which weather one like milder have maybe some summer, to a have turns for in a we thing you Alex, out is while, we've seen the than be if that'll years where the we had last other couple it had

control the So because usually, O&M there's will income be that comes because the it to to also do that summers heat of those have bring just to respond what we fires harder that. and generally does. But of more things kinds with

that weather, again, a summer for to caused it's it's years. be levers, there that normal And said, if I a have. just you think few a really safety watch But Darrel going be just, positive when But If will say the risk as won't we those anything. would a we and to that haven't hot to sacrifice net some those to anyway. we seen we're by really or nice summer,

that too. think, to big costs along last really there's go when then, having 'XX, sales is the Usually, summer was. with some I about those You extra come back

that it to So we'll and outcome. watch balance all the best

helpful. Thank and appreciate sales electric dairy I you. the businesses. thinking it. side, about for about terms customers, your of really both very and just and very, question when last industrial My agriculture in comprehensive irrigation is the That's

there's in articles It's tilled of crops irrigation share clear dumping couple of in not as the to impacted might about Thanks milk over. a be media, like sales sales and able electricity being you well? you how as and be Would terms again. so much

lot is start, this, This he's going Richins Darrel. to the Alex. notion talk of there ask call, that bit Sure, is, I'm is moved of little kind forward. the have to time off have a got to we we're still hadn't Adam through going as this and a as look the we we assuming dropped considerations about on I hope. on pandemic spent But

with And in reps our we time, out they're our find be, have understanding doing done how a of a really customers kind lot doing, this of customers customer it they're your doing. in are what particular, outreach to kind to what where is matters of to

that. a And lot we've done so of

of And Adam climate. you Richins we know there? give have in update brief so to ever-evolving as kind Adam, you are an what today I'll a

cautiously customer I'm question, just field for say word are, the think out Yes, teams our Yeah, reaching Thanks, And And is, optimistic. Alex. mentioned, and personnel Darrel. as best I've there. I'll to thanks been the anecdotally, folks. Darrel I

dry front, had the we've our news received good mostly a customers. ag spring. We On from

early. of a ag weeks the actually started So couple

optimistic season, appear planted water be farmers favorable sustain full to that most pretty conditions have we believe to and in They're ag their crops. a The regard.

again, the for big and has positive believe news unknown But So been the there part, always most the is weather. favorable. we

think I April, based Alex. on the account surprising we discussions not of loads kind major too, decline my experienced side, provided as slowed positive It's our in On in in outlooks industrial customers customers advisors a But operations. have our with and key that some well. general, mentioned that you and

forward continue and in they to In facilities steady pace. terms a food in the of move general, packaging processing

area less school is mentioned a in One the little that's of you dairies that optimistic and because restaurant reduction lunches.

both and an boots on keeping again, side industrial on ground, I the talking of about couple the on just would ag generally, the to cautiously remain, say, eye optimistic next again, months. we we're But So the them. on side,

comes from your from Brian Our with next question Russo question. Please ahead Sidoti. go

midpoint of the equity, by record Hi. the this with year your that shareholder Hey, Good your you afternoon. original outside affirmed range, so a end on X.X% of record just have track repeat year-end you the just quite even sales, of lower supported you track exceeding that the guidance. return O&M, going strong assumption are And and which that discussed, what curious, assumptions guess, of other I the can I'm forward? and guidance

still the think I this good of is Yeah, news is, all Idaho experiencing growth.

pressure off capital, we is keeps I take which when are O&M. guess, lot So building capital on, going that a some of on the assets, and that our does, deployed workforce

we we've of it in O&M as But we more. fact allocated a that a some hope amount the money that's continuing to have brings that well. good little hopefully some revenue and know, got brings growth you it plan, As to go our

disruption is capital cycles workforce, make now. you you you don't O&M. into that or your that. in make of And sort to your relieves happens have have pause really that to a a also sometimes often there. right these also It unless change What see shifts We in change costs

strong, growth have the don't are some the they look here and once the Real often is long And still is back hit if you indicate the that in recessions estate really of been in spurts. when up. in sometimes get get is they delayed be. past, history, to we've our major here when articles seen price pressure even in-migration we've place think and Idaho that We

initial are seems the pace certainly, like -- who's up here. But of response often us it struggling is people coming if picks around the they

some country biggest the focus to the So now our up again, if and to between where there least I is would at have it you, probably continuing way differentiator be in is growth year. but be And other could take feeding go our one really either for right think good places that or how that's that should health happens. sets maybe weather some is, a it on we

hearing Brian, as higher look well, the which, potentially optimistic potentially bodes especially outcomes, saw that outlook of that of we're lower-than-normal folks it the again, take you and comments how go season, with depending the precip issues as plays ground, are still potentially, planting, probability the and this on for a Yeah, out, good you we a things. despite again, mean, warmer-than-normal at are Lisa's into that us the irrigation weather I other being weather folks on some on sets up, with on what outlook and from dairy-related temperatures,

still in there's farming been an the demonstrated out there they've planting. what as by So community, optimism

it. Got

So hot the air tiered the summertime, customer residential for in same irrigation your will dry help help time, condition rates. where or and you load the rates the higher And have accurate? could it at Is sales. that

Brian. good that's and a yes, Correct, point,

in get because hot hard normal You know for plan, if customer And well that that interesting third sometimes year, those have grows our a there's sure. tier X that the is shift, as it that when as weather, get bonus the side we really an it's and on super some then volume room hot there's a do shift you rates Tier it up, to but it jumps and them that's for bigger into in in are higher. the

not, that be And does from comments? mid-March of forecast mid-April? for is Got Moody's the to earlier how it X% Is clear, XXXX? that what quoted outlook sales that to your is the saw just if the triangulate was it? to net it. And we in And what

clipping certainly, a that's from along, see. slowing. that Well, more X% you in. is customers phase, be And appear doesn't north is customer as It to coming of planning right growth number

side, a we that's have more of of just load X% where between But planning. in X% it's say, the On X.X% range, the growth. and part terms had lot

installations. We in have lot put a of

We better. maybe have a little, expected we lot what few done to has like of, jump feel a some and everything at to years, the from and it's always, our this that come have businesses like, line. point, homes bit I last But above there's a in, in we think feeling we've little

on more the could that outlier that, had be we a is plan, maybe that year if get original, would this help, in So another the too. that we original our be

guys? and June, I relative seem clearly, or bad bad a as rate any or And It debt that the sensitivity time? citing have as to expense peers. other should margin, mechanism Got firm and headwinds But Idaho even from some through differentiated have you at say, your been that reopening about regional your to of to you doesn't what full you Power it. guidance assuming structure peers

April, million we're don't seeing we've power drawn-out initial big it numbers We Brian, higher. through would But that Certainly, indications the Well, several believe be they took during say everything what 'XX, have using bad of get our what, a it and and debts because certainly, it not has, not in seen lot March, a we would there. who's and recession, the our it recession. above plan. we a was what longer current 'XX grew lot, in could

the employ, If we we states offset can to we at look filed we'll as commissioner happen. think those. that. even that why appreciates looking look kind level we I help those at it initially as answer. those levers that we wouldn't things I that goes kinds things we might do of orders that's what we our help with seen, to don't be the those haven't are mean, some can that solve unprecedented find And for it If some of things, if beyond the we ourselves, of

It's that just on things. So hard where for it really we part. exactly because the those to is, we the of we filed that's don't. say some opportunities But know

you've like point, have of that extent headwind right but we the with from don't debts, your others, now bad to know heard is. headwinds just what we Brian,

But first through didn't quarter, tell not now. it what saw the on register it was the really there'll you we do can't it some radar. really, right we but that headwinds is we there, As expect just be

any filing deferral mechanisms. movement then guess, than there been yet? Oregon just And or Other on set staff, in I schedule a the procedural in Idaho, the to letter has up

an We the piece. yeah, give Oregon you Tim as both can is And filed, in states. update we here. us filed He know, on

Yeah.

on in movement the is that. deferral important the Oregon, trigger note for when can date the no filing the is begin. it So to of But that

Oregon. the that starts in so And clock

see process, from you out, far one pointed schedule, as to as as Oregon. the adopted yet a But has procedural Idaho,

increases, the board to Okay, than got it. of just X% the unchanged, that makes each greater And board September in then lastly, the dividend recommending and Is year? that usually policy. decision

are schedule. Darrel. this that Yes, is Brian, on we Yeah,

We continue point. to at be on we'll and have September, that schedule that as we go into conversation them that with

And from Ellinghaus Siebert our Williams. next from Chris comes question

really or very as because importance seeing and industries? of ag firmness, far that where is those some are of the you're ag-oriented As derivative-oriented. ag goes, you, the Is industrial obviously,

on he's going because let, chime close pretty Adam this. let to that in of I'm to kind staying been just we'll

chat Adam, do want to you So that? about

about Hi, full strong, before, The able ones been with Most and I Chris. pretty planted you're I packaging processing right. chat And feel the Yeah. crops their mentioned are of as them no, steam optimistically. ag think The good we've farmers of ahead. the moving to We food looks companies. too. kind ahead. Yeah,

for actually we us. and view I mentioned think a there crops. is this And the season water bit growing positive they're the we started So as before out there. the early,

had fact, of ag reps. just with our I In some yesterday call customer a

And kind good of about again, across we're board, across felt at. region, the where they the

So From strong point. right. a you're perspective, I our it's think

adequate to the customers year. guys to eye communicated to of Or that work? your as they Okay. communicate reporting Lisa, you terms get the irrigation draw reduced you expectations resources? does hydro customers? part to does irrigation How in of contribute keeping websites? on your just mentioned those Are that How reservoir you're that for an having the primarily where at do hydro

Reclamation all water. of state That the the that in Bureau the runs is

taker. basically just are a We

the way. certainly, dictate share in allocation not, and a any information we Now of we don't lot what but modeling

farmers to what there's But them, they that Or knowing as irrigation a that at? as look there's far high-quality the from really available do websites up the can resource they how is? just a -- reporting understand the potential that picking that they are

of water? terms In

is I think. available, How much

Water or energy?

Water. Water.

Bureau and the that's state Reclamation. the Yeah,

on between the on. a that the communication what basins very it's to -- place of the that takes water. state done across basis, are Everybody collects amount early projections forecasts where regular like snowpack incredible what for an with And communicating There's are, looks focusing the is the on ag and them the from. state

with ag this the this for doing been on constant guys a time. communication the state, are long so And doing and early they've in

channels are forth. are and pretty back so how And they really good, communicate those good actually as to

So it partially going in is as they to year-over-year. to going put idea they're what in what plant they're get to -- have what drives -- the which an drives do, opportunity to what going they're which -- to

So there's community. communication the goes a that lot on state ag of between and the

the they're made And And perspective. is I'll water year. a Darrel, pretty they at just farmers add this has to Adam. feel about where this communication that good that been from again,

thing. have Steve, as of in the little us And you the a And you're can of one give last some anticipating terms guidance in goes, the guidance your fourth as there's in what reflected quarter? a color that far sort quarter? fourth you expectation flare-up about

are estimate. No, I in issues know people I how the where we've don't. I they some with -- had guess, past

always We've kept guys annual quarters. You our your to do guidance guidance.

some have nuances we that admit, fully I'll impact that. And

credits in of a quarter. year in the think end because -- and have to our it, we one credits little instance, having we're I going earlier first come higher. the And… those skew make We that -- is booked of For them oddity when earnings rest lower in actually the and be band. will the may we that of earnings of That first-quarter are

to You have clarify.

half talking second back you the COVID coming year? the in about the Are flare-up of of

in about, thinking Is about -- about fourth quarter coming incorporating X% you're talking some are guidance assumption weaker the up? a load. you that of kind to I'm X% reflecting per

sign steady, We what it's in, But asking the I to talk I was probably about At a that longer it taking and a goes we it W. this guess, that comes not than the maybe think, particularly. it goes if I are there just, me And are. maybe a today rollout. down. I we point, factored then on would is minimums say, had the, that were back held you down, recovery more do this

the we've I we're would in we without particular prior fourth those in cope quarters. and focus I the that just it what with hits events on know Because don't quarter. think Maybe factoring seen hits. more when sort of items how

right, you lift the the the pretty pretty quarter the mild some end at us, are of the beginning get with a shoulders the For fourth And months. sense, the quarter. of a And we do the it's first good end of us know, that have our lift year. as treats if middle. in in weather We summer the in of bulk at earnings

of we of normal can predicting the depend didn't find quarter our spread say, that's quarter, in I timing way missing the and earlier really to a people only there. be And look that quarters just some in the our year. should would think it been that of or it of So on to the you of what year not of a get function some normal trying but earnings at a fourth terms hitting more quarter in

summer, go quarter to because customers, really shareowner a hit lot going on given side, back we've kind the when fourth it's hot make sharing we it have a all low to accruing can If and to of to we've starts be and quarters And really, years the summer bigger. customers. money the stopped

the guidance between some the So point, our like there feel But guidance. is just right with we we came quarters. end the have at this we at spread We're with what anomalies the we're year. out saying still of reaffirming

you get I vacation the Darrel, point at a to some retirement hope future. take in

Yes, One's I've canceled We'll one canceled. see, gotten someday. so far.

you, guys. thank Well,

Thank you, Chris.

concludes for back call turn [Operator that I'll our over the session gentlemen, Mr. instructions] today. And and Anderson, question-and-answer to you. ladies

'XX, a.m. I XX all Mountain would for participating the And Meeting XXXX you. call Thank our May which today. on all of of in like be invite Shareholders, Thursday, you participate on you at to to thank held time. Annual will

be on meeting release how virtually, website. with to and formal instructions also A a shareholders has a attend To the will with conducted safely listen this issue distancing, to plan IDACORP virtually. been out instructions press to year's online to via practice social weeks on how notice in couple of sent we

and questions interest our we shareholders' Thank and and from day forward comments. appreciate rest IDACORP, to guys sharing XXXX and your your We you. hope listening We a to safe. and in look great responding you have to stay continued of updates

that for you call. thank and concludes We Ladies gentlemen, today's do conference participating.

your may You disconnect now lines.