IDACORP (IDA) 31 Jul 202020 Q2 Earnings call transcript

Welcome to IDACORP’s Second Quarter 2020 Earnings Conference Call. Today’s call is being recorded and webcast live. A complete replay will be available later today and for the next 12 months on the IDACORP website. [Operator Instructions] I will now turn the call over to Justin Forsberg, Director of Investor Relations and Treasury.

Thank you, and good afternoon, everyone.

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

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

IDACORP’s and Chief IDACORP’s on Officer; and shown Lisa have As Grow, Keen, Vice X, we Slide Chief Executive call, Officer. today’s Senior President President on Steve Financial and

per that second $X.XX $X.XX share share We help of impact as an available to of from XXXX earnings months financial increase for today under earnings same an relatively of the may are answer XXXX to Slide $X.XX, financial the as estimates credits quarter also of our IDACORP’s XXXX its we six of the share COVID-XX Lisa per $X.XX regulatory share in modest date. Idaho and diluted earnings utilize present from have any available updates. net not we be our estimate X, provide the the quarter. we last with last Idaho range results. per to tax to settlement from per year’s IDACORP’s representatives need will first after diluted year Steve share you our have $X.XX, second of Today, a pandemic questions stipulation. full year. to These guidance seen $X.XX earnings Power quarterly diluted XXXX any increase reaffirmed also are period in were other our expectation IDACORP per were company to that have in On support

However, as use over it evolving will customers predict affect if how of on the that credits of to Idaho economic and conditions turn full worsens to would prolonged. the impact expect, Steve. suppliers I tax Power’s range difficult the guidance of is or the upper is the or and you call the pandemic could earnings now end

Thank you, Justin.

of last half results will second position we discuss overall, compared forward us results, Let’s move to as to of impacts financial the well the we which move wet solid had quarter our and same a X, where through fairly pandemic, I second the we Slide June quarter year. the as believe Despite XXXX.

in than The decreased home which at industrial that you’ll more negative mostly table and Also, the see to X% per sales our a higher was income. increase usage to public due related of the usage operating customer and On volumes the variations, added overall to changes, spent result time customers growth higher last commercial health precipitation sales customer the last offset year also but million continued pandemic, Residential $X.X was although saw crisis. most. weather customer. irrigation normal June, helped year, of this net strong of in million than closer impacts to were the quarter’s X.X% year-over-year $X.X we

a was the offset increase in on decrease by residential fixed will revenues. adjustment that sales you table, see cost in million $X.X our the Next,

Moving further down the table.

rate with in of Power’s our due also, adjustment decrease partly revenues tariff XX% open by XXXX. declined wheeling rate associated per lowered down revenues million. were retail to transmission Idaho rates recovery access This mechanism. megawatt $X by hour timing Our cost million, power related $X.X the October And of

on temporary projects of primarily the due the decreased to owned expenses $X.X maintenance generation million, maintenance operating plant. other at some and Idaho deferral by table, Next Power’s jointly

XXXX later maintenance or XXXX in is this be maintenance discretionary. in of as expect the We timing the to completed

later savings O&M continue we recovery to expenses You’ll through month, COVID-XX emergency expect authority public guidance. that net future issued prior and any with expenses note XXXX defer crisis, line be related granting Earlier utilities to year health the the to due rates. for full to this possible Idaho of Commission the cost our unanticipated order in an

than As an earlier of us bad X.X% a last had a of $XX million XXXX increased and mentioned net issued of higher changes maturity were collectively in quarter, those $X.X quarter, that The such, income savings, $X.X of be a million a Power operating will last at to million bond make-whole June next bond this priced Idaho closed year. in which Idaho week $XX and $XXX Power, and week $X.X Idaho approximately IDACORP. expenditures $XXX used the premium quarter were later at employee second $X.X year. the proceeds estimate Power’s of expense, income for the this that payments. to retire maintain a netted in been as initial IDACORP’s slight Power to fuel bonds enabled balance tax investment-grade bond and yield and to benefit Idaho recorded reoffer income mature redeem half while second a such strong respectively, dividend result a Overall, year, redemption modest XX-year liquidity, of travel used mature Power’s to This continue and will third training. that and fund quarter offering credit at ongoing long-term net million. its million last to higher net capital sound proceeds sheets, estimated X.XX% bond of in XXXX debt prior address coupon, was the included higher brought a coupon. including separate million in set issuance year million to than first set proceeds to million costs, we which including I at $X.X a IDACORP Idaho million regulatory In vehicle of for asset ratings quarter The liquidity that this cash needs to we XX-year that successfully and X.XX%. this

IDACORP’s We long-term and are from operating six million cash Power’s are included lower pleased than the flows positions about Power were the with outcomes the of Cash of these liquidity quarter as of our Slide believe X. end strong IDACORP with Idaho along two operations $XX flows lowered first the second debt financings in both on also positions. of are issuances These Idaho and rate. cost equity Idaho this from Power’s issuing The timing amounts mostly power At time, not liabilities, collections of credit mechanism. additional Slide of of facilities regulatory The X. do is shown under the related year IDACORP’s than middle months we XXXX. compensation was decrease nominal and available the anticipate those on to relatively resulting assets other this especially of plan. cost adjustment the liquidity our under and the net liquidity

at to we $XXX the that in of approximately retirements You’ll to note positions million, the liquidity million be including July IDACORP quarter. third Idaho of respectively, XX, Power, and and access amounts of have net for $XXX as used current debt cash

backstop from While capital needs. regulatory is thus adjustment liquidity a our have operating substantial our minimally been and mechanisms to affected cash far, combined annual our along flows expected support with expected

million crisis. the Slide plan, Idaho $XX plan million financial and but conditions contribute first year full have cash any to flexibility year Power shows has depending of the X reaffirmed our As including flows, additional operating estimates. guidance during XXXX our to the earnings plan of on no market during health to seven currently planned, $XX metrics and this and effects key additional an required contributed its We contributions and months further pension XXXX.

we While to predict continue remains our conditions, to share. it IDACORP’s earnings thus, pandemic to of earnings per on XXXX guidance the be long-term $X.XX to in related range expect and on diluted difficult the impact $X.XX economic range,

of going to and conditions credits forward. weather guidance additional normal Our no continues use tax assume

$XX X.X%, of than what our past Other to With we available with of preserved of the Our cost to year million X.X million back full megawatt efforts refined are X.X to provided we million forecasts to that, jurisdictional generation results expectation continuing call remaining hours, February forward. range preserve strong, consistent the return of and hydropower credits in them metric Idaho tax originally efforts support turn to current and April. financial sustained the Lisa. consistent equity the during have the financial the back in and and operating affirmed minimum decade going full are on management our I’ll

the Since our we to the company to of start Steve. customers. to with some and I’d us moved Thank can resilience begin I today’s for will continue provide to to on joining you, ensure pandemic, around celebrating crisis, by this energy the reliable our quickly safely comments of call. workforce. like And thanks our everyone onset

Our to presented our business been has COVID-XX challenges, And daily while unprecedented we ability has of serve. critical is our to mission and employees’ customers delivering the our remarkable. lives the on continue communities

than workers stations working and for of teams and have taken operate line and our Our extra been power employees more supply have four to safely field efficiently. remotely office other most months. precautions Meanwhile,

impact customers. workforce our without operations has Our on carried discernible our any on on or

made we during of with to Thanks amazing suspending While ever carry disconnections distribution our onset operations at disconnects is crisis this We’ve disruption. I and generation, of impacts including transmission late the culture. group our people. exceeded Power, a the efforts and an to without customers, than waiving values career Their am proud been voluntarily have Idaho more workforce, of during my our on at company’s major to work limit consistently to fees expectations and employees and able have our work efforts COVID-XX. grateful on testament to such mission, –

Idaho worth retail will Overall, to Slide driving load on proactively these may and payment going since of data next loads since of have and customers who While decrease. to lower be financially. about sales compared XXXX, pandemic, we variables us the lower with service March, also struggling industrial area, noting had the most although with particular, crisis outside to work that commercial the month, our in shows has our X% what Commission the and allowed into been communicate than net it’s of sales we forecasted impact resume impact continue forecast end health those weather, X disconnections with plans figures. began to the to

customer second when of the more higher were residential prior While and compared the categories XXXX in with should our customer future continue sales growth, the by expenses we optimistic offset impacts loads Despite decreases impacted than executing load our a quarter results states usage year, through as would the the maintenance to be industrial adjust expect service about to to and growth, customer these various pandemic decreased But return those same of a management usage. recovery us term and growth Oregon phases last have linear Idaho strong always irrigation reasonable and not It continuing our compared virus goals. response, our unfolds. of The strategy for to of in energy more business although wise been continued achieve and irrigation normal with progressing customer remain across short and residential operations on and the cautiously current commercial year. allow and area. challenges, fashion customers economic and

monitor as fastest-growing now support continues And one expanding growth, clean Idaho customer energy affordable, Idaho businesses. you service XX, Power months with the Idaho in a in the XX Power have, course, which of On of increase Employment that X, growth for unemployment be matches we’ve to residents that QX Slide and the if is by for of and to June well will look closely. positioned incoming projected in during X.X% COVID-XX, continue we numbers to is trend will the going topic to new several note ending years. growth the you growth as seen been reliable, rate impacted forward. the states and our area country and well them saw

with economy in X% XXXX. These forecasted in Moody’s numbers with for projected service our impacts. in in GDP the compared a the a XX.X% in of and now – of of a XXXX, area the U.S. June, rebound XXXX end whole. unemployment current and forecasts was expected our compare of have X% favorably X% X.X% area X% As with as X.X% in GDP June nationally output calls for most decline incorporated in service XXXX. of projections

the And in Amazon in completion fastest continue has the new completed one year. it development Nampa Center progressing area Falls based to second major built on of other On expansion ever yogurt challenges construction front, new is by its from forward uncertainty towards Chobani this product. new notable economic oat-based projects without fulfilling to caused under Idaho The Twin Amazon lines Power adding be quarter, to move Fulfillment is later Despite a COVID-XX, for schedule orders. also service the groundbreaking delays. in and

steady potential a seeing are business-friendly customers, area location and inquiries remains in stream to influx particularly for pandemic. updates have the BXH. sectors. to move Thanks I known We the of manufacturing our processing pricing investment, transmission a new to an Hemingway couple service as of past and attractive environment, from and our also we food we of the continued share expect as a on Boardman project, affordable projects

end contested site receiving to process Oregon permitting of a from July and another siting in the second XXXX. from hit on X, with state a This Department commences case order Energy. a First, the process the milestone Oregon certificate significant is of order by that proposed the the half expected for BXH final project milestone of

National invested, are Discussions to investors to Second, Power in we and where service turn, were the hottest I ongoing. customer at to my and company’s my while of to reliable, serve, benefit I’ll and of occasion own Steve pandemic. under the as develop impact our hydropower reiterating by XX future each project to to of but Idaho precipitation potential in on commitment to But cost Idaho communities for Steady its project, unusual the Bonneville of Power BPA’s Idaho roles the the sales that XX% remainder next scenario, project. rise the the filing also with Power answer given up arrangement see of would normal outlook of on of mission Power materializes, recent share our our transmission Power build the their precipitation the will and generating the particularly COVID-XX our We the are and are to above-normal Slide questions. we for this our situation prepared its our temperatures shows we storage this look do impact continue BXH summer of confidence return cost portion remarks growth, work an and portion the ongoing customers. Idaho reservoir If continue a With for Thanks safety, case. favorable the monitor of in Administration. this not in to quarter, Atmospheric Idaho combined below-normal thank customers. acquiring rate significant capital general ownership could regulatory of the for and line. Power despite as need and Idaho transmission not retail weather a owners, constructive service the area. the summer, the navigate conditions the expect Current customers. the storage year, to Oregon the of exploring entering bear crisis to to and for dry timing would would are hot June and the One to may irrigation we solid on year. They its management, good that third close play to and early for and this in range employees the economy I Idaho months, during coparticipants us a weather of weather anticipate suggest call projections your customers closely. XX% providing outcomes Southeast during Administration’s part change of from we a circumstances this clean the Power in remain effective to maximizing XX% value coparticipant’s wet we levels and a If case include service chance customers potential all that, support you, all Oceanic reservoir affordable, Idaho rate residential to fall others a to the BPA and, general of normal chance to arrangements happy and several the in XXXX. XX customers. your thanks XX% or

first question Ellinghaus, Williams. comes Instructions] from [Operator Chris Siebert Our

may proceed. You

Hey everybody, how are you?

Good.

Hi.

your guidance. the Lisa there? the a what into factored into what particularly and process Can thought give us your What is little for fall, you be terms the color general you fourth COVID Steve, surge have guidance in your might going on what quarter? is just a fall/winter expectation of and in

is quarter It’s quarter. know, as our typically, more. you Chris, half big maybe our Well, third year

on And third an has happens whole in the usually so what outsized year. effect quarter

the feels the seem very on rolling As doesn’t have from changed all. it We’ve it little to we like are slowed now, at – front, start. economic right

and whether this busy as people how ever. But question. a long reclosing opening moment, are that state has state in a going we’re things this least some of in would function found – The Now this phases on. been that certainly, that current to our is way to with it say through – a as bit. at are I has goes us different feels

think I a that, is to that’s some leaving and bring the reasons wider coming things with back. at point, other one little some than additional just schools going of we’re at point. the have we challenges range this fall But

have in to factored It like didn’t narrowed do that. just feel the normal the year. second. rest in basically, the we’ve But Sometimes year weather, we of

know have about been have factored we pretty responded in We it’s effective. and think far, thus we how what I

an what’s we is rolling if far probably think today better I existence state closest in or everything you reading worse. can that to but predict don’t As know out. we’re we of that say uptick we or it’s don’t down, it’s there something see, as in we’re an more I’d the –

to economy? your impact, of the the your heavy of component Right. of ag lack Is significant nature that, due economic

part I it. us two for think the going next the be summer, biggest the thing. months through on certainly, things that’s of the are going And to

that talking a kind period level sort about resurgence of of impact your some in So you’re in predates that of fall. the or a terms of different

going it is. is So with to that part roll likely whatever on

kind if temperature use know, – differential high guess, because If hot. give help or the – rate we it really low, risks. can have you benefit use As get risk back or way us averages. to it’s we bear really a customers if of that we abnormally we we then – gets some an that. the we If normal, it Occasionally, losing I amount, tend get out our adjustment mechanisms below goes we we some run of of

when that something hoping it’s the plan on quarter. we So way hot. average, off is different now, we this some when has good feeling it effect. into the brings us a that but we’re benefit, step And don’t Right

Okay. COVID-XX did estimated got of Have impact to what basis economically sales? a you on an gross

the Well, graph of there, bulk – a mean the you was chart actuals. tried we’re – showed we X that’s that? – shows you – that’s – it net Number I we give which very to

at you we show weather-adjusted giving the did that there and event what it to look what weather then what were you forecasted, We’re impacts. actuals forecast, were some

were bit on and This weather two with is You probably a rather. But the the – drove – these can a that. full, higher, all little load. see it comes There it drive is adjustment. periods down weather this there categories where but some helped bit

Yes.

our It’s load. whole than the little so forecast. lower Yes, a

prior financials, it’s the the check saw, than you higher year. As

the why the get residential I been many blend the that an So us been it’s way. move-ins much our is we things And there’s right fast offset it we amongst it’s – and are that customers at higher other – feel put come, coming thing that is And – so new to had industrial whole a of have two the use kind the just this how can think commercial. the hard as now. hit exactly time. is own the – because they’re you. coming pretty and areas is in And But this has biggest and certainly give we best quantification

a in Can Okay. bit of you on there? of color, has late? sense bit of Can give Idaho us going little you little there a of what’s a surge a little us give been

In the terms virus? of

Yes.

Yes.

of to Yes, So Lisa. to escalate this is during it Memorial of after the seemed it begin sort weekend, July. Xth seemed

honest, really, and were was opened phase – again, where quite be the when So gatherings the allowed. it bars and more to large entered – was

political a So mask of there’s by as by certainly entity county, being it’s added you county difficult example. for issue requirements many. are that like – We know, a lot entity are for very wearing,

now, we’re Phase right X. So in holding

So yet. not large those allowed are the Different have increased further cities requirements. gatherings

a And across so Idaho. patchwork it kind is of

that grow sort tailed it had it or last tailed flattened, it again. week, – had of not hopeful we’re of off, seeing but We’re sort and

take seriously. very So good we point of hear time. at it more seeing projections wearing masks. see more But we this starting I in about talking some I’m have people don’t people I promise – it. people to

that it’s but the turning hopeful, suggest I’m seen would really we So data haven’t the yet. corner

Okay, color. great. the safe. Appreciated. Thanks for Stay

Yes.

You too.

Bank comes America. from Dumoulin-Smith, question of Next Julien

everyone. good afternoon, Hi,

Good afternoon.

Hi, Julien.

guys. you, Thank

me you off let it So, pick there. up where left

can. on quickly, if I just the real Just subject, COVID

last And through talked residential intact, curious, sales curious, as just want forward-looking margin. weather-normalized related, what we Just being bigger thinking be your to were as load that imagine well? make on and season we’re on far Just that basis, probably ag sure planting goes. as about spoke, that, explicit looks obviously would I separately time the higher I a then but indicator we that. I’d one, the

the up here. part – back remember a bit. first me trying let on Well, I’m little the to say just I would

On did on the based say drastically the would anything I seem – to with irrigation, be pandemic. it didn’t that look that, different

that’s in have say, from following, June, as the into then August, fall. down. would does, a would to planted off they season were be from all good it normal a while would least I was irrigating I July June opportunity, pretty and But weather and the June in is had Irrigation the water And plant. categories. of three standpoint June. way have months, helpful fairly steps July hopeful. June quarter, bigger of I kind There a because lot pretty into think, and April into, was cooler of we through all use. which had planning way. really temperatures move it the the from It’s that all the runs the go May They us think were people had of things probably other drop the looking one the a a you you been, just some into will little kind best trajectory. if way backwards,

what here things forward we’ve residential the to up So, customers. like got in tend the is more that feels And you now more irrigation, and temperatures precipitation months the going of hot are to set results side. where and you dry out some normal get higher and on it get the are

some gives that say bit hopefully, through you there. that have watch the So, But We’ll I’d a color gives we as go to us quarter. little hope. of

then here of And can I the Excellent. subjects. PacifiCorp. to if some process with back pivot The more conventional Bridger

curious this filings side of I the was and they’re think their just there. on Bridger just forward some I with fall. on process moving expectations

quo, but And same time. of would I throw other out then sort the the at updates. any there Just be question status presume, I’ll curious if

light transmission As – in should you about results in of impacts. just kind with drive various you in COVID? here, comps I about could the expect any think know the you that of about know that you think talked revenues, – year-over-year as just wheeling the I oscillations it

Good questions.

Yes.

So Yes. is the Adam on call?

So Adam, would the question? take Bridger you

Adam. it’s Julien, Yes.

still and two for and XXXX. is Bridger at and shows XXXX IRP XXXX recent then XXXX most Our units

still case. sit today, that’s as here So the we

and IRP. portfolio. and time, discovered know, few was at remain is, the at in it preferred to may our that in inputs make. the you appears is, filing, preferred short analysis, and this as bottom are, we line will The it wanted portfolio story modifications some June, We But a we’ve run our we the looking that

that Obviously, in to at inputs purposes rerunning put appears IRP those with well PacifiCorp future. work models dates still and making up. we’ll come We’re relates see to them we’re right as the Bridger Bridger, right of for looking in the with preferred to it those now ends what the But we seeing, as on and the now need so agreements portfolio we’re are where and dates. we is, and it

if Enbridge able shifts chime I anything, predict because to to were hard then and last sort of take And up advantage Gas the that then ensuing Certainly, were Adam, transmission, can miss transmission. I happened the pipeline year’s in that results market the rupture but and of of. going sort whatever more else open take we of can up, sort a to that it’s very happen but cyclical. It is things dependent is of Lots up, very markets think But of just it and combination transmission as I is for go and is weather on. of there opportunities seasonal. is

So, could but don’t carefully. cyclical watch has know we it that I a would necessarily we it say I nature that predict,

And down right. that’s in think just QX up. back I And add, I’ll Yes. was a bit little was volumes. QX

think, market. mid-sea I pricing, favorable in some seen have the We

a that regard. going. it’s a where The been point, perspective. bit have general time increase in But we to so at it’s predict price in has little Lisa’s this difficult seen And to low from volumes market

moving overall, volumes have I’d say QX. but So up flat, been relatively in

Got it.

Okay.

sounds So pretty... that

rate with that contributed high had partly to volume year Julien, is The the the of that reason the contributors in prior the in decline October. one Steve. – this we happened

if thing the you the do have in on volumes, to bit get So going is, lower later a the year. rate you’re other of likely little help

the it of through So depend summer. the what out rest on plays – will but

Yes, October. runs that every formula

it. Got

Okay. Interesting.

you to in the you’d of Let towards mid- moving guidance here, your think to sensitize of that to you of would flag When When get around, characterize high-end certain points to to there’s but me this the think that would us? you ways frame it you put if number range, going I it range, concluding or just different mean I and are there factors know curious I’m you be looking that? a this anything that to that way. factors about way.

say, Well, to transmission, were specifically, wasn’t of knew level. repeat that in we we We at I regard likely pretty higher the would volumes cautious that out with site. to Enbridge got the

in put normalized We used level expectation. So that lower were October. in the use that in were last going we’ve more be to did the of we knew effect rates

side, cautious. would I that we’re say, pretty So

that as think, So normal if dryer-than-normal a be little that’s be lift. keep bit Weather, gone on thus month to two, of I us likely going a a has lifts little than it they’ve and things a hotter chance have helpful. help bit, far, Certainly, that if us the we or and a if give help. will track, to would

helped got to there. had control down, with PPE has that the don’t We’ve We’re trying of came – that that a success you well. the will cover going it count like kind XXXX and on of what of They’ve those XXXX. costs and if deferral bond slides clear – hit up make we to We’ve things. it that know This cost we though heads you some can if had we the like Things out all quarter sure that control. – helped. as we or would eye our just is of XXXX, the year helpful. probably things dealing keep to. on, pandemic year, potential look help this noticed are we the our were But get transactions some the the had maintenance That the we didn’t as saw, that we’d it’s for one we’ve

a little a me thus been So far. it’s push bit of you pull

it it. hoping basically we guidance We’re on when just could to some good and hang was. why we’re phase that’s we into where moving But left get a

think feel we’re good we a like I place. in

quarter. hopes Chris, the as I year, quarter is the rest out third that pointed have of to We our big for

if one whole get can helps usually it So we the year. right, that

Yes. I hear you.

that, back was what here. Bridger, that for from iterative. I at just processes timeline on know I notes Sorry, coming clarification these you a saying. my are quick looking On were

Just here. Adam that’s question to an come maybe back,

We all. Well, just out, that on it some quarter it was range It’s going million-dollar the in obvious about for could mode. I’m the year like is This guidance. that what of would COVID second it they’re be happened back to we’ve moving things or it is, we’re now know I of be that And with the the then. think That there’s that for and could bigger don’t there, and if into were some few looks that come our contractors and one there And slip that here XXXX. you impact managing if one end the telling in plan, too. talked items. became they our – started would – deferral maintenance original of some in by sticking have in it –

help. to we absolute learn by We’ll think early We of end there’s too, Hopefully, win. know more that third costs grabbed potential be to it. if more, said an the it. that to offset So keep whether commit that. haven’t quarter, more one too that that’s to We’ll we watching have and has it’s against

So those. we’ll combine

And Julien, units, of earlier asking the you of this Bridger is some closure the of also about Justin. timeline the Are too?

Sorry. time. be on indeed. double that Yes, I may know

out. Those are

and partners are of I’m based also and within to Yes, I of that Yes, work XXXX also again, we as preliminary ensuring is yes. action no runs, look there, determine that the but remains through both and have that the – IRP then portfolio portfolio. the and be working and IRP. at kind preferred just companies and we – It’s with we’ll to window for problem. answer exits happy to runs kind that. The planning dates preferred additional our this preferred portfolio dates are and the on exit But have all, in XXXX XXXX in mentioned, them course, unit XXXX what we of mention

Okay.

much. you very have Thank generous been guys very You your time. with

Thank you. Julien.

Thank you.

from Sidoti. comes question Brian Russo, next Our

may proceed. You

Hi, good afternoon.

Hi, Brian.

Hi, Brian.

Hey, guidance understand to and the of Hello. ADITC. the the usage just no

point this at million that’s being maintenance delayed, million completely separate plant credits, preserve the is ability all of that the $X.X to correct? tax from O&M $XX So

tax Brian, already. saying in at quarter, compare year last current pretty were to going controlled. weren’t it even first Yes. we we it’s our We We look were control use we and you year, if And can like our guidance credits. O&M. to Correct. felt you could see

So yes, that’s separate.

Okay.

delayed. be first this that going to So you maintenance knew in quarter plant was the

So...

we – weren’t to be knew that credits be that. going No. – expected we I’m knew – in in we tax we even weren’t saying we tax didn’t to that credits going before we or What

prior that’s right the to additional don’t the be that’s saying what is whether before into end year. it year the news. And know moves we’re if going we back or of now So

is year. our So guidance – next or

about year. But guidance, wait else we’ve is happens. as have where been bit that’s what So between we’ll coming then quarter. started our and it it’s little plant. those they pretty We’ll We’ll we talking year as show a along. [indiscernible] And more third up plants, the partners much a it the if That’s don’t moving really know – the we longer. now whether potential that could watch and help. or sits today, know We through operate or just might into this

that driver goes, into have We that. we’re input not of how but the

know it and worked to It’s just So now say following too later moved absolutely right the that’s we’ll soon on. will to year. out, more be

Okay.

So ADITCs you need if could as today? million $X.X know use would what if you you still it say not maintenance of differently, not spending, delay did to any I of

O&M. Correct. And for our guidance stays

Right.

owned it are plants or it. are you there the And Is Bridger jointly others? Got just Okay. what referring to? plant

our of plants All – on. now were three steam moving Boardman is that

Yes.

but we three, all run company. that’s have partners plant. two Bridger, and the they��re XX-XX Valmy – Valmy, ownership, the and And we’re left, in we partner, again, the operating they and But partners, another with were we’re the now

So we it’s just and guided. things just our it’s make have control different. choices. that isn’t – It’ll can those own happen, they’re to It

I of you’ve I quarter years, guidance. your you the look your And of and last look in little the always that then second over the slide X% on the back to EPS XX over also follow-up CAGR. XXXX, a to original exceeded back have into XXXX, midpoint When presentation, XXXX. just always a And translated guidance.

those quarter three that guidance but you leaving the as you’re if You conservative territory, increased situation given uncertainty of your your now being COVID this years. I’m the in around steady quarter? Correct of just guidance right wrong, me second maybe are each and the service

we that good couple book some Brian, the had had the second by ability of big kind – add We’ve we already. to can I happen. those seen year, it years, things or say quarter I we been know would know how day. had event bit. when plays win And basically it I do We a that don’t a known this think COVID gave enough They that us we’ve confidence. haven’t it some the of a costs into to resolves. think it more

unknown Instead, one. different getting is how and upsides a be of a kind going sitting think things back seeing it I now coming might be you that more We tough of so the resolve. be by does way here might that it we’re wondering and certainly recovering. all it might of – have thought when

is So, there’s But an think element you versus also this X.X%. recall, our year too. we ROE of that I that, X.X% – the as

bar year. think a up bit new for every the goes us. a thing that’s I of little And

So year. it’s end – of bar high a we the pretty at set last

As from challenge. is about And we step we feel it. again, it into this a year, good up moving

We’re additional holding on a such where any a it, we’re is this how again, before I to and at. guidance. wait third goes clarity big third being see think And – of quarter part give quarter year we we’ll

like last it? mild for one at, easy to quarter, rainy, it I summer at Is it to looks opposite, Got XQ to it. that going a weather hot look And have XXXX exact third a the XXXX versus and pretty XQ year’s was way dry which the seems look you’re when forecast if like comparison.

have I we hot charts been these But dry the had we’ve it. every wet didn’t had where going be going had joke spring. and that been would disappointed an said that. internal we’ve into I to were if a It those get have fun periods, one periods including chart of is, to

we little by once some south you or a or these weather way, twice. like little have And probably is on that So there, we’ve charts too, different. It’s way fooled the cusp. the a is right been caution because been go north

of kind saying next us of there. to year about that done with we’re happy factors us and are into place. all All deal in at. we make – is two be two to everything is to We’ve we have we’re quarters a yes, had things where this just quarters So ready the good could

know works let’s it So quarter, out. another how I’ll let go you and

comment. I can weather No, Yes. appreciate the

and will mentioned your should how much know debt decrease of I with raises the you say, quarter million versus Just quarter it $X interest when second will capital retirement year you Do your capital of cost third the – you it’s that subsequent debt? cost imagine the ago. opportunistic decrease. your then in the ahead like or, And it. quarter to borrowing increased raising I a second of looks close of need would expense to [indiscernible]

Sure.

there. originally. a – operate as helps lower. in it’s the – a I think plan bond little ratings I our I I I year What Our well ahead actually more a borrowed written of of And that think it don’t a to and near with net rate with is be down needs seemed all-in this out issuance. the wasn’t fairly think said our – down. the had a is It’s because first in they this. and be bit mode I to big that positive in mean was in plan it been credit to wash. we’ve of our our We start trying

ahead. a So, rolling trying is borrow for CapEx we’ve to stuck with of And that us. little bit mode – we’re

bit a year. it As little this was you up saw,

bit, sure I’m Idaho. we I longer little and trying get just that Our it mean it up fed a really might ending. we not hasn’t into numbers the with even thought see up the And to went slow don’t pandemic. people

there careful So positioned it’s and just wise. we that capital that being making well, sure we’re cautious and are

the also enough the With we pandemic get summer. wanted hit, to have to through

than think did So I we otherwise. really have But good. all it’s do would done we probably it earlier

way We’re our plan anyway. beyond was not what normal

some the game, it. we’re the just on got good We’re really of of ahead and kind really plan, rates with we’ve

So be. good think it’s a to I place

occurs be have of that of it. on at thoughts that over going cash quarter liquidity. upcoming liquidity with the just I’m guys end which be And then excess quarter each Got quite of the in and when XXXX, seems bit years. refinancing balance a left of ties you’re you with I you seems consistent of to quite debt Okay. third XXXX, year? into your $XXX year, the with wondering what of second of kind which decision still the a to bit even million the the in in September the theme dividend, at several like look last of the Board how cash excess it regarding typically this the And

year made is do, we faltered that. Right. statements on expected we and last we what some of The dividend haven’t – to

that’s the have we We year. through same really to expectations Again, – that’s year, decide – getting This policy this our carry ahead. us borrowed we today. next

the other we most in in didn’t. instead do that. had think have rates we early. every had the pulled tried to got later But likely, which And favorable, also bit year, interest required, the About not little we’ve us we’ve done bit of really but it we’ve not only year, that I pandemic, handled would extra that’s were coming our could and were that refinancings tried a that stay in capital little we’ve a ahead following so our what done to borrow year, we again. needs we

over and – really quarter rolling is, revenues to see Good different we out news it’s the impacts are planned. will we’ll as it we’ll to back into what is with down than not would the hopefully how is quarters next Most up So items my of show have comment that third we we quarter positive construction, is right out it that spend that. well. big move had as but number But big a the goes our of help way safer of I as well. big spot, the these now, say,

Right.

Okay.

and debt-to-cap? – for your the though it So XX%, you’ve what low is XX% remind target years many now? in Is even us, been

I we and more we’re financing. spending debt be to when get a we really able not is those low XX%, And to with, in going cost we are that the we’re big that of that coming. work Yes. coming. that’s – Today around little we think that. bit we’re always that rich do opportunities, just We’ve but against know several got think, And said on, projects

not we’ll to and phases push think I need the those start to in early we kick equity through as spend. probably additional

guys but do are that Boardman didn’t – a ahead there we’ll really when this it’s we defensive a things we talk actually you minute. increased pushing be. think just to were people our them impacts So, to a ton at place in to ahead really there have we of it. until bigger about some And opinion, And But to get don’t be about CapEx Canyon. coming pushing on it’s We’ve that add. us on this shown we minimal my to going story. on going Hemingway, not And are call, Hells here CapEx. wait are It’s get

really ahead we’re news that So of That’s a that And when there. bit. the is the it. with we debt cheapest good get fix way we’ll to do

be. sure. Yes, place good a to for It’s

obviously, Moody’s Or service Idaho for quarter? today? statistics saw consistent they quoted Is everybody Moody’s weak today. GDP statistics Just they curious territory the also, the were you are to it relates of as And lower? where last the the have What numbers your Power some been territory. revised it to service

data going so XXXX. answer was But growth closer X% Brian, me, suggesting the question. barely quarter, I’ve for just to Last Moody’s XXXX. for got front of Moody’s positive X.X%. growth was this GDP into I’ll the suggesting just It GDP was in is XXXX, Justin.

significant. still year beginning the is the from as negative lot, swings is national difference. a that to but now a Obviously, not seen, X% wide not swing going the of a So as to the at we’ve close certainly X.X% big

positive. and solid very obviously still XXXX and XXXX And Right.

Right.

that the you to wait case you recover any deferral a kind And Okay. Can have Or how do that? for of the recover of do then not a on do COVID-related rate $X.X eventually really But just to much. one-off deferrals? million filing? expenses, you is lastly,

answer do Tim, Tatum. Tim let that? Maybe you

future. Yes, just Yes, on into we’re see what the it out have Tim. and how is is and I see going plays we balance think have see Sure. going this else ultimate to what to the

at approach that specific have assess feel no would prescribed We’ll accumulated time best balances there’s company like we’ve and that. be we the point. So way the just the about accumulated that that at to go assess for the to

very great. much. Okay, Thank you

Thanks, Brian.

Thank Yes. you.

I for concludes turn to you. That Ms. question-and-answer session will Instructions] [Operator today. Grow, back the the conference

IDACORP, all in you I your wear health and to for our remember wash safe stay you today. interest call participating good wish appreciate and hands. mask continued Thank everyone, and your wish We your you, on I and

thank have a you, So we’ve one and great more day. got – great weekend evening,

today’s your concludes for conference. you Thank That participation.