IDACORP (IDA) 31 Jul 212021 Q2 Earnings call transcript

Welcome to IDACORP's Second Quarter 2021 Earnings Conference Call. Today's call is being recorded, and our webcast is 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, Paul, and good afternoon, everybody. and release IDACORP's and issued quarter our we earnings XXXX Form morning, posted website to second This XX-Q. The are slides also call available on that our website. accompany today's number We'll the refer slides by to call those today. throughout

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

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

any per We IDACORP the history a were share full our quarter an second and Q&A utilize of diluted and need available settlement to share with the earnings diluted we XXXX Idaho $X.XX expectation earnings financial share are Power under and Earnings year-to-date Idaho earnings XXXX last in additional $X.XX, also earnings I diluted now IDACORP's assume will that of as X XXXX, guidance economic Lisa. over credits Both our range the last Today, $X.XX Slide estimates more to which the to months $X.XX a $X.XX its of to second and call per the first to the of year also above normal tax our of share, of XXXX the session they estimate available $X.XX, in year's over support regulatory year our period be that the of continued were not X over months results. conditions shows year. in the of the X same company. are will increased highest normal XXXX. per for of turn representatives weather are provide updates. Lisa second to Steve conditions were after the return from today, quarter other last increase These per over company have stipulation. quarter. quarterly assume balance the

Thank highlighting remarks service across experiencing and Idaho I'd robust everyone are my thanks you, we Justin, begin growth joining call. area. Power to the us by today's for to on continued like customer

remained and see X on second customers the The we Slide believe influx XXXX. increasing that since residential of growth You'll quarter, our benefit businesses company, Idaho. while to strong to new over X.X% the continues the several in the to reliable, for affordable, of provide It the drivers see remains clean attracting not one past trend sustain years. has only customers been this remarkable we energy but accelerate June

are impact service also of industrial COVID-XX for from return-to-normal the our our and seeing as customers the pandemic. many commercial area of We operations a rebounds

service our GDP area in X.X% XX unemployment with of over X% increased was end X.X% strong has area employment in in current As of past XXXX Total the X.X% Moody's compared service of growth for our XXXX in June the nationally. of months. in the June, economic XXXX. forecasted very X% and X.X% mark calls and

both our step at processing, Idaho facility projects. better [Gervan] the [pac-shelf] existing more the across Power jobs. our with thrilled forward experience and market week, than a significant XXX local Multiple Weston planned back return-to-workplace projects is happy And office we to to interest our capacity Fall expansion new Idaho of area, proceed million reflects that employers safely in our are from mid-XXXX. been the of of this is also our to with by to in in $XXX in for expected produce see midst and to process people our prospective place and Power Power employees. to -- french food in bringing pounds a and developers, national, is is forward offices Idaho. many sized line operations that announced Cobalt accommodate industrial commercial also As with will service fries of which other Lamb at early of the potato working million employees actively of of Mining, like final add commercial it speak, Idaho construction announced construction and I'm has a processing continues investment in annually french the its products Idaho new This normal significant speed to Central expected service facilities, taking area. July, area fries just moving distribution. manufacturing its construction more in XXX with American past frozen approximately many mine

the a forecasted overall chance outlook to quarter, and serving experienced continued than dry above-normal Idaho sales continues, and residential growth storage demand dry expect Power we than across XX of our time, exceeded like previous strong on employees high hit Slide of our more skill At XX% with to If precipitation and very a the National of same and on weather and the continue energy helping XXXX customers. reservoir peak weather I'd July. load the of for warm precipitation irrigation shows conditions recent Current different employees service once Power the the to of noted more and The we the third during XX% the to weather The peak recent again of the area. particularly below-normal for as have see levels us X. load projections it and X lower has dry current temperatures experiencing service Idaho hydro regions, days have in quarter when growing and weather wave the shows customer X,XXX area through reduce most XX service should very But our -- August company created and also appear, dry acknowledge system. to have June to addition In ran our for Slide response hours like peak high hot demonstrated them this who parts and during Oceanic of of are of late our programs to which combination employees to days has XX% also on. all-time ever, our for for help from demand through water our area throughout record continues of conditions later several demand. year, in and new get address irrigators to helping generation and megawatts XX% Steve meet the will in of I'd enough season. our summer. us remainder megawatts, for demand the lighten and June the evening thank on loads. this customers separate decreased temperature hours wonderful second to both usage Administration. X,XXX far we've Atmospheric during so hot XX, in the the heat October chance our resilience we customers afternoons late dedication

Idaho emphasizes The to planning scheduled to energy our the of power resource the to online our meet intends participate for in to years. Boardman the of during transmission and higher heat also recent will to and a meet or The able either which whole Idaho to project to XXXX. proposal to exits, early peak of its project the the the up sell request well note co-participants of Southern bring come in its construction line, or entered growing project by BPA's on Power interest an notable Hemingway which project, capacity in to next we peak months to Idaho XXXX is needs another acknowledge the we be XXX XX as in additional all BXH this import for agreement region. end of Separately, a recently to that company of in megawatts that, to And timing spike unit in online issued year. coal continues the share. will as for the and add use summer periods summer a these to Power of a BXH, believe but I demand. prices month, modeling EPA Record part the be into Bonneville Solar co-owner stay. we to a maintain acknowledge capacity of energy in or customers' and BXH Jackpot meet the the system regulatory conditions, updates don't plan soon Idaho extreme in customers Power third may preparation intend forever, Of as Idaho also options for to demand help suggests allow to our as the waves the by are increased reliable been and Power XXXX. XXX-megawatt to here reliability Administration we've couple have megawatts, in continued While regarding subject or not last demand importance interest. needed summer IRP party. also future need does evaluate

made a Idaho which Jim is the is filing at on recovery Slide accelerate coal-fired Power first depreciation Bridger X. to expenses recent noted the plant, The of

time would customers our savings all of rates at customer December the reflect potential Bridger study clean rate in to result the sooner analysis recovery filed, as units currently a the would million for indicate time with also increase $XX.X filing approved by current line plant our in XXXX, the long Idaho but the the If this year. plant increase potential XXXX. line. our early with a Commission term. provide rates energy Idaho through XXX% than Our near-term shows the for but aligns of preliminary exit in X Exiting our goal Jim This is

This request defer regulatory on X, wildfire recently proceeding. enhanced with future costs seen incremental to included as rate a our Commission Idaho will Idaho allow mitigation associated to be defer incremental us in plan. Power's Secondly, Slide outcome positive approved to associated costs the

I'll the last Steady our customers the economic stated at remains outcomes, need to Our true did general rate file not financial effective On Idaho our case hard work, during rate and energy our a area to grid we general plan case. service close future customer demand our XX to growth, over to increased the in also we by XX months during Power I together. look Idaho roles company call, grows, overview particularly regulatory With my and pandemic keep my I our reiterating significant plan the their -- constructive remarks performance. I management or working of months. hard to heatwave. will Steve reliable Oregon as safe as events. do a make them prepared challenges wildfire timing employees play call resilience commend for for in the next an the is strengthen for as not our today. their the conditions, of all for cost thanks over That that, the past of navigate turn meeting and earnings

you, Thank Lisa.

resulting and second than growth, income the the substantially these you'll revenues compared to customer as Let's experienced higher now solid last move quarter XXXX IDACORP's of much the quarter positive same we factors, with very of XXXX. affected Slide to wave second U.S. higher of Overall, a services results heat Western year, that impacts year. from where have see the XX, Because first transmission in financial half net strong our was period from

Also, and and $X.X of operating also FCA and Cooling was quarter XX% effect and and classes The the usage higher to could $XX.X quarter of PCA and these customer year's On Continuing the offset income. all customer customers were from conditions to lower quarter-over-quarter customer increase last in tempered if changes, partially usage the industrial respective usage million with customer million. customer across customer per in and more the usage higher the XX%, a third continuing the residential growth added service degree see million economic -- mechanism. dry weather to so Irrigation the drove small led classes. conditions residential usage usage respectively. higher drove combined for down higher or again $X.X by in has operating the double return nearly income XX% hot A general table mechanism usage increased classes. our and the for customer significantly by hot days increased do X% continues you'll second FCA revenues strong. the per commercial per the table, normal

higher quarter-to-quarter. this Power's of Recall costs to net and you'll deferred bear XX% operating cost driver cost heatwave income impacts decrease in also power per And supply impacted a prices power that fluctuations. heatwave adjustment $X.X time supply net cost a usage by of at Next, energy generally energy primary decrease those supply that customers. Idaho see The increased adjustment wholesale income across region power in quarter. that of operating million megawatt the expenses relates of high power as increased costs the relates our volumes million. affected change power work to Idaho The as not energy to were transmission which of hour wheeling-related our customers the the by mechanisms. revenues, utilities the Wheeling serve the moving of during amount demand by to throughout were increased system revenue, $X.X

for increased to customers Idaho rate last XX% higher costs. October paid transmission wheeling open that addition, more reflect In tariff Power's transmission access

last $X.X This temporary expenses at accruals as Power's Idaho increased maintenance of to Next was as of projects deferral on generation maintenance well certain the plant higher due and table, jointly-owned year's performance-based incentives. other by primarily operating million. thermal

to We and see while levels to above allowance bad training travel and taking costs to longer continue employee collect. decreases debt in historic COVID-XX, our it's for related remains

Our impact, recovery to net COVID-XX however, remain continue nominal. deferral

of led to earnings collectively fund liquidity the flows, of and working and on ratings strong dividends of per last and X timing capital were Power's changes operating credit the million was to maintain are included this in us XXXX Power's fluctuations $X.X million, The an our facilities not than expense any in Idaho end regulatory resulted a positions share we raising first mostly quarter. IDACORP from about sheets, capital pretax of Power income in year. to of flows continue higher shown enable credit Cash XXXX. net increase $X.XX liquidity is equity of capital June liabilities. under the liquidity, Slide Slide or including increase to XX. cash related The which expenditures Idaho as and with million balance months At IDACORP's time, increase collections IDACORP's of our operations investment-grade $X.X $XX distribute the tax available Idaho owners. to this income middle still share. along sound net net ongoing to of do on and The assets and XX. anticipate Finally, higher

operating to operating operating full IDACORP's share. year second and liquidity, $X.XX along expect the range pandemic to metrics combined from substantial economic year, to from adjustment XX expected key be capital with needs. will our XXXX now assumes our assumes impacts earnings the regulatory the in Slide current weather Our expected a half our guidance support estimates. shows guidance This backstop of to our annual mechanisms, for and We raised the and $X.XX normalize. and continue diluted of is financial normal conditions and per earnings

will use Our credits Idaho Power guidance still no assumes XXXX. tax additional in

jurisdictional customers the a receive that the that through equity this can final allocation return expect to Idaho Recall range customers above Idaho of and we with Idaho our XX% upper on of end of that on While approaches year-end. currently do excess not in revenues jurisdiction, year, earnings. would XX% record any level excess sharing the adjust

we full expense by in expected of are ninth the flat and range It's $XXX goal say challenged customer year to $XXX remains being of load keep growth to is O&M million Our the the million. to O&M this year straight fair for amount relatively guidance experiencing.

forecast of reaffirm We $XXX million in this million excuse our me. range $XXX also year CapEx $XXX for million, to -- the

will happy of Lisa range expected X in be to the and and is decreased on conditions given your million-megawatt answer X I now of hours. the With represented to be has questions. hydropower Our to others call that, the expectation least weather tightened somewhat generation and million

first comes Your from Ellinghaus Williams. Chris Siebert Instructions] with question [Operator

I a lot questions million stuff a where got there's exciting of here.

next First Nina is the developing year's that sort time to precipitation La the considering should about of levels it for of worried another outlook the get -- might there all, for be reservoir fall. at all and expectation

sort So you that where on levels reservoir and are just your us of thoughts can today? give

I Yes. Chris, start. is can Certainly, this Lisa.

actually amount I of that the any my things was early reservoir. is water career worry in the of no puts One very taught in

we it's So so much worst-case scenarios. about but worry for planned it, certainly that we the not

the for also come through. last that remind I'm good reminded how that really And some well. modification so Nina do as that does much And more -- snowpack would we actually Often, I I was us you water. have have using does we to it's we're would also a year doesn't, we than remind produce that are as a of being you, can that it we La careful La case the Nina. pull can out storm about as we weather utilize each but

So line great to know variable. just really on continues I trend that that don't there's it It's a that. be

mean -- we So are and we we Adam, during an we of how on market, certainly rely missing I'm when other it's is of the add energy access that that drought operate a more value And there -- you can It does operations in to perspective? those conditions. condition. know will portfolio from sources that diverse that from anything we the would

No.

I think in meetings it, to over It's you bit an sure we to the have make keep early covered focused we it. on but next we, too are it. some so and eye or month on tell, fact, little a

kind had been that It if few years. you hits sort that move right a bottom, bad in Lisa? And might condition. the is the Chris, even issues. while I that point. below we at several times we're go in drought-like years one good thing is had row level of bottom now, Reservoir doesn't the let me multiple go slightly. these a But Brownlee nearing add of think, we've had one we've talked a since back about years, a thing. It's we've But that

it what a it optimum things. because that's thing It's certain stops Now water, X -- and to in of fed least it seen. but spring at that much level other kind mean [ rather doesn't lot would in the an or go more doesn't ] we've have hasn't a at down

So...

commercial on talk what versus can look you you what Lisa, you saying you interpret And you from like like the and the compared this Okay. year quarter did normal? can are situation? were where about what to COVID do last recovery, industrial feel

of we then mentioned I the starting is as as normal levels. well. business a up really return the in remarks, some new are Well, to seeing to show And

So have out to the cycles different from little on do year last a cycle a have have slightly that happened timing, than that in world advantage the been normal. normal maintenance they in there I taking felt that their during was might been some time maintenance going of what bit some of think but was

would I So to lots of close getting increases normal mentioned, And say, levels. as we really as planned it's well.

to So excited people very that also, and very work, return we're back are because we're that about getting optimistic. means

just want on I Okay. make this. I'm clear to sure

normal year. times couple second guidance You said revised half the a the of of that is the for assuming

included and appears far? what you for be July dry haven't pretty so any to a consideration So hot

don't talk I a that we way midpoint, those higher, what don't massive it the that. heard in itself put say in is looking looks July always we're really as But year. good, quarter we would the and me part that get do for of in where whole put about we Chris, those quarter What the or third we but you is, factor is tell have range. our our our you baseline is we really in would

comment start in in also approach do that towards you not don't end, and there We you a -- it down. we're a it's It's bit. the starting at say, that little slow the sharing So stop necessarily sharing there. thought I'd range the we -- where put to just is

it's We this so and And a hot, come the and up out. as range. midway think point been it's It's it's with script. out, I getting through But continued of pretty charted July reasonable on. is most you

of for hit the season end of unofficial When irrigation really Okay. the the you? sort does

that It generally planted. are the crops September, depending is late on August,

So say into September. I September, would generally early it's

we if an it absolute where or is Yes. one don't going got That's sometimes be much of think we irrigation area, to up. know just earlier Chris, I how

So you up you get what know kind that that is you really what until of was all to marks question one August you just and how and kind -- of that was of much sooner. the end much of happened, how wait of

you Right. does look us load give Lisa, kind cobalt of some what you mentioned on details like? this mine. that Can

I'm one? going more He's answer been Adam, want have that. to with Adam that. directly you do that Richins involved take to

bet. be You talking with noticed I things, little tend think, the gets in that a the bit of about a confidential load, touchy our them. bit Chris, for to customers you one

can't tell terms So I've and on into I of And that. up there. you, get in-service it's date. at focused moving now, just the been I'll mid-XXXX Right they're I've in construction. a looked mine,

you in our So bring that's of to get we're into load, service said what terms what excited that, they've will but about publicly. And the pretty can't it territory.

Will you the be able about is? maybe load to what mine later of scale the or talk

these on publicly. are all types at it depends some lot Yes, others A things. competitive they consider of folks determine what that buying they're to they're with can and is, their what load how of of looking those if out much then whether -- information willing go it information

have when to love the to let share do kind of more, but us I So it customer. it's on they so. really would for know us to depends okay

new you on your talking IRP in sort resources? fluid, about peak participating about material lows And some your is? would and any of imagine can give obviously, of what somewhat Can new were and the Obviously, general whatnot. talk coal Okay. sort thoughts had retirements kind vision details Lisa, on you are resources? us you new And depending but you of

great a It's question.

megawatts could go the process analysis need for the street we going the take we on that something It And refreshed not the really sooner. we XX RFP the to variables, there in that from you previously looking out our Valmy do IRP identify it have through as future when out up we the But all really demonstrated an So earlier. or second were have didn't resources. of to plan. came did we mentioned, we we is on whether unit the on

that just something a energy. was And capacity resource, not

getting the really that into back critical. looking again, RFP me, goes or we're the the so there. results And are looking forward at all kinds of that excuse then -- And is analysis, And we resources. IRP to

test we the technologies of where one that's and So on sort against another costs. performance can their

So I am optimistic. very

I the think there's a there. course, we'll at I'll lot its of have And should let by out the information exciting run be That that IRP opportunities point. out more year. and available end of this

question is Ryan Greenwald Bank with next Your from America. of

Maybe conversations guys comes bit Bridger? about terms talk it any a first, latest the planned scarcity any mindset change stakeholders shift when of early amid So the in of any there? in can just you initial concerns and dynamics in with acceleration to Jim

operator Yes, been what again, that PacifiCorp. owner, of And the over the and certainly, talking might with we I'm we've I stakeholders IRP at majority that about certainly, they're plant. mean with look not like. Recall our sure. other talk partner

of we've there's that change think don't I how the I So anything is past. thinking about been in been say could a it

So maybe not the asking. you're fully question understanding I'm

you look the those out think costs and plan things through plants set some already far, fact of Ryan, -- there the and have so that process, we the of start you that if just you X that's -- kind the end-of-life kind Yes, have about that you it. don't the of think from moved just at

of plants. to whole final the encompassing have you the any start get for -- in you these there, answer As

there's them last of piece, mentioned, that getting the time, they're in always of Bridger over best information timing, use So the in the the But collecting on higher Lisa spreading those of plant. from as costs customers we've hard pieces one. terms of enjoyment working the next decision, that are that order the of periods of got

none is All behind really filing. the things, or lot of of impetus those and a the of changed that that has moved,

it. Got

sounds earlier this trying acceleration, a at you too guys point, with to not it So slowdown? the like concerned about proceed

were much. both Boardman, the I decisions flexibility. allowed guess both way that is too the Valmy this, beauty that to, I and of put out of Not they pointed

So kind them plan are once of put they you a living out.

plan. a then depth. You There's start with and adjusts the it in A, plan

a to the if all If -- continue the allows and oversight it's you updates. continual report the got -- through process that process

So for starting process are think never really a when know you and the the is thing, -- point I the to future. still good you going answer hit perfectly with a the

mechanism we could types things. that of live So those through that's a -- on focus more

noting, Valmy worth too, agreement it's date the in would of the final you cease the there. to depreciation past actually on when remind or think I operations we fascinating that was the date finish

So the change it operation if have we did the schedule. change doesn't depreciation to date,

capability do we -- there. it's have So some movement

out maybe Understood. to you the lastly, line And your provide how play then to time can there months color with in stake, this any guys could respect more BPA intention sell in and coming their around of terms ownership? potential

on partners Well, that. working our with we're still

active work are more we So we to conversations, through it. and say, can they continue there isn't that a but lot

Russo is Sidoti. with Your from question next Brian

capacity but buy high-priced go sound demand is and led too margin and dry, on there So is just which hydro exceeding conditions, might this it a PCA? the curious, what need -- can where the be the hot out and is silly, too you margin generation where to low to variance scenario power, with negative your

when not opportunity don't and best buy market it keep year, the an you're better day sort giving we [indiscernible] we've our operators the is what high water a high-power later. can price, you I had one resources years That's it think you do really so waiting There certainly and when is was back, we've drive over much your but we cost. the some a constantly had And refer us remember you that to if cover to gets balancing, as balancing out. can try But past, now, and -- too does were the do costs. up. for in they the I But at -- in we later spread a when and until going collecting our year. power, a save them drive it of might be really up so mean the high X years, offered it single to I in process. costs to terminology, certainly, of typically year high, it it's couple they ahead ended you and [indiscernible]

somewhat parts that. And to the for of we best subject we to we it. are and market You can try do there, the manage

choice the nice little at that I think really it and a times others. with is more we than have hydro

hit more year the but normal used below close. to like spring, But it. some slightly -- pretty carryover, in summer it we'd this we we So a amount probably as in of started have normal we've far the when as we just with were was because

can go so a even could days it good to hit And year, there you have you market. if you that be pretty

Adam, any in group operations, you some and adapt. relatively to of new looking coming to out have do a color? were this moving Because creative and and And seeing leaders really want quickly they we add of

And of it. decent, driest as memory. the a in Steve mentioned, XX-year Yes. X,XXX-year Thanks system held were good one through had We springs well. in It's absolutely one. a event was Northwest, for just it one able carryover territory, our in in to The were the one we we of question. the a service And and experienced although it's conditions work June in event. up

on of we what what those proactive, is have energy is make as processes they're -- sure This We but purchases times some We more we're these in sometimes well. have operational hedge for. This they before have folks. market, being also buy did to to for. that come, ready train the we

bought the We maybe we that market also done transmission past. had the actively in on some

But ways, it's it we've really pleased and been kind our been just in a Absolutely. make it our the with -- far, system of on So just do. performing results. lot well, what we it's more so Does tight of has system?

Right. it. Got

million implies you're driver to correct? of power supply So negative in related That XX%-X% the of net sharing, costs. $X.X income already the

The is power costs. XX%-X% supply all on

So everything, a good or bad.

we other keep The normal that if So primarily customers, are costs is is higher, costs, customer, get to bears about. experiencing they the savings lower are back goes XX% cost we and of X% -- the take this the and I'm X%. then XX% goes when we Idaho than the and the to to talking

the XX%-XX% and all pen was on And at rate a in whatever split, then that was adjusted, it -- If based we're be you XX%-X% that's last case. used now. to

off case that rate number. factors that then the -- off either your XX%-X% with it you whatever So is last general rate direction start last really your and of of within works

I And pushed month the Okay. the to Or filing, of December, towards the I goal? you the think to Is target be end but of IRP then year? got extension think, still the back, going it September do think that an Got you in to file. it. is XXXX was

that. we're Our November. around goal right meet to been track has And now, on

e-megawatt the power a self also is consider that something that then Or is And you scenario? building? purchase RFP, agreement-type Okay. would

we're looking we're Well, wanting of people sure RFP. would I we obviously, make to build little both. to do to the but a and also own, to love mean, respond that

possibilities. open we're at So a we're looking number to -- of

Okay. us And then lastly, can what stake remind BPA's BXH? in percentage you is the

believe was XX%. it I

Okay.

guess, $X.X cost I kind disclosed? you billion of, XX% of So that guys

Yes.

Your next question Khan Verition. is Ashar from

what for if that happening, are couple the there fair positive just I earnings. to of to a I weather assume? generally higher and load But things warm people wanted talking Is to, I are about. higher So the mention, is may right, guess,

I'd say that, yes.

Generally.

Okay. July. Because good had we've a

mention of sharing I the would guess, I forecast. heard mentioning, guess, you that So but did are range your a wait end for over, included is you But if top be month, in not go that September as is if you August it you yet right? somewhat, and in right, the if have I'm I mechanism, So -- right, key and, August that XXXs, we to still your correct.

saying Yes. down a today. know allocator doesn't sits the that move currently. long the actually people where way shift it not the it's it's It's can we're up so We're itself. is around, that not past just letting upper It and pennies a XXX number. the that range -- -- beyond not But few

beyond So it's -- okay.

the not XXX. that, it's that sharing is at is will It above something happen. So when

sharing. the people It's down. is We just -- you Correct. And can wanted accumulate... stop just that place earnings to there at a remember don't it where slows necessarily do

back-ended earnings to yes. go do what that earnings a right? to number reach And have at was reach were over level. Yes, math $X just is coming when wanted yes, calculation That's level that sharing my to -- I doing just rough that you XX%, No, I start, right?

bit So a confused. when you XXX, little I got said

check I to wanted you, whether my I something. So math with was missing

happened get yet. a Well, that hasn't number trying Ashar, you're to

tough the sales depend in to going today. It's a number it's so is where air many equity. a Oregon, a going from be, think in is most in time, going it of how It's year-end It's kind we to happened is hit. -- affected Idaho, to to some in that allocator -- which place it's it how be to but have So likely calculation. move we it's happened ideas very it's on sales many class going -- this complex year-end by a what which point at happens,

it, but to now. I not Understood. at right it's I Understood. XXX understood clarify guess right? just That's main totally point. my wanted I that,

above that. correct. You're It's

that. above It's

a Okay. wanted on. That's what just I clarification

Okay.

just in any -- Okay. and eyes? then on And your I still relicensing issue event the update a if XXXX

an is there's but believe things of our that get the today. guess that's to process. best we've but through ongoing it's got we Well, At goblet still that, there, this to point, possible, go

Okay.

And -- trying for Okay. just then to I'm reference just purposes.

whole you -- in a our and annual the based look which down, little I service X.X%, annual has the of book on year, at I growth Sometimes do on stock guess, that as earn all seeing bit based that, report the value thing territory. ROEs right? this you if X.X%. you we are gone report have one your the that, higher happened, As the your company. guess and And last is total

low is at end. mixture, So was the X.X% it's a

ideal for terms is like X.X%, get X.X%? perspective, in horizon kind with Where it rate? wanted growth? planning one's it. this on I of one of And to So just X.X%, from your future the higher what Is set should thoughts the your

it you'd better say, that I our So, we out do move. There's ideal, have of years say support, subsidiaries. they mean,

way mechanism Oregon the around Our has no property Idaho it, does.

variability. it So has

high is don't so goal others. the get the as we as years there reality But are some And is to [indiscernible]

To maximize, yes.

Yes.

to I did -- growth COVID throw about filing, And maximize. we're much into you're question marks to you're So whether weighing talked many some this think filing, bring. And we've continues the not how times aiming that. whether

sure today and up that the with and now, it sitting just I to well, hanging making and we're weren't of alive kind appears just think where keeping to year still that's everything we and come. growth serve we're on happening is sure we

we've impacted saw have in [indiscernible] the of still coming, move to So does about looking I the some us know say at back just certainly were story in track. -- mind window of X-year we're that's don't pandemic sitting that, on I think I about didn't and in years So any what by, a think -- Ashar. there the it It had don't is around place, think I I but you're good

think the and as our kind interim be needs, reports of -- of growth answer. different some our on There's continues our I growing growth. updates CapEx talked And building shareholder to future. in we've put that's a Lisa our about, story that's out

So that's still we're on -- it's track. that --

I if And can Okay. ask last question, right. a

right, by that. annually, least -- $XX $X.XX like we divide but is X, a somewhere you if you at to right? that on million. you in kind consolidated don't you gives should apply, on that The of that, look to value ROE book by increasing at range, you like want go million basis, $X. end you And shares, if XX about if gives And lower roughly, the the So I it say, it by grow achieve

what at So look IDACORP a right? book the book I'm in because It's consolidated value right is. the understand the to trying to where is increase mechanism is not value, that's the just -- way the

Is right to number IDACORP's book to in about? Or good increase a it think is want what $X.XX? is what So value? for the number

of the Idaho Idaho So for equity the mechanism is an Idaho Power. mechanism the allocation that looks at

in isn't the -- IDACORP. it's So sitting mechanism

why is look perspective equity in to That's a every an at was asking, what I increase from good year? IDACORP's number Understood. for

support we the Yes, put we've with kind number calculations mechanisms, put of a that's that, out kind then people we've we Ashar. on those might be and their that why mean your of where to gives of chart use haven't bottom, be, that ban that, and you of where give that see the And you sharing and could years year-over-year of through might I that's can sharing estimates. a own you above that. which we like, you a sharing years kind And changes. figure -- and the been chart look out, for that of limiter put do the hit quite you

Okay.

Okay.

fall? some to can policy still used Is more but Previously my I didn't results. it. lost once with And I it Great come have in case? Or it's if now the your to when -- out August. more try appreciate would reminder, a track. dividend see I thought model the -- make been delayed accurate, just is into I Okay. that your

until sort what announce in some the expect in to For the we we the do made announced might didn't come year, we dividend given our were we've was but September, it go and then we've of changes to I kind indication last it few think, Normally, -- years, of that it with. going next when done actually we that, are an through September. plan

Okay.

till wait September. should we So

with actually our it's release. Yes,

quarter. for third that we our think I the made it

Your Murti with next question Vedula from Capital. is Hudson Bay

CapEx of much plan how existing you you the the your probably have if X-year in -- reflected line, support? XX% [indiscernible] [indiscernible] already that

it's construction. in licensing is I As the the and some can't -- actually preconstruction in, it piece. it of lot much A the gets of of just in how planning remember is there, terms and

So...

question. sure I I'm not Adam? heard the

The and the of be Yes. bulk is expended. construction XXXX, the that's funds XXXX, will period where

XX to XX, yes.

was... it So

a XX So [indiscernible]. XX,

Yes.

from would the that standpoint. our And be earliest

environmental, to And will actual if terms other [indiscernible] probability it just any Or some whether there that you other are things? can in that will go? approvals, of think not of pass? some in And terms I is add still the this looking just

Lisa, I'm happy to answer that.

Yes. Adam. Go ahead,

the process. Yes. EPA The those and an federal received permits, permitting, that's we've

The those lease permitting at completed, be on litigation BXH continues federal as And half we actual of in the are state permits. believe, XXXX. We lease the but we've cost, should look our permits, risk through be XXXX IRP. we to resource received second

we're ahead And is project. moving ahead. progress. think making our the in also so yes, And we're good and about PAC excited We moving partners

good a think moving we yes, pace. forward at it's So

looking a you this and we're be do you'd this and when [indiscernible] is and be line are point, to that what project doing? is think real costs this -- we system able at guess -- just and I [indiscernible] So is to you're time this

our We I obviously, schedule of earliest occur. shows, it a that. would, need before mentioned, XXXX XXXX. now, would get to kind our as window That's right permits the to Well, construction

depends it, with on that of and our now, the right in moving again, Some federal we But feel the what good are with forward occurs partners progress. about permitting. litigation

anything formalized And terms pay the Or if share? would you anything BPA is And to of you've will it of ever which negotiation? share? you under it, always about the anything process acquire there were -- that might flat-out in you was this -- known there formula is there a their there EPA is just [indiscernible], [indiscernible] for

parties. to in But of the are back and different these now, Adam, And the that of Idaho have we in service in day, BPA. in nature. in exploring provide would the end Power again, then discussions is ownership transmission frankly, for XX% maximize confidential value share, and We're interest would though ownership increase of BPA acquiring this -- have, include on all would with we At again. our It's BPA's the arrangements, the One is the preliminary XX%. ownership intent asset it negotiations. It's of and service them. would long-term to up instead of middle scenario, lieu for the we the scenario project end,

and so advise in those middle can. the discussions, we're And of we'll when we

To The extent they [indiscernible] forward you depreciation a commission with the Different spend. not topic. and work Okay. different if number, Jim go not that number simply achieve Bridger that to [indiscernible] chose increasing the the it. to

choose end different. you -- be you'll wouldn't you but different. able So it's do due they choose to if something that if up commission a the to agreeing of request matter will simply That's gave whatever the something they upon, see something

we're now and pieces lot file. of I'm if -- or move parts what before like could knowing the best is that got was change. commission, we've saying following going the that right Vedula, of a it's the Well, that our in put with That's what's information case

move And those so adjust. dynamics and it's to allow going for to

it perfect that's think this anticipated very to it's all I to -- difficult updates isn't that. It of that that be at there would be point. set

sort is dynamic that that of mechanism the in encompassed to works. a rate the element response way So

What's that's for anticipated line [indiscernible] time and decide processes [indiscernible] the to

December.

Yes.

at -- looking yes. So

yes. request, a was That

was Certainly, normal take request, course. yes. be actions, commission under could the other but what a that's would a it That

RFP be And even should would see a we [indiscernible] I because given up et mineral for program or When thing we for obviously, territories. Apple mentioned I and other you maintenance strong the just guess the base have be service also going [indiscernible] an on the highlighting curious, expecting -- megawatts the in [indiscernible] the very to update customers, to very cetera. just payments growth CapEx to a new

So a when should capital we be expecting revision on program?

I the... think some updates with frequent we of give

right, to last a little in year. numbers. where expecting, years. a you're But the you following process have But next up were to you we money year. of of update you're maybe to spend don't that's for usually Yes. I means us more going And outputs growth each a year-end those going give for the been have often what It's as number couple it

at us year-end updated would times. update release. we've from next be take -- on it just all share see, out basis -- we'll to owners put -- occasionally annual our booklets do And your an out with so would a you'll earnings we But our through

on eye And so you might that. keep an

last -- CapEx what changed. the a while, our If shows up you bit. that CapEx currently when forecast have But out is, there's don't growth expectations forecast a for you that it surprise we gone quite know, haven't you have there. of the if out may looked have time the I some

your are your shown those that plan No. are that are official wasn't that I'm And and occur things impossible I whether the clear book, you've at taking I things are a investor that possible. are [indiscernible] versus formally think look in prospective things to

change. and at or are off shift that parts do could go they timing been. Yes. program change year-to-year normal mix a pieces It's building And of has are that amounts CapEx of hopeful or times. it they there's because other then our But what probably up maybe planned

blend. a it's So

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

And all I your of continued continue with a year, good have you person you to evening. very again to the health, you look meeting later you certainly of great in interest possibility you we to much. Thank wish in and IDACORP. for all and this forward Thank

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