Thanks, I’ll for Slide Lisa. Good financial afternoon, start a where see you’ll on us. our summary Thanks everyone. joining results. X, of
of highest As had first weather-related customer the X growth continued we’ve year, we earnings in had our has for and earlier, any higher Justin seen XXXX This in months history. usage. QX the noted strong year
change conditions third that the resulted Jim the the in had market Bridger summer West. from Idaho also from rate wheeling We transmission in the revenues sustained Commission quarter. higher for the results the impacted in this Also, part order energy
well other were under offsetting higher that operating cost as adjustment expenses a supply mechanism. power hand, as On deferred and for were basis maintenance net power future on the recovery expenses comparative our not those benefits
area. decreasing before time the of table service had little service to usage. you’ll this but Lisa on we optimism a people expand housing prices outlook added as of changes, noted, interest and fixed market businesses probably rates positive Idaho our rising in and recession-like signs we for customer footprint by a like and to operating their some decoupling current adjustment conditions, the in In and operations businesses the as impact GDP growth expect mortgage cost that as resulted area. $X.X growth also selling, income share property comparative surprise million no negative results existing to and It’s affected have our a relocate quarter-over-quarter see that mechanism weather-related continue more on Moody’s spending The
which will earnings reset affordability help service promote price in high helps migration. housing a and continue area, in turn to with our in Frankly, with
mentioned, define remained IRP XXXX helpful our ahead, customer Power I remember includes downturn look to Idaho XXXX in quarter aftermath financial Lisa the during it’s last mentioned crisis. Having I growth. strong said, quarter. commercial third forecast our significant customer throughout And industrial for load the we as growth as the updated and nationwide our of that positive However, think as the service saw even area you recession, growth
XX% in dry. a last peak weather the increases year’s customer, We was These annual projecting per increasing temperatures are previous little from the for to customer, all X.X% increase third also a and for so a quarter, third the IRP increase. to a results, comparison residential was X% usage in a in are for in increase X.X% usage higher X-year X% which of way and in IRP, forecasted relatively drier in growth demand quarter’s also Back commercial drove just to per notable quarter quarter. usage usage increase a XXXX cotton third the customer rate customer irrigation higher the by Industrial compared
previous of about XXXX, all beat previous out our and record mark XXXX this year. of June the summer, record $XX.X in customer June set X peak million conditions combined was turns we X% days peaks high didn’t XX net And August set And all-time by times we per those the in peaks the August. number exceed we temperature hit this cause peak while X% of And XXX usage our over between these much Boise, income. September of and actually to months. in surpassed previous and those increased We operating days. year surpassing X It weather the load well
table second $X.X quarter the decrease usage. in impacted the which the on cool year, of The in saw in in offset fixed wet that an decreases partially this volumes and other see the adjustment was cost increase months low mechanism class residential Idaho year. customer and irrigation, X volumes sales commercial million by revenues all a first the customer across Power’s small you classes we than For next
hour down, revenue, increase million increase. in in retail regulatory the order Bridger operating megawatt led Plant, June net of from income Further which rates see you’ll Idaho $XX.X increased on the Jim to per a change much the X that for
with mix customer same customer the classes sales the in and compared Another change piece to relates higher-margin period to last year.
Idaho led wheeling this further slight higher customers the costs. October the this by table, tariff million. between increased X% effective spreads energy wheeling of market continued with $X.X during tariff transmission of income for transmission weather West reflect wheeling transmission warmer of operating a on X revenues transmission system. sustained increase more to system. XXXX the paid reflecting Wheeling Next higher transmission in was QX year, up, cost increasing Power’s which activity on throughout transmission the October And idle year, rate Power’s across price operating to increased of transmission in Also
a next other QX. compared income higher $XX.X shown on to The million decrease operating O&M year’s this table in expenses quarter with the led last
to higher that of to it’s and relates vehicle last maintenance see professional scheduled supplies a cycles recur period we Recall costs XXXX years. but over that and for sizable quarter, our live in those portion annually, mentioned pressures doesn’t services I plant continue fuel. As costs, inflationary labor-related O&M to of on a instead,
a the plant Also as further down of the reflects as began recorded on in timing performance-based on depreciation at same The year depreciation accruals QX about accelerated of we year. the Jim expected year $X which in expense in payout. from service X perspective, $X.X June and million of higher coal-related table with comparative period compared in based increase higher the plant, well Bridger compensation full during million the this XXXX assets this
period, the is order now the the collection Bridger through collection over depreciation an of the end of period component that accelerated along which Jim XXXX. with approved the Recall return of
ahead, we ends. benefit approximately period the million, estimate income full collection Looking year after net for XXXX each year benefit the $XX the that will until order tax the by still with declining thereafter
power the both to cost wholesale higher usage quarter lower The Western generation in in increase were A power U.S., to table. Three conditions. items increase Power’s allowance Power’s in from the future non-operating Idaho were power $X.X of operating expenses led mechanism hydroelectric by $X in rates expenses that a below market to the recovery supply and for third other not third net in million less the Oregon that in in quarter revenues Idaho changes adjustment construction water and net earnings. supply CapEx deferred our customers in volatile expenses on the next in average due million in expense, higher low was to decrease from more prices energy higher during and and Idaho the energy funds which increase for used from cost facilities our pre-tax higher higher led
the income or IDACORP due Finally, for which of in subsidiary Financial basis increased our these of year’s net at the increase share was in a periods the quarter. changes in in primarily All an IDACORP, comparative IDACORP resulted quarter. per between negative $X.X an $X.X million to in last at third net aggregate tax income was million changes Services, adjustments $X.XX
XX% good a plant year, prices during our and impact so obtain to from bulk as board CapEx over own services the our parties. see has our first in was relative costs our last material certainly and not We that historic and but You inflation increased by labor months projects battery lithium carbonate raw from the units. goods just far that, the some project example a are output levels CapEx efficiency last so an impacted year as upgrades operations gas on might for in prices. both and third we has a and had and large have Inflation across pass-through to additional The natural expectation. of what that of additional basis noted X that of year that cash and spending our spending this storage relative on to spent
our we’re on areas our and so our finding thoughtful negotiation in efforts And disciplined and as our selection being continuing in spending for as and vendor efficiency. well
provide time to quarter’s updated with along normal plan our forecast fourth We X-year our CapEx line the release.
capital assumptions project and our to capacity resource projects our for energy updated expect forecast We will other cost major the Boardman include like and that additions. Hemingway
XXXX outcome resource then. to have XXXX for more additions by and hope on also We in RFPs of visibility the our
noted project. or estimated we our XX-Q end have our Boardman more range cost for our upper might in were of Hemingway toward the looking today You that to
being filling the and when and compared also year, only our next design is not base, sorry, further and think all the design customer next – impacts, this finalized years the we more what say will and year looking us. At incremental deficits which CapEx this beginning year. XX-K forecasted That’s are later likely sometime inflationary year. still have for insight engineering to will potential next included a is for we the this it’s So of this cost be but few from some fair we I will along that increase at projected growing in to later of our serving at capacity projects point,
all point I’ll and you’ll to and IDACORP strong see XX, mind, Idaho sheets in continue that With liquidity. maintain of that anticipated balance Slide you where Power spending to
tax the year remain of ratings capital to operating Cash but accruals payments Slide on operations period lower rating was financing investment in and that from and than we’ve informed Adept’s position most September mostly in kept flows and and deferrals decrease the $XX.X plans. X XXXX, and in cash grade, the were months the million solidly flows liquidity as same also about changes of capital first receipts. fluctuations of in related credit working agencies income Our XX. end the are of recent our
is balanced regulatory ratio recent a discussed from until execution upcoming perspective. calls, projects we least the to closer more to those with is our work debt, as we’ve to our primarily capital position goal of finance fund And at the earnings a plans, as on
unlikely. mix the infer fairly this issuance as XX next and equity can So months, over you
given our financing to to was rising continue the interest manage search rate resourceable environment. for debt We
and so pressures. on relatively And delayed spring ultimately proven as our have need kept costs expense so to our to inevitably higher finance thoughtful as little we year has interest to managing issue financing plan plan expense statement well we on other the income into borrowing that we entered those interest ways do The beneficial is spending as far medium-term to to to far, move to notes impact last continue incremental it seen the to move a capital facility note been. have low for related spread will be than what this could can, look recover cost as our we and lower be We forward.
Slide and XX full operating our XXXX increased guidance shows earnings year key metrics. to updates our
With of the per us, share. diluted the now range of bulk to of the we behind the This assumes normal IDACORP’s year. be $X.XX $X.XX XXXX guidance expect balance for to weather earnings in
a assumes Idaho use XXXX stipulation, credits no jurisdiction the also in in at equity. still return the a under support regulatory which, on Idaho guidance Our as provides tax X.X% Power additional earnings year-end reminder, Idaho will
And excess to at ROE don’t the with any earnings this Idaho share time, expect customers. XX% Idaho we above jurisdictional
in So range. that long is earnings updated as call
expectations to of tend full our in to million, spending commitment O&M to have million quickly like fall going occur, ours our now while businesses watch we’re macro range in year confident $XXX $XXX forward. Our as inflationary trends to the react to they team’s
look expect as year. rate to budgeting don’t currently XXXX, stages currently O&M work our our we saw plans cycle at and based of this on We’re see plant increase in the a at schedule, for we XXXX maintenance in it, we end of like and
efficiency, culture be of disciplined in spending environment. our continued of inflationary the will part we against our As
update statements that lower $XXX the year’s range but that to note be timing year of million. expectation costs, progress next based that’s is expect $XXX to of capital large slip I’ll driven lower could some is by year. a One that we this of which end this in on part instead on million on we the of overall spending expectation still could the range early not projects, for spending Our capital CapEx year-end closer into
resources have hydropower year most the we’re generation operating further for hydro lucky we of we’ve portfolio a conditions, diverse power by refined the our year, forecast out, of can but drop on to reduced our updated given expectations on. with this Finally, hydropower
shows from into weather high at our Slide year’s and some we suggest the see elevation continued January with as recent for regions help the through we hydro outlook our Current the temperature. head will in XX precipitation next water winter precipitation season. projections November to area conditions we for hope
Fortunately, week dam and and we’ve week but seen for signal [indiscernible] not hydroelectric out, amount it’s anyone last and both snow good to this news owners.
on others to With the happy questions. answer that, Lisa and I are your and call
