IDACORP (IDA) 2 Nov 232023 Q3 Earnings call transcript

Welcome to IDACORP's Third Quarter 2023 Earnings Conference Call. Today's call is being recorded and our webcast is live. A 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 Amy Shaw, Director of Investor Relations, Compliance and Risk.

Thank you. everyone. afternoon, Good joining you We our appreciate call. we website, IDACORP morning, XX-Q. posted the at third quarter and our XXXX Form This associated issued earnings and release slides available are The today's website. IDACORP's also accompany that on call those to throughout by We'll refer slides the number call.

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

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

Lisa addition other management our of prepared a we following available Brian, for In members team Q&A remarks. have session and to our

compared our year's diluted diluted regulatory under in Idaho results IDACORP's of earnings total results. recorded $X.X of quarterly share $X.XX shows half compared year. the additional during were which amount a credit The include first the X third share the $X.XX of third amortization XXXX year-to-date first XXXX. quarters were for million of is the tax we stipulation, quarter the X Slide quarter. financial Year-to-date, per $X.XX with last per earnings $X.XX with

which Power earnings is Idaho X.X% at XXXX which quarter. range to stipulation, at to a down per equity million end of anticipated second Idaho by current Idaho our previously will the $XX million share credits our Today, of under current we raised $X.XX use earnings bottom up the additional $XX issued guidance support the to our to regulatory that diluted return we full $X.XX expectation jurisdiction tax the on $X.XX the available year the includes of IDACORP settlement in level of from end

turn to over call I'll Lisa. Now the

Thanks, Amy, infrastructure begin by that afternoon: want region. and address start and continues that I addressing growth us to this by joining areas rate everyone customer cases. today. our X main strong to to highlighting thanks for growth, across growth the I'll

be third for and As you on can X, the readily area. -- quarter. growth is growth now our we've see in with with tower Valley is several X.X% year's continues years apparent visible since seen had Boise, exact, we've be booming. trends service Slide customer There our and our construction line is last This the to Treasure to throughout XX downtown in throughout cranes a near area number headquarters of

growth Moody's You reliable, on to we their on can our GDP safe, what the clean depend continue a see forecast working hard that every growth is -- growing ensure slide base is. they day. with customer energy affordable, supplying We're

and October the in load the Nampa several ramp operations next large will months. [ Stone facility Company's went front, in the ] On up live over

processing, data dairy suppliers several facilities with to their its of Valley work Meta started Magic expansion, official earlier first locate Kuna ] [ in to recruit making creating remains We're customers across load. from the its push a and for is Interest month. continuing Micron on which projects potential the biogas its near strong to had concrete center expansion, Micron addition, In including in a operations in for completed this also additional QX. construction industries, and steady food on centers. and innovative the range data manufacturing

the of million of January average the case all customers to addition will on recovery we mechanisms annual included X, issues in X.XX% X. revenues the a a settlement provide Slide filed XXXX. provide And case Idaho week Commission That's the last $XX.X approved, rates. an for case. the details details Parties agreed on update on of with of costs Idaho for from and retail rate or June moving some increase on stipulation the general in settlement base in that in If into Idaho happy certain the touch an in are We other in to filed moment. I'm to regulatory the stipulation the on effective would have Brian X. of

the our believe settlement regulatory demonstrates constructive We Idaho. continued in environment

XX first in years. general we rate As case the a this filed reminder, is

case customer primarily grown by last serve we've rate XX% our since has infrastructure the filing. investments Our made our to on focus base, which case

look the anticipate over we capital we general forward several more investment rate plans next case years, to As filings. frequent our

expect rate Oregon also a case to We month. next file in general

which also this Meta seen goal achieve a and from construction participate XXX% In with clean providing We've of offering will partner to complementing program. place another [indiscernible] to that program develop agreements by customers in our long-term options arrangement. Energy interest positive industrial their energy Idaho new recently through Idaho XXXX. Commission a This including Micron clean energy allows them regulatory Idaho available customers, program renewable clean help as to also have outcome, approved others in Clean Power's to goals our well. while the resources Power expands energy

we other IRP meet in Plan. help to increasingly demand remain reliable our an impacts to we XX-year energy and portfolio up developing Oregon a the in minimizing for customer Filed process, forecast demand. preferred complex filed recently long-term of of a keeps plan Integrated a keep meet As Creating that growth, is customers. committed resources a while system to with efforts and XXXX that our to us price offers every our our and Idaho plan resource part year, Resource demand

notable IRP. changes XXXX our from Slide X summarizes to of XXXX some the our

and expect capacity focused West in with for coming transmission IRP line. review I of think be the particular, particular, the infrastructure development energy IRP addition the want out what I been process. and, years. and that highlight to infrastructure we worth preferred the is We've Gateway the on came in portfolio One a is in illustrates that busy to

be energy transmission the of and have IRP, the as that In is lines in action to land construction working This the believe preconstruction move X now into we're least to our the transmission the both line XXXX. clean toward particularly segment of with and reliability first Pacificor activities we where we across line begin future. happening moved and Hemingway our will acquisition partner, system, maintaining our planning a half expected key ] We move in addition need at to window is X-year forward. to XXXX [ for Boardman to

we're energy and capacity summarize other our transmission, our progress resource to Slide making on X Beyond procurement, and we've included status.

megawatts to met of XXX XXX For of to megawatts resources. resulted the peak company-owned we meet megawatts XXXX could from we've megawatts which by capacity variable installed we XXXX, for RFPs up and storage of the RFPs RFP. to Evaluations those X,XXX needs XXXX, approximately the the in that issued XXX of continue be XXXX on estimated

self-build We over that of own are [ expect BXH XXX develop received working may to list. Idaho some energy ]. a Power's short be including and by proposals, projects transmitted We

year. next to expect quarter make awards of the We first the in

I'll Hells statement environmental relicensing note for issuing the that impact revised required schedule supplemental the Complex. quickly its FERC Canyon for recently

later. to but Hells long-term relicensing back or pushes continue this a Canyon development we've new until likely positive We feel towards XXXX about license progress made the

least, And the days. for reflect reliable ] last like their for throughout on XXX but not thank great to [ maintaining as our our I'd I of customers summer, work teams service plenty

our of pursuing. our we've customers, results for Our the security to host and a employees workloads enhancements transmission typical been reliability objectives general It's company. our cases, year positive with drive been busy rate a continue development, and with our other increasing owners projects, very

financial powered details they With it, our case pending results to hand an and inspire overview continue Brian? for employees the through of presentation remarkable and and some additional Our rate impress Brian that, on settlement. I'll over to me. our

Thanks, Lisa. everybody. Hi,

start compared X.X%, quarter. Let's last operating third Slide year's growth X, to a the $X.X Customer reconciliation on third by results has quarter's income of million. increased which of

X.X% moderate about time million compared the growth which the that customer over strong quarter income per residential is and and quarter energy less residential $XX led third per Usage customer third period, slightly quarter energy rate Our ago. to Higher for with causes decreased pump precipitation to operating last use irrigation it less operate to their from up cooling. temperatures by customer customers at more of a and use year. in commercial remains customers

supply fixed revenues decreased impact per At the that costs system the customers. in volatile mainly the Western for reduced comparative in sales U.S., helped with revenue down offset small volatility adjustment to power and was less $X.X million, The the the which cost operating from mechanism decoupling residential demand partially income on prices time, same revenues. commercial wheeling-related decrease by Transmission table. due further volumes and reduced by transmission customer energy of

to ongoing expenses high atypically of scheduled lower our focus of were and having maintenance. was an operating amount cyclical O&M with year lower expenses on things. a other impact plant couple of from maintenance the last One due efficiently that

given our deferrals. of quarter. last expect increase isn't other by plant year's going to service, $X.X our over with depreciation we The savings that the regulatory elevated Equally third million at offsetting surprising was resulting forward. CapEx continue work in timing O&M was expense, rate This an and the increased the infrastructure and and which increased

due primarily net increased lower rates deferred supply revenues and to future taxes the mechanisms. in expenses operating decrease in last recovery supply and quarter in power and volumes $X.X net purchase for million, property that by wholesale prices cost year. adjustment power Lower compared power operating third changes with power of decreased Other expenses a were not expenses income through

slightly in increases increased The on partially interest expense interest interest debt. as on our construction income basis. due on to long-term average higher for were allowance offset the during by cash construction was These and balance investments. increased funds higher increased expense work Nonoperating net rates Also, used progress higher. a

credits report full didn't the based in of amortization on tax the quarter any for expectation investment accumulated current is third and we additional year. our Finally, deferred

regulatory Idaho to help to we equity the Power's earnings lift mechanism that reminder, in jurisdiction. up to a Power's Idaho credit of tax year-end have X.X% allows a book us return a balance use As on a portion Idaho

At additional Amy we full up year. now mentioned, the as $X.X of the ADITCs recorded end for ] to million expect second to XX [ and of the we use quarter,

We additional amortization tax any third credit books. on didn't So quarter. in added report the already we the

impacts in over don't other year. net were nominal the if last decrease first the company's closer But at I where of a to debt-to-equity ratio quarter. $XX target with to ours year's a $X.X know we net compared IDACORP year-to-date, saw we last the X income third year-end. months for income from over move the saw subsidiaries, million in increase we Combined million

still as ratings all credit mentioned As structure face as our and or helps do maturities ratings. planning well to in maintain few sizable coming before, our debt stable don't to of with XX% I've years, We over debt the is we're side the in XX% also plans any equity credit issuances. CapEx have equity, nearer And the and blend that, which a goal the capital next to to our current address years. in our on

cash timing approved, for if settlement, our with and enhanced Also, our our And on rate flows. term, debt the position opportunistically to equity September near and act increases issuance our cash would our issuance ability flexibility help approach. that and our

operations XX. regulatory from lag seeing effects flow abnormally from improved high to of the Slide the Cash after power fuel and starting year, cost. Turning

we X last call, XXXX. cost a are received helped to collection from has change year the with as gas costs the over starting increase That on. from on as from June year moderation supply flows and rate on past power operations discussed approval improve has in of costs power X, of power supply from through has million gone Commission collect for this May the June Those the customers. in cash higher volatility we $XXX Idaho As year

would Again, the it's rate settlement, also from cash case rate changes benefit Idaho assuming the approved, flows.

They've approved September, years. a cash in IDACORP's $X.XX X% dividend to XX stock in per the Looking roughly back quarterly a increase last on the XXX% IDACORP's common Board increase approved Directors dividend over share. quarterly $X.XX of at from

prices think at company's same the time, energy I for our the that's lowest owners, of commitment to nation we've our reflective maintained customers. its some while the in of

parties agreed a As case Lisa case the of our issues. settlement filing, mentioned, rate Idaho relating have to to all general in

from million in this some our summary effective provides us on $XX.X recovery settlement pending an X. upcoming Slide X. joined of cost increase The of writer. late, you $X.X revenues million is January from efficiency of and of rates transfers stipulation rates, If $XXX.X retail current PCA of the the base That's for annual including net million, energy

The X.XXX% includes structure of return of would ] from cost is [ around ROE our our with ask additional unspecified The which rate majority reduction overall of at an debt. settlement lag. of an X.X%, original capital set vast the regulatory

So adjustments including delayed labor from results and use not on capital but measurable historic look known instead XX-month base that test Idaho's and our average retrospective collection only costs. rate with year of using disallowances a at certain a

another requests. in with potentially of There's so moving for the settlement, as collection, costs. is given riders off certain in certain outlook part likely items what will lag mechanisms commission an and XXXX. the A can rate no request us it of another like soon form rate in case deferrals provision also or general our accommodate upcoming of front That it CapEx stay is put to as

want to mechanism. and will be is year-end ITCs to to added existing Idaho the around million sharing at mark usage pertains on ADITC a for the installing be line XXXX important to X.XX% batteries the I which the return mechanism. attribute highlight XX% of we're generated reset new The added mechanism. would the the in settlement, settlement jurisdiction. to mechanism that probably ADITC to will be credits in X.X%, That's investment the One in that, the by tax $XX equity the the Under now

contemplated we for cover of original portion credits As those the revenue our filing, rate batteries a measure. a are as those to mitigation intended in requirement

change a which that removed. be the and on the would financing introduced work the current Idaho particular additional original as ADITCs and is and historic cap stability earnings we provide all the CapEx battery by any the from Power could of effects accommodate continue is of under cap application, mechanism amount have cycle Then would million revenue the the year regulatory storage on This longer that costs notable lag no test while in also use $XX to credits the for to our settlement, and requirement depreciation a the feeling CapEx elevated our per to of year that through help year. recover higher regulatory of

also of to ADITC from settlement $X $XX particularly on the the the settlement. mechanism outcome The a $X small component has view the This per from element charge rate increase where from to constructive We a residential it, a per will as service design service and charge X recovery change over X. timely our month general will And years. with increase more fixed month to January costs. helps actable $XX

meeting the opportunity The to decision this a reset earlier went include schedule. in settlement of commission in The if week parties this during necessary. with from to middle the steps the case scheduled process month the testimony next the to the reply

be this month. customer and expect would scheduled by last commission the rates We X, case effective will January still the of technical for this end hearings conclude the of Additionally, the and week XXXX. new year

operating guidance metrics. Slide earnings XX key full year our updated shows and

in this $XX will share down IDACORP's that assumption expect we to from $X.XX tax earnings estimate diluted last noted, with investment of the year Power Idaho of the additional million to Amy As use amortization, $XX of $X.XX credit that's quarter. up range our per to million be

expect final growth, expense quarter the supply sustained power and We to costs. continuing the results year benefit in in hopefully moderation of management customer a from O&M

compared we markets and interest continue our depreciation volatility. into the from revenues fourth going the Western year I expect also and transmission last with potentially On abnormal of investments quarter alluded could some through of the the year end service. lower expense saw energy we the earlier, to higher We when see as hand, plan to other to wheeling-related CapEx

in expected expense $XXX with to year of of on $XXX be to million, We thus lower and efforts. to last less the management O&M range cost expect to related to this our full We're the million with savings plant compared O&M continue typical much year scheduled maintenance year. far track our

initial slightly We expectations. than expect higher to year's be spending our CapEx this

fourth So But give forecast million past range this CapEx February. we've $XXX million to in CapEx of million And million. a for we'll $XXX call on and by then to is increased in the now, the $XX trending budget estimate quarter a of in longer-term update current earlier looking our our of of year, XXXX February we year, from million which be expecting to anticipated $XXX $XXX is as than $XXX it we're range to million this up estimate higher $XXX million. to our

what address estimating area. We our pretty to growth think period. our $X.X in We're of land for that as billion will theme we estimate XXXX a $X years $X.X significant service that the CapEx of is which continue to that currently included period, in X-year was quarter from that for increase billion billion which CapEx we will in XXXX in last range through subsequent $X.X billion over our higher X-year

include our upcoming results the for Currently, estimates don't XXXX. RFP XXXX and

coming resources out provide our and I continue which cadence. next our QX refine to early We'll call, incremental usual be fourth year during plans is quarter would to an to owned into and any our and the So the of budgets mentioned. on RFPs amounts those earnings update plan

Finally, forecast final year. further tightened given our operating of we've most we range recent move hydro the conditions, as the into our quarter hydropower of

a there, address happy that's questions lot, we're might you and have. So and to stop I'll

Instructions] take Are we our question? to ready [Operator first

Sure.

We are.

right. All Great.

Paul first Your Zimbardo question from of comes with America. Bank the line of

quick lag? up if just a Brian, to It's that execute or well. see credits X.X% sort expectations little very and able should on and as the to of to use amortization. you the high in to want push an kind sharing level, we expect for what that related done with mentioned And that help Is the Or probe fashion you of you of more of as you towards bit. the level could Did I well sharing to nice earned think, X.X% ADITC lag? the such are on kind mechanism kind unpack settlement a you into return how and works of the there basis kind the cycle build on

Yes.

X.X%. create in depreciation use there's up to tax get interest cost bit to until you've we're the can the So sharing above CapEx, at does, ADITC level. functions to expense fact, If dead a some when band the mechanism it credits X.XX% and we that that, got get a The level by of such you lag.

But we using would we'll So February. be use ADITCs, suggested lower trending look guidance ADITCs. where out may would because of this additional it like that the in come we with of one like a that in towards be year we end

if we're we from means So the equity X.XX% come level Remember an perspective. next of with a out targeting guidance level. use with year includes that year-end X.XX% modeling that ADITC, book that that moves

to you trying year-end results. at have to that So look when estimate

Yes.

past, IRP Okay. you for No, I to to going some And the that's second. thought. of backdrop of for on fast I how [ IRP? tire as the an the I one latest evolving. current acceleration anticipate what it. question? clear characterized the the want kickers you ] just given be how is just know kind would a in kind just IRP, need has the you Like of And next get been if

really seems submission planning also like never certainly, -- is for for delayed recall or really make Well, say how issue that in changing. ever another. we we're that will quickly things can like to current are you we very given from that information constant the sure stop one most to seems I it reason, analysis the we have September, June

PUC you up change between submit cycle needs the we that So see do frequently. the add that? would which come certainly of would but Adam, to that analysis I [ ongoing we that anything in IRPs, don't ] to

the feels be looking, in looking in is years depending are the weekly, I for are the updating No, of when past, would even way these, they needs way seeing market. file we on I a of our like The sometimes now. couple we're what would honestly it mean, agree. good kind monthly. growth and It resource we

happen large So scenario kind added the perspective, if load you came have IRP a of load we a fruition. thing resource we other from might where loads had that and certain that's is an to might what noticed

a loads so to to on something And about, start think we're we also need changes. that's to at see I look if had We've to inquiries fair these change data of come amount as some going make come one of are these the large looking if the any our of it And side center things loads. will that, into pretty future. resource play, know, at them way you we're to,

And you EPS of kind together, I have Yes, and do note towards last any Great. of CAGR? approved cases point rate to the did one. settled, assuming plans Okay. big kind longer-term one picture that finally move a then

do But get That's frequently, We that we look it's that. really and would add? any color at. a one able we felt haven't we you question Brian, like certainly were to

on CAGR one we thing look And to prospects looked arena avenue we at forecast put that looking when what in of when in Yes, executing company. regulatory that future a I'd out. rebate at is there the for an published had we say February, the the in base we the CapEx CAGR are towards to as and rate our really had

results EPS that really out going and fair So long-term with the rely of doing regulatory getting is we we're our than that. would forecast. What more so tasked cycle through on

our into rates. we'll on plans CapEx execute So get for now, and that we'll

the into are talked types of at open about doors to probably have as the out or have to growth for forecasting with things the EPS. or like a look year-end otherwise. cases be rate in types to of normal point at a whether headed certain And this look we've the another mechanisms, conversations. we're and and trackers equity, of that that's we'll that mechanism the and in start GAAP book series execute points cycle we a series we The cases of do those company's As past, really do, utility the least they to on in for interim, at there more still way

with Siebert Williams Chris comes from question Your Shank. the Ellinghaus line of next

your was expectations? tell above does ways? kind The quarter of increase that that And what guidance, in us the third in

lower a to Brian, was higher year-to-date it Actually, things is do want planned. some details? full It's the of for of been little a than take series you other those than expected.

I Yes, didn't to look and would at really in third I load, touch as on also quarter your come if you you if year's mean irrigation the where them last third quarter, third typically compare that. last low. saw quarter, can they we they year's was

from customer a to So saw customer few it year. bolstered perspective a by -- transmission growth. been sales wheeling like We is bridge rate other beneficial, perspective class, in wasn't The things a has we that a strong were O&M change good from a year-to-date spot. and

that can last and was you on that think we that the on I a things mentioned while one see year. than focused we'd be year-to-date really we're of this were lower back O&M we year,

but for uplift as factors tax of sales those to well. guidance, positive side just the been industrial on has that materializing the the results the some outweighed us We in lower did So some customers. have

this though, for $X.X have our note, year that results to do of thing ADITC. is million One

didn't comparable a have have year-over-year -- So don't from basis, comparability there.

if fourth take as range we now. there of average get So does it sort into the that you quarter, right just an have an out example, you

out give today owned of of resources procured has the portfolio. in preferred is any about us significant Can Okay. very in requirement your what that or preferred The insights versus portfolio? resource IRP a philosophy you terms thinking

Yes, question. great

at obviously, we there's it. And of sure look own things some expect I'm that. to We have not a of certainly, certainly portfolio, least our lease that costs. preferred is number to own our selection we of all -- drive of

So by required we that's competitive and view why bidding our regulators. as

in the and of been those. we And them not so try successful compete those, we've and some with of we of winner to them have been some

out what sorted So portfolio preferred like. add, we you Anything process let our Adam? really would looks that decided we've that once

is this Chris, Yes, Adam.

been We've One XXXX megawatts those. of play. of projects XXX years those the XXXX, have we've XXX at have seen about megawatts. from energy the of had for for day, we competed to that of And things of over come the end storage each the you've X successful last into

into hopefully, couple look successful As X next were we'll we out ] months. XX RFP, bids we over benchmark you we at that the put there if [ the that find have that, of

where with is goal compete to our we can RFPs. So absolutely these

I in transmission the IRP, to growth segments, then seeing think though, a to And forward another West time the resource part also is is thing, notable one XXXX through mind not moved And note that, decade. our too. segments, just you're of is a it's which of that midway keep the Gateway you in frame big you for from really that frame time investment. X have the pretty XXXX-ish XX and probably

have was that that transmission for also that intertie ] to in called IRP [ project a if the Southwest there's We also there. see our opportunities project looking and we're evaluating us

one to not in when at of think of which look also our I to we the this of well come situated, transmission fruition, could So game. you and and the in move middle the major terms player the growth, you in market look only as the but batteries a and sitting us the solar the transmission that goals for is forward. good opportunity like a be our is We're feel wind

this I'll remarks my number. you $X.X add, to resources XX-Q, $X.X owned When in One don't we have updated shown billion from the at look RFP frame, the in the and 'XX-XXXX in that that and new mentioned billion that's the I time Chris, earlier. we any have capital thing stack

diversified out lot as the to a CapEx CapEx there's in what is there additions incremental RFPs to that future. would add that from of across winning CapEx So those But comprised of. any board the

coal that include X X units just Brian and X units through me, what not too, mentioned, breaker again, X through to I reminded the Chris, just And does as well. coal conversion of

also and those too have IRP in see benefits you'll So growth there.

and reasonable is next outlook base be the it IRP. going you come of of number CapEx Relative side? on higher be my guys growth XX-plus out expecting updated the expect quoted rate to CapEx added the That QX to to that percent rate near-term just updated Should base we is you your your or with when out us, that put was you sort to question. Brian, the

at end more If put They had back what you CAGR in on out it end. look some in lower the have it. front perspective, numbers we February also the from additions a than

lot will 'XX incremental add 'XX, We'll in we're additional do of tacking in on a February. So that spend and 'XX. talking what and we'll about be then

that XXXX, as the possibility numbers a ultimate through larger February. capital We're but depend in CAGR are in our we we is on be process going that will that, on could the speak. update of good the budgeting when what Some there numbers actually CAGR

of line the from Brian with comes question next Your Russo Company. & Sidoti

CAGR the the rate in a through 'XX base CapEx or on Just follow-up 'XX.

-- now those a XX% billion mean billion, average years $X.X prior that's the on for increase. I X you of $X.XX versus If

So just by seems XX% easy the what quite like -- math, I'm the curious, upside a of that CAGR. what's CapEx there's then rate incremental bit is I And suspect for? base to there the

Yes.

think you're areas. comes the on right rate. And that I different a CapEx of growth from number

projects. that. projects like That's batteries, may into adder construction, things be on near-term it's an get number that as that. is, the There the some plant West gas transmission Gateway window. IRP other accelerating other built work, to One So saw transmission of potentially a you the into

mix a that it's really, that diverse up. of pretty add projects So

projects projects. budgeting, price for from actually lot a that pretty that X contemplated additional have capital have then do years. from look is is increases, were of changes and we that we it good for a of originally also project Some usually out our When we scope

out. years some and the So that further bringing now we're in of updating

including X items So some the pull and starting mentioned. I X our that are from of in years dramatically, up to window

a great This list. that's Adam. And is

loads now. have in you to that include I did think the not some the large seeing XX that of IRP keep mind we're Also,

those others. Brian serve put loads and in So place to everything that really is to just mentioned be

growth significant a has the So load large standpoint. been from

could it see then of couple your a broke which And forecast? Within on to was to like your press growth in your ago, Great. It forecast guess, IRP? ground. release attract increase relation multiplier that Micron Okay. customer probably could comment are just clearly nice a trying the they in create that Micron. Are weeks on effect, on what I seems nice residential still to suppliers, schedule

sort schedules, certain parts you that point, things as as it of are don't have move And anything, Yes, as have know, Adam? know this construction track. -- the does, if could. far we it exposed continued their they kind to on far are same And everyone At to that we're certainly is. around. of Chris. challenges though, I There as hopeful

a on is guess X,XXX Yes. jobs, jobs lot couple facility, I to the XX,XXX of I billion. One a $XX that. specific think, things of indirect jobs, related

support out project a the is there, we doing and And ton now. work work to it. dedicated right a to ton we're frankly, a of have go because they're them you doing team absolutely massive, of If

be always doing, ton over was to excited looks their So like progress you said just will we're they're XXXX a that's time. ramp what they're there, and production start up going go making in And it. of to a up they've and part it if frankly, out of

Okay. And then excavation Meta, site understanding it's that my the already has begun.

IRP? your So I year, and some over last be had forward seems starts plan the project the that according in stops moving to that to think but

Yes.

you social kind indicated if media had a up just now. post they And ramping maybe Yes. that that they construction are full bore October of in that noticed recently

solar in shows of redesign little into the commitment, They've think, a entered of going like some bit took our they for facility to and now quickly. look mentioned, which we've the just area. also pretty break this they contracts they're that So I ahead

the just Boardman-Hemingway. Okay. Great. maybe And lastly, then

think ground earlier XXXX. break you in to start construction of you looked that first half or the mentioned I

running capacity the of a IRP? type you service up in your I'm against that's by think further prior project your serve to brought pushed year-end any XXXX. just from with I customers into territory be included in being that back are deadlines maybe of can this what And target delays curious,

the ground hope October. At little break a you're the to is in what we're seeing bit day, end of We right delays. Yes. of

of Oregon those We have permits. terms a to items. of get have way, the Energy in BLM. to you But seen review get And the the delays received, of you little Department from the of those along and their both notice have and we've bit

we're that of out move [indiscernible] with that been to we XXXX will more XXXX, sure. a of on goal. pushed optimistic weekly, Right is It in towards trying that that pushing to from them deadline for now, it We're the that of that's based meeting some have XXXX possible we feel frame be for to could we June in of that so We've day, June what kind time this November and like ahead. is to working service. RFP XXXX And these push changes. the end we At the a the need evaluating we're November RFP, possibility that increase get XXXX.

conversion same that of The time is other thing frame. around [indiscernible] beneficial that's right the is

some lots needed us give will make of terms in that help there. So

of with question line Fowler next from comes Ross Our the UBS.

a wanted CapEx just more. bit this poke little I increasing So to 'XX to at 'XX

of plan then do of about Just how the increase? do how funding lot owned on if success process the about a you And think sheet? think increase the out in get balance generation have CapEx a the and lot in I plan there, RFP that you I and base

Brian. ahead, Go

Yes.

ends. are that the if we or ] way. have get So those or milestones on of the way. self-builds, they're end it the payments would along the [ BTA some If of the for sum sometimes receive to were If depends smaller that back funding lump we some few nature awards we're along example, near of the they were

CapEx need to capital of and frankly, that about maybe equity We to zone, out finance. for to capital see going to have in even is And the we're projects. to is that's there that type of the going So that we do larger timing those just to down the now, And that XX%. we'll debt equity. have XX% it we're looking you keep ratio what want impact our

And ratings and there with we'll equity going range. issuances. to credit keep that to So think check those into to of stay just in some have that's forward that we're going to where have I blend just

you'll ones as then CapEx come the around that And those RFPs update of plan and an the implying then comes. give sort of sort and financing in

yes. Yes,

of mentioned, those have of next As first the out to we awards year. I part expect

be talking So more we'll that. about

questions we our in queue. looks All have the all that like [Operator right. that Instructions] It is

I point, will this Grow. at So hand Ms. the you, conference back to

week Thank for next joining Thanks IDACORP. up afternoon continued in be and the We'll everyone your us or Arizona many you you. for seeing in so. to this in coming of interest

great always have you. forward all you a that. weekend. we Thank hope to And look So I

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