IDACORP (IDA) 1 Aug 242024 Q2 Earnings call transcript

Welcome to IDACORP's Second Quarter 2024 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 would now like to turn the call over to Amy Shaw, Vice President of Finance, Compliance and Risk.

Thank you. everyone. afternoon, Good joining you We our appreciate call. we website IDACORP's morning, posted the to second quarter and our XXXX XX-Q. This Form issued earnings and release available we IDACORP's slides will during call The reference website. are today's on

earnings views Slide X, they plans today statements, and As noted the guidance, our future our forecast current on spending reflect are what includes discussion forward-looking including on that and regulatory holds and and cause from risks to statements. uncertainties. caution today, actual statements to subject and forward-looking may These undue all uncertainties placing materially results differ made any reliance we against risks on

forward-looking Our Exchange cautionary and our note factors and on review with detail filings statements Commission. more included for in your are in Securities risk the various

CEO; Treasurer, Buckham, CFO and Vice President, As today. presenting Senior Brian Lisa on shown X, and we IDACORP's and Slide have President Grow, IDACORP's

We of also available Q&A session management our for a team have prepared remarks. members following our other

financial earnings million with Idaho in quarter second last quarter compared X tax of stipulation IDACORP's In the $X.X year, quarter shows of compared under amortization credit million $X.XX additional results. regulatory to were second of this diluted the our we XXXX last $X.XX second year. $X.XX share quarter. recorded summary a of second year's Slide the for per

the include million the tax last year. were earnings during results $XX share last half during of credit For $X.XX the first amortization half the of half compared additional for $X.XX compared of million Those year, first XXXX, year. with per to diluted first the half of of first $X.X

the our $X.XX of reported to lower key per guidance the to metrics and range of full Today, diluted by for previously earnings guidance We certain share. we raised $X.XX XXXX. updated year $X.XX XXXX end

a pleased earnings weather Previously, end to historically We're top to the of for additional operating $XX our estimate that the at power of use the X.XX% credit support assume to expenses normal tax $XX end credit the the improved reduce Idaho our and $XX of of tax is to on on normal jurisdiction return performance, strong million. conditions Idaho see remainder year. estimates range in top million Power million. range will equity the supply also our These usage. expectation We of

Now over to call I'll turn the Lisa.

and up and quarter, everyone had us an benefits January off part driven X hot higher-than-expected Idaho Thank last you, Amy, in our the joining had We during during summer We've the I'll the of jurisdiction. of and most June with second customer customer strong start continued to rate our July, financial exceptionally thanks of today. by setting highlights. far, results strong especially usage some growth, changes third so us quarter. a for revenue

us this of the and ADITC this to range As end allowed for year. guidance end guidance our top raise of earnings improve range the Amy mentioned, lower our

to load X,XXX also on hit in X I'm megawatts consecutive for excited prior the that announce July that day. of we hours a record fact, record and peak broke XX,

new filings, our about record status how major peak of want and to four serving things: I talk projects regulatory we're growth, Next, loads. customer the

We customer Power expansion and to continue Idaho economic see growth across robust service area.

outperforming book [ Slide X.X% for X.X% on X.X% is in residential X.X% national and customers. shown second year's of As quarter robust forecasting our XXXX and has data since in Power customer they base exploring last centers, of are X, GDP Moody's our grown ] projects and projects variety area. service trends. a and in rural and food XXXX, coming processing, and prospective increasing of Actual interest evaluating urban course, are We including from manufacturing, Idaho both see sites. industries, from area

studies its time can estimates line cost to their customers invest and has For to energy-intensive serve we in projects, needs. accurate ensure provide potential Power Idaho an

growing load support and in the data X in built customer projects, that of couple June. a ahead we our now. schedules at XX-acre the Puna to be Of continue those largest for Boise. in and requires have our of to we new infrastructure, center substation So of studies Serving Micron Micron construction the end transformer note, expansion arrived chip of being meta for the the process first

also of frozen Weston in in the joined potato world. one celebrating in Falls, at facilities which processing We made its the American recently $XXX their Lamb expansion largest it million completion successful a facility of

move to Oregon around a settlement Slide rate our As case, $X.X general filings we an if noted driver and overall made we've our or Oregon in X, to case is rate since growing that serve needs last energy XXXX. approved, on Oregon this Idaho main the our forward. of XX% case October. rate regulatory The increase result customers' in the in grid investment continue that reached In in would general in million effective significant our

last investment our could are is $XX and included awaiting acquire In limited settlement early through not late only labor case. to resources or expenses focuses meet to of scope rate Idaho, we demand. new we're and early the and in that million procedures suspect in working in September X.X% procedural increase requested recovering on an future proceeding, general hard current start We The schedule. scope a case or stages, the October. case infrastructure the limited We're

X. Slide Turning to

additional summer a Idaho As negotiating We're XXX-megawatt to owned be battery our come to Power. process, XXXX. by selected RFP storage online part of resources for also we system in

bidders. the XXXX, For working in through and with list still energy negotiating capacity short we're deficit,

to energy future. for beyond in all-hands-on-deck the meeting West. the and As later. an of movement It dispatchable key RFP XXXX, believe optimizing more remains be effort. needs We in initiated we improving look an reliability demand, in to we'll need or all-source XXXX Transmission continues we've resource resources the

last disappointed call, in the delays earlier have delays than date we're on XXXX. in-service As to stages final course, Way during but the the the We're mentioned our permitting pushed likely I of the through in project of Fordman-Tahamming working process. no

configuration project, and Southwest line a get to dinner type line, We're Desert also hope to with add the line Southwest. soon. continuing the would Sycapore, we're major major work which the of with transmission timing that the partner, to our second our project, segment capacity started developer the transmission West, Gateway discussions of our On on third in and on

we In have over the to next maintains low-cost to the heat been which remaining reduces us gas, projects, transmission to while and plant, emissions carbon This generating our capacity. serve of is dispatchable those coal-fired units already their carbon but converted reduces we and a units load Jim which to convert plan by natural years. summer half, the Valmy coal-fired keeping solution during convert these successfully at remaining helping addition units our Bridger We've the few X available, units Bridger wave. energy plan at resources that emissions peak about

Nevada Energy to with North at X of Energy, Fanny In June, signed we end the convert plant to natural units the an XXXX. NV the gas agreement by

strong, to supply. water remains thanks outlook good a hydropower Our

units all multiyear We hydro available of our we've our have because refurbish efforts of made to almost fleet. the hydro

growing is portfolio in XXX-megawatt in June, piece project online Another storage. solar resource Southern online megawatts batteries in July. came battery our of that accompanied Idaho Franklin of XX came The company-owned by

system increasing XX improving of meeting the in August. instrumental are batteries have online to the megawatts batteries in at that load our also These are demand. and Hemingway come stations and We of reliability scheduled resilience

service increased our has for And a area, mitigation on done to We've new system our lot season in are very the in phenomenon. we fire a fires resiliency While harden West, efforts. active been investments focused not many years, including own and within system.

safe. dedication our poles we've for fires to communities across restore to They've first able their work customers. with can challenges still cause responders, accompany infrastructure ability and been replace to service and and been require our However, by impressed through outages I'm company many keep safely that to our the employees replacement. Working so wildfires. quick our

the hour our public them Range areas. few this had In our areas for controlled thank addition, safety storm communications used across the Front quickly are and came in for these hard public proactively several a now. passed Boise shutoff certain following winds fires. power plan public the to first XX-mile after firefighters they I safety per when partners the want years We've as possible year and lines deenergized it for to through. a briefly We as doing contain the time work and other We rare

of worked are supportive our of proactive of July, Temperatures I'll most of on hottest the protocols for and in with they much degrees the Idaho area. August. were as close been at for look customer weather, record planned been voice and -- and have some another above XXX most most into comments continuing approach. Our has service around Power which

challenging conditions. has doing the serve loads. and wave heat how want work appreciate safely our strong again reliability system are I Our in to despite I customers our these the to express amazing employees for been much they peak

And turn time with that, I to will over the Brian.

you're different of usage the in on compared and increase for year. quarter's reconciliation million growth, that glad hi, effect at I'll Thanks higher-than-expected revenue operating net see one megawatt everyone. to customer across that for third $XX all the increased you Slide quarter this with went the start in in second was Lisa, the from here. to attribute things: I'm of of The and increase tuning Thanks, per million table We're second into income a second customer X this was the the going by net second last with revenues today. continued the the quarter increased retail of per IDACORP's year. $XX nearly one changes classes, almost results. second was higher primarily customer of rate our income that year. hour start quarter X in

in rates Now effective It which our it's in year, in makes beginning saw general sense which base first over rate at when we line of the the much the to quarter a rates. revenue from Idaho volumetric year. settlement, this of notable this improvement recoveries what due this from the was mostly increase of case was

quarter, significant this quarter more outsized third contributor is that usually but the large sales contributor we area year. the quarter's see in a volume third the was results the given in this of Typically, also the second it in

million already and quarter by this growth customer talked about Lisa year. growth the up, second operating that income Next increased $X.X in

retail by $X.X increased customer the for million second income in operating Usage quarter.

XX% an moderate year usage increased pumps irrigation most as temperatures more there irrigation all per last for the retail second with than While increase precipitation more last and usage our led customer classes, year's frequently. year-to-date run of customers to higher in higher irrigation for timing quarter, was significantly compared customer customer

those cost in of on degree adjustment a compared days Transmission-related the month much impacts, relative net an revenues, And of quarter, continued almost we and to normal. XX% for June of lack through second July. basis saw about million In of increase. volume power despite cooling $X.X saw we same precipitation high temperatures increase decreased the entire of a

in our from financial stipulation this cost quarter mechanism, with We making case. transmission and with resulted overall revenues it Idaho a revenue XXXX transmission adjustment the customers. the of terms change, of sharing settlement line from expected subject power of settlement a track the contribution smaller and much to our the second now net general to result of rate the year. income compared last We of this losses

O&M amortization Idaho base of of more around in increases XXXX quarter were because the this expenses by revenues and rate Again, now all mitigation in case second the related and increased Both expenses, offset of rates settlement. surprise other rate the expenses insurance increase general and most of general million these retail of costs was $X recovered a program million of pension-related Idaho increased to mostly Total not settlement. because are increased case that $X in per $XX.X million from increases expenses wildfire year. and related that

than results. O&M on $XX last were increases is range wildfire full Remember the the elements collection as is the rates, million line pension and record year includes year's this O&M O&M And guidance we higher in the to those for a million actual O&M the that largely our mitigation but And of volumetric revenues. that expenses $XX year. recovering straight reminder, of now based during year,

with of the quarter than higher with second volumes, more amortization in revenues offset the did first the we expense quarter. we In

to year contributed quarter. the O&M this also This our we expense costs million labor-related for increase customer made year expenses. last ongoing system in investments and on other of growth. was increased $X.X continued pressures from the inflationary that, meet to from increase load and Aside Depreciation end

operating more supply $XX.X expenses increase and the income of million. timing Other net decrease operating by in power accruals expenses and future were expenses. revenues That supply power adjusting operating regulatory and and expenses. rates increased primarily and that recording due in and changes through cost story, wholesale Idaho decreased mechanisms costs. Western increased expenses, a to supply today. The the was revenues from ] not power for deferred sales deferrals customers' adjustment And recovery increased net market that flow with power energy news Power's Power's talk Idaho reducing also wholesale that's I'll along that gas in And good moderate benefit our later a net volumes, prices natural share those and [ power about and U.S., cash had of both

net with last the on in increase progress in a interest an of was our by balance the capital due Interest relatively debt debt to an in offset long-term on compared was expense basis in AFUDC higher Nonoperating of long-term really flat. average higher quarter expense year, the partially was predictable second quarter spending. year-over-year. increase The increased increase construction expense because result work second was

in plant interest and and income notable see service. cash equivalent on a in increased cash average awaiting interest higher to balances. Also, can our You higher balance to rates sheet, due conversion increase

rate regulatory about to to in appreciation on that I our our lag of mitigate Idaho on largely in ] our XXXX finance expense lag historic expense that and in Idaho limited last from As in talked base plant CapEx quarter, averaging the the interest higher our scope our with lag service. and year-end We've recovery The focuses general in results pending increased recovery base. on case. case there's rate rate proposed part on [

tax quarter on component our quarter. additional during during ratably By The results income income a expectation credit ADITC this million record Power recorded of our $X.X full higher increase expectations amortization we based tax we the And taxes, $X.XX year, quarter in additional We the ADITC ADITC contrast, Remember an offset amortization. additional amortization current mostly partially second by result full increase investment our based was income in year. before on per the for year. for year that million reported only timing the of additional Idaho second there's last for expense amortization here. of

million $XX million full our at $X.X additional estimate based the of on same of Year-to-date, last of based estimate we've million $XX recorded that full current year of on year. ADITCs then current versus year for $XX the of million additional ADITC usage for the ADITCs year time

the On on results the opening XXXX side, capital we've of that were for to reiterating XXXX just the February refreshed we update point, depends course, CapEx completing meaningful It enough our seen from [indiscernible] projects CapEx a our are We process. outcomes and some details forecast X-year RFP to provide our on noted we're and to projects I the yet. what in We're compared of on this noted, Lisa there of with moving we're this what and last on quarter, I increase targets. forecasted as figure potential year depends a on call. regulatory RFP say negotiating of there's total not on bidders list. but But today. at on starting all on That, can timing shared results. What quite those and few still close, last the short of

we a next to It's an details have if sizable our by call, on better quantification already earlier. and increase more on not spend, hope a CapEx large potentially quarterly

stay So an for update tuned there.

least our CapEx around in our drew transaction anniversary. and On we the the did year, was drawn of managing side, million our be financing That fund now that maintaining million $XXX of leaving growing November May, capital equity dilution it's of that and over to to had side while debt a under forward we debt IDACORP percentage. to higher issuance $XX higher goal equity at from growth, before last in we use down part equity the the ratio structure blend fund and past, Idaho potentially. Power of retain is a And on We're In equity right growth. and equity or still slightly to now, we've sitting fund our a at XX%. XX-XX to planning our want of

base table. really a sheet, keeping of and and balance of forward. of and in program. the it We efficiently load to our affordable company earnings on strong a also options known and factors that view some through are and projects, track committed premise operating have we going cycle. XX an only all IDACORP loads a track rates years debt profile equity a our on to any and intend record keep make of this growth attractive signed growth our are program and And that an consecutive date capital so place, record we We options really needs, in and the of sources the markets, fund we want May, debt haven't that to to flexibility shares issued the our fund on and maintain open keep to in think equity put growth rate To conservative we've under ATM way of

And is that. an our ATM important of part

X. Slide to Turning

As revenue customer $XXX flow flow operations half rates year. year, notable supply first we rate in first from substantially along to the of the power in cash expected, that saw January The and operating change a with from to in benefit Case cash net the regard. the year. the XXXX changes the We comparative the close Rate General increase that in power help was cost Idaho rate million last supply moderation all XXXX costs, improved the of from for of in combined included June half

$XX plan of shows metrics. start full and that, in earnings results second our this in our be improvement updated After expectation our Idaho to that to as a year a to an IDACORP's $XX range guidance credit which the to initial key guidance we estimate notable million end the we saw updated million. $X.XX lower the first between noted, increase to per in range. is the investment and Amy the our million From $XX from $XX XX of tax generally Slide of of operating [indiscernible] our Power quarter. earnings $X.XX amortization, additional year on improvement will quarter, an assumes share, million diluted in use This of

our million-megawatt O&M the the had conditions relatively forecast. generation ranges hydropower and from our lower And another to of us piece hydropower year hours to year. We Our for for of snow year unchanged. the year, are end solid this currently of million hydro this strong generation and raised CapEx to set good forecast the had and X finally, the up generation year X weather within we prior through in for facilities. expect right carryover for now good pack news, a We a then be we've range

And that, with questions. take to we're happy your

Our Shar of question the first from line is with Pourreza Partners. Guggenheim

with of the you timing working Just then timing the sort case of and of of look like around now through I sort just the base? capital the guidance thinking settlement how guess, the rate about rate the any next process, are concurrently, plan and

Are or Oregon the you about the Idaho talking both? or case case

Both, please.

Okay.

soon. So the of have we're that hopeful case the will we Oregon approval

thinking then as reduce September, lag as we as mentioned, the discussions into case, And are, regulatory We much rate go program have, forward. yet, in Idaho pretty settlements, settlement sometime as then that to thinking again, that go could October. but in far could we that the capital procedural with calendar we're would can we do we effect range. as as to start, we've we clear don't we're October start have ongoing going the hopeful the that that for And rate I've cases, been the

Got it.

you getting through capital on the timing guys these just rate base are just the settlements. sorry, And around the and as plan of guidance

should around be this That quarter.

All sort was And on Or forwards, junior prepareds, your subordinate means get are then That traditional you looking you're get a cetera? planning around the Couldn't leaning. just sense sense other tapping equity but financing, at you et of from like which couldn't straight or way million I Okay. ATM, $XXX the the on are a right. it? question. Perfect.

The Yes. we 'XX actually is question. XXXX Brian. last Shar, intended this into potentially. finance Thanks equity partially to year did the for financing is and

through do place program, need that we an our RFP up need. the a obligations financing tool. equity So this way we use see see things, great have year. those as the a tool we at that fluctuations. to power as it could do in at match timing work it we ATM We ATM of tool look process, as of payment But really with that we We as we don't look we some the the costs, also see as have supply as could use a

foreclose is doesn't tool ATM side. an It other have that the the options important on equity us. for we So any

which Some that of magnitude outcomes. on the again it there, will the depends RFP and of the lot a equity on flow cash needs be depends out

us offerings, could in where not would right we But the ratio capital keep great secondary that the be to offer for need. trades we tool exclusive now, suggest doing as does a ATM it's out markets But an our tool I well. block

outcomes the ATM. be And lumpy, I I is on the timing, cetera, right, which et on it. the little Got is reason RFP why bit why the ask asked depending could a

Yes, different two CapEx. the Absolutely. ways. magnitude There's of Shar. One is the

DTAs The that of some on payment the the or And obligations the payment obligations timing relatively we'll timing obligations. financing timing and build, of to that have projects is on other plan have could those matters depending be aspect self those of and when payment due, a matches come sometimes of the substantial. the

prior X% little O&M kind kind side. you no peers And of change your guess growth guide. from me I sustain then that accelerating maintain of ability you there? with Perfect. guys see that side, lastly what's on a the bit we on guide for to Okay. I pressure forward? with mean just the Can O&M of

our system. care to And thoughtful people need really those going to very very, the the Brian, so for replacing decade that certainly you reduce Obviously, high system about really automate That become dollars. as in would over and things is a thoughtful we're very we're our that costs hard really growing, looking us add? how for are spend to help innovate, DNA. being intention. really That's work at things, deploy more have our is where and kind that's of about workforce. But rate, O&M we technology, what we're something ways We for

Yes.

Lisa about year, we O&M. add a what budget have of when that. But the table, there's couple said -- at we from of around efficiency. people the and reiterate time be that cultural sit may lots because with I'll points I look actually down the each operate -- time yes, our some differently and And to And mindset costs. there have looking we So the each things approach year on to you're mindset when apply set growing of we culture. at just we a we to

this some couple the we I the is of IDACORP things do And where is at to right? budget to space. about find that weeks that. that the within innovate for a talked investment innovation of innovation And when concept of where of constraint, talked way people we have idea we a set about by reasonable was ago utility this can tight, [indiscernible] a It's in limits one

And some of that takes innovation.

were But We look an company. like get performed. We've the like we things get and examples, at do of in spent always Those they early don't automation, adopter and shortchange AMI some maintenance just priority, we meters. done AI things implementation always and safety. as of

put our of making good pricing into lot our negotiations, effort We we're sure also RFPs, vendors. getting from a contract

where O&M We from costs. regulatory some we see see escalating benefits mechanisms, also

O&M did I some taking perspective last of insurance maintenance Adam, management is got in I he's I that's focused volatility. We from case, best mitigation an But the team on our vegetation know costs. currently think out that of think the a the facility that helps some and that on opportunities. grant example averaging out deferral includes

able this make mentioned some and great workforce, thanks the funding sure been to to I cost got efficiently, that's A pressure sharing we there. our operate efforts labor a our the to back of opportunities on and our that we've we point. people. employees grant really paid. We've So and of want of the people in the is lot side and harvest on area strong at and success and retain they're out the

to our important the us. making sure that is So right costs we labor level keep at

Shar, this Adam. is

of and I example. were meeting, for an was Brian And I matters by company you get meeting give people a in the for to into in our shareholders. surprised and sometimes our customers get everything spending a capital but Just company. every that today and the that absolutely meetings, we're details earlier dollar in we budgeting these in think

so And we item that's everything spent. do line of really scrutinize every

Sometimes important us that others mentioned Brian meeting, the it's to in chagrin continued of but to focus. the really

the which And Shar, final of is O&M, way capital, but about but more talking just Adam know, than kind was you thing to I'll to like we our all do. reality infrastructure, but realm. in building of exciting we the careful of about infrastructure that the really times go through the these an as affordability to rolls probably about we to be have which say, to when We're affordability company, Brian talking we customers impacts up wanted it -- was

from Arcaro Morgan with David the Stanley. is line next question of Our

needs could terms of for looking you thinking to that in this what you're going of of point trending? the that touch -- your system? into How pipeline forward? at connect Is you if seeing load system could on generation the impacting your Wondering is the

details. we in Again, expand to site continue inquiries here. fielding active I'll start, kinds the are of in all I'll from and to very be as of fill So that some here Adam looking well have as companies

We have a we planning really how at serve them. where process can we look

to where find specific of site just needs, of sort have any place the are they power. Some can best looking others kind for

a do and they're we still at have process robust looking So that coming. are we as very

our the history. seen very we've in which never likes them some And large, are of company of

negatively on. and out again, bring that would way when that very we're them we What But doing about working figure are that impact add? to on, so it doesn't can them here. with excited how try them And and the you in customers a bring already we can

And it's a track amount this from a large we look load and inquiries. megawatts. in X,XXX you variety in site up of to mentioned are it's XXXX, extremely Adam. Micron construction record there's May. nonfood to, everything that on the same and now from This that's already very quite to April certainly we of A. Nd on in been centers to we was before. dairy that XX manufacturing. XXXX, think at I so the on robust, just We've level steady call level work and are a and Meta, is inquiries At of still to those project. everything megawatt cranes Yes. moving. at those to both XXXX what vertical. going XXXX. working it's ton a there's I not to visit -- I know had here, Meta, the Micron, We data frankly, that of They XXXX, companies looking companies a saw There's but biodigesters different at When facilities on. that going And site are in

a time that the of X, So these are terms see X, only we're that but in coming lot door not X in in just we construction, months. can inquiries in growth, last also seeing of over real the

great it. to hear. That's Got Yes.

season what's so wildfire talk How PSPS in me Let system? the has year? far this your a this just maybe about things -- the too, status it so event. activity have more How on active performed been around? fire far. had far appreciate would of see. the time and so You I operated was comments, what like wondering how season just I you

phone in Yes. think at Duty on these most and the looks most does look have in And it not our I like July. their know that on And you map, West, anyone that of watch the fire. history the X days active out of is I don't app in it's the been lives of terms if West a

area, was not can nation, there. we in at fire, That while of the it hear but lines. fire largest X structures we're in would as especially burn did So my lost something the say, smoke the our and really We Eastern just it we resources. adapt But I the Oregon point, the We of a in hundreds alone system through whole. voice. able -- several redeploy didn't to impact were had

at facilities but were But really to threatening other up some when do that teams lines got point. those able as areas was not it fires this so. in as are have our get do soon We back burning in the our to they safe Idaho, into

watch we so carefully. And it

have I of in et tremendous the It's we vegetation just team amount emit that live whether have And the management, cetera. world is sectionalizing We it just that done really of lines, reality fuses now. monitoring don't hardening mentioned, a a we have literally is sparks, as XX/X.

and spent dollars hundred that have X system. the will we spend continue next years of in millions to so And to harden

really and to with way critical So very that we work navigate learn a our active we're X partners working communities agencies safe. times carefully and example, active and keep with to are the through another utility make our to so we're EEI, partners really anything there state at all you'd sure these we can for find from add? Adam,

almost job. in able replace poles. Maybe the been to crews add span XXX wonderful the on we've of I'd fires a did that And X our just about XXX structures, weeks,

Every standpoint. and every real On from year, a really the run positive system going facility to look side been serving of credit is fleet. it way generation our and folks has load to things, has I give it been of that pretty got for you our smooth the the a should? operations a year, us. This ton It's after is wonder generation

has So for out XXX here. our we've around of go ensuring some straight exactly been that it's some team it's but that work which our what X degrees to air able successful going when had have the cause imports, conditioning days, that really is outside customers and issues with can in transmissions happened been system

line with Our is from Mortimer next Alex question Securities. of the Mizuho

shortlist the in -- for expectation be any you half just just X-year throughout finalization hopefully the on skewed? any spend back the months. of maybe that give detail you mentioned the things Can of So you the shaping additional Can Brian, your on how plan? might it Is cadence decisions, RFP more color coming up.

I in of shaping terms of the mean the the given for spend. spend of the year in magnitude any

Yes.

payment of types it's time, at build for payment milestone sometimes provide of arrangements is a the for a spend So light negotiate still things bit negotiating the the fact are payments. those would difficult be. and might other And of the There we're that's of timing that over locked mentioned the contracts of the end. the transfer haven't contracts little we in I of in that terms some that if provides what X agreement, the we

to prepared bit in So of at determine hard it the our to guidance our on why terms of lot of makes aren't And of quite reasons point. a ready yet I the remarks CapEx a in the or that just noted little this shape either X we that's shaping. give CapEx magnitude

seen amount given any I as don't in CapEx year. necessarily you've the large. now, X large are stack think want numbers I a to

in perspective. to a look do financing that, So we part from spread

go and important to But in so whatever these that looks like, event, projects our serve to it. financing customers, will we are the out procure any shape do reliability

this X% regulatory Understood. a for mean to the year, you over increase increase another a side. X% this And around revenue the settlement requested little year. year from turning had last I

Given obviously, in imagine anticipating requests of trajectory in undergoing mind, you growth, about then load the bill of forward? projects. the targets in robust allows investment for the your years, rate do are the headroom maybe that, obviously, understanding how I there significant you're coming regards some would going to degree capital moving necessary Keeping the think and some

start. I'll Yes,

We mechanisms that help load that a larger we've when of And you're have -- are denominator, right to got you've a smooth different you growing base, used helps. things. sort

of Tim that also He's also in navigate We our And so VP a time regulators to would If negative but and we is so based Tatum this anything to paying those it safely helping serve our on paying and Regulatory. to continue on customers. add, a our through customers with growth. that continue attention that have have to can work reliably, impact existing growth affordability. we'll Tim. here. you regime then for doesn't And is

is top think Alex. will This through and Lisa. thing working well. mind. said next only is Thanks, influence it ask Yes, of of would we're Yes. case certainly outcome as that affordability, case I add The Lisa Lisa the I Tim, our mentioned, and current

we will time single-digit tell. I in increases, to but able think keep with revenue things be may the growth,

I'll Brian. just is financial this have that assets putting Alex, long that add the the service side. a is on we're generally couple lives. One more into things

So really helps well. the the a as large of also from talked they're as sustainability depreciated effect affordability and customer is't O&M we've necessarily perspective longer about customer time, a rate and over therefore, that period

the finally, flow lowest customers process to of costs, ultimately the RFP then And provider benefit lease to in some are these our as mentioned projects. that Those cost actually flows do finally, belong lease and tax them. down I customers. the of we've successful credits the generated coming risk down our been And in fairly to from resources and ultimately that

So credits the going will to an remain extent those option, affordability be tax forward. it helpful to

with Julien [Operator next line Instructions] Jefferies. question the We Dumoulin have a here from of

to the hands meaningful want so what Man, thinking but admittedly given strikes you on through comments. right? defined try of you increase thesis, your CapEx feels of say, the you me increase, certainly increase, near it in agencies and to about have increased some to having talking all negative, here still way percent raised meaningful that baselines. is just we're in a because especially just off of hand can your regional term, Because talk rating this here, not Look, I options see financing if you we in the straight, years, the talk you that at CapEx that to from about now a like peers. I equity But another the several broadly about what perhaps other, necessarily should times off I'm that's about is deck, the you put earlier get not want over trivial I talk

Some least fact you the growth to higher things at point today, or some say, tangibly load load there's to growth capital we you are that all ahead as sorts looking ahead. here that needs address, of this function the revisions further in for step try to can at forget

CapEx fit your with in and and the how that does line, they term that agencies rating financing still the that plans bottom have considering equity longer [indiscernible]. So negative

power Idaho XXXX's out question. S&P, be was think look then IDACORP Julien, We think options term, bit that rating could XX% over S&P, And We of debt to we well. and of the and as supply metrics that credit At When recent Moody's. lot year, a I debt. out attention CapEx, we medium-term the some at are But plans, And were But in out XX%. with credit It expect a both. mentioned, little to We've but at generally number, cases ratings looked of that you've old get secured little than if improve CFO and capital our could we there. convertibles. around this all the we've seen to lag costs offerings, those lot at This actually do hybrids cases a seen lower instruments of there. rate hopefully, our at rate will also come improving great over And don't our out that help Moody's there. different pay transactions I be the as filing. side. We've target XX.X. been on what debt time eliminating financing these some [indiscernible] of in There's been good time a at you recover we for perception. with there years, preworking lot Yes, of lower debt Power, standard have but when XXXX was near that financing target a We've year to the in any for through we regulatory have XX% we note moderation There's the could metrics really we hybrids -- a OpCo, think go FFO at combinations that of out. and around seen convertibles. example, part in like. then

will options issue likely on end RFP really costs it the blend third some of day, equity, of -- the with larger would IDACORP to lots But that equity, see the like a do ability reception what a and got otherwise equity be that. how We what look an amount we're eliminating like good finance on and in dilution equity our actually going really in match well as shareholders. result a have be do ATM teacher. for RFP the to common quarter, and But of timing And in it's We our to going we But the debt of that of we debt of the table. results to here we forward of like certainly. at the the place stock. financing, really when because earlier the having

exotic the that information going flow And we plan we'll equity we the what like. is have forward. We that because that think by flow see just really what then sheet for Hopefully, to for our more cash model can But balance and on us. looking X look need finance to debt will ways our on we'll quarter, anything We strong. cash we would we'll don't work finance is some intend have well third traditional something part be financing be we sheet. growth share don't does for the necessarily. balance Our of this growth and CapEx, financing would that capital specific a

catch them it, look, the metrics they'll call Got day X metrics have to we intention there's further XX% it. of on But no to our to are improve keeping the the from that range. fact of saying, company. that, negative they view core want -- XX% in you're And here, the a our up be, where terms

in Only our period, the the will where catches in improvement time, capital cycle we're up this regulatory when from cash when do. cycle. they want in ratings over credit yes, be we we intensive on But this later to flow But maintain CapEx our the Yes. ratings credit are.

something then if you've cycle, in a to obviously, push quip related And hand over I billion. just it. already in Got here this, And big standing here, I say need got how with can, 'XX rate of spending the considering balance $X case you've the considering cash you related, rate case And case got for do next about then But ahead. on the front, a a round Quip, on the front. lot recovery? rate big think already

days. of degree from So there's earlier be pressure the to likely, going some

-- than We're mean years frequent true. another more. to that's have. XX it's not in going I rate cases going to or Yes. it's for going be we more be Certainly,

rate about we're cases. how with our how financing And possibility regulators. and very -- and in are for very, again, just we customers very often fatigue aware so we're the going of our thoughtful spending, rate sort And how of being we are of we are

not do sure that communicating take way. along and make granted, we the that we So we're for

know we're doing happening, best and So our they what's

recognize case Julien, dramatically a case that Idaho pretty balance to that add of of you I sheet. service. in note is that this limited have we're debt increase at on now because lot is rate scope the clip [indiscernible] have rate period is Brian. we What a that would the part looking But end actually filed plant the and

been that move balance of some our close as nearing that sizably we are ahead. yet and haven't projects completion So that fairly to just that plan, are will decrease

Canyon there still if you think put projects as Hells we will be and there. Now are some large service. that in Bordenave, are in declining Canyon plants But about those number couple ones a big of

at And we questions have time. this no further

for today. So session over -- the question-and-answer you. the will back to Grow, will conclude I will conference Ms. that this turn

for continued Thank your for interest great all IDACORP, Thanks everyone Thank Great. us and have hope to I and joining you evening. a in you. you.

today's will ladies you. that conference. great participation. evening. you Thank conclude and Thank for Have And gentlemen, a your