Idacorp Inc (IDA) 2023 Q1 法說會逐字稿

Welcome to IDACORP's First 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)

歡迎參加 IDACORP 2023 年第一季度收益電話會議。今天的通話正在錄音，我們的網絡廣播正在進行中。今天晚些時候以及未來 12 個月內將在 IDACORP 網站上提供重播。 （操作員說明）

I will now turn the call over to Justin Forsberg, Director of Investor Relations and Treasury.

我現在將把電話轉給投資者關係和財務總監賈斯汀·福斯伯格 (Justin Forsberg)。

Thanks, Regina, and good afternoon, everyone. We appreciate you tuning in for our call. This morning, we issued and posted to IDACORP's website our first quarter 2023 earnings release and the associated Form 10-Q. The slides that accompany today's call are also available on IDACORP's website. We'll refer to those slides by number throughout the call today.

謝謝，雷吉娜，大家下午好。感謝您收聽我們的電話。今天早上，我們在 IDACORP 網站上發布並發布了 2023 年第一季度收益報告以及相關的 10-Q 表格。今天電話會議附帶的幻燈片也可在 IDACORP 網站上獲取。我們將在今天的電話會議中按編號引用這些幻燈片。

As detailed on Slide 2, our discussion today includes forward-looking statements, including earnings guidance, spending forecasts and regulatory plans, which reflect our current views on what the future holds, but are subject to several risks and uncertainties, including uncertainties surrounding the impacts of future economic conditions.

正如幻燈片 2 所詳述的，我們今天的討論包括前瞻性陳述，包括盈利指引、支出預測和監管計劃，這些陳述反映了我們目前對未來的看法，但受到多種風險和不確定性的影響，包括圍繞未來經濟狀況影響的不確定性。

This cautionary note is also included in more detail for your review in our filings with the Securities and Exchange Commission. These risks and uncertainties may cause actual results to differ materially from statements made today, and we caution against placing undue reliance on any forward-looking statements.

我們向美國證券交易委員會提交的文件中還包含了更詳細的警告說明，供您審閱。這些風險和不確定性可能導致實際結果與今天的聲明存在重大差異，我們警告不要過度依賴任何前瞻性聲明。

As shown on Slide 3, on today's call, we have Lisa Grow, IDACORP's President and Chief Executive Officer; and Brian Buckham, IDACORP's Senior Vice President and Chief Financial Officer. In addition to Lisa and Brian, we have other members of our management team available for a Q&A session following our prepared remarks.

如幻燈片 3 所示，在今天的電話會議上，IDACORP 總裁兼首席執行官 Lisa Grow 出席了會議。以及 IDACORP 高級副總裁兼首席財務官 Brian Buckham。除了麗莎和布萊恩之外，我們管理團隊的其他成員也可以在我們準備好的發言後參加問答環節。

Slide 4 shows our quarterly financial results. IDACORP's first quarter 2023 earnings per diluted share were $1.11 compared with $0.91 during last year's first quarter. Today, we also affirmed our full year 2023 IDACORP earnings guidance estimate in the range of $4.95 to $5.15 per diluted share, which includes our current expectation that Idaho Power will utilize approximately $15 million of additional tax credits that are available to support earnings as a 9.4% return on equity level in the Idaho jurisdiction under its Idaho regulatory settlement stipulation.

幻燈片 4 顯示了我們的季度財務業績。 IDACORP 2023 年第一季度攤薄後每股收益為 1.11 美元，而去年第一季度為 0.91 美元。今天，我們還確認了 2023 年全年 IDACORP 盈利指引預估為每股稀釋每股 4.95 美元至 5.15 美元，其中包括我們目前的預期，即愛達荷電力公司將利用約 1500 萬美元的額外稅收抵免，這些抵免可用於支持愛達荷州管轄區根據愛達荷州監管和解規定實現 9.4% 的股本回報率水平的盈利。

These estimates assume normal weather conditions and a return to more normal power supply expenses.

這些估計假設天氣條件正常並且電力供應費用恢復正常。

I'll now turn the call over to Lisa.

我現在將電話轉給麗莎。

Thank you, Justin, and thanks to everyone for joining us on the call today. I'm going to start with some discussion on customer growth, which remains strong across the Idaho Power service area. As noted on Slide 5, we've seen 2.2% total customer growth since the first quarter of last year, with our residential customer growth rate slightly higher at 2.4%. We now proudly serve more than 620,000 customers. A notable portion of our future load growth is from large load additions on the commercial and industrial side.

謝謝賈斯汀，也感謝大家今天加入我們的電話會議。我將從一些關於客戶增長的討論開始，客戶增長在愛達荷電力服務區仍然強勁。正如幻燈片 5 所示，自去年第一季度以來，我們的總客戶增長率為 2.2%，其中住宅客戶增長率略高，為 2.4%。我們現在自豪地為超過 620,000 名客戶提供服務。我們未來負荷增長的一個顯著部分來自商業和工業方面的大量負荷增加。

We had several big projects that come online this spring and summer, including the True West Beef processing plant, a Chobani facility and the Stow Companies manufacturing facility. Micron has also broken ground on the first phase of its planned Boise expansion project, which will add 6.5 million square feet of new building space over the next several years.

今年春季和夏季，我們有幾個大型項目上線，包括 True West 牛肉加工廠、Chobani 工廠和 Stow Companies 製造工廠。美光科技計劃的博伊西擴建項目第一階段也已破土動工，該項目將在未來幾年內新增 650 萬平方英尺的新建築空間。

I'll also mention our Clean Energy Year Way Program. You'll recall, we made several filings with the Idaho Commission to establish new offerings to help both residential and business customers reach their clean energy goals. While we're still waiting for approval of the Clean Energy Your Way Program, the retail agreement for Micron has been approved as well as the other power purchase agreements to serve both Micron and Meta.

我還將提及我們的清潔能源年之路計劃。您可能還記得，我們​​向愛達荷州委員會提交了幾份文件，以建立新產品來幫助住宅和企業客戶實現其清潔能源目標。雖然我們仍在等待“清潔能源您的方式計劃”的批准，但美光的零售協議以及為美光和 Meta 提供服務的其他電力購買協議已獲得批准。

The economy within Idaho Power service area has continued to outperform national trends and sources we look at suggest that the trend will continue. Moody's most recent GDP calculations for our service area forecast strong growth of 4.7% in 2023 and 4.4% in 2024. Employment across our service area has increased 2% since first quarter 2022. And our region continues to be a great place to live and work, powered by the reliable, affordable clean energy Idaho Power provides.

愛達荷電力服務區內的經濟繼續跑贏全國趨勢，我們看到的消息來源表明這一趨勢將持續下去。穆迪對我們服務區的最新 GDP 計算預測，2023 年和 2024 年將強勁增長 4.7% 和 4.4%。自 2022 年第一季度以來，我們服務區的就業人數增加了 2%。在愛達荷電力提供的可靠、負擔得起的清潔能源的推動下，我們的地區仍然是一個生活和工作的好地方。

Partly as a result of this growth, we expect to file a general rate case with the Idaho Commission on June 1, requesting rate changes for Idaho customers effective January 1, 2024. We filed our 60-day notice of intent on March 31, and we are currently preparing the filings. A general vacate filing in Oregon will likely follow. As we assemble the case, we're working hard to keep the request below 10% as we're mindful of the impact that rate increases have on our customers.

部分由於這種增長，我們預計將於 6 月 1 日向愛達荷州委員會提交一般費率案件，要求愛達荷州客戶的費率調整於 2024 年 1 月 1 日生效。我們於 3 月 31 日提交了 60 天的意向通知，目前正在準備備案。俄勒岡州可能會隨後提交全面的離職申請。當我們整理案例時，我們正在努力將請求保持在 10% 以下，因為我們注意到費率上漲對客戶的影響。

Our last general rate case was in 2011 and our customer count has increased by 23% over the past decade. To serve that growing customer base, we've made significant investments in our infrastructure to maintain, improve and protect our system.

我們最後一次一般費率案例是在 2011 年，過去十年我們的客戶數量增加了 23%。為了服務不斷增長的客戶群，我們對基礎設施進行了大量投資，以維護、改進和保護我們的系統。

We'll continue to have considerable ongoing investments in response to the rapid customer and load growth we're experiencing.

我們將繼續進行大量持續投資，以應對客戶和負載的快速增長。

We worked hard to keep our O&M low for the past decade, with an average annual growth rate of only 1% since 2012. That's a total increase of just over $50 million to serve those 120,000 new customers.

過去十年來，我們努力將運維保持在較低水平，自 2012 年以來，年均增長率僅為 1%。為服務這 12 萬新客戶，總共增加了 5000 萬美元多一點。

We expect our upcoming case to largely focus on the rate base additions needed to reliably serve our customers. Our case will demonstrate that we have a strong track record of managing expenses and have made the necessary investments to continue providing safe, reliable electric service to our growing customer base.

我們預計即將到來的案例將主要關注可靠地服務客戶所需的費率基礎增加。我們的案例將證明我們在管理費用方面擁有良好的記錄，並進行了必要的投資，以繼續為我們不斷增長的客戶群提供安全、可靠的電力服務。

While we understand a rate case could be difficult news for our customers, particularly following this spring's power cost adjustment, we are confident in the case we plan to present and in the constructive regulatory environment we've worked hard to maintain.

雖然我們知道費率案例對我們的客戶來說可能是一個困難的消息，特別是在今年春季的電力成本調整之後，但我們對我們計劃提出的案例以及我們努力維持的建設性監管環境充滿信心。

Turning now to Slide 6. You'll see the latest on our large transmission project, which will be key resources for meeting our increasing demand while moving away from coal-fired resources. We currently expect to break ground on the Boardman to Hemingway 300-mile transmission line project this year.

現在轉到幻燈片 6。您將看到我們大型輸電項目的最新情況，該項目將成為滿足我們不斷增長的需求同時擺脫燃煤資源的關鍵資源。目前，我們預計博德曼至海明威 300 英里輸電線路項目將於今年破土動工。

In March, the Oregon State Supreme Court affirmed the Oregon Energy Facility Siting Council's final order and site certificate for B2H, now giving us unappealable permits to begin construction.

3 月，俄勒岡州最高法院確認了俄勒岡州能源設施選址委員會針對 B2H 的最終命令和場地證書，現在為我們提供了不可上訴的開始施工許可證。

Also in March, we executed an agreement with the Bonneville Power Administration to transfer their 24% interest in B2H to Idaho Power, bringing our interest in the project to 45%. Under the agreement, BPA has agreed to pay Idaho Power for long-term service. In addition to B2H, we're continuing to work with PacifiCorp to plan construction of certain segments of the 1,000 mile Gateway West transmission line project that connects Eastern Wyoming with Southwestern Idaho.

同樣在 3 月份，我們與 Bonneville Power Administration 簽署了一項協議，將其在 B2H 中 24% 的權益轉讓給愛達荷電力公司，使我們在該項目中的權益達到 45%。根據協議，BPA 同意向愛達荷電力公司支付長期服務費用。除了 B2H 之外，我們還繼續與 PacifiCorp 合作，計劃建設連接懷俄明州東部和愛達荷州西南部的 1,000 英里 Gateway West 輸電線路項目的某些部分。

The project will help both companies meet rising demand and reliability needs.

該項目將幫助兩家公司滿足不斷增長的需求和可靠性需求。

Next, on Slide 7, we included an update of our anticipated needs for additional energy and capacity resources in 2026 and 2027. We currently have RFPs out for projects to help us meet those future needs, which we estimate to be approximately 350 megawatts of peak capacity and up to 1,100 megawatts of variable energy resources. Our latest 5-year CapEx forecast included about $200 million in 2027 related to these RFPs. But those are still rough estimates until we work through the RFP and our 2023 IRP processes.

接下來，在幻燈片 7 中，我們更新了 2026 年和 2027 年額外能源和產能資源的預期需求。目前，我們已針對項目提出 RFP，以幫助我們滿足這些未來需求，我們估計峰值產能約為 350 兆瓦，可變能源資源高達 1,100 兆瓦。我們最新的 5 年資本支出預測包括 2027 年與這些 RFP 相關的約 2 億美元。但在我們完成 RFP 和 2023 年 IRP 流程之前，這些仍然是粗略的估計。

We've recently announced or brought online several new energy resources that are outlined on this slide. As a reminder, we expect the 2023 IRP to show a 5-year forecasted annual growth rate of 5.5% on retail sales and 3.7% on annual peak. These preliminary numbers are close to double what was forecasted in the 2021 IRP and are subject to change as our large load customers finalize their plans.

我們最近宣布或上線了本幻燈片中概述的幾種新能源。提醒一下，我們預計 2023 年 IRP 將顯示 5 年零售額預測年增長率為 5.5%，年度峰值增長率為 3.7%。這些初步數字接近 2021 年 IRP 預測的兩倍，並且隨著我們的大負載客戶最終確定他們的計劃，這些數字可能會發生變化。

Continued growth across our service area underscores the importance of our enlarged transmission project and the need for additional energy and capacity resources.

我們服務領域的持續增長凸顯了我們擴大輸電項目的重要性以及對額外能源和容量資源的需求。

In closing, as highlighted on Slide 8, environmental, social and governance efforts remain key areas of focus for IDACORP. I invite you to read our recently published 2022 ESG report, which highlights our many environmental programs, community giving, volunteerism and more.

最後，正如幻燈片 8 所強調的那樣，環境、社會和治理工作仍然是 IDACORP 關注的關鍵領域。我邀請您閱讀我們最近發布的 2022 年 ESG 報告，其中重點介紹了我們的眾多環境計劃、社區捐贈、志願服務等。

I'm so proud of our employees who continue the tradition of stewardship that has been at the heart of our company for more than a century. The report is available on the IDACORP's website.

我為我們的員工感到非常自豪，他們繼承了一個多世紀以來一直是我們公司核心的管理傳統。該報告可在 IDACORP 網站上獲取。

With that, I'll hand things over to Brian for a financial overview and our expectations going forward.

有了這個，我將把事情交給布萊恩，以了解財務概況和我們未來的期望。

Thanks, Lisa, and hi, everyone. I'm going to start on Slide 9. It's our summary of the first quarter's results. When compared to the first quarter of last year, customer growth of 2.2% added $2.7 million to operating income. And despite higher mortgage rates and just general economic uncertainty, our residential customer growth rate remained strong at 2.4%, and we've recently seen an uptick in residential building permit activity after a few months of relatively low applications.

謝謝麗莎，大家好。我將從幻燈片 9 開始。這是我們對第一季度業績的總結。與去年第一季度相比，客戶增長 2.2%，營業收入增加 270 萬美元。儘管抵押貸款利率較高且總體經濟存在不確定性，但我們的住宅客戶增長率仍保持在 2.4% 的強勁水平，而且在經歷了幾個月相對較低的申請之後，我們最近看到住宅建築許可證活動有所增加。

Moody's GDP outlook for our service area continues to point to strong customer growth, as Lisa noted, and we're planning for more rapid load growth going forward in our upcoming IRP. And recall that a sizable portion of our expectations for growth are from significant commercial and industrial customers.

正如 Lisa 指出的那樣，穆迪對我們服務領域的 GDP 前景繼續表明客戶增長強勁，我們計劃在即將推出的 IRP 中實現更快速的負載增長。請記住，我們對增長的預期有很大一部分來自重要的商業和工業客戶。

Back to the table of results, full temperatures during much of the first quarter resulted in a slight increase in usage per residential customer, while industrial for customer usage was down slightly.

回到結果表，第一季度大部分時間的高溫導致每個住宅客戶的使用量略有增加，而工業客戶的使用量略有下降。

I'd note that the first quarter of last year was also below normal in terms of temperatures, so that drove somewhat comparable usage quarter-over-quarter.

我要指出的是，去年第一季度的氣溫也低於正常水平，因此這推動了季度環比的使用量的比較。

We've seen on a slow start to the irrigation season due to a longer winter like condition than normal with no still on fields until relatively recently. So we did see some drawing in April in nearly 93 days starting last weekend. So it looks to us like farmers were able to plant and begin using irrigation pumps.

我們看到，由於冬季條件比正常情況更長，灌溉季節開始緩慢，直到最近才出現在田間。因此，從上週末開始，我們在 4 月份的近 93 天內確實看到了一些繪畫作品。因此，在我們看來，農民能夠種植並開始使用灌溉泵。

These weather conditions combined the cost of the slight net usage per customer increased to operating income, which was offset by a $1.2 million decrease in Idaho Power's fixed cost adjustment mechanism revenues from residential and small commercial customers.

這些天氣條件將每個客戶淨使用量的成本略微增加到營業收入中，但愛達荷電力公司來自住宅和小型商業客戶的固定成本調整機制收入減少了 120 萬美元，抵消了這一損失。

Further down, you'll see an $8.5 million increase in operating income from the change in net per megawatt hour revenue. The Idaho order for the Jim Bridger Plant, which increased retail rates on June 1 last year, led to a portion of that increase. Other pieces were the impact of tiered rates and a change in the customer sales mix to higher-margin customer classes.

再往下看，您會看到由於每兆瓦時淨收入的變化，營業收入增加了 850 萬美元。去年 6 月 1 日，愛達荷州 Jim Bridger 工廠的訂單提高了零售價，這也是部分增長的原因之一。其他因素包括分級費率的影響以及客戶銷售組合向高利潤客戶類別的變化。

As I noted on the last earnings call, we expect the Jim Bridger order to provide a benefit during 2023. And we saw part of that in the first quarter. Remember, though, the Bridger order added roughly $20 million of after-tax benefit in 2022, but that included the deferral of certain depreciation expenses, and that has an outsized nonrecurring benefit in last year's second quarter.

正如我在上次財報電話會議上指出的那樣，我們預計 Jim Bridger 訂單將在 2023 年帶來收益。我們在第一季度看到了部分收益。但請記住，Bridger 命令在 2022 年增加了約 2000 萬美元的稅後福利，但這包括推遲某些折舊費用，並且在去年第二季度產生了巨大的非經常性福利。

Next on the table, transmission wheeling-related revenues increased operating income by $5.1 million, resulting from continued energy price volatility in the Western U.S. Also, wheeling customers paid about 1% more for transmission wheeling for the quarter with Idaho Power's transmission tariff rate increase in October of last year from higher transmission costs.

接下來，由於美國西部能源價格持續波動，與輸電輪動相關的收入使營業收入增加了 510 萬美元。此外，由於輸電成本上升，去年 10 月愛達荷電力公司的輸電費率上調，因此本季度輪動客戶為輸電輪動支付的費用增加了約 1%。

In spite of continued inflation related pressures on labor and other costs, O&M expenses were flat quarter-over-quarter. That was in part due to our cost management efforts throughout the business and from lower expenses from scheduled plant maintenance as well as the timing of regulatory deferrals. As we look at the rest of the year, we're still working on a potential reduction in other O&M compared to 2022 and I'll get to that when I discuss our guidance for this year in a moment.

儘管通脹相關的勞動力和其他成本壓力持續存在，但運營和維護費用環比持平。這在一定程度上是由於我們在整個業務中的成本管理努力以及計劃工廠維護和監管延期的時間所帶來的費用降低。展望今年剩餘時間，與 2022 年相比，我們仍在努力減少其他運營和維護工作，稍後我將在討論今年的指導時談到這一點。

The portion of higher net power supply expenses in the first quarter that were not deferred for future recovery in rates through power cost adjustment mechanisms contributed to the sizable $7.8 million increase in other changes in operating revenues and expenses listed next on the table. That's basically our portion of the shared risk in the power cost adjustment mechanism, mostly due to continued high gas and wholesale power prices in this year's first quarter.

第一季度較高的淨供電費用中未通過電力成本調整機制推遲到未來費率恢復的部分導致下表中列出的運營收入和費用的其他變化大幅增加了 780 萬美元。這基本上是我們在電力成本調整機制中分擔的風險部分，主要是由於今年第一季度天然氣和批發電價持續走高。

We had similar power cost pressures during much of 2022, and our current guidance contemplates a return to more normal operating conditions. For now, [forward] gas prices are looking better than we saw over the past several months, but we'll see how the rest of the year plays out.

在 2022 年的大部分時間裡，我們都面臨著類似的電力成本壓力，我們目前的指導意見是恢復到更正常的運營條件。目前，[遠期]天然氣價格看起來比我們過去幾個月看到的要好，但我們將看看今年剩餘時間的情況如何。

Next on the table, you'll see a $2.7 million decrease in nonoperating expense. Interest income drove much of that increase due to higher market interest rates and investment income. This was partially offset by an increase in interest expense, mostly reflecting the funds we received in early March from newly issued bonds.

接下來，您將看到非運營費用減少了 270 萬美元。由於市場利率和投資收入上升，利息收入推動了這一增長。這被利息支出的增加部分抵消，主要反映了我們在 3 月初從新發行的債券中收到的資金。

We expect higher interest expense to continue to weigh on our results over the balance of 2023. Also, the allowance for funds used during construction increased as the average construction work in progress balance was higher this quarter from our project build-outs and relicensing activities.

我們預計更高的利息支出將繼續影響我們 2023 年的業績。此外，由於本季度我們的項目擴建和重新許可活動的平均在建工程餘額較高，因此施工期間使用的資金備抵也有所增加。

We expect the batteries for receiving this year to be delivered in portions throughout the summer, though some sections may not be installed until the fall. Those project delays will impact both depreciation expense and AFUDC this year.

我們預計今年接收的電池將在整個夏季分批交付，儘管某些部分可能要到秋季才能安裝。這些項目的延誤將影響今年的折舊費用和 AFUDC。

Finally, higher income tax expense, mostly resulting from greater pretax income was partially offset by our recording of additional amortization of accumulated deferred investment tax credits of $3.75 million. We recorded this additional amortization based on our current expectations for full year 2023 results, which under the regulatory mechanism allows us to use a portion of the cumulated tax credit balance to help lift Idaho Power's return on year-end equity to 9.4% in the Idaho jurisdiction.

最後，較高的所得稅費用（主要是由於稅前收入增加）被我們記錄的累計遞延投資稅收抵免的額外攤銷 375 萬美元所部分抵消。我們根據目前對 2023 年全年業績的預期記錄了這筆額外攤銷，根據監管機制，我們可以使用部分累計稅收抵免餘額來幫助將愛達荷電力在愛達荷轄區的年終股本回報率提升至 9.4%。

The amount we recorded is 1/4 of our expected total additional full year amortization of $15 million.

我們記錄的金額是我們預計全年額外攤銷總額 1500 萬美元的 1/4。

Combined with nominal impacts from other IDACORP subsidiaries, all of these items combined led to a $9.8 million increase in income over last year's first quarter.

加上其他 IDACORP 子公司的名義影響，所有這些項目合計導致收入比去年第一季度增加 980 萬美元。

On Slide 10, you'll see the results of some of our recent borrowings. First, we received in early March the final $122 million of tranches of the private placement that we priced last December, and that included a delayed draw component.

在幻燈片 10 上，您將看到我們最近借用的一些結果。首先，我們在 3 月初收到了去年 12 月定價的最後 1.22 億美元私募資金，其中包括延遲提款部分。

These bonds have coupons of about 5.1% and 5.2% for the 20-year and 30-year notes. And you can see on the slides that on March 14, we issued $400 million in principal amount of 5.5% first mortgage bond and a registered offering with those maturing in 2053.

這些債券的20年期和30年期票據的票面利率分別約為5.1%和5.2%。你可以在幻燈片上看到，3 月 14 日，我們發行了 4 億美元本金為 5.5% 的第一抵押貸款債券，以及 2053 年到期的註冊發行債券。

We saw healthy demand for these bonds, which helped us to drive a good spread and ultimately issue slightly below the average cost of debt we carried during the last general rate case we filed back in 2011.

我們看到了對這些債券的健康需求，這幫助我們推動了良好的利差，最終發行的債券成本略低於我們在 2011 年提交的上一次一般利率案件中的平均債務成本。

We used a portion of the proceeds from all of these issuances to finance our higher capital spending. If pay off the debt, you can see on the slide, and to pay off the commercial paper we'd issued to address volatile power and gas markets during the first half of the quarter.

我們使用所有這些發行的部分收益來為我們更高的資本支出提供資金。如果還清債務，您可以在幻燈片上看到，並還清我們為解決本季度上半季度波動的電力和天然氣市場而發行的商業票據。

As we've mentioned before, we generally target a relatively even capital structure. The recent issuances moved Idaho Power's equity ratio of closer to 51% at the end of Q1, which was prior to the payoff of the $75 million bonds that matured on April 1.

正如我們之前提到的，我們通常以相對均勻的資本結構為目標。最近的發行使愛達荷電力公司的股本比率在第一季度末接近 51%，這是在 4 月 1 日到期的 7500 萬美元債券償還之前。

Given where we are on that ratio, we still don't see an equity issuance as imminent, but given the size of our capital plans and that we're approaching our target ratio, our financing strategy going forward does include a blend of both equity and debt to fund future growth. We'll be spending some time in the coming months of determining in more detail how and when we might make those issuances.

考慮到我們目前的比率，我們仍然認為股票發行不會迫在眉睫，但考慮到我們的資本計劃規模以及我們正在接近目標比率，我們未來的融資策略確實包括股權和債務的結合，為未來的增長提供資金。我們將在接下來的幾個月中花一些時間更詳細地確定如何以及何時進行這些發行。

As usual, we do intend to balance considerations like credit ratings, regulatory expectations, capital market conditions and current shareholder impacts as we work on our plans there.

與往常一樣，我們確實打算在製定計劃時平衡信用評級、監管預期、資本市場狀況和當前股東影響等考慮因素。

Turning to Slide 11. Cash flow from operations during the first quarter were negative, mostly due to changes in regulatory accounts from regulatory lag related to power and fuel costs.

轉向幻燈片 11。第一季度運營現金流為負，主要是由於與電力和燃料成本相關的監管滯後導致監管賬戶發生變化。

You'll note that in April, we filed with the Idaho Commission a $200 million increase to customer rates related to higher power and fuel costs with an expected rate change in Idaho on June 1. We expect the rate change to benefit operating cash flow as we collect on those costs.

您會注意到，4 月份，我們向愛達荷州委員會提交了與電力和燃料成本上漲相關的客戶費率上調 2 億美元的文件，預計愛達荷州費率將於 6 月 1 日發生變化。我們預計，費率變化將有利於我們收取這些成本的運營現金流。

As you can see on Slide 12, we continue to expect IDACORP's 2023 earnings to be in the range of $4.95 to $5.15 per diluted share. With the assumption that Idaho Power, we use around $15 million of additional investment tax credit amortization to reach the 9.4% return on year-end equity in Idaho.

正如您在幻燈片 12 中看到的，我們繼續預計 IDACORP 2023 年稀釋後每股收益將在 4.95 美元至 5.15 美元之間。假設愛達荷電力公司，我們使用約 1500 萬美元的額外投資稅收抵免攤銷，以達到愛達荷州年終股本回報率 9.4%。

As I mentioned, we booked 1/4 of that in Q1 for the pro rata portion of the year. This guidance assumes normal weather and a return to more normal power supply expenses over the balance of the year. With our first quarter results, we're on track thus far for the year on our EPS range.

正如我提到的，我們在第一季度按比例預訂了全年的 1/4。本指南假設天氣正常，並且全年電力供應費用恢復正常。根據我們第一季度的業績，我們今年的每股收益範圍已步入正軌。

We continue to expect full year O&M to be in the range of $385 million to $395 million, with much of the expected savings related to less casual plant maintenance compared to last year and also our typical cost management efforts.

我們仍然預計全年運營和維護費用將在 3.85 億美元至 3.95 億美元之間，其中大部分預期節省與去年相比減少臨時工廠維護以及我們典型的成本管理工作有關。

If we're able to do that, it would put our O&M lower than last year's number. And with flat O&M thus far this year, we're on track.

如果我們能夠做到這一點，我們的運維數字就會低於去年。今年到目前為止，運維表現平穩，我們已步入正軌。

Some of the larger scheduled maintenance activities were in the second and third quarters of last year. So we have some tailwinds against the headwind of higher labor costs and continued inflationary pressures on services and software costs as examples.

一些較大的定期維護活動是在去年第二和第三季度進行的。因此，我們有一些逆風來應對勞動力成本上升以及服務和軟件成本持續通脹壓力等不利因素。

We still expect this year's CapEx spending to be in the range of $650 million to $700 million. And finally, we've lifted the bottom end of our hydropower generation forecast to now be within the range of 6 million to 7.5 million megawatt hours for the year. This compares with actual generation of 5.3 million megawatt hours last year, yet still below our 30-year average of 7.7 million.

我們仍然預計今年的資本支出將在 6.5 億美元至 7 億美元之間。最後，我們將今年水力發電預測的下限提高至 600 萬至 750 萬兆瓦時的範圍內。相比之下，去年的實際發電量為 530 萬兆瓦時，但仍低於 30 年平均發電量 770 萬兆瓦時。

Our slightly better outlook reflects the relatively strong snowpack conditions from this winter. Keep in mind that the drought conditions we saw over the past couple of years resulted in reservoirs throughout the system starting at pretty low levels. Those need to refill from the snow melt as well.

我們的前景稍好一些，反映出今年冬天相對較強的積雪狀況。請記住，我們在過去幾年中看到的干旱條件導致整個系統的水庫開始處於相當低的水位。這些也需要從雪融化中補充。

Slide 13 shows our recent outlook for precipitation and temperature from NOAA. Current weather projections for June through August suggest that forecasters see more than a 33% chance for above-normal temperatures and are leaning toward normal precipitation over the summer.

幻燈片 13 顯示了 NOAA 最近對降水和氣溫的展望。目前 6 月至 8 月的天氣預測表明，預報員預計氣溫高於正常水平的可能性超過 33%，並且傾向於夏季降水正常。

I'll stop there, and Lisa and I and others on the call are happy to answer your questions.

我就到此為止，麗莎和我以及其他參與通話的人很樂意回答您的問題。

(Operator Instructions) Our first question will come from the line of Chris Ellinghaus with Siebert Williams Shank.

（操作員說明）我們的第一個問題將來自 Chris Ellinghaus 和 Siebert Williams Shank 的線路。

The 2.2% sort of 20-year forecast that's in the preliminary IRP forecast, that seems a little on the low side. Is that reflecting some change in customer growth expectations? Or are you not reflecting much for electrification trends? Or you're not expecting some data center trends to continue? What -- can you give us some color in terms of where you come up with that 2.2%?

初步 IRP 預測中的 20 年預測為 2.2%，這似乎有點偏低。這是否反映了客戶增長預期的一些變化？或者您對電氣化趨勢沒有太多反映？或者您不認為某些數據中心趨勢會持續下去？什麼——你能給我們一些關於你是從哪裡得出的 2.2% 的信息嗎？

Sure, Chris. I'll start and then I'm sure Adam has some to add from the analysis that we're currently working on with the IRP. We are certainly looking at all of that. But right now, we still see really strong growth, but there are just some trends. We saw sort of a cooling off housing permits in the last quarter, although those are starting to tick up. So I think, in general, there's not any 1 big thing that we're seeing that has alarmed. It's rather sort of a continuation of some of the growth that continues, but not any gigantic loads that are showing up that are not already addressed. Would you add?

當然，克里斯。我將開始，然後我確信 Adam 會從我們目前正在使用 IRP 進行的分析中補充一些內容。我們當然正在考慮所有這些。但目前，我們仍然看到真正強勁的增長，但只有一些趨勢。上個季度，我們看到住房許可有所降溫，儘管這些許可已經開始增加。所以我認為，總的來說，我們沒有看到任何一件令人震驚的大事。這更像是一些持續增長的延續，但並不是出現任何尚未解決的巨大負載。你會添加嗎？

Yes, Chris, I think you'll notice the 5-year number is quite a bit higher and that does include Micron, Meta, some of these large loads that we've seen coming into our service territory. We just feel more comfortable about those. It's closer in time. Beyond that, electrification is certainly a part of the projection, but we tend to project kind of normal conditions on that front.

是的，Chris，我想您會注意到 5 年的數字要高得多，其中確實包括 Micron、Meta，以及我們已經看到進入我們服務領域的一些大型負載。我們只是對這些感覺更舒服。時間也更近了。除此之外，電氣化當然是預測的一部分，但我們傾向於在這方面預測某種正常條件。

Obviously, that could ebb and flow over time. But really, it's that first kind of 5 years that we have a pretty strong look at and at least a better feel for than 15 after that.

顯然，這種情況可能會隨著時間的推移而消退。但實際上，我們對這第一個 5 年有非常強烈的看法，至少比之後的 15 年有更好的感覺。

So would you say that maybe that 2.2% might be on the conservative side at this point?

那麼您是否認為 2.2% 目前可能屬於保守派？

I would say so. That's generally how we tend to look at things.

我會這麼說。這通常是我們看待事物的方式。

Sure. Back to the growth in the first quarter, customer growth has slowed a little bit in recent periods. Can you attribute that to any kind of economic factors? Or is that really just the rise in interest rates on mortgages?

當然。回到第一季度的增長，近期客戶增長略有放緩。您能將其歸因於某種經濟因素嗎？或者這真的只是抵押貸款利率的上升嗎？

I would say it appears to be much more interest rate related. We still are getting lots of inquiries on commercial activity businesses that want a site to expand. And those sort of go up and down. Like I said, in the last quarter, we saw a cooling a little across the board, but it's really kind of come back in this first quarter of this year. So -- but with the latest increase in interest rates from the Fed, we'll have to wait and see how that all plays out.

我想說，這似乎與利率有關。我們仍然收到大量關於希望擴大站點的商業活動企業的詢問。這些都有起有落。就像我說的，在上個季度，我們看到了全面降溫，但今年第一季度確實有所回升。所以，但隨著美聯儲最近加息，我們將不得不等待，看看這一切會如何發展。

Chris, I would just add, as we look across different sectors, there's not one that particularly stands out as either being a massive growth or a massive decline, pretty consistent. And we saw some higher sales areas and things like lodging, dairy and food packaging and some special contracts and some that were lower things like construction and refining, and those do tend to have some cyclical applications, and I think we've seen some of that.

克里斯，我想補充一點，當我們審視不同的行業時，沒有一個行業特別突出，要么是大幅增長，要么是大幅下降，非常一致。我們看到了一些較高的銷售領域，如住宿、乳製品和食品包裝，以及一些特殊合同，還有一些較低的領域，如建築和煉油，這些領域確實往往有一些週期性應用，我認為我們已經看到了其中的一些。

This is Adam. Chris, the results from last month. And again, we kind of track every load that's above 1 megawatt, it's inquiring by our service territory. And for the last 3 months, including the last month, they've been solid. They've been solid as the years before. Who knows if they'll come to fruition or not, but at least the inquiries and interests are certainly coming our way.

這是亞當。克里斯，上個月的結果。再說一遍，我們會跟踪每一個超過 1 兆瓦的負載，這是按我們的服務區域進行查詢的。在過去的三個月裡，包括上個月，他們一直表現穩定。他們和前幾年一樣堅定。誰知道它們是否會實現，但至少我們肯定會收到詢問和興趣。

Okay. That sounds good. A little clarity on the BPA interest acquisition on B2H. I don't remember the number exactly. But in the 10-Q, you noted something about a number, $30-something million. Is that the acquisition cost?

好的。聽起來很好。關於 B2H 上 BPA 權益收購的一些澄清。我記不太清楚了。但在 10-Q 中，您注意到了一個數字，即 30 多萬美元。這就是收購成本嗎？

It is. Adam, do you want to take that one?

這是。亞當，你想拿那個嗎？

Yes. I mean it's broken up to -- it's kind of an all-encompassing deal. And I think, as you know, BPA will be taking service from us over a 20-year period, but it's -- the total cost, I think, is around $41 million.

是的。我的意思是，它被分解為——這是一項包羅萬象的交易。我認為，如您所知，BPA 將在 20 年內接受我們的服務，但我認為總成本約為 4100 萬美元。

Okay. Great. Brian, you sort of talked about financing going forward, given where the balance sheet is now and your capital forecast. Does that suggest that 2024 might be kind of in the neighborhood of where you might begin some equity?

好的。偉大的。布萊恩，你談到了未來的融資，考慮到現在的資產負債表狀況和你的資本預測。這是否表明 2024 年您可能會開始進行一些股權投資？

Yes, Chris, at this point, I think that's a reasonable assumption. We did with the debt issuance that we had in March and the tranche that we got from the December offering, we did move the needle on our debt-to-equity structure closer to the target. We're sitting more at the 51% equity line now. Now we have additions earnings during the year, dividends paid out and will have additional factors that will influence where we are on that.

是的，克里斯，在這一點上，我認為這是一個合理的假設。我們通過 3 月份的債券發行和 12 月份的發行獲得了部分資金，確實使我們的債轉股結構更加接近目標。我們現在更多地持有 51% 的股權線。現在我們今年有額外的收益、支付的股息，並且還有其他因素會影響我們的進展。

We would say that we're going to be working on the equity program designed this year, and equity is going to start coming into the window. But as we get close to that 50-50, it's certainly going to be a factor for us. We also have planned debt issuance later in the year that will impact where the equity debt ratio goes. So we'll be watching that. We also watch things like credit ratings. That's important to us as well.

我們會說，我們將致力於今年設計的股權計劃，股權將開始進入窗口。但當我們接近 50-50 時，這肯定會成為我們的一個因素。我們還計劃在今年晚些時候發行債券，這將影響股本債務比率的走向。所以我們會關注這一點。我們還關注信用評級等內容。這對我們也很重要。

So that will factor into what we do in terms of timing and also market conditions. We look at the capital markets and want to make the right decisions there. Understanding that the impact on current shareholders will be part of our analysis as well.

因此，這將影響我們在時機和市場條件方面所做的事情。我們關注資本市場並希望在那裡做出正確的決定。了解對當前股東的影響也將成為我們分析的一部分。

Okay. On page -- on Slide 7, the $600 million, I don't see any other resources on that page other than the batteries. So is that $600 million just attributed to those 3 owned storage projects?

好的。在幻燈片 7 的頁面上，6 億美元，除了電池之外，我在該頁面上沒有看到任何其他資源。那麼這 6 億美元只是歸屬於這 3 個自有存儲項目嗎？

I think the $600 million that's included on that slide includes the batteries that we have now plus new RFP resources that are coming into the window that you see further down on the slide.

我認為該幻燈片中包含的 6 億美元包括我們現在擁有的電池以及即將進入您在幻燈片下方看到的窗口的新 RFP 資源。

Okay. So that's inclusive of extra.

好的。所以這包括額外費用。

Correct.

正確的。

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

你的下一個問題來自 Brian Russo 和 Sidoti 的對話。

Just a follow-up on Boardman to Hemingway. It's nice to see that breaking ground. But just curious, what would be -- what's the full commercial operation date targeted for? And then what's kind of the total CapEx and then kind of the profile that we should think about over the next several years?

只是博德曼對海明威的後續。很高興看到破土動工。但只是好奇，完整的商業運營日期是什麼時候？那麼未來幾年我們應該考慮的總資本支出和概況是怎樣的？

This is Adam. I can talk about the in-service date. We are still shooting for summer of 2026. In terms of the CapEx range, it's $1.1 billion, $1.3 billion for the project. We would be now a 45% ownership of that project. In terms of how it's laid out over time, it's a 2.5-year construction window, maybe 3 years to pay on the situation, probably more like 2.5 years. So those costs would be spread out throughout that time frame.

這是亞當。我可以談談服役日期。我們仍在計劃 2026 年夏季。就資本支出範圍而言，該項目為 11 億美元、13 億美元。我們現在將擁有該項目 45% 的所有權。就時間安排而言，這是一個2.5年的建設窗口，可能需要3年的時間來支付費用，可能更像是2.5年。因此，這些成本將分攤到整個時間範圍內。

Yes, Brian, I'll just add that if you look at it from a rate base perspective, we're planning to be somewhere around that $500 million mark when you factor in capital costs, deferred taxes, that type of thing.

是的，布萊恩，我只想補充一點，如果你從利率基礎的角度來看，當你考慮到資本成本、遞延稅款等因素時，我們計劃在 5 億美元左右。

The other thing I want to mention is on the acquisition of the share from Bonneville Power Administration, we pay for those costs over time. So the $31 million number that was referenced or the $41 million number all in, it's something that we don't pay until further down the line. So you won't see that coming out of cash flow this year.

我想提到的另一件事是從博納維爾電力管理局收購股份，我們會隨著時間的推移支付這些費用。因此，所提到的 3100 萬美元數字或全部的 4100 萬美元數字，是我們直到更遠的時候才支付的。因此，今年你不會看到現金流出現這種情況。

Okay. Great. And then just on the transmission margins, $5.1 million of margin this quarter. I think that's up 30% year-over-year. And I'm just curious will we be seeing another tariff increase in October of 2023. And then just trying to get a sense of what kind of normalized full year transmission margins are supposed to be because we really haven't had a normal year in several years now?

好的。偉大的。然後就輸電利潤而言，本季度利潤為 510 萬美元。我認為同比增長了 30%。我只是很好奇我們是否會在 2023 年 10 月看到另一次關稅上漲。然後只是想了解一下正常化的全年輸電利潤率應該是多少，因為我們確實已經好幾年沒有經歷過正常的一年了？

Yes, definitely. Amen to that. But that's a formulaic rate. So it is determined every October. So Adam, do you want to give a little color on the direction.

當然是。但願如此。但這是一個公式化的比率。所以每年10月份都會確定。亞當，你想給這個方向一點顏色嗎？

Yes. We won't know until October what that rate is. I think the one thing I can say is, in 2020, volumes increased, I think it was 8% over 2019. In 2021, it was 18% over 2020. And in 2022, a 12% increase over the prior year. So you're right, we have seen volumes go in the right direction. Obviously, our OATT rate has increased, too. What that OATT rate will be or what the volumes will be in the future, it's hard for us to predict, but you can see the general trend.

是的。直到十月我們才會知道這個利率是多少。我認為我能說的一件事是，2020 年，銷量增加了，我認為比 2019 年增長了 8%。2021 年，比 2020 年增長了 18%。2022 年，比上一年增長了 12%。所以你是對的，我們已經看到交易量朝著正確的方向發展。顯然，我們的 OATT 率也有所提高。未來的 OATT 利率會是多少，或者交易量會是多少，我們很難預測，但你可以看到總體趨勢。

Okay. And then is there any movement on Hells Canyon relicensing?

好的。那麼地獄峽谷重新授權方面有什麼進展嗎？

Well, we're still optimistic that we would have a license in the next year or 2. Certainly, the supplemental EIS and biologic opinion, I think we're on track for that. So at this point in time, we think that we're optimistic. But certainly, we've been optimistic for 20 years. So we're thinking we're coming to the end of that though, we're pretty excited to get that one in place and get that one behind us.

好吧，我們仍然樂觀地認為我們將在明年或兩年內獲得許可證。當然，補充 EIS 和生物學意見，我認為我們正在朝著這個目標邁進。所以在這個時候，我們認為我們是樂觀的。但可以肯定的是，我們 20 年來一直保持樂觀態度。所以我們認為我們即將結束這一過程，我們非常高興能夠將其落實到位並把它拋在身後。

Yes. And FERC they provide a proposed schedule that had a final EIS in December 2023. And a FERC license kind of in the 2024 or later range. So right now, we're just kind of hanging tight and wait to hear from them on that.

是的。 FERC 他們提供了一份擬議的時間表，其中最終的 EIS 將於 2023 年 12 月發布。FERC 許可證大約在 2024 年或更晚的範圍內。所以現在，我們只是等待他們的消息。

Okay. And then lastly, just on customer growth. As mentioned earlier, I think it moderated, it was 2.2%, the trailing 12 months. I think as of December, it's 2.4%. With the understanding of the macro environment, are you seeing much impact from the Micron expansion yet and kind of the multiplier effect that, that would likely have going forward? And is that captured in your IRP and in Moody's GDP forecast?

好的。最後，關於客戶增長。正如前面提到的，我認為過去 12 個月的增長率有所放緩，為 2.2%。我認為截至 12 月，該數字為 2.4%。根據對宏觀環境的了解，您是否看到美光擴張帶來的巨大影響以及未來可能產生的乘數效應？你們的 IRP 和穆迪 GDP 預測中是否體現了這一點？

So we certainly haven't seen it yet. We're in the early stages of the work there, but we're certainly hopeful that, that will come in time as they get their operations up and running. We certainly look at things like that as we're doing our forecast, and I can't really speak to whether Moody's has it or not.

所以我們肯定還沒有看到它。我們正處於那里工作的早期階段，但我們當然希望，隨著他們開始運作並運行，這將及時實現。我們在進行預測時當然會考慮類似的事情，但我無法真正談論穆迪是否有這樣的預測。

I don't know. The latest projections I saw though from Micron is that they believe as many as 200 companies will follow that project. As you know, it's massive in its size. So there's going to be the growth in Micron and then maybe the ancillary growth.

我不知道。我從 Micron 看到的最新預測是，他們相信多達 200 家公司將關注該項目。如您所知，它的尺寸非常巨大。因此，美光將會出現增長，然後可能還會出現輔助增長。

We absolutely look at the growth of Micron and what we think that will be in our projections. The ancillary growth is maybe looked at slightly. But again, we mentioned before we're pretty conservative in that regard.

我們絕對關注美光科技的增長以及我們的預測。可以稍微觀察一下輔助生長。但我們之前提到過，我們在這方面相當保守。

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

您的下一個問題來自美國銀行的保羅·津巴多 (Paul Zimbardo)。

Just wanted to make sure I heard it correctly. I think you said that there were some small time line delays on some of the 2023 COD project. So could you just give some context on what's happening there? And could you remind me, are those the projects where there's that soft cost cap "from the commission?"

只是想確保我聽到的是正確的。我想你說過 2023 年 COD 項目的一些時間線有一些小的延遲。那麼您能否提供一些有關那裡發生的情況的背景信息？您能否提醒我，這些項目是否有“來自佣金”的軟成本上限？

Yes. So we had experienced some delays that are supply chain related. So we're -- if they're coming on more over time than all showing up at once. And I'll let Adam give some more details.

是的。因此，我們經歷了一些與供應鏈相關的延誤。所以我們——如果他們隨著時間的推移出現的次數多於同時出現的次數。我會讓 Adam 提供更多細節。

Yes. Originally, they were supposed to be delivered in the kind of April, May time frame We have seen some delays. That's not uncommon right now in the industry. We're looking more in the June, July time frame for the bulk of the batteries coming into place. And then maybe a size portion of them being later in the summer.

是的。原本，它們應該在四月、五月的時間範圍內交付，我們已經看到了一些延誤。目前這種情況在業內並不罕見。我們正在更多地關註六月、七月的時間範圍內大部分電池的安裝到位。其中很大一部分可能會在夏季晚些時候進行。

But the exciting thing we would like to note is we did start receiving the deliveries in April, and they've been pretty steady since then. So the project has experienced some delays, but we feel like it's moving forward at a pretty steady pace at this point.

但我們想要指出的令人興奮的事情是，我們確實從四月份開始收到交貨，並且從那時起它們一直非常穩定。因此，該項目經歷了一些延遲，但我們覺得目前它正在以相當穩定的速度向前推進。

Yes. Paul, what I mentioned was that's going to impact depreciation for us this year, The in-service date of some of those batteries as they go in stages, depreciation will be delayed on them and also the payment schedule for those that's also adjusted, which will impact AFUDC accruals for us.

是的。保羅，我提到的是，這將影響我們今年的折舊，其中一些電池分階段投入使用的日期、折舊將被推遲，而且那些也被調整的電池的付款時間表也會被推遲，這將影響我們的 AFUDC 應計費用。

Okay. I got it. And then a bigger picture question, just as we finally get ready for that big rate case coming up, whatever the outcome there, is it fair to think that 2024 is a good base after which earnings growth should track better with the strong rate base growth? And just overall, how you think about that outlook?

好的。我得到了它。然後是一個更大的問題，就在我們終於為即將到來的大利率情況做好準備時，無論結果如何，認為 2024 年是一個良好的基礎，之後盈利增長應該更好地跟踪強勁的利率基礎增長是否公平？總的來說，您如何看待這種前景？

I mean, I think that's certainly our goal. We'll see how the case turns out. We're very confident in the case we're putting forward. Brian, do you have...

我的意思是，我認為這肯定是我們的目標。我們拭目以待案件結果如何。我們對我們提出的案例非常有信心。布萊恩，你有...

Yes. I agree, Paul, the way we look at it is that is our first case in a very long time, at least the full general rate case. We've been in front of the commission obviously, for the last decade, a lot for different things, but this is the first full general in over a decade. It is certainly not our last. There will be a series of rate cases that we'll have to file to bring in things like Hells Canyon, additional batteries, additional resources, Boardman to Hemingway.

是的。我同意，保羅，我們看待它的方式是，這是我們很長一段時間以來的第一個案例，至少是完整的一般利率案例。顯然，在過去的十年裡，我們一直在委員會面前處理過很多不同的事情，但這是十多年來第一位正式上將。這當然不是我們的最後一次。我們將必須提交一系列費率案件，以將地獄峽谷、額外電池、額外資源、博德曼帶到海明威等物品帶入。

So we will be in with additional requests for a lot of this rate base infrastructure that we're putting in to serve all of this growth.

因此，我們將收到對大量此類費率基礎基礎設施的額外請求，我們正在投入這些基礎設施來服務所有這些增長。

So looking at 2024 as the first case of a series to bring in all the rate base. And I think you've seen our 11% CAGR on rate base out there.

因此，將 2024 年視為引入所有利率基礎的系列中的第一個案例。我想您已經看到了我們 11% 的複合年增長率。

And that really is a springboard for us moving forward, again, driven by so much customer growth that we have to serve reliably. So we will be in front of the commission with that going forward with a relatively frequent cadence.

這確實是我們前進的跳板，再次受到如此多的客戶增長的推動，我們必須提供可靠的服務。因此，我們將以相對頻繁的節奏在委員會面前推進這一工作。

Okay. Great. And a quick follow-up. As we think about that cadence, is there a good whether like basis points or how you think about regulatory lag, prospectively?

好的。偉大的。并快速跟進。當我們考慮這種節奏時，是否有一個好的基點或您如何看待監管滯後？

I don't have a specific regulatory lag number that we use. I mean we do have a historic test year in Idaho that will impact that. We do try to put in note in measurables. But over time, with this much capital investment, the depreciation and the interest expense on that will cause quite a bit of lag until we would cover it.

我沒有我們使用的具體監管滯後數字。我的意思是，我們在愛達荷州確實經歷了歷史性的測試年，這將影響這一點。我們確實嘗試在可衡量的指標中添加註釋。但隨著時間的推移，有了這麼多的資本投資，折舊和利息支出將導致相當大的滯後，直到我們彌補它。

So part of it will be on us to execute well in the regulatory arena and make sure that we get in their timely with as much growth as we have in our rate base. But no specific lag number.

因此，我們在監管領域的良好執行力將成為我們的一部分，並確保我們能夠及時滿足我們的利率基礎的增長。但沒有具體的滯後數字。

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

（操作員說明）今天的問答環節到此結束。格魯女士，我將把會議轉回給你。

Thank you very much. Thank you, everyone, for joining us this afternoon and for your continued interest in IDACORP. I look forward to providing you with a recap of 2022 as well as an overview of our long-term strategy at our Annual Meeting of Shareholders that will be 2 weeks from today. So hope you all have a great afternoon, and thank you very much.

非常感謝。感謝大家今天下午加入我們，並感謝大家對 IDACORP 的持續關注。我期待在自今天起兩週後舉行的年度股東大會上向您回顧 2022 年，並概述我們的長期戰略。希望大家度過一個愉快的下午，非常感謝。

Thanks.

謝謝。

That concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連接。