Idacorp Inc (IDA) 2025 Q1 法說會逐字稿

Welcome to Idacorp's first-quarter 2025 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 2025 年第一季財報電話會議。今天的通話正在錄音，我們的網路直播正在直播。今天晚些時候以及未來 12 個月內，重播將在 Idacorp 網站上提供。（操作員指示）

I will now turn the call over to Amy Shaw, Vice President of Finance, Compliance and Risk.

現在我將電話轉給財務、合規和風險副總裁 Amy Shaw。

Thank you. Good afternoon, everyone. We appreciate you joining our call. The slides we'll reference during today's call are available on Idacorp's website.

謝謝。大家下午好。感謝您加入我們的電話會議。我們將在今天的電話會議上參考的幻燈片可以在 Idacorp 的網站上找到。

As noted on slide 2, our discussion today includes forward-looking statements including earnings guidance, spending forecasts, financing plans, regulatory actions and plans, and estimates and assumptions that reflect our current views on what the future holds, all of which are subject to risks and uncertainties. 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.

正如投影片 2 所述，我們今天的討論包括前瞻性陳述，包括獲利指引、支出預測、融資計劃、監管行動和計劃，以及反映我們當前對未來的看法的估計和假設，所有這些都受風險和不確定性的影響。這些風險和不確定性可能導致實際結果與今天的聲明有重大差異，我們警告不要過度依賴任何前瞻性聲明。

Our cautionary note and forward-looking statements and various risk factors are included in more detail for your review in our filings with the Securities and Exchange Commission. As shown on slide 3, we have Lisa Grow, President and CEO; Brian Buckham, SVP, CFO and Treasurer; and John Wonderlich, Investor Relations Manager, presenting today. We also have other members of our management team available for a Q&A session following our prepared remarks.

我們向美國證券交易委員會提交的文件中更詳細地包含了我們的警示說明和前瞻性聲明以及各種風險因素，供您審查。如投影片 3 所示，我們有總裁兼執行長 Lisa Grow； Brian Buckham，高級副總裁、財務長兼財務主管；以及投資者關係經理 John Wonderlich 今天發表演講。我們的管理團隊的其他成員也可以在我們準備好的發言之後參加問答環節。

Slide 4 shows a summary of our first-quarter results. Idacorp's diluted earnings per share were $1.10 compared with $0.95 for last year's first quarter. Our key operating metrics and guidance are unchanged except for our hydropower generation forecast, which has improved. We're reaffirming our full year Idacorp diluted earnings per share guidance range of $5.65 to $5.85. This includes our expectation Idaho Power will use between $60 million and $77 million of additional tax credit amortization. These estimates assume historically normal weather conditions and normal power supply expenses for the rest of the year.

投影片 4 顯示了我們第一季業績的摘要。Idacorp 每股攤薄收益為 1.10 美元，而去年第一季為 0.95 美元。除了水力發電預測有所改善外，我們的主要營運指標和指導都保持不變。我們重申 Idacorp 全年每股攤薄收益預期範圍為 5.65 美元至 5.85 美元。這包括我們預期愛達荷電力公司將使用 6,000 萬至 7,700 萬美元的額外稅收抵免攤銷。這些估計假設今年剩餘時間的天氣條件和電力供應費用都處於正常水準。

Now, we'll turn the call over to Lisa.

現在，我們將電話轉給麗莎。

Thanks, Amy, and thanks to everyone for joining us on the call today.

謝謝，艾米，也謝謝大家今天參加我們的電話會議。

I'll start with a look at the continued customer growth and economic expansion happening across Idaho Power Service area as you can see on slide 5. Our customer base has grown 2.6% since last year's first quarter, including 2.9% for residential customers. The first quarter featured several significant new customer investments in the food processing and warehousing sectors.

我將首先介紹愛達荷電力服務區持續的客戶成長和經濟擴張情況，如投影片 5 所示。自去年第一季以來，我們的客戶群成長了 2.6%，其中住宅客戶成長了 2.9%。第一季度，食品加工和倉儲領域出現了幾項重要的新客戶投資。

Our existing customer, Chobani, announced a $500 million expansion of its facility in Southern Idaho, increasing production by 50% and adding 500,000 square feet to its plant. The expanded plant will total 1.6 million square feet with 24 production lines, making it the largest natural food production facility in the country.

我們現有的客戶 Chobani 宣布斥資 5 億美元擴建位於愛達荷州南部的工廠，將產量提高 50%，工廠面積增加 50 萬平方英尺。擴建後的工廠總面積達160萬平方英尺，擁有24條生產線，將成為全國最大的天然食品生產工廠。

In addition, the Tractor Supply Company broke ground on a new distribution center in Nampa. The 865,000 square foot facility represents an investment of nearly $225 million. Many of our large customers are far along in their projects, as you can see the magnitude of two of those projects on slide 6. Recall we have another large customer that made a financial commitment and whose load ramp is expected to start in 2029.

此外，拖拉機供應公司在南帕破土動工建立一個新的配送中心。該設施佔地 865,000 平方英尺，投資額接近 2.25 億美元。我們的許多大客戶的專案都進展順利，您可以在第 6 張投影片上看到其中兩個專案的規模。回想一下，我們還有另一個大客戶做出了財務承諾，其負荷爬坡預計將於 2029 年開始。

So you can see interest remains high from businesses looking to locate and expand within Idaho Power's service area. As a reminder, prospective customers would be incremental to both our existing anticipated load growth rates and our capital plans.

因此，您可以看到，企業對在愛達荷電力服務區內落腳和擴張的興趣仍然很高。提醒一下，潛在客戶將會對我們現有的預期負載成長率和資本計畫產生增量作用。

Turning to slide 7, the five-year forecast for retail sales growth is 8.3% annually. This forecasted growth continues to drive our need for additional system investments and power purchases to help meet projected low deficits. Like our customers, we're very much in execution mode. We're making great progress on the projects being built to support our customers. Our 80-megawatt 2025 battery project is on track to be operational later this spring, along with a 150-megawatt storage agreement.

翻到投影片 7，未來五年零售成長預測為每年 8.3%。這一預測成長將繼續推動我們對額外系統投資和電力購買的需求，以幫助彌補預期的低赤字。與我們的客戶一樣，我們也處於執行模式。我們在支援客戶的專案上取得了巨大進展。我們的 80 兆瓦 2025 電池專案預計將於今年春季晚些時候投入運營，同時還將簽訂 150 兆瓦的儲存協議。

In addition, our Boise Bench battery storage project was recently permitted. Our agreements on the 600-megawatt Jackalope wind project, 300 megawatts of which will become our first company owned wind resource, are pending approval from the Idaho Commission. A solar PTPA project associated with our Clean Energy Your Way program also came online.

此外，我們的博伊西本奇電池儲存專案最近獲得了許可。我們關於 600 兆瓦 Jackalope 風電專案的協議正在等待愛達荷州委員會的批准，其中 300 兆瓦將成為我們公司擁有的第一個風電資源。與我們的「清潔能源」計劃相關的太陽能 PTPA 項目也已上線。

Our update on the ongoing RFP process for 2028 is on slide 8. On March 31, the OPUC acknowledged the 2028 final shortlist, which includes both owned resources and third-party projects. We're currently working through negotiating and contracting process, and we anticipate providing an update later this year.

我們對 2028 年正在進行的 RFP 流程的更新請參閱第 8 張投影片。3 月 31 日，OPUC 公佈了 2028 年最終入圍名單，其中包括自有資源和第三方專案。我們目前正在進行談判和簽約流程，預計將在今年稍後提供最新消息。

Transmission is also vital to meeting demand, and our three major projects are highlighted on slide 9. We're working towards breaking ground on the Boardman-to-Hemingway project this year with an anticipated in-service date as early as 2027.

傳輸對於滿足需求也至關重要，我們的三個主要項目在第 9 張投影片中重點介紹。我們正致力於今年破土動工，啟動 Boardman 至 Hemingway 項目，預計最早於 2027 年投入使用。

As I mentioned on the year-end call, we've also entered into an agreement to become a partial owner of the SWIP-North project. We expect construction to begin as early as this year and take approximately two years to complete.

正如我在年終電話會議上提到的，我們還達成了一項協議，成為 SWIP-North 專案的部分所有者。我們預計施工最快將於今年開始，大約需要兩年時間完成。

The Gateway West transmission line also remains in our plans. We've initiated permitting and preliminary design activities and are coordinating with PacifiCorp on the timing to best meet customer and system needs. We're pressing full speed ahead on bringing these important projects online to help meet customer demands.

Gateway West 輸電線路也在我們的計畫中。我們已經啟動許可和初步設計活動，並正在與 PacifiCorp 協調時間，以最好地滿足客戶和系統需求。我們正全力推動這些重要項目的上線，以滿足客戶的需求。

As we work to put steel in the ground on new infrastructure projects, we've had a lot of questions about tariffs and executive orders. Idaho Power is actively monitoring the situation as we remain focused on affordability for our customers. We've reviewed countries of origin for our supplies, the potential impacts, and alternative plans to mitigate those impacts. Tariffs on battery storage assets in particular are something we're monitoring because we have several projects in progress.

當我們致力於在新的基礎設施項目中鋪設鋼材時，我們收到了許多有關關稅和行政命令的疑問。愛達荷電力公司正在積極監測情況，因為我們仍然專注於客戶的承受能力。我們審查了我們的供應國、潛在影響以及減輕這些影響的替代計劃。我們正在特別關注電池儲存資產的關稅，因為我們有幾個項目正在進行中。

At the same time, we're committed to meeting customer demand and must have the energy and capacity available when and where our customers need it. And switching resources for in-process projects is almost impossible given the demands on our system.

同時，我們致力於滿足客戶需求，並且必須在客戶需要的時間和地點提供能源和產能。考慮到我們系統的需求，為正在進行的專案切換資源幾乎是不可能的。

Turning to regulatory matters, we submitted to the Idaho Commission a notice of intent to file a general rate case in Idaho as early as the end of May. We expect the process for this full general rate case to take approximately seven months with rates effective no earlier than January 2026. We expect this comprehensive filing will be similar to the full general rate case we filed in 2023. This filing is necessary to recover on the substantial capital investments we've been making to keep our system safe and reliable.

談到監管事宜，我們最早在 5 月底向愛達荷州委員會提交了一份意向通知，將在愛達荷州提起一般費率訴訟。我們預期整個一般稅率案件的處理過程大約需要七個月，稅率最快也要到 2026 年 1 月才能生效。我們預計此綜合申報將與我們在 2023 年提交的完整一般稅率案件類似。為了收回我們為確保系統安全可靠而進行的大量資本投資，此申請是必要的。

We shared some good news with our customers this spring. The combination of the annual power cost and fixed cost adjustments, along with a filing related to additional collection of AFUDC, resulted in Idaho Power requesting a substantial rate decrease for all Idaho customers. It would be a net 8.3% decrease for residential customers.

今年春天，我們與客戶分享了一些好消息。年度電力成本和固定成本調整，加上與額外收取 AFUDC 相關的申請，導致愛達荷州電力公司要求大幅降低所有愛達荷州客戶的電價。對於住宅用戶來說，這將淨減少 8.3%。

The power cost adjustment rate decrease was largely due to completing the final year of collection of the 2023 PCA. The AFUDC filing requests recovery of an additional $30 million of financing costs annually related to the investments we've made in relicensing the Hells Canyon Complex. The intent of this filing is to provide incremental cash collection and mitigate future rate impacts once the license is received. We've also requested a price decrease for Oregon customers in our annual spring power cost adjustment.

電力成本調整率的下降主要是由於完成了 2023 年 PCA 的最後一年徵收。AFUDC 提交的文件要求每年追回與我們在重新授權地獄峽谷綜合體方面所做的投資相關的額外 3000 萬美元的融資成本。提交此申請的目的是為了在獲得許可證後提供增量現金收集並減輕未來的利率影響。我們還要求在年度春季電力成本調整中降低俄勒岡州客戶的電價。

Shifting our attention to slide 10, we received good news from this year's legislative session in Idaho with Governor Little signing the Wildfire Standard of Care Act. Under this new law, commission approved wildfire mitigation plans will establish the standard of care and facilitate access to land for wildfire mitigation work. Some additional details on the legislation are in the 10-Q.

將注意力轉移到第 10 張幻燈片上，我們收到了愛達荷州今年立法會議的好消息，州長利特爾簽署了《野火護理標準法案》。根據這項新法律，委員會批准的野火緩解計畫將制定護理標準並方便進入土地進行野火緩解工作。有關該立法的一些其他細節請參閱 10-Q。

Idaho Power has had a wildfire mitigation plan which includes PSPS in place for several years, and we continue to actively enhance our plan as we pilot new technologies and approaches.

愛達荷電力公司多年來一直制定包括 PSPS 在內的野火緩解計劃，並且我們在試行新技術和新方法的過程中繼續積極改進我們的計劃。

I'll close with a look at hydro conditions. We had a great winter with heavy snow in the mountain ranges that help fuel our 17 hydroelectric projects on the Snake River and its tributaries, our snowpack currently sits at 100% -- 108% of normal, which bodes well for another year of solid reservoir storage and ability for us to generate reliable, affordable hydropower.

最後，我想看水文條件。我們度過了一個美好的冬天，山脈中降下大雪，為蛇河及其支流上的 17 個水力發電項目提供了能源，目前積雪量達到正常水平的 100% - 108%，這預示著水庫將再有一年的穩定蓄水，並有能力生產可靠、經濟的水力發電。

And with that, I will hand the presentation over to Brian for an overview of our financial results.

接下來，我將把簡報交給 Brian，讓他概述我們的財務表現。

Thanks, Lisa. Hi, everyone. I'm going to start on slide 11, which has our reconciliation of first-quarter results.

謝謝，麗莎。大家好。我將從第 11 張投影片開始，上面有我們對第一季業績的核對。

As you can see, Idacorp's net income increased to $11.4 million for the first quarter this year when compared with the first quarter last year. And to summarize the quarter, the increase was mainly driven by Idaho Power's higher retail revenues from the January 1 rate case increase from customer growth and from recording incremental tax credits this year under the Idaho regulatory mechanism. Those benefits though were partially offset by higher depreciation and interest expense from our infrastructure projects, and I'd expect to see those trends continue throughout the year.

如您所見，與去年第一季相比，Idacorp 今年第一季的淨收入增加至 1,140 萬美元。總結本季度，成長主要得益於愛達荷電力公司零售收入的增加，這得益於 1 月 1 日客戶成長導致的費率上調，以及今年根據愛達荷州監管機制記錄的增量稅收抵免。不過，這些收益被我們基礎設施項目的更高折舊和利息支出所部分抵消，我預計這些趨勢將持續全年。

Getting into specifics, and net increase in retail revenues per megawatt hour, which is net of power cost adjustment mechanisms, increased operating income by $11.3 million on a relative basis. This benefit was mostly from the increase in Idaho base rates from the limited issue rate case Idaho Power filed last year.

具體來說，每兆瓦時零售收入的淨增加（扣除電力成本調整機制）相對而言使營業收入增加了 1,130 萬美元。這項收益主要來自於愛達荷州電力公司去年提起的限制發行利率案件中愛達荷州基準利率的增加。

Customer growth increased operating income by $7.3 million with no slowdown in customer growth during the past year. Usage for retail customers was relatively consistent quarter over quarter. Residential usage per customer increased because lower temperatures in the first quarter this year resulted in residential customers using more energy for heating purposes. But that increase was offset by a slight decrease in industrial usage per customer and the effects of customer mix changes with some customers moving between rate classes with different rate structures.

客戶成長使營業收入增加了 730 萬美元，過去一年客戶成長並未放緩。零售客戶的使用量每季都相對穩定。由於今年第一季氣溫較低，導致住宅用戶使用更多能源進行供暖，因此每位用戶的住宅用量增加。但這一增長被每位客戶的工業用量略有下降以及客戶結構變化的影響所抵消，一些客戶在不同費率結構之間的費率等級之間轉換。

Last on the revenue side, an increase in the deferral of revenues through the fixed cost adjustment mechanism reduced retail revenues slightly. Other O&M expenses in the first quarter of this year were $7.2 million higher. This was partially related to a roughly $3 million increase in wildfire mitigation program and related insurance expenses. They also increased $1.8 million due to a decrease in grant funding for maintenance work compared to the prior year's first quarter and then standard labor related costs also contributed to the increase.

最後在收入方面，透過固定成本調整機制增加遞延收入略微減少了零售收入。今年第一季的其他營運和維護費用增加了 720 萬美元。這部分與野火緩解計劃和相關保險費用增加約 300 萬美元有關。由於與去年第一季相比，維護工作的撥款減少，以及標準勞動力相關成本也導致了資金增加，因此資金也增加了 180 萬美元。

A depreciation expense increased by $20 million for the year, which was an expected increase from our continued investment. On a net basis, other changes in operating revenues and expenses increased operating income by $1.9 million. That resulted primarily from a decrease in Idaho Power's share of net power supply expenses that weren't deferred for future recovery in rates, and that's thanks to less volatility on natural gas and power market prices in the quarter.

本年度折舊費用增加了 2,000 萬美元，這是我們持續投資所預期的成長。從淨額來看，營業收入和支出的其他變化使營業收入增加了 190 萬美元。這主要是因為愛達荷電力公司淨電力供應費用份額的下降，而這些費用並未因未來的利率恢復而遞延，這要歸功於本季度天然氣和電力市場價格波動的減少。

On a net basis, non-operating expense increased $2.2 million in the first quarter. Higher long-term debt balances and an increase in interest that Idaho Power is required to pay on transmission customer deposits were what contributed to the increase, and this was partially offset by an increase in AFUDC because the average construction work in progress balance was higher.

以淨額計算，第一季非營業支出增加了 220 萬美元。長期債務餘額增加以及愛達荷電力公司需要支付的輸電客戶押金利息增加是導致這一增長的原因，但由於平均在建工程餘額增加，AFUDC 的增加部分抵消了這一增長。

The decrease in income tax expense that you see was mostly the result of an increase in additional ADITC amortization. Based on current expectations of full year financial results, Idaho Power recorded $19.3 million of additional ADITC amortization under the Idaho regulatory settlement stipulation during the first quarter. That was compared with $12.5 million of additional ADITC amortization in the first quarter last year. And remember, we record the ADITCs radically each quarter based on our full year expectations of financial results.

您看到的所得稅費用的減少主要是由於額外 ADITC 攤銷的增加。根據目前對全年財務表現的預期，愛達荷電力公司第一季根據愛達荷州監管和解規定記錄了 1,930 萬美元的額外 ADITC 攤銷。相比之下，去年第一季 ADITC 的額外攤銷額為 1,250 萬美元。請記住，我們根據對全年財務業績的預期，每季都會徹底記錄 ADITC。

Moving to slide 12, this is really just a reminder on the CapEx forecasts we shared on our year-end call. That forecast has us spending $5.6 billion on CapEx over the next five years, and that's double what we spent in the prior five years. Again, the CapEx stack in the two outyears isn't fully refined. That's in part because that's a ways out, and we're also still in the RFP process for additional resources, and we expect the cost of any owned resources could land largely in those years.

轉到第 12 張投影片，這實際上只是對我們在年終電話會議上分享的資本支出預測的提醒。根據預測，我們未來五年的資本支出將達到 56 億美元，是前五年的兩倍。同樣，未來兩年的資本支出組合尚未完全完善。部分原因是因為這是一種出路，而且我們仍處於額外資源的 RFP 流程中，我們預計任何自有資源的成本都可能主要在這些年內下降。

Lisa mentioned that Idaho Power continues to have discussions with prospective new large load customers, and signing additional large load customers could also result in additional CapEx at the far end of our plan to meet those incremental customers' needs.

Lisa 提到，愛達荷電力公司正在繼續與潛在的新大負荷客戶進行討論，簽約更多大負荷客戶也可能導致我們計劃的後期產生額外的資本支出，以滿足這些增量客戶的需求。

You can now plainly see the actual CapEx materializing in our financial statements. In the 2024 Form 10-K, if you look at the cash flow statement, you'll see additions to PP&E exceeded $1 billion for the first time. Spending continued in the first quarter of this year and quick on the balance sheet as of March 31 is around $1.4 billion. We've been busy executing a capital plan designed to meet customer needs.

現在您可以清楚地看到我們財務報表中實際實現的資本支出。在 2024 年的 10-K 表中，如果您查看現金流量表，您會發現 PP&E 的增加額首次超過 10 億美元。今年第一季支出持續增加，截至 3 月 31 日的資產負債表上的支出約為 14 億美元。我們一直忙於執行旨在滿足客戶需求的資本計畫。

Our customers have a lot of steel on the ground on their projects, and I think the photos that you showed earlier were illustrative of that. So we're working in lockstep to ensure they have the energy when they need it.

我們的客戶在他們的專案中使用了大量鋼材，我認為您之前展示的照片就說明了這一點。因此，我們正在齊心協力，確保他們在需要時有能源。

As we talked about on the last earnings call, building the needed infrastructure is just one step in our execution. We also need to convert into a rate base to keep the utility financially healthy and to provide returns to the debt and equity holders funding our growth.

正如我們在上次財報電話會議上所討論的那樣，建造所需的基礎設施只是我們執行的一步。我們還需要轉換成費率基礎，以維持公用事業的財務健康，並為資助我們成長的債務和股權持有人提供回報。

We've replicated slide 13 from our 2024 year-end call where you can see our then current 2025 to 2029 estimated rate base and growth rate. Upside to that five-year CAGR could come from things like additional RFP wins or from a change in our regulatory methodology to eliminate some of the regulatory lag we've experienced. Either way, we expect to at least double our rate base in a five-year period.

我們複製了 2024 年年終電話會議的第 13 張投影片，您可以在其中看到我們當時預計的 2025 年至 2029 年的利率基數和成長率。五年複合年增長率的優勢可能來自於諸如額外的 RFP 勝利或監管方法的改變，以消除我們所經歷的一些監管滯後。無論如何，我們預計五年內我們的利率基礎至少會翻倍。

Another part of our execution is our financing plan. I'll have you flip to slide 14 for that. Operating cash flow alone is insufficient, obviously, to finance what we're doing given the magnitude, so it's no surprise that we'll need growth capital like I've mentioned in the past. As we go through this cycle of growth, we're focused on keeping our balance sheet strong, still targeting a 50-50 debt equity capital ratio. At March 31, you can see that our balance sheet is slightly debt heavy, which resulted from the $400 million debt issuance we did during the quarter.

我們執行的另一部分是融資計劃。請翻到第 14 張投影片。顯然，僅靠經營現金流不足以資助我們目前所做的事情，因此，正如我過去提到的，我們需要成長資本也就不足為奇了。在經歷這一成長週期時，我們專注於維持強勁的資產負債表，仍然以 50-50 的債務權益資本比率為目標。截至 3 月 31 日，您可以看到我們的資產負債表略有負債，這是由於我們在本季度發行了 4 億美元的債務。

But not shown on the equity side is around $90 million of stock issuance proceeds held at Idacorp from the November 2023 equity offering, along with over $144 million in to date forward sales under the ATM program, none of which we've drawn thus far. So the balance would be closer to our structural target with those amounts included, likely near 49% equity, 51% debt.

但在股權方面未顯示的是，Idacorp 從 2023 年 11 月的股票發行中持有的約 9,000 萬美元的股票發行收益，以及迄今為止 ATM 計劃下超過 1.44 億美元的遠期銷售額，到目前為止我們尚未提取任何款項。因此，如果將這些金額包括在內，餘額將更接近我們的結構性目標，可能接近 49% 的股權和 51% 的債務。

At March 31, we also had a relatively large amount of cash on the balance sheet. The bulk of that balance is proceeds from the March debt issuance, which we'll use in the relative near term to fund our infrastructure projects.

截至 3 月 31 日，我們的資產負債表上還有相對較多的現金。該餘額的大部分來自三月發行債券的收益，我們將在近期使用這些收益來資助我們的基礎設施項目。

Slide 15 is another one we included on the Q4 call replicated here. It shows the amount of external financing we estimated we need for 2025 to 2029 based on capital already in the plan at that time, which is about $1.4 billion in equity and about $2.2 billion in debt. We believe those amounts allow us to stay at our target capital ratio and fund the projects in our plan. This is over a five-year period, and as I've mentioned, the amounts needed in each year will not be equal, but we do have a degree of optionality to be opportunistic on the timing and nature of our debt and equity issuances with significant revenues anticipated in the later years of our plan.

投影片 15 是我們在第四季電話會議中複製的另一張投影片。它顯示了我們根據當時計劃中已有的資本估計的 2025 年至 2029 年所需的外部融資額，其中股權約 14 億美元，債務約 22 億美元。我們相信這些金額可以讓我們保持目標資本比率並為我們計劃中的項目提供資金。這是一個五年期的項目，正如我所提到的，每年所需的金額不會相等，但我們確實有一定程度的選擇權，可以靈活選擇債務和股權發行的時間和性質，預計在計劃的後幾年將獲得可觀的收入。

We do anticipate a step down in the amount of our external capital needs further out, but we still expect incremental financing would be necessary for any additional company owned projects resulting from the 2028 and 2029 RFPs or otherwise.

我們確實預計未來我們的外部資本需求會逐漸減少，但我們仍然預計，對於 2028 年和 2029 年 RFP 或其他產生的任何額外的公司自有項目，都需要增量融資。

So to conclude, I'm going to double down on what Lisa said. We're in execution mode and we're seeing the benefits of the thoughtful planning we've already done. Several factors are helping with that execution, starting the permitting of our transmission projects well over a decade ago has been key because the timeline to build transmission is very long. We're issuing annual RFPs for resources to keep up with energy and capacity needs and ensure we get the best price in terms for our customers.

總而言之，我要加倍強調麗莎所說的話。我們正處於執行模式，並且正在看到我們已經完成的周到規劃帶來的好處。有幾個因素有助於這項執行，十多年前就開始許可我們的輸電項目是關鍵，因為建設輸電項目的時間表很長。我們每年都會發布資源招標書，以滿足能源和容量需求，並確保為客戶提供最優惠的價格。

We are negotiating with large load customers on thoughtful contract terms that barely allocate costs and reduce risks. We're focusing on our constructive relationship with our regulators and working to ensure affordability of the service we provide to our customers. And to top it off, our team of employees at Idaho Power are some of the smartest and hardest working people in the business.

我們正在與大負荷客戶就周到的合約條款進行談判，這些條款幾乎可以分攤成本並降低風險。我們專注於與監管機構建立建設性的關係，並努力確保我們為客戶提供可負擔的服務。最重要的是，愛達荷電力的員工團隊是業界最聰明、最勤奮的員工之一。

All of those factors help us execute in this period of unprecedented growth. With our customers already far along in their projects, power has to be there when they flip the switch on their facilities, and we're working full speed ahead operationally and financially to ensure we meet that important commitment to our customers. We appreciate that our shareholders and debt holders have been with us as we execute.

所有這些因素都有助於我們度過這段前所未有的成長時期。由於我們的客戶已經在他們的專案中取得了很大進展，當他們打開設施開關時，電力就必須到位，我們正在營運和財務上全速前進，以確保我們履行對客戶的重要承諾。我們感謝股東和債權人在我們執行期間的支持。

With that, I'm going to turn it over to John to step through our 2025 guidance and estimated key operating metrics.

接下來，我將把任務交給約翰，讓他逐步闡述我們的 2025 年指導方針和預計的關鍵營運指標。

Thanks, Brian.

謝謝，布萊恩。

Moving to slide 16, you can see our 2025 full year earnings guidance and key operating metrics. Not a lot of change from our Q4 2024 conference call. This guidance assumes normal weather and normal power supply expenses for the rest of the year. We continue to expect Idacorp's diluted earnings per share this year to be in the range of $5.65 to $5.85, with the assumption that Idaho Power will use $60 million to $77 million of additional investment tax credit amortization. That $77 million top end is what we currently have remaining in the mechanism.

移至第 16 張投影片，您可以看到我們 2025 年全年獲利預測和關鍵營運指標。與我們的 2024 年第四季電話會議相比，沒有太大變化。本指南假設今年剩餘時間天氣和電力供應費用正常。我們繼續預期愛達荷電力今年的每股攤薄收益將在 5.65 美元至 5.85 美元之間，假設愛達荷電力將使用 6,000 萬至 7,700 萬美元的額外投資稅收抵免攤銷。這 7,700 萬美元的最高限額是我們目前在該機制中剩餘的金額。

We have the ability to request that the Idaho PUC allow Idaho Power to add additional credits to the mechanism, either from legacy credits on our balance sheet or credits from our current battery projects. And we'll consider that option in the context of our broader regulatory strategy going forward.

我們可以請求愛達荷州公共事業委員會允許愛達荷電力公司為該機制增加額外信用額度，這些信用額度可以是我們資產負債表上的遺留信用額度，也可以是來自我們目前電池專案的信用額度。我們將在未來更廣泛的監管策略背景下考慮這項選擇。

Our expectation for full year O&M expense continues to be in the range of $465 million to $475 million. We still anticipate spending between $1 billion and $1.1 billion on CapEx in 2025, although we have not adjusted our forecasts for new tariffs as we continue to evaluate and monitor the situation.

我們預計全年營運和維護費用仍將在 4.65 億美元至 4.75 億美元之間。我們仍預期 2025 年的資本支出將在 10 億美元至 11 億美元之間，儘管我們尚未調整對新關稅的預測，因為我們仍在繼續評估和監控情況。

Finally, we expect good hydropower generation in 2025, ranging from 7 million to 8.5 million megawatt hours for the year. We have solid carryover from the prior year and snowpack has been favorable this year as well, as noted by Lisa.

最後，我們預計 2025 年水力發電量良好，全年發電量將在 700 萬至 850 萬兆瓦時之間。正如麗莎所說，我們從前一年繼承了豐厚的積雪，而且今年的積雪情況也很好。

With that, we're happy to address any questions you might have.

因此，我們很樂意解答您可能遇到的任何問題。

(Operator Instructions) David Arcaro, Morgan Stanley.

（操作員指示）摩根士丹利的 David Arcaro。

Hi, David.

你好，大衛。

Hey, thanks so much for taking my question. Maybe on -- let's see, on the wildfire legislation, I was just curious, do you expect any changes to your wildfire mitigation plans on the back of that legislation or just generally any changes to programs that you would anticipate?

嘿，非常感謝您回答我的問題。也許——讓我們看看，關於野火立法，我只是好奇，您是否預計在該立法的支持下您的野火緩解計劃會發生任何變化，或者只是您預計的計劃會發生任何變化？

We don't anticipate any changes in the program. We are hard at work at deploying that now. We are taking a look at the plant as it's written today and may make some modifications, but it would not necessarily be changing any of the actual activities, so more to come on that. But we feel really confident in what our plan has us doing now and we'll continue to evolve it over time.

我們預計該計劃不會發生任何變化。我們現在正在努力部署這項工作。我們正在對今天所寫的工廠進行審查，可能會做一些修改，但不一定會改變任何實際活動，因此對此還有更多內容。但我們對我們的計劃現在所做的一切充滿信心，並且我們會隨著時間的推移不斷改進它。

Got it. Okay, thanks, that's helpful. And then looking ahead to the rate case, I was just wondering if you'd be able to share thoughts on what kind of mechanisms or trackers you might be contemplating filing for, whether it's capital trackers or otherwise just efforts to improve earned ROEs from here?

知道了。好的，謝謝，這很有幫助。然後展望利率情況，我只是想知道您是否可以分享關於您可能考慮申請什麼樣的機製或追蹤器的想法，無論是資本追蹤器還是其他旨在提高已獲 ROE 的努力？

I'm going to have Tim Tatum answer that. He's our VP of Regulatory Affairs.

我會讓提姆·塔圖姆來回答這個問題。他是我們的監管事務副總裁。

Yeah, thanks for the question, David. We're right in the middle of preparing our case right now. We're considering a number of different options. I can say that we will take some action in the case to request that the commission, help us to reduce regulatory lag going forward or the negative effects of regulatory lag. The details on exactly what we're doing at this point are still sort of in flux and certainly more to come in the next month or so.

是的，謝謝你的提問，大衛。我們現在正處於準備案件的過程中。我們正在考慮多種不同的選擇。我可以說，我們將採取一些行動，請求委員會幫助我們減少未來的監管滯後或監管滯後的負面影響。目前我們具體在做什麼的細節仍然在不斷變化中，下個月左右肯定會有更多消息公佈。

Yeah, David, this is Brian. One thing I'd also point to is the Hells Canyon filing that we made on AFUDC that we've talked about in terms of helping to reduce regulatory lag, that's more of an earnings neutral item, but it does help from a cash flow perspective, so that helps on the cash lag outside of the general rate case.

是的，大衛，這是布萊恩。我還要指出的一件事是，我們向 AFUDC 提交的 Hells Canyon 文件，我們曾討論過它有助於減少監管滯後，這更像是一個盈利中性項目，但從現金流的角度來看它確實有幫助，因此這有助於解決一般利率案例之外的現金滯後問題。

Yeah, okay, excellent. I'll leave it there. Thanks so much.

是的，好的，非常好。我就把它留在那裡。非常感謝。

Okay, thank you.

好的，謝謝。

Chris Ellinghaus, Siebert Williams Shank & Co.

克里斯·埃林豪斯（Chris Ellinghaus），Siebert Williams Shank & Co.

So, Lisa, you talked about some of the business development. Obviously, you still have a lot of interest in the expansion and moving into your service territory, but have you noticed anything through sort of this chaotic period, any effects on, say, the agricultural community and what kind of crops there working on given their expectations on their ability to export or, say, discretionary in migration or tourism or any of those kinds of things?

那麼，麗莎，你談到了一些業務發展。顯然，您仍然對擴張和進入服務領域很感興趣，但是，在這種混亂時期，您是否注意到對農業社區以及他們種植的作物有什麼影響，考慮到他們對出口能力的期望，或者說，對移民或旅遊業或任何此類事情的自由裁量權？

Yeah, so I think, like us, it's a little bit too early to tell. A lot of the agricultural customers, they've made the decision what they're going to plant last season, so what they might do in the next season I think remains to be seen. But I would say there's concerns, just given how uncertain things are, but I can't really say that there has been anything very measurable at this point in time. We are still getting a lot of interest in what is -- the inquiries we get.

是的，所以我認為，就像我們一樣，現在說還為時過早。許多農業客戶在上個季節已經決定要種植什麼，所以我認為他們下個季節會做什麼還有待觀察。但我想說，考慮到事情的不確定性，人們確實存在擔憂，但我不能說目前已經出現了任何可衡量的跡象。我們對於收到的詢問仍然很感興趣。

And as far as tourism goes, I think that still remains to be seen how that shapes up. This is a state that people that love the outdoors come to and we haven't seen, well, I guess we'll just have to let the season sort of play out.

就旅遊業而言，我認為其發展還有待觀察。這是一個戶外活動愛好者聚集的州，我們還沒有看到，好吧，我想我們只能讓這個季節自然發展了。

I think, Adam, what would you add to what you're seeing out there?

我想，亞當，對於你所看到的情況，你還有什麼要補充的嗎？

Hi, Chris. Yeah, I actually spoke with our irrigation customer representatives a couple weeks ago, and from a planting perspective, they said it appeared to be a relatively normal season. I think commodity prices aren't great and certainly at some point, the tariffs could have an impact. But the boot's on ground, the Idaho Power employees that are out there, they did not believe it would impact this year.

你好，克里斯。是的，幾週前我實際上與我們的灌溉客戶代表進行了交談，從種植的角度來看，他們說這似乎是一個相對正常的季節。我認為大宗商品價格不太好，而且在某種程度上，關稅肯定會產生影響。但愛達荷電力公司的員工們並不認為這次罷工會對今年產生影響。

And then I might also add in terms on the irrigation side of things, the water conditions are positive as well, so that should provide some help to the farmers.

然後我還要補充一點，就灌溉方面而言，水質狀況也很好，所以這應該能為農民提供一些幫助。

Okay, that's great. Given the filing coming up on the rate case, can you give us any thoughts and I guess some of the mitigation efforts that you might put into the filing might give us better insights into this later, but should we sort of be thinking about this as the normal cadence of what you would expect unless there is some kind of breakthrough on trackers or some other kind of mitigating mechanism?

好的，太好了。鑑於即將提交的有關利率案件的文件，您能否給我們一些想法，我想您在文件中採取的一些緩解措施可能會讓我們以後對此有更好的了解，但我們是否應該將此視為您所期望的正常節奏，除非在追踪器或其他某種緩解機制方面取得某種突破？

Well, certainly, I think that's fair to say, given the amount of capital in our near-term plans. But of course, as these customers come on and start generating revenue, that may delay some of future rate cases and then of course, if there are any sort of mechanisms that come through this rate case, yeah, it certainly could change the cadence. But based on what we know, we need to spend to meet our customers' needs, we will continue to be filing rate cases more frequently than we certainly have in the past.

嗯，當然，考慮到我們近期計劃中的資本數額，我認為這是公平的說法。但當然，隨著這些客戶的加入並開始產生收入，這可能會延遲一些未來的利率案例，當然，如果有任何機制可以通過這種利率案例，是的，它肯定可以改變節奏。但根據我們所知，我們需要花錢來滿足客戶的需求，我們將繼續比過去更頻繁地提起費率訴訟。

Anything you would add?

您還有什麼要補充的嗎？

They have expressed some, I don't know what word to use, dismay is maybe too strong, but have expressed some issues with their workload. So do you have any capacity to propose anything along the lines of a multi-year mechanism?

他們表達了一些，我不知道該用什麼詞來形容，沮喪可能太強烈了，但他們表達了一些與工作量有關的問題。那麼，您是否有能力提出任何類似多年期機制的建議呢？

Like as far as the PUCs go?

就 PUC 而言？

Yeah.

是的。

Yeah, we're willing to talk with them about any sort of creative solutions, and we do know that they -- like our regulatory group, it is a lot of work to process these filings, so we'd certainly be open to anything that would help with that, but I don't know what else we would add. Tim?

是的，我們願意與他們討論任何創造性的解決方案，而且我們確實知道他們——就像我們的監管小組一樣，處理這些文件需要做大量工作，所以我們當然願意接受任何有助於此的措施，但我不知道我們還能補充什麼。提姆？

Yeah, it's certainly an option that we'll consider, and we want to be mindful of the impact of the volume of filings that might have on our commission staff and at this point, I don't think that that's a tool that we're looking at currently, but certainly maybe something going forward that might work.

是的，這當然是我們會考慮的一個選擇，而且我們要留意申請量可能對我們委員會工作人員產生的影響，目前，我認為這不是我們正在考慮的工具，但肯定可能是未來可能發揮作用的工具。

Okay. In light of the success of SB 1183, that's sort of one level of wildfire liability mitigation or alleviation. Would you be wanting to pursue or would be hopeful for another step at the legislature to sort of codify more direct limitations legally on what potential litigants can pursue other than just sort of this type of legislation which says, we have followed the plan type of legislation?

好的。鑑於 SB 1183 的成功，這是減輕或緩解野火責任的一種措施。您是否希望或希望立法機關採取進一步措施，在法律上對潛在訴訟當事人可以採取的行動制定更直接的限制，而不僅僅是說我們已經遵循了計劃類型的立法？

Well, I think it's important to remember that in Idaho, we have had tort reform, so I don't know that we have anything imminent that we would be pursuing, and we do feel like this has been a good step to define what a standard of care plan looks like just so that it isn't decided after the fact. So we feel like we're in a pretty good spot.

嗯，我認為重要的是要記住，在愛達荷州，我們已經進行了侵權法改革，所以我不知道我們是否有任何即將採取的行動，我們確實覺得這是一個很好的步驟，可以定義標準的護理計劃是什麼樣的，這樣就不會在事後做出決定。所以我們覺得我們處於一個非常好的位置。

Anything you would add, Julia?

茱莉亞，您還有什麼要補充的嗎？

Hi, yes, this is Julia Hilton. I'm the company's General Counsel, and Idaho has really favorable damage caps for both punitive damages and non-economic damages. In wildfire or litigation, what we have seen is that the non-economic damages are the ones that tend to really run away. So having those statewide damage caps on non-economic damages is very favorable in Idaho.

你好，是的，我是 Julia Hilton。我是該公司的總法律顧問，愛達荷州對懲罰性賠償和非經濟損害賠償都有非常優惠的賠償上限。在野火或訴訟中，我們看到的是非經濟損失往往是真正難以彌補的損失。因此，在愛達荷州，對非經濟損失設定全州範圍的損失上限是非常有利的。

Okay, yeah, that's what I'm getting at. Lastly, you continue to have some pretty sizable development in your area. Have you revised at all you're thinking on when you need your next dispatchable resource at all?

好的，是的，這就是我要說的。最後，您所在的地區繼續取得了相當大的發展。您是否已經修改過關於何時需要下一個可調度資源的想法？

That's absolutely taken into consideration when we do our IRP. So we're in the process of doing that right now and dispatchable resources are showing up in the portfolio for sure.

當我們制定 IRP 時絕對會考慮到這一點。因此，我們現在正在進行這項工作，可調度的資源肯定會出現在投資組合中。

Can you tell us what that timeframe is at this point that they're showing up?

您能告訴我們他們出現的時間範圍是什麼嗎？

Adam, I'm not sure what we have shared publicly yet, if it's in a place yet where we're ready to.

亞當，我不確定我們已經公開分享了什麼，我們是否已經準備好分享了。

We have shared two of the timeframes. 2029 shows a dispatchable resource in 2030 as well, and then it was kind of a question of whether we might see something in the next couple of years after that as well. So we'll know more as we work through the IRP process. Certainly, as of right now, it's showing at least 2029 and 2030 and could be more over the next couple of years after that.

我們已經分享了兩個時間範圍。 2029 年也顯示 2030 年也會出現可調度的資源，那麼問題來了，我們是否也會在那之後的幾年裡看到一些東西。因此，隨著我們完成 IRP 流程，我們會了解更多資訊。當然，截至目前，它顯示的至少是 2029 年和 2030 年，並且此後幾年可能會更長。

Okay, that helps. Are you seeing additional or incremental large-load customers coming to you, say over the last couple of quarters, seeking interconnection, I don't want to say at a brisker pace, but are you still seeing interconnection requests continue to build in the queue?

好的，這有幫助。您是否看到在過去幾個季度中有更多的或增量的大負荷客戶向您尋求互連，我不想說速度更快，但您是否仍然看到互連請求在隊列中繼續建立？

As far as interconnection requests, that's a little further down in the process. We are still seeing, I would say, the same inquiries which would then start a process that involves construction studies, et cetera. And I think those are on a pretty similar case as we've seen in the past.

至於互連請求，這是流程中稍遠的部分。我想說，我們仍然看到同樣的詢問，這些詢問隨後將啟動涉及建設研究等的過程。我認為這些情況與我們過去所見的情況非常相似。

Adam, what would you say about the interconnection request when -- that seems like us at the sort of end of the large load process?

亞當，當我們處於大負載過程的末端時，您會對互連請求說些什麼呢？

I agree, it's been a steady flow of inquiries and requests from large loads, and what we're seeing in our Q2 is a lot of generation resources showing up across our service territory to help meet that potential load growth. So it's been great, Chris, it's been pretty strong and continues to be strong.

我同意，來自大負載的詢問和請求一直很穩定，我們在第二季度看到的是，大量發電資源出現在我們的服務區域，以幫助滿足潛在的負載成長。所以這真是太棒了，克里斯，它一直很強勁，而且會繼續強勁。

Okay, that's helpful. That's exactly what I was trying to get out. I appreciate it. Thanks for the details.

好的，這很有幫助。這正是我想要表達的意思。我很感激。謝謝你的詳細資料。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Hi, it's Brian Russo on for Julian. Hello. Just curious about the '28 and '29 RFPs. If there are new large-load customers, would that be captured in those RFPs or would you need subsequent RFPs to meet any incremental demand above what's embedded in that 8.3% load growth rate in the IRP?

大家好，我是 Brian Russo，代替 Julian。你好。只是對 28 年和 29 年的 RFP 感到好奇。如果有新的大負載客戶，這些 RFP 是否會將其捕獲，或者您需要後續 RFP 來滿足 IRP 中 8.3% 負載成長率所包含的任何增量需求？

Yeah, so when new loads would come on, they come into making a request to us, it would depend on what year they would start for sure. But it's possible that if we have a number of projects that would meet a need as the need changes, we could certainly contract with those as well. If the customer needs are beyond that in time or amount, we may have to do some other kind of RFP.

是的，所以當新的負載到來時，他們會向我們提出請求，這肯定取決於他們從哪一年開始。但如果我們有許多專案可以滿足需求的變化，我們當然也可以與這些專案簽訂合約。如果客戶的需求在時間或數量上超出這個範圍，我們可能必須做其他類型的 RFP。

Yeah, it's just sort of a -- we have to wait and see what is real before we would make that kind of commitment.

是的，這只是一種——我們必須等待，看看什麼是真實的，然後我們才會做出這樣的承諾。

Okay, got it. And I think on the last call, you discussed the contract negotiations were ongoing with another data center. Is that still the updated status or is there anything that's transpired since then?

好的，明白了。我認為在上次通話中，您討論了與另一個資料中心正在進行的合約談判。這仍然是更新後的狀態嗎？還是從那時起又發生了什麼事？

Yeah, that is still ongoing.

是的，這仍在進行中。

Okay, and then it looks like as you transmit, you highlighted three transmission projects, right? And you can look at your CapEx forecast, and there are some incremental investments there.

好的，然後看起來您在傳輸時強調了三個傳輸項目，對嗎？您可以查看您的資本支出預測，其中有一些增量投資。

How should we think about the timely recovery of those types of projects? Would that be separate filings from your traditional base rate filings or how confident are you for time of recovery of some of these kinds of larger projects?

我們該如何考慮及時恢復這類項目？這是否是與傳統基準利率申請分開的申請，或者您對某些此類大型專案的恢復時間有多大信心？

Sorry about that. We're not looking at each other.

很抱歉。我們沒有互相看著對方。

Yeah, so I think at this point, we are looking -- this is Tim Tatum from regulatory affairs. Looking at the rate case and other potential mechanisms to help provide more timely cost recovery of these investments. As I mentioned earlier, those methods that are still in the process of being developed and evaluated internally, but our efforts to reduce regulatory lag provide more timely cost recovery are certainly underway, and we're hopeful for success in that area.

是的，所以我認為此時此刻，我們正在尋找——這是監管事務部的 Tim Tatum。查看利率案例和其他潛在機制，以幫助更及時地收回這些投資的成本。正如我之前提到的，這些方法仍處於內部開發和評估的過程中，但我們為減少監管滯後提供更及時的成本回收所做的努力肯定正在進行中，我們希望在這方面取得成功。

And Brian, what I would add -- this is Brian, we haven't shied away from one-off cases in the past. You've seen us do quite a few of them, but to the extent the in-service state of a transmission line lined up well with a general rate case or some form of tracking mechanism. That's another avenue that we have, so I'd say all options are on the table for those larger transmission projects at this point.

布萊恩，我想補充的是──我是布萊恩，我們過去並沒有迴避過個別案例。您已經看到我們做了不少這樣的工作，但在一定程度上，輸電線路的運作狀態與一般費率情況或某種形式的追蹤機制相一致。這是我們擁有的另一條途徑，因此我想說，目前，對於那些較大的輸電項目，所有選項都在考慮範圍內。

Okay, great. And lastly, could you just remind us how many -- how much capacity is in the shortlist that was acknowledged by the OPUC for the 2028 RP?

好的，太好了。最後，您能否提醒我們一下，OPUC 確認的 2028 年 RP 候選名單中有多少容量？

Adam, do you have that number?

亞當，你有這個號碼嗎？

I don't have that exact number. I mean, it was -- it's several 100 megawatts, maybe even more than that. And just as a reminder, there was a power project on that list as well for 2028. It was a fair amount of projects.

我沒有確切的數字。我的意思是，它有幾百兆瓦，甚至可能更多。提醒一下，2028 年的名單上也有一個電力工程。這是一個相當多的項目。

All right, great. Thank you very much.

好的，太好了。非常感謝。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Good afternoon, team. Sorry, I think those guys asked all of my questions. Just I guess, a quick follow-up was just on the wildfire legislation. Just anything in the legislation you guys were hoping to get or the utilities in the state were hoping to get that was not included in what passed?

大家下午好。抱歉，我想那些傢伙問了我所有的問題。我想，接下來的快速跟進就是有關野火立法。你們希望獲得的立法或州內公用事業希望獲得的立法中有哪些內容沒有包括在通過的立法中？

Well, I feel like we were really happy that it passed at all, to be quite honest. So I can't think of anything offhand that we wanted that with ultimately didn't get. We knew that this is the first step at trying to define the standard of care and that's essentially what this bill did.

嗯，說實話，我覺得我們真的很高興這件事能夠通過。所以我暫時想不出我們想要但最終沒有得到什麼。我們知道這是嘗試定義護理標準的第一步，而這正是該法案的作用。

Is there anything you would add, Julia?

茱莉亞，您還有什麼要補充的嗎？

I think that this bill does a really great job of establishing a first step and establishing that standard of care like Lisa mentioned. There was an earlier run of the bill that did not go through, I think that the bill that ultimately passed contained the majority of the protections that we were seeking to achieve, so I do think that it's a great result and we were able to get different industry groups comfortable with it with the final version of that.

我認為這項法案在邁出第一步和建立護理標準方面做得非常出色，正如麗莎提到的那樣。該法案早期的一次審議沒有獲得通過，我認為最終通過的法案包含了我們想要實現的大部分保護措施，所以我確實認為這是一個很好的結果，我們能夠讓不同的行業團體對最終版本感到滿意。

Do you see the company in the future looking to push for a fund? It seems that -- I know every state has their own issues with respect to wildfire, but it seems investors, I think in another state, they're trying to get a fund going. It didn't happen or it's not moving the legislature. Is that something that's on the radar in Idaho or we don't believe so?

您認為該公司未來會尋求推動基金發展嗎？看起來——我知道每個州在野火方面都有自己的問題，但我認為在另一個州，投資者似乎正在試圖啟動一項基金。這並沒有發生，或者說這並沒有對立法機構產生影響。這是愛達荷州關注的事情嗎？或者我們不這麼認為？

It was certainly something that we discussed. The hard part is that Idaho is very small, and so the amount of money that would be needed to create a fund would fall on a few people. So when you have the state of California that can put billions of dollars into a fund, it's not really something that Idaho could do.

這當然是我們討論過的事情。困難的是，愛達荷州面積很小，因此創建基金所需的資金將落在少數人身上。因此，當加州可以向基金投入數十億美元時，愛達荷州實際上卻做不到這一點。

And then if you look at a multi-state sort of arrangement, but then that's always the sort of, well, who pays and who gets the benefit and so it wasn't one that really we thought was something we could do now but it's something we could certainly think about. But it's also important to remember we do have insurance and there might be other strategies like a captive insurance product or something along those lines.

然後，如果你看一下多州安排，但這始終是誰付錢、誰獲得利益的問題，所以我們真的不認為這是我們現在能夠做的事情，但這是我們肯定可以考慮的事情。但同樣重要的是要記住我們確實有保險，可能還有其他策略，例如自保保險產品或類似的產品。

Great, that's all I had. Thanks for taking my questions.

太好了，這就是我所擁有的一切。感謝您回答我的問題。

Of course, thank you for calling in.

當然，感謝您的來電。

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

（操作員指示）今天的問答環節到此結束。格羅女士，我將把會議交還給您。

Well, thank you again, everyone, for joining us today, and we really appreciate your continued interest in Idacorp and we hope you have a great evening. Thank you.

好吧，再次感謝大家今天加入我們，我們非常感謝您對 Idacorp 的持續關注，我們希望您度過一個愉快的夜晚。謝謝。