Idacorp Inc (IDA) 2025 Q2 法說會逐字稿

Welcome to IDACORP's second-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 年第二季財報電話會議。今天的電話會議正在錄音，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. Please go ahead.

現在我將把電話轉給財務、合規和風險副總裁 Amy Shaw。請繼續。

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

謝謝。大家下午好。感謝您加入我們的電話會議。我們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。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、融資計畫、監管計畫以及反映我們目前對未來的看法的行動、估計和假設，所有這些都受風險和不確定性的影響。

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

這些風險和不確定性可能導致實際結果與今天的陳述有重大差異，我們警告不要過度依賴任何前瞻性陳述。我們在向美國證券交易委員會提交的文件中更詳細地包含了有關前瞻性陳述和各種風險因素的警示說明，供您審查。

As shown on slide 3, we also have Lisa Grow, President and CEO; Brian Buckham, SVP, CFO, and Treasurer; and John Wonderlich, Investor Relations Manager, presenting today. Slide 4 has a summary of our second-quarter results. IDACORP's diluted earnings per share were $1.76 compared with $1.71 for last year's second quarter. In the second quarter of this year, we recorded $17.2 million of additional tax credit amortization under the Idaho regulatory mechanism compared with $7.5 million in the second quarter of last year.

如投影片 3 所示，今天我們還有總裁兼執行長 Lisa Grow、高級副總裁、財務長兼財務主管 Brian Buckham 和投資者關係經理 John Wonderlich 進行演講。投影片 4 總結了我們的第二季業績。IDACORP 每股攤薄收益為 1.76 美元，去年第二季為 1.71 美元。今年第二季度，我們根據愛達荷州監管機制記錄了 1,720 萬美元的額外稅收抵免攤銷，而去年第二季為 750 萬美元。

For the first half of 2025, diluted earnings per share were $2.87 versus $2.67 in 2024. Those results include additional tax credit amortization of $36.5 million in the first half of 2025 versus $20 million in the first half of last year. For our key operating metrics, we're raising the lower end of our full-year IDACORP diluted earnings per share guidance by $0.05 to the new range of $5.70 to $5.85.

2025 年上半年，每股攤薄收益為 2.87 美元，而 2024 年為 2.67 美元。這些結果包括 2025 年上半年額外的稅收抵免攤銷 3,650 萬美元，而去年上半年為 2,000 萬美元。對於我們的關鍵營運指標，我們將全年 IDACORP 稀釋每股收益預期的下限上調 0.05 美元，至新的 5.70 美元至 5.85 美元範圍。

This increase was driven by strong operational results in the second quarter, and it includes our expectation that Idaho Power will use between $60 million and $77 million of additional tax credit amortization for the full year. These estimates also assume historically normal weather conditions and normal power supply expenses for the rest of the year.

這一成長是由第二季強勁的營運業績推動的，其中包括我們預計愛達荷電力公司全年將使用 6,000 萬至 7,700 萬美元的額外稅收抵免攤銷。這些估計也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平。

Now I'll turn the call over to Lisa.

現在我將把電話轉給麗莎。

Thank you, Amy, and thanks to all of you for joining us today. I'll start with a look at the continued customer growth across our service area, which we've summarized on slide 5. Idaho Power's customer base has grown 2.5% since last year's second quarter, including 2.7% for residential customers. We saw several significant new customer investments in the technology, food processing, mining, and distribution warehousing sectors during the first half of the year. I talked about some of those on our first-quarter call.

謝謝你，艾米，也謝謝大家今天的參與。我首先來看看我們服務區域內客戶的持續成長情況，我們已在第 5 張投影片上進行了總結。自去年第二季以來，愛達荷電力的客戶群成長了 2.5%，其中住宅客戶成長了 2.7%。今年上半年，我們看到科技、食品加工、採礦和配送倉儲領域有幾項重要的新客戶投資。我在第一季的電話會議上談到了其中的一些問題。

The most notable new one I'll highlight is Micron's June announcement of a second high-volume fabrication plant in Boise, adding to the first fab already under construction. We expect that second fab facility will be about the same size as the first fab. We've included a recent photo of the construction progress of the first fab on slide 6, so you can see the scale of that project.

我要重點介紹的最值得關注的新消息是美光公司 6 月宣布將在博伊西建立第二家大批量製造工廠，這是繼第一家正在建設中的工廠之後的又一舉措。我們預計第二座晶圓廠的規模將與第一座晶圓廠大致相同。我們在第 6 張投影片上附上了第一家工廠建設進度的近期照片，以便您了解該專案的規模。

We have served Micron since its inception, and we're excited for them and the opportunities that this expansion creates for our region. We're already working with the Micron team to determine how we'll serve the expanded project. Valor C3 data centers also announced an expansion at a second location in Boise, and Tesla has energized six new large electric vehicle fast-charging stations throughout Idaho Power service area.

自美光公司成立以來，我們一直為其提供服務，我們為他們以及此次擴張為我們地區創造的機會感到興奮。我們已經與美光團隊合作，確定如何為擴展專案提供服務。Valor C3 資料中心也宣佈在博伊西的第二個地點進行擴建，特斯拉已在愛達荷電力服務區內新建了六個大型電動車快速充電站。

While growth is already robust, we continue to field and thoughtfully process requests from businesses looking to locate and expand within our service area. The pipeline of prospective customers on our list exceeds our all-time peak load of around 3,800 megawatts. While we don't expect all of those customers to materialize in the near term, those prospective customers would be incremental to the load growth rate that we included in our recently filed IRP. And they give us visibility on incremental load growth well into the 2030s.

儘管成長已經很強勁，但我們仍會繼續認真處理希望在我們的服務區域內落腳和擴張的企業的請求。我們名單上的潛在客戶數量超過了我們約 3,800 兆瓦的歷史高峰負載。雖然我們並不期望所有這些客戶都會在短期內實現，但這些潛在客戶將會對我們最近提交的 IRP 中包含的負載成長率產生增量。它們讓我們能夠清楚地了解 2030 年代的增量負載增長情況。

Also, the infrastructure and resources needed to serve those prospective customers is not yet in our CapEx plans. We're strong advocates that growth has to be sustainable and responsible and that service to our existing customers must remain reliable and affordable. So any new agreements with large load customers will include the appropriate timeframes needed for buildout and ramp up, as well as appropriate cost allocation just as we've done in recent large-load special contracts.

此外，為這些潛在客戶提供服務所需的基礎設施和資源尚未納入我們的資本支出計畫。我們堅決主張成長必須是可持續的和負責任的，並且對現有客戶的服務必須保持可靠和可負擔的。因此，與大負荷客戶達成的任何新協議都將包括建造和提升所需的適當時間範圍，以及適當的成本分配，就像我們在最近的大負荷特殊合約中所做的那樣。

Turning to slide 7, I'll provide some updates on what we're building to meet this historic demand. In June, we broke ground on the Boardman to Hemingway transmission line, a key resource we've been working hard for nearly 19 years to make a reality. We also recently brought a company-owned 80-megawatt battery project online, along with the batteries for a 150-megawatt energy storage agreement.

翻到第 7 張投影片，我將提供一些有關我們為滿足這一歷史性需求而採取的措施的最新資訊。6 月份，我們破土動工建造了 Boardman 至 Hemingway 輸電線路，這是我們近 19 年來一直努力實現的重要資源。我們最近也啟動了該公司擁有的 80 兆瓦電池項目，以及 150 兆瓦能源儲存協議的電池。

For the Gateway West and Swift North transmission lines, which will join Boardman to Hemingway as major energy highways across the Western US, we're working through the remaining regulatory and permitting processes to get to construction. Recent legislation and executive orders have introduced new hurdles and some uncertainty around the constructability of renewable projects. So we've been working with our counterparty on the Jackalope Wind project in Wyoming to assess the impact of these federal actions.

對於 Gateway West 和 Swift North 輸電線路，它們將連接 Boardman 和 Hemingway，成為美國西部的主要能源高速公路，我們正在完成剩餘的監管和許可程序以進行建設。最近的立法和行政命令為再生能源項目的可建設性帶來了新的障礙和一些不確定性。因此，我們一直在與懷俄明州 Jackalope Wind 計畫的合作夥伴合作，評估這些聯邦行動的影響。

In addition to permitting, there are other conditions that still need to be satisfied to move forward with the project. This project would provide both energy and capacity that we need to serve load growth. So if ultimately, the project doesn't move ahead, we are identifying alternative capacity and energy resources. With a dynamic environment, remaining flexible and planning ahead is key.

除了獲得許可之外，還有其他條件需要滿足才能推進該專案。該項目將提供我們滿足負載成長所需的能源和容量。因此，如果該專案最終無法推進，我們正在尋找替代產能和能源資源。在動態環境中，保持靈活性和事先規劃是關鍵。

In other developments related to resources, we recently filed our 2025 IRP. On slide 8, you can see a key takeaway from this 20-year plan is that our IRP recommends more gas-fired resources, which are needed to provide additional system flexibility and dispatchable capacity. These gas assets would complement our existing diverse resource portfolio. Remember that the IRP is a fixed point in time, and it assumes that current laws like the Clean Air Act Section 111D continue into the future. If those rules change, the portfolio could also change. Like I said, things are very dynamic.

在與資源相關的其他發展方面，我們最近提交了 2025 年 IRP。在第 8 張投影片上，您可以看到這個 20 年計畫的關鍵要點是，我們的 IRP 建議增加燃氣資源，以提供額外的系統靈活性和可調度容量。這些天然氣資產將補充我們現有的多樣化資源組合。請記住，IRP 是一個固定的時間點，它假設《清潔空氣法》第 111D 條等現行法律將持續到未來。如果這些規則發生變化，投資組合也可能會發生變化。正如我所說的，事情非常動態。

Also, it's important to remember that we issue RFPs for resources. And what we're looking for as we plan for the future is the least cost, least risk resources that are viable and meet the capacity and energy deficits we see in our future. Often through that RFP process, those resources are ultimately different than what our IRP shows.

另外，重要的是要記住我們發布的是資源的 RFP。我們在規劃未來時所尋找的是成本最低、風險最小的可行資源，可以彌補未來的產能和能源缺口。通常，透過該 RFP 流程，這些資源最終與我們的 IRP 所顯示的不同。

On slide 9, you can see the significant load growth the 2025 IRP forecasted between 2025 and the early 2030s. As I mentioned, our five-year growth rate has increased notably in each of the last three IRPs. And Micron's second fab wasn't included in this one, so we're quite possibly underestimating load growth in our 2025 IRP.

在第 9 張投影片上，您可以看到 2025 IRP 預測的 2025 年至 2030 年代初之間的顯著負荷增長。正如我所提到的，在過去的三個 IRP 中，我們的五年成長率都有顯著提高。而美光的第二家晶圓廠並未包括在內，因此我們很可能低估了 2025 年 IRP 中的負載成長。

On a related note, turning to slide 10, we filed our 2029 RFP final shortlist in July for Oregon PUC acknowledgment. As a reminder, the Oregon PUC acknowledged the 2028 RFP final shortlist last quarter, and it has a mix of renewable projects. For resources in both RFPs, some of the listed projects would be owned by Idaho Power and some would have third-party ownership. We continue to make progress on contract negotiations.

相關說明：翻到第 10 張投影片，我們在 7 月提交了 2029 年 RFP 最終候選名單，以獲得俄勒岡州公共事業委員會的認可。提醒一下，俄勒岡州公共事業委員會上個季度確認了 2028 年 RFP 最終候選名單，其中有多種可再生項目。對於兩個 RFP 中的資源，列出的一些項目將歸愛達荷電力公司所有，而有些則歸第三方所有。我們在合約談判方面繼續取得進展。

We'll be working with the bidders to help understand the impact of recent federal legislation, tariffs, and executive orders on their projects as we focus on identifying the least cost, least risk resources from those RFPs. I think the most notable is the 167-megawatt Idaho Power-owned gas plant shown as the top project on the short list for the 2029 RFP, which would provide us with greater certainty on a high-capacity factor relative to the other listed projects.

我們將與投標者合作，幫助了解最近的聯邦立法、關稅和行政命令對其項目的影響，同時我們專注於從這些 RFP 中找出成本最低、風險最小的資源。我認為最值得注意的是愛達荷電力公司擁有的 167 兆瓦天然氣廠，該廠是 2029 年 RFP 候選名單上的首要項目，與其他列出的項目相比，它將為我們提供有關高容量因素的更大確定性。

Turning to regulatory matters on slide 11, Idaho Power filed a general rate case in Idaho at the end of May. The regulatory process for that case is underway, and we expect new rates to go into effect at the beginning of next year. This request is a full general rate case filing similar to our 2023 Idaho rate case, and it requests an overall rate increase of about $199 million for Idaho customers. We're requesting a 51% equity ratio, a 10.4% ROE, and additional ADITCs to be added to our regulatory mechanism, along with a depreciation and interest expense tracker.

談到第 11 張投影片上的監管事宜，愛達荷州電力公司於 5 月底在愛達荷州提起了一般費率訴訟。該案件的監管程序正在進行中，我們預計新的費率將於明年年初生效。該請求是一份完整的一般費率案件申請，與我們 2023 年愛達荷州費率案件類似，並要求將愛達荷州客戶的總費率提高約 1.99 億美元。我們要求將 51% 的股權比率、10.4% 的 ROE 和額外的 ADITC 以及折舊和利息費用追蹤器添加到我們的監管機制中。

Brian will talk more about the case in his comments, and I will hand it over to him now.

布萊恩將在他的評論中詳細談論這個案子，現在我將把它交給他。

Thanks, Lisa. Hi, everybody. I'm going to start on slide 12 today. And as the table shows, IDACORP's net income increased $6.3 million for the second quarter this year compared with the second quarter last year. The major drivers for the quarter were higher retail revenues from the January 1 rate change, customer growth, higher customer usage due to warm and dry weather, and then recording incremental tax credits this year under the Idaho regulatory mechanism.

謝謝，麗莎。大家好。我今天將從第 12 張投影片開始。如表格所示，IDACORP 今年第二季的淨收入與去年第二季相比增加了 630 萬美元。本季的主要驅動因素是 1 月 1 日利率變化帶來的零售收入增加、客戶成長、天氣溫暖乾燥導致的客戶使用率增加，以及今年根據愛達荷州監管機制記錄的增量稅收抵免。

No surprise, those benefits were partially offset by higher depreciation and interest expense from our infrastructure projects. We also had higher O&M expense in large part from labor cost increases, but I'd say we're still on track with our O&M guidance for the year. A little more detail on the drivers. Net increase in retail revenues per megawatt hour increased operating income by $8.8 million on a relative basis. That benefit was mostly from the increase in Idaho base rates from the limited issue rate case that Idaho Power filed last year.

毫不奇怪，這些收益被我們基礎設施項目的更高折舊和利息支出部分抵消。我們的營運和維護費用也較高，很大程度上是由於勞動力成本的增加，但我想說，我們今年的營運和維護指導仍處於正軌上。關於驅動程式的更多細節。每兆瓦時零售收入的淨增加使營業收入相對增加了 880 萬美元。這項好處主要來自於愛達荷州電力公司去年提起的有限發行利率案中愛達荷州基準利率的提高。

Customer growth increased operating income by $6 million quarter over quarter. Usage per retail customer was a benefit of $5.5 million. Cooling degree days were 49% higher than normal, which was only slightly higher than the warmer-than-normal second quarter last year. But precipitation was particularly low in the second quarter this year. So our irrigation customers use more energy to operate irrigation pumps despite the comparable temperatures year over year.

客戶成長使營業收入較上季成長 600 萬美元。每位零售客戶的使用收益為 550 萬美元。降溫度日數比正常值高出49%，僅略高於去年第二季高於正常值的水平。但今年第二季降水量特別少。因此，儘管氣溫與往年相似，但我們的灌溉客戶仍使用更多的能源來操作灌溉幫浦。

Other O&M expenses were $11.1 million higher. I already mentioned the higher labor costs, but there were some wildfire mitigation program and some related insurance expenses included in the mix of higher costs as well. And consistent with the trend we've seen over the past several quarters from continued and accelerated capital investment, depreciation expense increased $6.4 million quarter over quarter.

其他營運和維護費用增加了 1,110 萬美元。我已經提到了更高的勞動成本，但還有一些野火緩解計畫和一些相關的保險費用也包含在更高的成本中。與過去幾季我們看到的持續加速資本投資的趨勢一致，折舊費用較上季增加了 640 萬美元。

The other net changes in operating revenues and expenses decreased operating income by $5.6 million. We expected this. It was mostly due to the timing of recording and adjusting regulatory accruals and deferrals in the second quarter last year that didn't recur in this year's second quarter. Net non-operating expense increased $7 million in the second quarter. Interest on higher long-term debt balances needed to finance our growth and also an increase in interest that Idaho Power is required to pay on transmission customer deposits, both contributed to the increase.

營業收入和支出的其他淨變化導致營業收入減少了 560 萬美元。我們預料到了這一點。這主要是因為去年第二季記錄和調整監理應計和遞延的時間在今年第二季沒有重現。第二季淨非營業支出增加了 700 萬美元。為了資助我們的成長，需要增加長期債務餘額的利息，而愛達荷電力公司需要支付的輸電客戶存款的利息增加，這兩者都導致了這一增長。

There's one new factor this year on the non-operating expense side that you might have noticed in the 10-Q, if you've gotten to it yet. In May, our first battery project subject to a third-party energy storage agreement started operations. That triggered the beginning of our finance lease accounting for the project, and this resulted in higher interest expense and amortization of the right-of-use asset. From a financial results perspective, this item is a pass-through in our power cost adjustment mechanism in Idaho, but I wanted to call it out because you'll see the various lease accounting entries in the financial statements for the first time. It's not bad. It's just different.

如果您已經注意到的話，今年非營業費用方面有一個新因素，您可能已經在 10-Q 中註意到了。5月，公司首個第三方儲能協議電池專案投入營運。這促使我們開始對該專案進行融資租賃會計處理，並導致更高的利息支出和使用權資產的攤銷。從財務結果的角度來看，這個項目是愛達荷州電力成本調整機制中的一個轉嫁，但我想指出這一點，因為您將第一次在財務報表中看到各種租賃會計分錄。還不錯。這只是不同而已。

The increases in non-operating expenses were partially offset by an increase in AFUDC because the average construction work in progress balance was higher. QIP was a fairly staggering $1.4 billion at quarter end. Also, we saw higher interest income due to higher cash balances in the second quarter this year.

由於平均在建工程餘額較高，非營業費用的增加被 AFUDC 的增加部分抵銷。季度末的 QIP 達到了相當驚人的 14 億美元。此外，由於今年第二季現金餘額增加，我們的利息收入也增加了。

The decrease in income tax expense was mostly the result of an increase in additional ADITC amortization and some variances in flow-through tax adjustments. Based on our current expectations of full-year financial results, Idaho Power reported $17.2 million of additional ADITC amortization like Amy noted earlier, compared with $7.5 million in the second quarter last year. Remember, we record the ADITCs ratably each quarter based on our full-year expectation of financial results.

所得稅費用的減少主要是由於額外 ADITC 攤銷的增加以及流轉稅調整的一些差異。根據我們目前對全年財務業績的預期，愛達荷電力公司報告稱，如艾米之前所述，該公司額外支付了 1720 萬美元的 ADITC 攤銷費，而去年第二季度為 750 萬美元。請記住，我們根據全年財務業績預期，按比例每季記錄 ADITC。

Moving on to slide 13, I want to touch on our recent equity transaction. In early May, we entered into forward sale agreements to sell $575 million in gross amount of IDACORP stock through a discrete follow-on offering. Combining the future net proceeds from that offering with $145 million of forward sale agreements we executed through our ATM program in the fourth quarter last year and in the first quarter of this year, we expect to be able to fund our equity needs into 2027 based on our current CapEx plan and the anticipated timing of our spend.

轉到第 13 張投影片，我想談談我們最近的股權交易。5月初，我們簽訂了遠期銷售協議，透過離散後續發行出售總額為 5.75 億美元的 IDACORP 股票。將此次發行的未來淨收益與我們去年第四季和今年第一季透過 ATM 計畫執行的 1.45 億美元遠期銷售協議相結合，我們預計能夠根據我們目前的資本支出計劃和預期的支出時間，滿足我們到 2027 年的股權需求。

Lisa mentioned new customers, and she mentioned the pending RFPs. So there's certainly pressure to the upside on incremental CapEx, and that can impact our plans. But in any event, we haven't taken down any of the ATM shares or any of the shares from the follow-on offering to date. So those are all available and they aren't shown as equity in our capital ratio right now. We're committed to maintaining a 50-50 debt-to-equity ratio at Idaho Power, and our equity forward transactions help make that achievable over the longer term.

Lisa 提到了新客戶，也提到了待處理的 RFP。因此，增量資本支出肯定會面臨上行壓力，這可能會影響我們的計畫。但無論如何，到目前為止，我們還沒有減持任何 ATM 股票或任何後續發行的股票。因此，這些都是可用的，目前它們並未顯示為資本比率中的權益。我們致力於將愛達荷電力的債務與股權比率維持在 50-50，而我們的股權遠期交易有助於長期實現這一目標。

We're excited to have the follow-on transaction completed with a solid outcome, and it had very high receptivity. So I'd just say that we appreciate our owners' continued support and confidence, and we are, of course, committed to the thoughtful drawdown and the investment of the capital as we execute on our infrastructure work.

我們很高興後續交易能夠順利完成，並且取得良好的結果，而且接受度很高。因此，我只想說，我們感謝業主的持續支持和信任，當然，我們在執行基礎設施工作時也致力於深思熟慮的提取和資本投資。

Also related to liquidity, our operating cash flows for the first half of 2025 were $301 million, which was $45 million higher than the first half of last year. So more good news on that front. Lastly for me, Lisa gave the highlights on our general rate case. We're looking to add nearly $1 billion of rate base through the case, which is reflecting the investments we've made in our system for reliability and to address economic growth.

同樣與流動性有關，我們 2025 年上半年的營運現金流為 3.01 億美元，比去年上半年高出 4,500 萬美元。因此，這方面還有更多好消息。最後，麗莎對我而言重點介紹了我們的一般費率案例。我們希望透過該案例增加近 10 億美元的利率基礎，這反映了我們為提高系統的可靠性和解決經濟成長問題而進行的投資。

And that's a notable amount, but it's otherwise a relatively standard general rate case for us in most respects. We're asking for our typical historic test year treatment, but with known and measurable adjustments and annualizing adjustments on larger capital projects for period-end rate base treatment like we received in our 2023 general rate case.

這是一個值得注意的金額，但除此之外，對我們來說，在大多數方面，這是一個相對標準的一般費率情況。我們要求採用典型的歷史測試年處理方式，但對較大的資本項目進行已知且可衡量的調整和年度化調整，以便對期末利率基礎進行處理，就像我們在 2023 年一般利率案例中收到的那樣。

But because of the notable regulatory lag that inevitably results from that historic test year approach, we also requested, in our case, a new-to-us depreciation and interest expense tracking mechanism. That mechanism would help to reduce the substantial amount of regulatory lag we're experiencing as we move through this period of heightened capital investment.

但由於歷史性的測試年方法不可避免地導致明顯的監管滯後，我們也要求採用一種對我們來說全新的折舊和利息費用追蹤機制。這項機制將有助於減少我們在經歷資本投資增加時期所經歷的大量監管落後。

Just stated generally, the mechanism would measure the difference between actual depreciation and interest expense and a sales adjusted baseline level of depreciation and interest expense on a calendar year basis starting in 2026. It would have both a forecast and true-up component like our PCA and rates would adjust at the same time as the PCA rates.

概括地說，該機制將從 2026 年開始按日曆年衡量實際折舊和利息支出與銷售調整後的折舊和利息支出基準水平之間的差額。它將同時具有預測和真實組件，就像我們的 PCA 一樣，並且利率將與 PCA 利率同時調整。

So if it's approved, we expect the mechanism would help address regulatory lag and benefit both our earnings and our credit metrics and help keep financing costs at an acceptable level, ultimately benefiting our customers as well. We also asked in our filing for authority to incorporate additional ADITCs in the tax credit regulatory mechanism. We ask that all existing ADITCs on the books that are not already authorized for inclusion in the tax credit mechanism, plus all the ITCs we earn through 2028, be included.

因此，如果獲得批准，我們預計該機制將有助於解決監管滯後問題，有利於我們的獲利和信用指標，並有助於將融資成本保持在可接受的水平，最終也使我們的客戶受益。我們也在文件中請求授權將更多的 ADITC 納入稅收抵免監管機制。我們要求將所有現有的、尚未被授權納入稅收抵免機制的 ADITC 以及我們在 2028 年獲得的所有 ITC 都納入其中。

We, as of now, estimate the amount of those credits is around $200 million. That's incremental to the $77 million already included in the mechanism. And we also asked for a usage cap of $75 million of ADITCs in any single year. So it was a busy quarter. We're growing, and we're executing on our financing, regulatory, and capital investment plans to support our growth. We're glad you're with us while we move ahead.

截至目前，我們估計這些信貸的金額約為 2 億美元。這是已納入該機制的 7700 萬美元的增量。我們還要求每年 ADITC 的使用上限為 7500 萬美元。所以這是一個繁忙的季度。我們正在成長，並正在執行融資、監管和資本投資計劃以支持我們的成長。我們很高興您能與我們一起前進。

And with that, I'll turn it over to John for an update on our 2025 guidance and some metrics.

接下來，我將把主題交給約翰，讓他介紹我們 2025 年的指導方針和一些指標的最新情況。

Thanks, Brian. Moving to slide 14, you can see our updated 2025 full-year earnings guidance and key operating metrics. This guidance assumes normal weather and normal power supply expenses for the rest of the year. We raised our lower end of our guidance and now expect IDACORP's diluted earnings per share this year to be in the range of $5.70 to $5.85, with the assumption that Idaho Power will use $60 million to $77 million of additional investment tax credit amortization.

謝謝，布萊恩。移至第 14 張投影片，您可以看到我們更新的 2025 年全年獲利預測和關鍵營運指標。本指南假設今年剩餘時間天氣和電力供應費用正常。我們提高了預期的下限，目前預計 IDACORP 今年的每股攤薄收益將在 5.70 美元至 5.85 美元之間，假設愛達荷電力公司將使用 6,000 萬至 7,700 萬美元的額外投資稅收抵免攤銷。

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 it is important to note that we have not adjusted our forecast for tariffs, given the volatility in amounts, and we continue to evaluate and monitor that situation. Finally, we still expect good hydropower generation in 2025, though we have updated our range to 7 million to 8 million megawatt hours for the year. The dry June weather was the largest driver of the reduction to the high end.

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 億至 11 億美元之間。但值得注意的是，考慮到金額的波動，我們尚未調整關稅的預測，並且我們將繼續評估和監控這種情況。最後，我們仍然預計 2025 年水力發電量將保持良好，儘管我們已將這一年的發電量範圍更新為 700 萬至 800 萬兆瓦時。六月乾燥的天氣是導致產量下降的最大原因。

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) Chris Ellinghaus, Siebert Williams Shank.

（操作員指示）Chris Ellinghaus、Siebert Williams Shank。

Hey, everybody. How are doing today?

嘿，大家好。今天過得怎麼樣？

Good. Hi, Chris.

好的。你好，克里斯。

How are you doing, Brian? I think the number you quoted is 3,800 megawatts in the pipeline. A, can you talk about how many potential connections that is? And secondly, I'm not sure if you mentioned this, but was any of that in the IRP numbers?

你好嗎，布萊恩？我認為您引用的數字是 3,800 兆瓦的在建項目。A，您能說說有多少潛在的連結嗎？其次，我不確定您是否提到過這一點，但 IRP 數字中是否有這些內容？

So I don't have the number of exact projects that that amounts to. And it's actually more than our peak load, but kind of around that number. So it's mostly data centers that are in that pipeline, although there are smaller projects in there as well. So the DAC number, I don't have on the top of some of the head.

所以我不知道具體項目的數量。它實際上超過了我們的峰值負荷，但大約是這個數字。因此，該管道中主要是資料中心，儘管其中也有一些較小的項目。所以 DAC 的數字，我不太清楚。

I don't have the exact number, Chris, This is -- I think one of the data centers is included, but it's beyond the five-year window mostly. And so you won't see that loan included in the IRP forecast of the 8.3% that you guys have.

我沒有確切的數字，克里斯，這是——我認為其中一個數據中心是包括在內，但它大多超出了五年的時間範圍。因此，您不會看到該筆貸款包含在您們的 8.3% IRP 預測中。

And Chris, this is Brian. I'll say when we do our load forecasting for the IRP, we always assume some amount of commercial and industrial growth. Some of those customers are the ones that are on the pipeline list, but I would say it's a relatively small growth rate compared to what it would look like when you add some of the larger customers from that pipeline going forward.

克里斯，這是布萊恩。我想說的是，當我們對 IRP 進行負載預測時，我們總是假設一定程度的商業和工業成長。其中一些客戶是在管道名單上的，但我想說，與未來從該管道中添加一些較大的客戶相比，這是一個相對較小的成長率。

Okay. Lisa, you also sort of addressed this where you might be conservative in the IRP. Are you kind of thinking at this point, looking at slide 5, which shows sort of the progression of your retail sales forecast growth? Are you thinking that it's conceivable that you could have another step up in the 2027 IRP that's kind of comparable to what we've been seeing in the progression?

好的。Lisa，您也提到了您在 IRP 中可能比較保守的問題。看投影片 5 時，您是否在思考，它顯示了零售額預測成長的進展？您是否認為，2027 年 IRP 有可能再上一個台階，與我們目前看到的進展相當？

Yes, I think that's a fair assumption, Chris. And I'll say, I've said on several of these calls, the IRP process, we sort of published a study every two years, but these are studies we essentially do with every large-load customer that comes in, which is quite frequent. So just given that when you do the IRP process, you have to sort of lock down the number you're going to use in the study. And meanwhile, the economic activity continues. So a long-winded way of saying that, yes, it could very well be higher in a similar amount.

是的，我認為這是一個合理的假設，克里斯。我要說的是，我在幾次電話會議中都說過，在 IRP 流程中，我們每兩年發布一次研究報告，但這些研究基本上是針對每位大負荷客戶進行的，這是相當頻繁的。因此，當您執行 IRP 流程時，您必須鎖定要在研究中使用的數字。與此同時，經濟活動仍在持續。所以，長話短說，是的，類似的金額很可能會更高。

And Chris, maybe I'll add to that. This is Adam. Just to give you one stat line on that front. Our large load requests this year inquiries increased right around 30% compared to the year before, the year before was a relatively strong year in terms of inquiries and interest. So we're seeing continued interest in our service territory moving forward.

克里斯，也許我會補充一點。這是亞當。僅就此方面向您提供一條統計數據。我們今年的大宗負載請求諮詢量與去年相比增加了約 30%，就諮詢量和興趣而言，去年是相對強勁的一年。因此，我們看到人們對我們服務領域的興趣持續增長。

Okay. That's great. So looking at slide 8, I looked at this preferred portfolio for a long time when it came out. And you mentioned the tax bill and how that may complicate things. It certainly looks today like you've got an awful lot that's affected in solar wins. Maybe not the best column, but are you currently thinking today that you're going to need to upsize and pull forward more of the gas expectation given what the tax bill looks like?

好的。那太棒了。因此，當幻燈片 8 出來時，我花了很長時間觀察這個優先投資組合。您提到了稅收法案以及它可能如何使事情變得複雜。今天看起來，太陽能勝利確實受到了很大影響。也許這不是最好的專欄，但考慮到稅單的情況，您是否認為您需要增加並提前進行更多的天然氣預期？

That's certainly some of the scenarios that we're analyzing.

這當然是我們正在分析的一些場景。

Okay. And lastly, I guess, I haven't seen it yet, but do you have any idea when you'll get a procedural schedule on the rate case?

好的。最後，我想，我還沒有看到，但是您知道什麼時候會得到有關費率案件的程序時間表嗎？

Tim, do you want to take that one?

提姆，你想拿那個嗎？

Sure. Hi, Chris. This is Tim Tatum. Yes, we've been working on the procedural schedule with the parties and staff. I would expect it in the coming weeks, maybe even as early as next week. We're close. We're not all the way there yet.

當然。你好，克里斯。這是提姆·塔圖姆。是的，我們一直在與各方和工作人員制定程序時間表。我預計它會在未來幾週內，甚至可能最早在下週出現。我們很接近了。我們還沒有完全到達那裡。

Okay. One maybe one more thing. Brian, can you give us any kind of color on what the irrigation impact look like in the second quarter?

好的。也許還有一件事。布萊恩，您能否向我們介紹第二季灌溉的影響？

I can give you a little bit on that, Chris. It was pretty significant. Last year, we had a really strong irrigation season in the second quarter. That was fueled by high temperatures. This quarter, we have continued high temperatures relative to normal. What we saw this quarter, though, was very low precipitation across our service territory.

我可以給你一些這方面的信息，克里斯。這非常重要。去年第二季度，我們的灌溉產量非常強勁。這是由高溫引起的。本季度，氣溫持續高於正常水平。然而，本季我們看到的是，我們服務區域內的降水量非常低。

And it turns out irrigation load is sensitive to heat, certainly, but it's also very sensitive to precipitation levels. And we saw that this year. If you look at actual sales year over year, year to date, it's been about a 15% increase in irrigation. If you look at on a weather-adjusted basis, it's relatively flat. It's a slight increase over last year. So very, very weather sensitive. And remember, on irrigation, we don't have mechanisms like an FCA that adjust for that -- those types of sales.

事實證明，灌溉負荷確實對熱量敏感，但它對降水量也非常敏感。我們今年就看到了這一點。如果查看今年迄今的逐年實際銷售額，就會發現灌溉銷售額增加了約 15%。如果從天氣調整的角度來看，它是相對平穩的。與去年相比略有增加。所以對天氣非常敏感。請記住，在灌溉方面，我們沒有像 FCA 這樣的機制來調整這類銷售。

Okay, thanks a lot. Appreciate it.

好的，非常感謝。非常感謝。

Thanks, Chris

謝謝，克里斯

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

（操作員指示）Julien Dumoulin-Smith，Jefferies。

Hi, Julien.

你好，朱利安。

Hey, it's Brian Russo on for Julien.

嘿，布萊恩·魯索 (Brian Russo) 代替朱利安 (Julien)。

Hi, Brian. We didn't know. It's always sort of a guess.

你好，布萊恩。我們不知道。這始終只是一種猜測。

Good afternoon. Just on -- you mentioned the Micron Phase 2. It's great to hear. It could be the same size as the first phase still under construction. And I think according to the tariffs, ultimately, the first phase is 500 megawatts. What kind of timeline do you see unfolding here? I suppose you're just going to want to start construction of Phase 2, maybe even before Phase 1 ends, right, to keep the continuity of the EPCs, et cetera. Just any thoughts there? And I would imagine that would correlate to one of the upside scenarios in the 2025 IRP.

午安.剛才你提到了美光第二階段。聽到這個消息真是太好了。它的規模可能與仍在建造的第一期工程相同。我認為根據關稅，第一階段的最終目標是500兆瓦。您看到這裡展開了什麼樣的時間軸？我想你只是想開始第二階段的建設，甚至可能在第一階段結束之前，對吧，以保持 EPC 的連續性等等。有什麼想法嗎？我想這會與 2025 年 IRP 中的一種上行情境有關。

Yes. On the second part of your question, it would be upside. And so the first part, we're just working through those details with Micron. So we're not really able to speak to the amount of timing, but it is underway. And as soon as we have information we can share, we will.

是的。對於你問題的第二部分，這將是有利的。因此，第一部分，我們正在與美光公司一起研究這些細節。因此，我們無法確切地說明具體時間，但一切正在進行中。一旦我們有了可以分享的訊息，我們就會分享。

Okay, great. And just to clarify, the '28 and '29 RFPs that you show in the slide, in theory, that's based off of your '23 IRP, right? So the way to look at it is whatever is in the 2025 IRP, just subtract what we see here on slide 10, and that's what will be incremental in any sort of follow-up RFP?

好的，太好了。需要澄清的是，您在幻燈片中展示的 28 年和 29 年 RFP 理論上是基於您的 23 年 IRP 的，對嗎？因此，看待這個問題的方式是，無論 2025 年 IRP 中有什麼，只需減去我們在第 10 張投影片上看到的內容，這就是任何後續 RFP 中的增量？

I'm not sure if the math is that simple, just given how many moving parts are, but what would you say, Adam?

我不確定數學是否那麼簡單，只要給出有多少個活動部件，但是你會怎麼說，亞當？

Yes. Typically, the way it goes is we set out RFP. We get the projects that come in. As we're evaluating those projects, we're also evaluating the load in the knee. And so that can ebb and flow given what we need at the exact time that the RFP is out. So this is just the list of the projects that were shortlisted that responded to our RFP request, and we would have to decide how many of those projects we actually pick that meet the current needs that exist at that time. Does that make sense, Brian?

是的。通常，我們會制定 RFP。我們接到了進來的專案。在評估這些項目時，我們也在評估膝蓋的負荷。因此，根據我們在 RFP 發佈時的具體需要，這種情況可能會有所起伏。因此，這只是回應我們的 RFP 請求的入圍項目列表，我們必須決定實際挑選出多少個能夠滿足當時的當前需求的項目。這樣有道理嗎，布萊恩？

Yes, it does. So for example, 160 megawatts self-build gas plant that you referenced in the '29 RFP shortlist, that kind of correlates to what you have on slide 8, 2029, 150 megawatts at new gas. But I suppose you'll need an RFP for 2030 for 300 megawatts of new gas. Is that the simplistic way of looking at it?

是的。舉例來說，您在 29 年 RFP 候選名單中提到的 160 兆瓦自建天然氣廠，與您在第 8 張投影片上提到的 2029 年 150 兆瓦新天然氣廠是相關的。但我想你需要一份 2030 年 300 兆瓦新天然氣的 RFP。這是看待這個問題的簡單方式嗎？

Yes. I think that's one way to look at it. Maybe another way, Brian, is just in terms of the next five years, our need in megawatts of perfect capacity, so that's the resources, maybe non-renewable that can give you everything you need at that moment, is about a little over 200 megawatts a year, every single year based on the 2025 IRP.

是的。我認為這是看待這個問題的一種方式。布萊恩，也許另一種方式是，就未來五年而言，我們對完美容量兆瓦的需求，也就是資源，也許是不可再生的，可以給你當時所需的一切，大約是每年 200 兆瓦多一點，根據 2025 年的 IRP 每年都是如此。

Now when we decide which projects we're going to pick related to the 2028, 2029 RFP, we will continue to look at that load forecast, see if it's changed. But in terms of the 2025 IRP, it's a little over 200 megawatts of perfect capacity every year, which could be hundreds of megawatts in renewables or even a little bit less in natural gas, but that's kind of how it works as we move forward and work on these different projects.

現在，當我們決定選擇與 2028 年、2029 年 RFP 相關的項目時，我們將繼續關注該負載預測，看看它是否發生了變化。但就 2025 年 IRP 而言，每年的完美容量略高於 200 兆瓦，再生能源可能有數百兆瓦，天然氣可能略少一些，但這就是我們推進和開展這些不同項目時的運作方式。

Okay, great. And then just lastly, you mentioned some issues with the Jackalope wind farm. It's a pull-on transfer, right? And I think it's for 2027 needs? Conceptually, if that's facing economic issues with the tax bill, et cetera, could you just shift to gas?

好的，太好了。最後，您提到了 Jackalope 風電場的一些問題。這是拉上轉移，對嗎？我認為這是滿足 2027 年的需求嗎？從概念上講，如果面臨稅收法案等經濟問題，您可以改用天然氣嗎？

This is Adam. Yes, that is absolutely one option. I think, on Jackalope, we're really looking at the permitting -- potential permitting issues related to the executive orders that are out there. If we did not build Jackalope, certainly, one of the things we have and we'll continue to look at is gas bills in that timeline.

這是亞當。是的，這絕對是一種選擇。我認為，在 Jackalope 上，我們真正關注的是許可——與現有行政命令相關的潛在許可問題。如果我們沒有建造 Jackalope，那麼我們肯定會關注的事情之一就是該時間表內的天然氣費用。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thanks, Brian.

謝謝，布萊恩。

Thanks, Birian.

謝謝，Birian。

That concludes the question-and-answer session for today. Ms. Grow, I will turn the call back to you.

今天的問答環節到此結束。格羅女士，我會把電話轉給您。

Well, thanks again to everyone for joining us today, and we thank you for your continued interest in IDACORP. And I wish you all a good evening. Thank you.

好吧，再次感謝大家今天的加入我們，也感謝大家對 IDACORP 的持續關注。祝大家晚上愉快。謝謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。