Idacorp Inc (IDA) 2025 Q3 法說會逐字稿

Welcome to IDACORP's third-quarter 2025 earnings 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's website. (Operator Instructions)

歡迎參加IDACORP 2025年第三季財報電話會議。今天的電話會議正在錄音，我們的網路直播也正在進行中。今天晚些時候以及接下來的 12 個月內，觀眾可以在 IDACORP 的網站上觀看重播。（操作說明）

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

現在我將把電話交給財務、合規和風險副總裁艾米·肖。

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。感謝您參加我們的電話會議。我們將在今天的電話會議中提到的幻燈片可在IDACORP網站上找到。

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.

如投影片 2 所示，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、監管計畫和行動，以及反映我們目前對未來看法的估計和假設，所有這些都存在風險和不確定性。

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所作的聲明有重大差異，我們提醒大家不要過度依賴任何前瞻性聲明。我們已在提交給美國證券交易委員會的文件中更詳細地列出了有關前瞻性聲明和各種風險因素的警示說明，供您查閱。

As shown on slide 3, also presenting today, we have Lisa Grow, President and CEO; Brian Buckham, SVP, CFO and Treasurer; and John Wonderlich, Investor Relations Manager.

如投影片 3 所示，今天還有 Lisa Grow（總裁兼執行長）、Brian Buckham（高級副總裁、財務長兼財務主管）和 John Wonderlich（投資者關係經理）出席。

Slide 4 has a summary of our third-quarter results. IDACORP's diluted earnings per share were $2.26 compared with $2.12 for last year's third quarter. In the third quarter of this year, Idaho Power recorded $2.5 million of additional tax credit amortization under the Idaho Regulatory Mechanism, which is the same amount Idaho Power recorded in the third quarter of last year.

第 4 張投影片總結了我們第三季的業績。IDACORP 稀釋後每股收益為 2.26 美元，去年第三季為 2.12 美元。今年第三季度，愛達荷電力公司根據愛達荷監管機制記錄了 250 萬美元的額外稅收抵免攤銷，這與愛達荷電力公司去年第三季記錄的金額相同。

For the first three quarters of 2025, diluted earnings per share were $5.13 versus $4.82 for the first three quarters of 2024. Those results include additional tax credit amortization of $39 million in the first three quarters of 2025, compared to $22.5 million in the first three quarters of last year.

2025 年前三個季度的稀釋後每股收益為 5.13 美元，而 2024 年前三個季度的稀釋後每股收益為 4.82 美元。這些結果包括 2025 年前三個季度額外 3,900 萬美元的稅收抵免攤銷，而去年同期為 2,250 萬美元。

For our guidance, we're raising our full-year IDACORP's diluted earnings per share guidance range for the second time this year. Our new expected range is $5.80 to $5.90 per diluted share. Our current expectation is that Idaho Power will use between $50 million and $60 million of additional tax credit amortization for the full year, a reduction from our estimate last quarter.

就我們的業績指引而言，我們將今年第二次調高 IDACORP 全年稀釋後每股盈餘預期範圍。我們新的預期範圍是每股攤薄收益 5.80 美元至 5.90 美元。我們目前的預期是，愛達荷電力公司全年將使用 5,000 萬至 6,000 萬美元的額外稅收抵免攤銷，比我們上季度的估計有所減少。

So we were able to increase our earnings per share estimate for the year while decreasing our estimate of additional ADITC amortization, which is reflective of our strong operational performance this year. These estimates assume historically normal weather conditions and normal power supply expenses for the fourth quarter.

因此，我們提高了今年的每股盈餘預期，同時降低了對額外 ADITC 攤銷的預期，這反映了我們今年強勁的營運表現。這些估算假設第四季天氣狀況和電力供應費用均屬歷史正常水準。

Now I'll turn the call over to Lisa.

現在我把電話交給麗莎。

Thanks, Amy, and thanks to everyone for joining us on the call. Let's start with a look at customer growth and economic expansion. As you can see on slide 5, our customer base has grown 2.3% since last year's third quarter, including 2.5% for residential customers.

謝謝艾米，也謝謝所有參加電話會議的朋友們。讓我們先來看客戶成長和經濟擴張。如您在投影片 5 中看到的，自去年第三季以來，我們的客戶群成長了 2.3%，其中住宅客戶成長了 2.5%。

We continue to see robust activity across several sectors, including manufacturing, food processing, distribution, warehousing, and technology. Micron's two fab projects remain a cornerstone of our industrial engagement. The two fab expansion represents the largest private capital investment in Idaho's history and underscores our region's growing prominence in advanced manufacturing and technology.

我們看到多個行業持續保持強勁的成長勢頭，包括製造業、食品加工業、分銷業、倉儲業和科技業。美光的兩大晶圓廠專案仍是我們工業合作的基石。這兩座晶圓廠的擴建代表了愛達荷州歷史上最大的私人資本投資，凸顯了我們地區在先進製造業和技術領域日益增長的重要性。

In parallel, we're actively engaging with several Micron suppliers planning to establish operations in the Treasure Valley. Perpetual Resources, another new large customer, recently achieved a significant milestone in its mining project by transitioning from permitting to development. The project broke ground earlier this month, marking a new phase in Idaho's mining sector.

同時，我們正積極與幾家計劃在寶藏谷建立營運機構的美光供應商接洽。Perpetual Resources 是另一家新大客戶，該公司最近在採礦專案上取得了重大里程碑式的進展，從許可審批階段過渡到了開發階段。該項目於本月初破土動工，並標誌著愛達荷州採礦業進入了一個新階段。

We're also seeing increased momentum in agricultural-related projects in the southern part of our service area. These include cross-vent [barns], rotary milking parlors and biodigesters that will contribute to load growth while supporting energy production through renewable natural gas.

我們也看到，在我們服務區域的南部，與農業相關的項目發展勢頭日益強勁。這些設施包括橫向通風式[牛舍]、旋轉式擠乳廳和生物消化器，它們將有助於提高負荷，同時透過再生天然氣來支持能源生產。

Our new large load pipeline remains very robust. As we've previously communicated, our load forecasting methodology remains conservative and disciplined. We don't include new large projects in our forecast until contracts for the procurement and construction are executed, which occurs after we've identified how to serve the customer.

我們新建的大容量輸送管道依然非常穩定可靠。正如我們之前所溝通的，我們的負荷預測方法仍然保持保守和嚴謹的態度。在採購和施工合約簽署之前，我們不會將新的大型專案納入我們的預測，而合約的簽署是在我們確定如何服務客戶之後進行的。

This approach ensures that only viable projects are reflected in our projections. Now the laws of physics are unyielding. So we are working hard on creative options to serve these new large loads while ensuring the system remains reliable and affordable.

這種方法確保只有可行的項目才能反映在我們的預測中。如今，物理定律是不可更改的。因此，我們正在努力尋找創新方案來滿足這些新的大負載需求，同時確保系統保持可靠且經濟實惠。

As we work with these new loads, I want to emphasize Idaho Power's continued commitment to customer affordability. We work hard to keep our prices among the most affordable in the country. And according to national data compiled by the Edison Electric Institute, Idaho Power's customers' bills remain 20% to 30% lower than the national average.

在應對這些新增負載的同時，我想強調愛達荷電力公司將繼續致力於為客戶提供價格合理的電力服務。我們努力使我們的價格保持在全國最具競爭力的水平。根據愛迪生電力協會彙編的全國數據，愛達荷電力公司的客戶電費帳單比全國平均低 20% 至 30%。

We strive to achieve a thoughtful balance between growth and affordability in part through the design of pricing and contractual provisions for new large load customers guided by a long-standing growth pace for growth philosophy. As shown on slide 6, our residential customer rates -- our residential customers' rate increases since 2014 are much lower than the national average and the steep increase in consumer price index in recent years.

我們致力於在成長和可負擔性之間取得周全的平衡，部分原因是透過為新的大客戶設計定價和合約條款，並遵循長期以來以成長速度為導向的成長理念。如投影片 6 所示，我們的住宅客戶費率－自 2014 年以來，我們住宅客戶的費率成長遠低於全國平均水平，也低於近年來消費者物價指數的急劇成長。

Shifting gears and turning to slide 7. We remain full speed ahead as we execute on key projects. Most notably, work is progressing quickly on the Boardman-to-Hemingway transmission line project. Several towers for that project are now complete.

換擋並轉到投影片 7。我們將繼續全速推進各項重點項目。最值得注意的是，博德曼至海明威輸電線路計畫進展迅速。該項目的幾座塔樓現已竣工。

We're thrilled to have steel on the ground on this key resource for helping us access reliable, affordable energy in the Northwest. We continue working through the regulatory and permitting processes on the Gateway West and Swift North transmission lines, and we look forward to moving both of those projects into the construction phase, hopefully soon as they are necessary resources.

我們很高興在這個關鍵資源領域投入鋼鐵建設，這有助於我們在西北地區獲得可靠、價格合理的能源。我們正在繼續推進 Gateway West 和 Swift North 輸電線路的監管和許可流程，並期待這兩個項目盡快進入建設階段，因為它們是必要的資源。

As I touched on during the last call, recent policy changes impacted the permitting of the 600-megawatt Jackalope Wind project that we plan to have in service by 2027. As a result, we terminated the agreements we had for that project, both the ownership and the power purchase components.

正如我在上次電話會議中提到的，最近的政策變化影響了我們計劃在 2027 年投入使用的 600 兆瓦 Jackalope 風電項目的許可審批。因此，我們終止了與該專案簽訂的協議，包括所有權協議和購電協議。

With the wind project's agreements terminated, we're busy identifying power supply solutions to meet future load growth. These solutions could include short-term market purchases, natural gas projects, and potentially additional solar and battery storage resources.

隨著風電專案協議的終止，我們正忙於尋找電力供應解決方案，以滿足未來的負載成長。這些解決方案可能包括短期市場採購、天然氣項目，以及潛在的額外太陽能和電池儲能資源。

We're in a continuous state of planning and execution to affordably serve the growing demand with a reliable mix of generation resources. As described in our IRP, natural gas resources are a good operational fit for our system as well as a lease cost, lease risk resource. Idaho Power is planning a 167-megawatt expansion of the Bennett Mountain gas-fired power plant, which will help serve load during peak times.

我們正處於持續的規劃和執行狀態，以經濟實惠的方式，利用可靠的發電資源組合來滿足不斷增長的需求。正如我們在 IRP 中所述，天然氣資源非常適合我們的系統運行，租賃成本和租賃風險也較低。愛達荷電力公司計劃將貝內特山燃氣發電廠擴建 167 兆瓦，以協助滿足尖峰時段的用電需求。

In September, we received a pre-permit to construct from the Idaho Department of Environmental Quality, which allows construction to begin. We have also submitted a certificate of public convenience and necessity for the project to the Idaho Commission. If approved, we expect to begin construction in the spring of 2026 and bring the project online in 2028.

9 月份，我們獲得了愛達荷州環境品質部門頒發的施工預許可證，允許開始施工。我們也向愛達荷州委員會提交了該計畫的公共便利和必要性證明。如果獲得批准，我們預計將於 2026 年春季開始施工，並於 2028 年使該專案投入使用。

As you can see on slide 8, there's lots of work going on in the RFP space and lots more to come. The Bennett project is an important step in helping to solve our future power supply needs. We're continuing to work through the resource selection process, and we anticipate being able to provide some updates on additional selected generation projects on our year-end call, if not sooner.

正如你在第 8 張投影片中看到的，RFP 領域有很多工作正在進行，而且未來還會有更多工作。貝內特計畫是幫助解決我們未來電力供應需求的重要一步。我們正在繼續推進資源選擇流程，預計在年終電話會議上，甚至可能更早，將能夠提供一些關於其他選定發電項目的最新資訊。

The next two slides highlight the news in our pending Idaho general rate case. We recently reached a settlement with new rates designed to increase annual revenues by $110 million or 7.48% effective January 1. Additional details of the rate case settlement include a 9.6% ROE, a 7.41% overall rate of return, and a $4.9 billion Idaho jurisdictional rate base, excluding coal plants that are under separate mechanisms.

接下來的兩張投影片重點介紹了我們正在審理的愛達荷州一般費率案件的最新進展。我們最近達成了一項和解協議，新的費率旨在使年度收入增加 1.1 億美元，即 7.48%，自 1 月 1 日起生效。費率案件和解的更多細節包括 9.6% 的股本回報率、7.41% 的總體回報率，以及 49 億美元的愛達荷州管轄費率基數（不包括採用單獨機制的燃煤電廠）。

There were no capital disallowances in the settlement. Our ADITC mechanism remains in place with a $55 million annual cap for 2026 and thereafter. Also, all existing ADITCs not currently included in the mechanism and all investment tax credits generated through 2028 will be added to the mechanism.

該和解協議中沒有關於資本扣除的規定。我們的 ADITC 機制仍然有效，2026 年及以後每年上限為 5,500 萬美元。此外，所有目前未納入該機制的現有 ADITC 以及到 2028 年產生的所有投資稅收抵免都將納入該機制。

We view the settlement as a constructive outcome that helps us continue to safely, reliably and affordably provide electric service to our growing service area. The settlement requires approval by the Idaho Public Utilities Commission. And based on prior cases, we expect the commission will issue an order on the settlement sometime in December.

我們認為這項和解協議是一個建設性的結果，有助於我們繼續安全、可靠、經濟地為我們不斷增長的服務區域提供電力服務。該和解協議需要愛達荷州公共事業委員會的批准。根據以往案例，我們預計委員會將於 12 月某個時候就和解事宜發布命令。

Turning to slide 11. We filed our 2026 Idaho Wildfire Mitigation plan with the Idaho Commission earlier this month. It's the first wildfire mitigation plan being filed pursuant to Idaho's new Wildfire Standard of Care Act and it outlines our proposed methods of mitigating wildfire risk and hardening our system. As a reminder, the Wildfire Standard of Care Act was signed into law earlier this year.

翻到第11張幻燈片。本月初，我們向愛達荷州委員會提交了 2026 年愛達荷州野火緩解計畫。這是根據愛達荷州新的《野火標準護理法案》提交的第一份野火緩解計劃，其中概述了我們提出的緩解野火風險和加強我們系統的方法。再次提醒大家，《野火應對標準法案》已於今年稍早簽署成為法律。

The law empowers the Idaho Commission to set clear and consistent expectations for utilities wildfire mitigation efforts. Under the law, stated generally, utilities are assumed to be acting without negligence if they follow a commission-approved wildfire mitigation plan and provides up to six months for the Idaho Commission to review and approve the plan after it is filed.

該法授權愛達荷州委員會對公用事業公司的野火緩解工作設定明確一致的期望。根據法律規定，一般而言，如果公用事業公司遵循委員會批准的野火緩解計劃，則推定其行為無過失，並且該計劃提交後，愛達荷州委員會有最多六週的時間來審查和批准該計劃。

So with that, I will turn the presentation over to Brian for a financial update.

那麼，接下來我將把報告工作交給布萊恩，讓他做財務上最新的報告。

Thanks, Lisa. Hi, everybody. I'm going to start today with the financial results on slide 12. As you can see, IDACORP's net income increased $10.8 million for the third quarter of this year when compared with the third quarter last year. Just to summarize, that increase was mainly driven by higher retail revenues from the January rate change and from customer growth.

謝謝你，麗莎。大家好。今天我將從第12頁的財務表現開始講解。如您所見，與去年第三季相比，IDACORP今年第三季的淨收入增加了1,080萬美元。簡而言之，這一增長主要得益於1月利率調整帶來的零售收入增加以及客戶數量的增長。

On the other hand, we saw lower usage per customer, and that's because we're comparing to a very hot, very dry third quarter of last year. We also saw higher O&M expense and as expected, depreciation and interest expense increase from our continued build-out of the infrastructure to support the growth that Lisa talked about.

另一方面，我們發現每位客戶的使用量有所下降，這是因為我們是與去年非常炎熱、非常乾燥的第三季進行比較的。我們還看到營運維護費用增加，正如麗莎所說的那樣，由於我們不斷建設基礎設施以支持增長，折舊和利息支出也隨之增加。

To add some detail on that, a net increase in retail revenues per megawatt hour increased operating income by $17.6 million on a relative basis, resulting mostly from the rate changes from the limited issue rate case Idaho Power filed last year.

更詳細地說，每兆瓦時零售收入的淨增長使營業收入相對增加了 1,760 萬美元，這主要是由於愛達荷電力公司去年提交的有限發行費率案件中的費率變化所致。

Our customer growth increased operating income by $7.8 million. That was the result of adding 15,000 customers over the last year. And although cooling degree days in Boise were 14% higher than normal, we saw an impact from a relative decrease in usage per customer of $5.7 million. That's not intuitive, when it was so warm this year, but it's because the third quarter last year was even more abnormally hot and dry, which affects the comparability. Of the customer classes irrigation usage per customer decreased most significantly, with higher precipitation and lower temperatures during the quarter compared with the third quarter of last year.

客戶成長使營業收入增加了 780 萬美元。這是過去一年新增 15,000 名客戶的結果。儘管博伊西的製冷度日比正常水平高出 14%，但我們看到每位用戶的相對使用量減少了 570 萬美元，這造成了一定的影響。雖然今年天氣如此溫暖，但這似乎不太符合直覺，因為去年第三季的天氣異常炎熱乾燥，這影響了可比較性。與去年第三季相比，本季降水量增加、氣溫降低，因此各客戶類別中每位客戶的灌溉用水量下降幅度最大。

Other O&M expenses were $4.2 million higher, that was driven by inflationary pressures on labor and professional services and some wildfire mitigation program and some related insurance expenses. As the system grows, we also expect to see higher O&M expenses to maintain an expanding system, the natural result of that growth. That said, we plan to keep our culture of measured and thoughtful spending fully intact as we go forward.

其他營運和維護費用增加了 420 萬美元，這是由於勞動力和專業服務的通膨壓力，以及一些野火緩解計畫和一些相關的保險費用所致。隨著系統的發展，我們也預期會面臨更高的營運維護費用，以維持不斷擴大的系統，這是成長的必然結果。也就是說，我們計劃在未來繼續保持審慎、謹慎的支出文化。

And depreciation expense increased $8.1 million quarter over quarter, again, as we expected from our infrastructure development and the placement of additional assets into service. Other net changes in operating revenues and expenses increased operating income by $4.3 million. This was due primarily to a decrease in net power supply expenses that weren't deferred through the power cost adjustment mechanisms. And then nonoperating expense increased $9.8 million from the third quarter on a net basis.

正如我們預期的那樣，由於基礎設施建設和更多資產投入使用，折舊費用較上季增加了 810 萬美元。營業收入和支出的其他淨變化使營業利潤增加了 430 萬美元。這主要是由於未透過電力成本調整機制遞延的淨電力供應費用減少所致。此外，非經營性支出較第三季淨額增加了 980 萬美元。

As we continue to grow, we continue to experience higher interest expense to finance it. Also, we had an increase in interest that Idaho Power is required to pay on transmission customer deposits. And as I noted on our Q2 call, a portion of our higher interest expense is driven by our new finance lease, related to a third-party energy storage agreement and that affects comparability as well. I think it's important to remember that the additional financing costs and the amortization related to that right-of-use lease asset is recovered as a pass-through cost and the power cost adjustment mechanism.

隨著公司不斷發展壯大，我們也需要承擔更高的利息支出來為其融資。此外，愛達荷電力公司需要向輸電客戶支付的利息也有所增加。正如我在第二季電話會議上提到的，我們較高的利息支出部分是由於我們新的融資租賃造成的，該租賃與第三方儲能協議有關，這也影響了可比性。我認為需要記住的是，與該使用權租賃資產相關的額外融資成本和攤銷費用將作為轉嫁成本和電力成本調整機制予以收回。

The increase in nonoperating expenses was partially offset by an increase in AFUDC, that's from higher average construction work in progress balances. Just as a barometer of how busy we've been as a company, our QIP balance was $1.6 billion at the end of the quarter. And at the same time, IDACORP's total assets went over $10 billion for the first time.

非經營性支出增加的部分被 AFUDC 的增加部分抵消，AFUDC 是由於平均在建工程餘額增加而導致的。光從季度末的合格機構投資者配售餘額（QIP餘額）16億美元來看，就能看出我們公司有多忙碌。同時，IDACORP 的總資產首次突破 100 億美元。

Income tax expense, in this case, excluding additional ADITC amortization under the mechanism, decreased by $9.1 million. I'd attribute this mostly to annual income tax return adjustments and recurring regulatory flow-through tax items. So to sum it up on financial results, it was a strong quarter, and it's been a strong year to date. And because of that, we've decreased our full year expectation of additional ADITC amortization, while at the same time raising our expectations on earnings for the year.

在這種情況下，不包括根據該機制進行的額外 ADITC 攤銷，所得稅費用減少了 910 萬美元。我認為這主要歸因於年度所得稅申報調整和經常性的監管轉嫁稅項。總而言之，就財務業績而言，這是一個強勁的季度，今年迄今也表現強勁。因此，我們降低了全年額外 ADITC 攤銷的預期，同時提高了全年獲利預期。

Now moving on to slide 13, I'll talk about the cash side. Our operating cash flow through September were $464 million, which was $6 million higher than the comparative period last year. This continues the trend of steadily improving cash flows from our rate cases and operation of our mechanisms. At the end of September, the Idaho Commission approved our request for additional pre-collection of Hells Canyon AFUDC.

接下來請看第 13 張投影片，我將談談現金方面。截至9月份，我們的營運現金流為4.64億美元，比去年同期高出600萬美元。這延續了我們利率調整和機制運作所帶來的現金流量穩定改善的趨勢。9 月底，愛達荷州委員會批准了我們關於額外預先收集地獄峽谷 AFUDC 的請求。

On an annual basis, this will increase cash collection by about $30 million. Now there's no income statement impact from that, but it's positive on the cash side and it's beneficial for our credit metrics. We think the order demonstrates the Idaho Commission's intent to support the financial health of the company and also a willingness to make decisions to help keep financing costs low for the benefit of our customers.

每年這將增加約 3000 萬美元的現金收入。目前這不會對損益表產生影響，但對現金流有正面影響，並且有利於我們的信用指標。我們認為該命令表明愛達荷州委員會有意支持公司的財務健康，也表明其願意做出決定以幫助降低融資成本，從而使我們的客戶受益。

It was another busy quarter. The fourth quarter surely offers no reprieve. We're working through resource acquisitions, building infrastructure like the Bennett expansion and our major transmission projects, and undoubtedly other projects to meet load and reliability obligations, and we're otherwise executing on our strategy. So we're hard at work. We're glad you're with us, and we're excited to share additional information on projects and the resulting in new CapEx expectations in the relative near term as soon as we have some.

又是一個忙碌的季度。第四季肯定不會帶來任何喘息之機。我們正在進行資源收購，建立基礎設施，例如貝內特擴建項目和我們的主要輸電項目，無疑還有其他項目來滿足負載和可靠性義務，此外，我們還在執行我們的策略。所以我們正在努力工作。我們很高興您能加入我們，一旦我們掌握更多信息，我們將盡快與您分享有關項目以及由此產生的近期新的資本支出預期。

I'd be remiss if I didn't mention that we're excited to see many of you at the EEI Financial Conference coming up in a little over a week. Lisa, Amy, John, and I will all be there. And now over to John for an update on our 2025 guidance.

如果我不提我們非常期待在一周多後舉行的 EEI 金融大會上見到你們中的許多人，那就太失職了。麗莎、艾米、約翰和我都會到場。現在請約翰為我們介紹一下2025年的發展指引。

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. Amy and Brian already mentioned this, but with continued positive operating results, we raised our guidance and now expect IDACORP's diluted earnings per share this year to be in the range of $5.80 to $5.90, with the assumption that Idaho Power will use $50 million to $60 million of additional investment tax credit amortization.

謝謝你，布萊恩。切換到第14張投影片。您可以查看我們更新後的 2025 年全年獲利預期和關鍵營運指標。該指導意見假設今年剩餘時間天氣和電力供應費用正常。Amy 和 Brian 已經提到過這一點，但隨著持續的積極經營業績，我們提高了預期，現在預計 IDACORP 今年的稀釋後每股收益將在 5.80 美元至 5.90 美元之間，假設愛達荷電力公司將使用 5000 萬美元至 6000 萬美元的額外投資稅收抵免攤銷。

Our expectation for full year O&M expense increased to a range of $470 million to $480 million as we continue to experience inflationary pressures on labor and professional services, and added work on wildfire mitigation efforts. We still expect to spend between $1 billion and $1.1 billion on CapEx in 2025. Finally, we still expect pretty good hydropower generation in 2025, though we've updated our range to 6.5 million to 7.0 million megawatt hours for the year.

由於勞動力和專業服務持續面臨通膨壓力，加上野火減災工作增加，我們對全年營運和維護費用的預期增加到 4.7 億美元至 4.8 億美元。我們預計 2025 年資本支出仍將在 10 億美元至 11 億美元之間。最後，我們仍然預期 2025 年水力發電量會相當不錯，儘管我們已將當年的發電量預期更新為 650 萬至 700 萬兆瓦時。

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

我們很樂意解答您可能提出的任何問題。

(Operator Instructions) Bill Appicelli, UBS.

（操作員說明）比爾‧阿皮切利，瑞銀集團。

Hi, good afternoon. Just a question around the medium generation needs and some of the considerations you are making around the change with the wind farm. So can you just maybe remind us what was in the capital plan for Jackalope? And then what are the sort of potential solutions and the timeline for that?

您好，下午好。我有一個關於中型發電需求的問題，以及您在考慮風力發電場改造方案時的一些考慮。那麼，您能否提醒我們傑克洛普的資本計畫包含哪些內容？那麼，可能的解決方案有哪些呢？實施時間表又是什麼？

Well, I'll start. I'll have Brian go over the numbers. And certainly, as we shifted away from the wind project and we're reviewing what the opportunities are for replacement, we only have the really Bennett to talk about today, but it's worth noting that it was 600 megawatts of wind. So it won't be a megawatt per megawatt replacement.

那我先來。我會讓布萊恩來核對一下數據。當然，隨著我們逐漸放棄風電項目，並開始評估替代方案的機會，今天我們只能談論真正的貝內特項目，但值得注意的是，它當時的風力發電裝置容量為 600 兆瓦。所以不會是逐兆瓦的替換。

We do -- as I mentioned in my comments, gas is showing up in our IRP and we are certainly looking at those options as well as others as we work our way through the RFP process. So do you want to talk about what was in the budget, Brian?

正如我在評論中提到的，天然氣已經出現在我們的綜合資源規劃 (IRP) 中，我們當然會考慮這些選項以及其他選項，以便順利完成 RFP 流程。布萊恩，你想談談預算裡都有些內容嗎？

Sure. Hi, Bill. So one thing I'll mention about the Jackalope Wind project is that the spend for that project was consolidated in the years 2026 and 2027. So when you look at our capital stack, that's where you'll see the generation resource for that.

當然。你好，比爾。關於 Jackalope 風電項目，我要提一點，該項目的支出已在 2026 年和 2027 年合併。所以，當你查看我們的資本結構時，你會在那裡看到相關的發電資源。

Now 300 megawatts of that was owned, 300 megawatts was PPA. We don't have the exact number to give you in terms of the cost because it's competitive information. But I will say that if you use typical wind pricing on a 300-megawatt project, there's also some interconnection costs associated with that, that given the location were relatively high.

其中 300 兆瓦為自有電力，300 兆瓦為購電協議電力。由於價格屬於競爭訊息，我們無法提供確切的價格數字。但我要說的是，如果按照典型的風電價格來計算一個 300 兆瓦的項目，那麼還會產生一些併網成本，考慮到該項目的地理位置，這些成本相對較高。

Though it was a pretty significant piece of capital in our stack, but as we're looking to the future, I think there's some other pretty significant bias to the upside on capital from some of the other resources that might be coming out of the RFP process.

雖然這筆資金在我們公司架構中佔據了相當大的比重，但展望未來，我認為透過 RFP 流程可能獲得的其他一些資​​源，對資本的成長也存在相當大的潛在影響。

Just so I'm going to have Adam just give a little highlight on the RFP process.

接下來，我將請 Adam 簡單介紹一下 RFP 流程。

Yeah. So we're still working through the 2028 and 2029 RFP processes. Just as a reminder, the 2028 process, Idaho Power has three projects on that final shortlist. On the 2029 shortlist, we have four projects; Lisa mentioned the Bennett Project. So we're going to continue to work through those to see how to replace that capacity in 600 megawatts, but Jackalope was mainly an energy resource for us. The effective load carrying capability was about 90 megawatts. So that's what you'll see us try to replace from a capacity perspective.

是的。所以我們仍在推動 2028 年和 2029 年的 RFP 流程。再次提醒大家，在 2028 年的評選過程中，愛達荷州電力公司有三個項目入選最終候選名單。2029 年入圍名單上有四個項目；麗莎提到了貝內特計畫。所以我們會繼續研究這些問題，看看如何用 600 兆瓦的容量來取代它，但 Jackalope 主要對我們來說是一種能源資源。有效承載量約90兆瓦。所以，從產能角度來看，這就是我們將要嘗試替代的東西。

Lisa also mentioned the IRP shows gas in the future in 2029 and 2030. There was only one gas bid that made the 2029 RFP. So we'll have to consider other options there as well as we evaluate our future in the gas space.

Lisa 也提到，IRP 顯示天然氣將在 2029 年和 2030 年繼續存在。2029 年的 RFP 中只有一份天然氣標書。因此，在評估我們在天然氣領域的未來時，我們也必須考慮其他選擇。

Okay. And then was the Bennett project in the capital stack, Brian, in February or [now]?

好的。那麼，布萊恩，二月的時候，貝內特專案是否在資本結構中？[現在]？

We had a resource that was in there somewhat as a proxy in the most recent capital update that we gave, but it's not a full reflection of the '28, '29 RFPs.

我們在最近一次資本更新中提供了一些資源作為參考，但這並不能完全反映 2028 年和 2029 年的 RFP。

Okay. And then just my only other question was just around customer growth trends. It seems like that's not an issue based on the amount of growth that you guys are talking about. But I just did note that the 12-month trailing did tick down a little bit. Any color there or just thoughts on those trends moving forward?

好的。然後，我唯一的另一個問題是關於客戶成長趨勢的。根據你們所說的成長幅度來看，這似乎不是問題。但我注意到，過去 12 個月的滾動平均值略有下降。大家對這些趨勢有什麼看法或見解嗎？

Are you talking about the load growth or the actual?

您指的是負載成長還是實際負載？

Sorry, the customer growth, yeah, the actual that you cite there, I think it was 2.3% year over year on a trailing 12-month basis. I think that had been a little bit less, and that was 2.5% so --

抱歉，客戶成長方面，是的，您提到的實際數據，我認為是過去 12 個月同比增長 2.3%。我認為實際數字會略低一些，大概是2.5%。--

Yeah, I think those have been pretty much --

是的，我覺得那些差不多就是這樣了。--

We've been consistent kind of in the -- this is Adam, the 2.3%, 2.4%. That's meter growth. That's per customer or customer meters, really where we're going to see and continue to see more substantial growth is in the manufacturing area, and we expect that to happen here and ramp up over the next couple of years.

我們一直保持著某種程度的穩定——這是亞當，2.3%，2.4%。這是米的增長。這是按客戶或客戶用量計算的，我們真正將會看到並將繼續看到更實質成長的地方是製造業領域，我們預計這種情況將在未來幾年內發生並加速發展。

Right. And just to sort of put a finer point on it, too, that prospectively, we're looking at around 8.3% growth overall.

正確的。更確切地說，從長遠來看，我們預計整體成長率約為 8.3%。

Right, in terms of total load growth, right?

對，就總負荷成長而言，對吧？

Yeah, total, yeah. And that's each year over the next five.

是的，完全正確。接下來五年，每年都是如此。

Bill, I want to go back to your question on the -- on whether or not the gas plant was included in the capital stack. So if you go back to February, we didn't have a CPCN on that and the RFP wasn't known. So that project is actually -- is an incremental add since then. So you take the wind out and the 167 megawatts Bennett project is actually an incremental add.

比爾，我想回到你之前提出的問題——天然氣發電廠是否包含在資本結構中。所以，如果回到二月，我們還沒有那方面的 CPCN，而且 RFP 也還不知道。所以這個計畫其實是——從那時起不斷增加的成果。所以，如果把風能排除在外，167兆瓦的貝內特項目其實只是一個增量項目。

And then we'll expect additional adds beyond that in the future.

未來我們預計還會有更多新增內容。

Chris Ellinghaus, Siebert Williams Shank.

克里斯·埃林豪斯，西伯特·威廉斯·尚克。

Hey, everybody? How are you?

嘿，大家好？你好嗎？

Good. How are you?

好的。你好嗎？

Good. So residential customer growth slowed sequentially from the last few quarters. Is that telling us anything about sort of how the ramping of staffing of the new customer loads is going? Or is that telling us anything about some slower economy overall? Is that like the labor market has slowed a little bit? What can you say about that?

好的。因此，住宅用戶成長速度較前幾季有所放緩。這是否能說明新客戶需求的人員配置正在逐漸增加？或者這是否意味著整體經濟成長放緩？這是否意味著勞動市場成長率略為放緩？你對此有何看法？

Well, certainly, on the large loads, I mean, right now, it's mostly construction personnel that are there. So I can't really say too much about what their final load growth will be. But I think the interest rates have impact. I think where you are in the year has impact in terms of people's ability and willingness to move. And I do think there probably is a little bit of softening in the economy, just given so much of the uncertainty out there. But there's not really any big trend that we're seeing that we're concerned about.

嗯，當然，對於大件貨物來說，我的意思是，現在那裡主要都是建築人員。所以我真的無法對他們最終的負載成長情況做出太多預測。但我認為利率會產生影響。我認為一年中的哪個階段會對人們的搬家能力和意願產生影響。鑑於目前存在許多不確定因素，我認為經濟可能確實出現了一些疲軟跡象。但我們並沒有看到任何令我們擔憂的大趨勢。

Okay. The sales growth for the quarter was actually, I thought, a little surprisingly good despite the usage impact. Is that just sort of the year-over-year progression of customer growth? Or are there other factors there, given cooling degree days were down double digits? So to have your sales level be up as much as it was on the residential and commercial side may be a little surprising. Have you got any thoughts there?

好的。我認為，儘管受到使用量的影響，但本季的銷售成長實際上有點出乎意料的好。這是否只是客戶數量逐年增加的正常情況？或者，考慮到製冷度日數下降了兩位數，是否還有其他因素在起作用？因此，住宅和商業方面的銷售額都大幅成長，這可能會讓人有些意外。你對此有什麼想法嗎？

Yeah, I mean, I think it does speak to growth. Weather was a little wonky this year. So I think that kind of had us kind of dampened some of it, but yeah, I think I would point to growth mostly.

是的，我的意思是，我認為這確實體現了成長。今年的天氣有點反常。所以我覺得這在某種程度上抑制了部分影響，但是，是的，我認為主要還是會關注成長。

Mostly. Yeah, Chris, this is Adam. It's been interesting looking at the operational side. Every single day, we look at the load and where it's going versus the temperatures. And I think if you ask our operators, they would say they definitely noticed kind of an uptick even when the weather maybe wasn't as strong this year.

大多。是的，克里斯，這是亞當。從營運層面來看，這很有意思。我們每天都會查看負載情況以及負載去向與溫度的關係。我想如果你問我們的運營商，他們會說，即使今年的天氣可能不如往年那麼好，他們也確實注意到業務量有所上升。

So when I see that every single day, I view it is we're starting to see the manufacturing load increase. A lot of the projects -- there are large projects are starting to get construction power. We're starting to see that come through our loads. So I thought it was a pretty positive year when you consider the weather that we had. I agree with you.

所以，當我每天都看到這種情況時，我的理解是，我們開始看到製造業負荷增加。許多項目——尤其是大型項目——已經開始獲得建設許可。我們開始從貨物運輸中看到這種情況了。考慮到當時的天氣狀況，我認為今年總體來說還不錯。我同意你的看法。

Can you say the same about irrigation? I really kind of thought it might be even lower given what the weather was, particularly sort of the way that precipitation fell during the quarter. So was there something going on with ag where it was particularly strong to keep irrigation as high as it was?

灌溉方面也能這麼說嗎？考慮到當時的天氣狀況，特別是本季的降水情況，我真的以為降幅可能會更低。那麼，農業領域是否發生了什麼特別大的事情，以至於需要維持如此高的灌溉量？

Well, I think that the way that the spring and summer started, it was quite warm and dry. So I think we've got a good bump there. And then of course, it rained on the Fourth of July, we had rain in August. It was -- it never really got miserably hot for extended periods of time, which often is where you see some of those super peaks show up.

我覺得今年春夏之交的天氣相當溫暖乾燥。所以我覺得我們這邊進展順利。當然，7月4日那天下了雨，8月也下了雨。確實如此——它從來沒有長時間變得異常炎熱，而通常情況下，超級高峰就是在這種天氣下出現的。

But overall, what we're projecting for the year, it is slightly up over last year, even though it sort of not -- doesn't have the historic shape as you go through the year. Anything you would add, Adam?

但總體而言，我們對今年的預測比去年略有成長，儘管從全年來看，它並沒有呈現出歷史性的變化趨勢。亞當，你還有什麼要補充的嗎？

Maybe I'll just hit the kind of boots on ground perspective. And then, Brian, I know you have some numbers on it. Talking to our ag reps, they kind of have said that the demand has been pretty strong. It's been pretty steady. So that -- I think that's what we expected going into the year based on our conversations with farmers, and I think that's what we ended up seeing as a pretty steady amount of energy used throughout the year. Ebbs and flows, Brian, I know you have the numbers, but it was -- the demand was strong.

或許我會採取那種腳踏實地的視角。布萊恩，我知道你掌握了一些數據。我們和農業代表談過，他們表示市場需求相當強勁。一直都很穩定。所以——我認為這就是我們年初根據與農民的談話所預期的，而且我認為我們最終也看到了全年能源消耗量相當穩定。布萊恩，市場有起有落，我知道你有數據，但事實是——需求很強勁。

Yeah, and this is Brian. If you look at just the third quarter, a modest downtick in irrigation loads. But if you look at the nine months -- the first nine months of the year, kind of a modest increase, right, that you see overall. So June usage was high both years.

是的，這位是布萊恩。如果只看第三季度，灌溉負荷略有下降。但如果你看一下前九個月——一年中的前九個月，你會發現總體上出現了一種小幅增長，對吧。所以這兩年6月的使用量都很高。

June 2025 didn't have precept, right? And that's a big driver. It turns out the amount of precipitation not just the temperature. We saw an uptick in precipitation actually, in the third quarter, but nonetheless, still has a pretty strong quarter for irrigation.

2025年6月沒有規定，對吧？這是一個重要的驅動因素。事實證明，降水量而非僅是溫度才是關鍵。第三季降水量確實有所增加，但即便如此，第三季的灌溉情況仍然相當強勁。

Okay. Lastly, if I recall correctly in the IRP with the preferred portfolio, I think you had a scenario in there with reduced renewables, probably in anticipation of the Jackalope issue. And if I recall correctly, sort of gas was next up in the queue there. Is that kind of what you're thinking? And given the sort of RFP results, do you anticipate sort of opening that up at all to see if there's additional interest, given the sort of gas environment that we see ourselves in today?

好的。最後，如果我沒記錯的話，在優先投資組合的 IRP 中，我認為你們有一個減少再生能源的方案，可能是為了回應 Jackalope 問題。如果沒記錯的話，接下來排隊的應該是某種汽油。你是不是在想這個？鑑於目前的招標結果，考慮到我們目前所處的天然氣市場環境，您是否預計會進一步擴大招標範圍，看看是否會有更多人感興趣？

Well, certainly, with a lot of the policy changes, that has changed the economics of renewables for sure. So that has an impact in how those inputs go into the model. And we'll see sort of what -- on the short-listed projects, their ability to meet the terms that they were selected on given those changes in policy. Anything you would add?

當然，許多政策變化肯定改變了再生能源的經濟格局。所以這會影響到這些輸入資料如何進入模型。我們將看看入圍項目在政策改變的情況下，能否滿足入選條件。您還有什麼要補充的嗎？

Chris, maybe I'll just add, you're right. 2029 had a gas plant, 2030 had a gas plant. If you look at our 2029 RFP, and it was actually 2029 and later, there was only one gas plant that was part of that RFP. So just by virtue of seeing what's lease costs, lease risk in our resource portfolios, we're going to have to start looking to see what might exist beyond the RFPs in that 2030 range.

克里斯，或許我應該補充一點，你說得對。 2029年有一座天然氣發電廠，2030年也有一座天然氣發電廠。如果你看一下我們 2029 年的 RFP（實際上是 2029 年及以後），你會發現當時的 RFP 中只有一家天然氣工廠。因此，僅僅透過了解我們資源組合中的租賃成本和租賃風險，我們就必須開始考慮在 2030 年左右的 RFP 之外可能存在什麼。

Okay, that makes sense. All right, thanks a bunch. Appreciate it.

嗯，有道理。好的，非常感謝。謝謝。

Thanks Chris.

謝謝克里斯。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

It's Brian Russo on for Julien. Hey, I think you may have just answered my question, but I'll just ask it again, anyway. Given that you're really the only bidder of gas generation in the RFPs, is there an alternative to the RFPs to expedite the process, considering the long lead time to secure turbines, et cetera, and given the profile of your customer and the demand that you need to meet as we move towards the end of the decade? I was just curious if that was even considered.

布萊恩·魯索代替朱利安上場。嘿，我覺得你可能已經回答我的問題，但我還是再問了一次吧。鑑於您是 RFP 中唯一一家天然氣發電投標方，考慮到採購渦輪機等設備的提前期較長，以及考慮到您的客戶群體和您需要在本十年末滿足的需求，是否有 RFP 以外的其他方式來加快採購流程？我只是好奇是否考慮過這一點。

Well, we're certainly considering all options, and there's -- it's just an incredibly dynamic environment from which to try to plan and execute quickly. So we will report back to everyone next quarter when we have a little more insight as to what those alternatives will be.

我們當然會考慮所有方案，而且——這是一個瞬息萬變的環境，很難快速制定計劃並執行。因此，下個季度我們將向大家匯報，屆時我們將對這些替代方案有更深入的了解。

Okay. Great. And then I think given that you can only get Bennett in service by 2028, right, that's a year after, you were hoping to have the Jackalope capacity. And you mentioned three alternative short-term purchases, I think the second one was gas and the third was solar and battery storage. I suppose that your preferred choice is to own something, but it doesn't seem realistic to own any gas generation that soon. So with solar or battery storage, be kind of the next preferred scenario to replace Jackalope?

好的。偉大的。而我認為，鑑於 Bennett 號最快也要到 2028 年才能投入使用，也就是一年之後，你們原本希望 Jackalope 號能達到當時的運力。您提到了三種短期替代方案，我認為第二種是天然氣，第三種是太陽能和電池儲能。我猜你更傾向於擁有某樣東西，但這麼快就擁有燃氣發電設備似乎不太現實。那麼，太陽能或電池儲能是否會成為取代 Jackalope 的下一個理想方案？

Well, I mean, we're -- again, we're looking at all options to see what can we actually get as quickly as we need. So I don't know that we have more than that to really say about it today. Is there anything that you'd add?

嗯，我的意思是，我們正在考慮所有方案，看看我們能以最快的速度獲得我們需要的東西。所以我覺得今天我們大概沒什麼好說的了。您還有什麼要補充的嗎？

Brian, this is Adam. I mean, I think you're right. You're seeing a gap there. And certainly, we have a couple of PPA projects that were going to help fill that gap. But to your point, we've got to start considering what other options exist because what the IRP is showing is it's most cost effective right now to go forward with a gas facility. So we are taking a look at that, and hopefully, we'll be able to update you next quarter.

布萊恩，這是亞當。我的意思是，我覺得你是對的。你看到了其中的差距。當然，我們還有幾個PPA項目可以幫助填補這一空白。但正如你所說，我們必須開始考慮還有哪些其他選擇，因為 IRP 顯示，目前最具成本效益的是推進天然氣設施建設。所以我們正在調查此事，希望下個季度能向您報告最新進展。

Yeah. And to just add too, our transmission projects also help get us to market to bring resources in. So those are also important.

是的。另外補充一點，我們的輸電項目也有助於我們進入市場，引進資源。所以這些也很重要。

And on those, just quickly as a reminder, 2027 is the in-service date for B2H. So that's pretty significant. We will bring resources in using that resource. And then 2028, we have both the Southwest Intertie project down south and a portion of Gateway West. So when you look at '27 and '28 from a CapEx perspective, they're going to be pretty busy setting aside the generation side of things.

另外，簡單提醒一下，B2H 的投入使用日期是 2027 年。所以這意義重大。我們將利用該資源引入資源。然後到 2028 年，我們將迎來南部的西南互聯計畫和 Gateway West 計畫的一部分。所以，從資本支出的角度來看，2027 年和 2028 年，他們將非常忙於解決發電方面的問題。

And I guess I'd just tie it up and just remind you that certainly, we have our obligation to serve, and we do also procure those resources competitively. So that doesn't change.

最後我想總結一下，並提醒各位，我們當然有義務提供服務，我們也透過競爭性手段來獲取這些資源。所以這一點不會改變。

Okay, great. Well, thank you very much.

好的，太好了。非常感謝。

Thank you.

謝謝。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

Hi, David.

你好，大衛。

This is [Alex Herman] on for Dave. Could you talk about the priorities for your next rate case and especially related to potential tracking mechanisms? How important is that to your plan? And how do you see the regulatory support for that in Idaho?

這是[Alex Herman]替Dave發言。您能否談談您下一個費率調整方案的優先事項，特別是與潛在的追蹤機制相關的事項？這對你的計劃有多重要？您認為愛達荷州在這方面的監管支持力道如何？

I just want to make sure that I heard the whole question. So we are very sensitive about rate cases. We want to make sure that we're being careful about meeting our obligation to serve but also keeping rates as affordable as possible.

我只是想確認一下我是否聽到了完整的問題。所以我們對利率案件非常敏感。我們希望確保在履行服務義務的同時，盡可能保持價格的合理性。

And so with -- as we go through time, we evaluate each subsequent rate case and based on the need for what we're spending and if we can cover that with revenues that kind of growth. So it really is a very dynamic calculation as we go through time. We want to make sure that we maintain our financial health as we go through this extraordinary period of growth. But certainly, rates are -- rate cases are part of that calculation as we go through time.

因此，隨著時間的推移，我們會評估每一個後續的費率案例，並根據我們支出的必要性以及我們是否能夠用收入來彌補這種成長。所以隨著時間的推移，這確實是一個非常動態的計算過程。我們希望確保在經歷這段非凡的成長時期時，保持良好的財務狀況。但可以肯定的是，利率——隨著時間的推移，利率變化是計算的一部分。

Is there anything, Tim, that you would add?

提姆，你還有什麼要補充的嗎？

Yeah, thanks for the question, Alex. It's a great one. We just filed our 2025 general rate case settlement stipulation last week. Timely question. I've met with a few folks this morning to start talking about it. And we are working on trying to assess the timing and need of our next case and what elements might be included, whether it's a traditional case, whether it's a case that has a tracker. All of that's on the table at this point. But the plan is in development and in early stages. So we'll have to report back more later.

是的，謝謝你的提問，Alex。這是個很棒的例子。我們上週剛提交了 2025 年一般費率案件和解協議。問得正是時候。今天早上我和幾個人見了面，開始討論這件事。我們正在努力評估下一個案件的時機和必要性，以及可能包含哪些要素，無論是傳統的案件，還是帶有追蹤器的案件。目前所有這些問題都還在討論之中。但該計劃仍在製定中，尚處於早期階段。所以，我們稍後會報告更多資訊。

Got it. No, very clear. And then shifting to the earnings outflow going forward. As our new large load customers start to come online, do you think you could earn an ROE above the minimum level of 9.12%?

知道了。不，非常清楚。然後轉向未來的收益流出情況。隨著我們新的大宗客戶開始上線，您認為您能否獲得高於 9.12% 的最低 ROE 等級？

Yeah, Alex, this is Brian. So at some point along the way, yes, there's a convergence of just revenues coming in from customers that caused our earned ROE to increase above the 9.12% level. In fact, that's what we've been looking to do is increase the ROE every year. We've done that with cases over the last few years.

是的，Alex，這是Brian。所以，在某個階段，是的，僅僅是來自客戶的收入就匯聚到一起，導致我們的已實現 ROE 超過了 9.12% 的水平。事實上，我們一直努力的目標就是逐年提高淨值報酬率。過去幾年，我們已經對一些案例進行了這樣的處理。

We have removed some element of regulatory lag by doing that and eventually hope that the magnitude of frequency of cases would decline and the revenues from large load customers would, in fact, come in and cover the infrastructure that -- that's being developed for them.

我們透過這樣做消除了一些監管滯後因素，並最終希望案件發生的頻率能夠下降，而來自大負荷客戶的收入實際上能夠支付正在為他們開發的基礎設施。

So those large load, large volume customers pay for their share and that, therefore, would reduce the need for rate cases, and still allow earning at or above that 9.12% floor and then not needing ADITC support.

因此，那些大負荷、大交易量的客戶支付他們應承擔的份額，這將減少對費率案件的需求，同時仍然能夠獲得 9.12% 或更高的最低收益，從而無需 ADITC 支援。

All right, perfect. Oh, thanks for taking my questions.

好的，完美。哦，謝謝你回答我的問題。

Thank you.

謝謝。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

Hey, good afternoon. How are you doing? I just want to follow up on one of the Bill Appicelli's question on the Jackalope project, the loss of 300 megawatts, I guess, in your capital plan, I know you talked about the transmission and maybe you'll meet the generation need. But is there offsetting CapEx that goes into your forecast? Or should we expect a dip from what you previously thought 2027 was going to be now that Jackalope is being canceled?

嘿，下午好。你好嗎？我只是想就比爾·阿皮切利提出的關於傑克洛普項目的問題進行後續討論，也就是損失 300 兆瓦發電量的問題。我想，在你的資本計畫中，我知道你談到了輸電問題，也許你能滿足發電需求。但是，您的預測中是否包含了抵銷性的資本支出？或者，既然 Jackalope 計畫被取消了，我們是否應該預期 2027 年的業績會比你之前預想的有所下滑？

Yeah, great question, Anthony. So we typically update our capital forecast every February on the Q4 call. The last couple of years, we've done an interim update just based on the outcome of RFPs and resource procurement.

嗯，問得好，安東尼。因此，我們通常會在每年二月的第四季財報電話會議上更新我們的資本預測。過去幾年，我們只是根據 RFP 的結果和資源採購情況進行了中期更新。

I think you should expect us to do that potentially this time as well. I mean, we've talked about the Bennett plant, but that is an inadequate resource to cover the load growth that we have going forward, even for just the customers we've announced so far, the ones that are in the construction phase or that have executed agreements with us. There are incremental generation requirements in there, and they are not reflected yet in the capital stack. But as we solidify those, we will add those to the capital stack.

我認為你應該預料到我們這次也可能會這樣做。我的意思是，我們已經討論過貝內特工廠，但即使只考慮我們目前已宣布的客戶，那些處於建設階段或已與我們簽訂協議的客戶，該工廠的資源也不足以滿足我們未來不斷增長的負荷需求。其中存在增量發電需求，但這些需求尚未反映在資本結構中。但隨著這些目標的逐步實現，我們將把它們加入資本結構中。

You'll see Jackalope come out, you'll see Bennett go in. And then by the time we get to that update, I would expect to see incremental resources in there as well as project costs and timing adjustments that we typically include in our annual update. So that may be in the Q4 call. It may actually be sooner that you see some of that coming to fruition possibly as early as this year, starting to see some incremental generation resources being added depending on the outcome of our processes.

你會看到傑克兔出來，你會看到貝內特進去。然後，到我們發布更新時，我希望看到其中增加的資源，以及我們通常在年度更新中包含的專案成本和時間調整。所以這可能會在第四季財報電話會議上提到。實際上，您可能很快就會看到其中一些成果，最早可能就在今年，根據我們流程的結果，我們將開始看到一些增量發電資源的增加。

The driver that we would see in the update in 2025, is it approval of the settlement? Or is it something else that would cause us to see in '25?

我們在 2025 年的更新中看到的驅動因素，是和解協議的批准嗎？或者，還有其他原因會導致我們在 2025 年看到什麼？

No. It's just getting through the procurement process. Sometimes that can be a relatively lengthy process and it is a competitive process. So identifying whether or not we've been the successful bidder, negotiating with the actual suppliers and vendors and ensuring we can meet timelines are all factors that go into whether or not that will be a 2025 announcement or not. And it's also a confidential process that we have as we negotiate with those vendors.

不。只是在完成採購流程而已。有時這可能是一個相對較長的過程，而且是一個競爭激烈的過程。因此，確定我們是否是得標者、與實際供應商和廠商進行談判以及確保我們能夠按時完成任務，這些都是決定是否會在 2025 年宣布的因素。而且，我們在與這些供應商談判時，也會採取保密流程。

So there's not much we can release until we've gotten to a point where we're very comfortable in the fact that is a winning project. And then we'll announce what it is and magnitude and add it to the capital stack.

所以，在我們非常有把握地認為這是一個成功的專案之前，我們不能發布太多內容。然後我們會公佈具體內容和規模，並將其添加到資本結構中。

Great. And when do you expect approval of the settlement -- I apologize if you've already put it in the 8-K -- on when the commission would vote on it?

偉大的。您預計和解協議何時獲得批准？ ——如果您已經在 8-K 文件中提及，我深表歉意——委員會何時會就此進行投票？

Yeah, we're expecting that sometime in December as they have done historically, so probably late December.

是的，我們預計會在 12 月的某個時候，就像他們以往的做法一樣，所以可能是在 12 月下旬。

Great. And then lastly, Brian, you talked about, I guess, you're carrying a QIP balance of $1 billion. I believe Moody's has you on a negative outlook for your rating. Do you plan on working down that QIP balance in '26 or it stays at that level? And with the negative outlook and that large QIP balance that maybe accelerates equity needs?

偉大的。最後，布萊恩，你剛才提到，我想，你目前持有 10 億美元的合格投資者配售 (QIP) 餘額。我認為穆迪對你的評級展望為負面。你打算在2026年降低合格改良資產（QIP）餘額，還是讓它維持在這個水準？鑑於負面的經濟前景以及可能加速股權融資需求的巨額合格機構投資者配售餘額，情況又會如何呢？

Actually, I would think the equity need would go the other direction in the near term, Anthony. And the reason for that was I mentioned the Jackalope Wind project had two large payment obligations in 2026 and 2027.

實際上，我認為短期內股權需求會朝著相反的方向發展，安東尼。原因是我提到傑克洛普風電計畫在 2026 年和 2027 年有兩筆大額付款義務。

As we look at removing that and replacing it with potentially more traditional timing of payment like for a gas plant, for example, those tend to be spread out longer. And that can actually reduce our near-term equity need by pushing out the capital requirements until further in our five-year window. So we can see a reduction in near-term equity and overall equity just as a result of the payment timing for CapEx.

當我們考慮取消這種做法，並用可能更傳統的付款時間方式取而代之時，例如對於天然氣發電廠來說，這些付款時間往往會延長。這樣一來，實際上可以減少我們近期的股權需求，將資本需求推遲到五年期限的更遠時期。因此，由於資本支出的支付時間，我們可以看到近期權益和整體權益減少。

On the credit metrics side, we did have this rate case outcome. We do believe it to be -- the settlement is a balanced settlement certainly and constructive, but it does help on the credit rating side as does the outcome of the Hells Canyon AFUDC case. So we see ourselves naturally progressing out of being near the threshold for both Moody's and S&P without having to issue incremental equity in the near term.

在信用指標方面，我們確實有這次利率調整的結果。我們相信——這項和解協議無疑是一項平衡且具有建設性的和解協議，而且它確實有助於信用評級，就像地獄峽谷 AFUDC 案件的結果一樣。因此，我們預期在短期內無需增發股票，就能自然擺脫穆迪和標普的進入門檻。

Thanks so much for taking my questions and I'll see you guys at EEI.

非常感謝你們回答我的問題，EEI 見！

Yeah, we look forward to it.

是的，我們很期待。

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

（操作說明）今天的問答環節到此結束。麗莎，我會把會議交還給你。

All right. Well, thank you very much for everyone for joining us today, and I hope you all have your Halloween costumes picked out and that you'll have a very safe and happy Halloween. So thank you.

好的。非常感謝大家今天收看，希望你們都已經選好了萬聖節服裝，祝大家萬聖節快樂平安。所以，謝謝你。

That concludes our conference for today. You may now disconnect. Thank you, and have a great day.

今天的會議到此結束。您現在可以斷開連線了。謝謝，祝您今天過得愉快。