IDACORP, Inc. (IDA) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to Idacorp's first-quarter 2026 earnings call. Today's call is being recorded and our webcast is live. A replay will be available later today for the next 12 months on Idacorp's website. (Operator Instructions)

各位下午好，歡迎參加 Idacorp 2026 年第一季財報電話會議。今天的電話會議將進行錄音，我們的網路直播也已開始。稍後今天將提供重播，並在 Idacorp 官網上保留未來 12 個月。(接線員指示)

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

現在我將把電話會議交給財務、法遵與風險副總裁 Amy Shaw。

Thank you. Good afternoon, everyone. We appreciate you joining our call. The slides will reference during today's call are available on Idacorp's website. As noted on slide 2, our discussion today includes forward-looking statements, including things with earnings guidance, spending forecast, financing plans, regulatory plans and actions, and estimates and assumptions that reflect our current views on what the future holds.

謝謝。各位下午好。感謝各位加入我們的電話會議。今天電話會議中所引用的簡報投影片可在 Idacorp 官網取得。如投影片第 2 頁所示，我們今天的討論包含前瞻性陳述，包括與盈餘指引、支出預測、融資計畫、監管計畫與行動，以及反映我們目前對未來看法的估計與假設等事項。

These are all subject to risks and uncertainties. Those 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 you to review in our filings with the Securities and Exchange Commission.

上述事項皆受風險與不確定性影響。這些風險與不確定性可能導致實際結果與我們今天所作陳述出現重大差異，我們提醒各位不要過度依賴任何前瞻性陳述。我們已在提交給美國證券交易委員會（SEC）的申報文件中，提供關於前瞻性陳述的警示說明及各項風險因素的更詳細內容，供各位查閱。

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

如投影片第 3 頁所示，今天一同出席簡報的還有總裁暨執行長 Lisa Grow；執行副總裁、財務長暨司庫 Brian Buckham；以及投資人關係經理 John Wonderlich。

Slide 4 for a summary of our first quarter financial results. Idacorp's diluted earnings per share were $1.21 compared with $1.10 last year. Our key operating metrics and guidance are unchanged, except for our hydro power generation forecast as we reduced the top end of the range.

請看投影片第 4 頁，為我們第一季財務結果摘要。Idacorp 稀釋後每股盈餘為 1.21 美元，去年同期為 1.10 美元。我們的關鍵營運指標與指引維持不變，僅水力發電量預測因下修區間上緣而有所調整。

We're reaffirming our full year 2026 IDACORP's earnings guidance estimate in the range of $6.25 to $6.45 diluted earnings per share, which includes our expectation that Idaho Power will use less than $30 million of additional tax credit amortization to support earnings. These estimates assume historically normal weather conditions and normal power supply expenses for the rest of the year.

我們重申 2026 全年 IDACORP 稀釋後每股盈餘指引區間為 6.25 至 6.45 美元，其中包含我們預期 Idaho Power 將使用不超過 3,000 萬美元的額外稅額抵免攤銷以支撐盈餘。上述估計假設今年剩餘期間的天候符合歷史常態，且電力供應成本亦維持正常水準。

Now I'll turn the call over to Lisa.

現在我把電話會議交給 Lisa。

Thank you, Amy, and thank you all for joining us today. I'll start my remarks with a look at our continued growth on slide 5. We've seen an overall customer increase of 2.3% since last year's first quarter, with growth across all customer segments, including 2.4% for residential. From a load perspective, Industrial Energy sales grew by 5.7% over the same period.

謝謝 Amy，也感謝各位今天加入我們。我將先從投影片第 5 頁，談談我們持續的成長。自去年第一季以來，我們整體客戶數增加 2.3%，各客戶類別皆有成長，其中住宅用戶成長 2.4%。就負載而言，工業用電銷售在同期間成長 5.7%。

After years of thoughtful planning and execution, we're starting to see the ramp-up in loads and revenues from some of our large industrial customers, and that ramp will accelerate during the year. Two of our industrial customers, Micron and Meta, are examples of that. As you can see in our latest photos on slide 6, construction of Micron's first fabrication facility continues to progress. And Micron has started ground preparation for the second fab. Meta's data center has reached the testing and commissioning stage. We've worked tirelessly to be ready to serve their needs as they ramp up operations.

經過多年審慎的規劃與執行，我們開始看到部分大型工業客戶帶來的負載與營收逐步攀升，而這一增長動能將在今年加速。我們的兩家工業客戶 Micron 與 Meta 就是例子。如投影片第 6 頁最新照片所示，Micron 的第一座晶圓廠建設持續推進。Micron 也已開始第二座晶圓廠的整地作業。Meta 的資料中心已進入測試與試運轉（commissioning）階段。我們不懈努力，確保在其營運擴張時能滿足其需求。

In addition to these large industrial projects, we continue to see significant interest from core industries of food processing, manufacturing, distribution and warehousing as well as inquiries from other large customers in other industries looking to operate in our service area. As we serve one of the fastest-growing areas in the nation with what we view as a leading rate base growth, we're doing it thoughtfully, so that growth pays for growth to help protect our existing customers from cost shifting.

除這些大型工業專案外，我們也持續看到來自食品加工、製造、配送與倉儲等核心產業的高度興趣，並收到其他產業大型客戶對於在我們服務區域營運的詢問。我們服務的是全美成長最快的地區之一，且我們認為自身的費率基礎（rate base）成長居於領先；我們以審慎方式推動，讓「成長支付成長」，以協助保護既有客戶免於成本轉嫁。

As you can see on slide 7, our approach to contracting with new large industrial projects is focused on protecting both existing customers and shareholders from potential negative financial impact as well as being transparent and responsive to the new customers. We provide clarity in how we will serve the new load, including timelines, rates and other terms.

如投影片第 7 頁所示，我們與新的大型工業專案簽約的做法，重點在於保護既有客戶與股東免受潛在負面財務影響，同時對新客戶保持透明並迅速回應。我們會清楚說明將如何服務新增負載，包括時程、費率及其他條款。

We've used take-or-pay provisions, certain upfront payments, credit and security requirements, termination or exit payments, customized pricing terms and other contractual features in some cases. Like everything we do, we take a thoughtful approach to our customer pipeline.

在某些情況下，我們採用「照付不議（take-or-pay）」條款、特定預付款項、信用與擔保要求、終止或退出費用、客製化定價條款，以及其他合約機制。如同我們所做的一切，我們對客戶開發管線採取審慎周延的方式。

Turning to slide 8. We remain focused on affordability. We work hard to keep our costs down and provide exceptional value to our customers, and our rates remain 20% to 30% lower than the national average. Our rates have increased at a much slower pace than national averages, increasing by 23% over the past decade compared to 41% nationally. This increase also compares favorably to the Consumer Price Index, which increased 36% over the same period.

接著看投影片第 8 頁。我們仍聚焦於可負擔性。我們努力控制成本並為客戶提供卓越價值，我們的費率仍比全國平均低 20% 至 30%。過去十年，我們費率上升速度遠低於全國平均：我們上升 23%，全國則為 41%。此增幅與消費者物價指數（CPI）相比也更具優勢，同期間 CPI 上升 36%。

The benefits of our low-cost system and hydro in particular, help with our affordability focus. Our regulatory model in Idaho, a growth pace for growth system also helps us retain that affordability, and it has been working.

我們低成本系統的優勢，尤其是水力發電，有助於我們維持可負擔性的重點。愛達荷州的監管模式——「成長支付成長」機制——也協助我們維持可負擔性，而且一直運作良好。

Legislation was passed in Idaho this year that effectively codified the way we currently develop large load contracts with one change. It established a deadline of nine months for the PUC's contract approval process, which had previously been more open ended.

愛達荷州今年通過的立法，實質上將我們目前制定大型負載合約的方式予以法制化，但有一項變更。該法為公用事業委員會（PUC）的合約核准流程設定了 9 個月期限；過去則較為不設期限。

As we discussed on our last call, Idaho Power is not planning to file a general rate case on June 1. And at this point, we're unlikely to file one at all this year. While we're seeing higher depreciation and interest expense associated with growth in our infrastructure build-out as well as wildfire mitigation costs, we expect that revenues from new large load contracts will help offset those additional costs. We also continued to benefit from careful and thoughtful spending.

如同我們在上次電話會議所提，Idaho Power 不計畫在 6 月 1 日提出一般費率案件（general rate case）。而就目前而言，我們今年也不太可能提出一般費率案件。儘管我們因基礎建設擴建帶來的折舊與利息費用增加，以及野火緩解成本上升，我們預期新大型負載合約帶來的營收將有助於抵銷這些額外成本。我們也持續受益於審慎且周延的支出管理。

As we move towards summer and moving to slide 9, I'm happy to report that the Idaho Commission approved our 2026 wildfire mitigation plan earlier this month. As a reminder, the commission-approved plan establishes the standard of care in Idaho under the Wildfire Standard of Care Act beginning this year.

隨著我們邁向夏季並來到投影片第 9 頁，我很高興報告愛達荷州委員會已於本月稍早核准我們的 2026 年野火緩解計畫。提醒各位，該經委員會核准的計畫自今年起，依《野火注意義務標準法》（Wildfire Standard of Care Act）在愛達荷州確立了注意義務標準。

Moving to slide 10. Idaho Power continues full speed ahead on major infrastructure projects, including three major transmission lines that will add critical flexibility and reliability to our system. Work is progressing quickly on our B2H transmission project, which we expect to be in service in late 2027. Nearly half of the access roads and structure pads have been completed, along with 200 structures, about 15% of the total structures to the project.

接著看投影片第 10 頁。Idaho Power 持續全速推進重大基礎建設專案，包括三條主要輸電線路，將為我們的系統增添關鍵的彈性與可靠性。我們的 B2H 輸電專案進展迅速，預期將於 2027 年底投入運轉。目前已完成近一半的聯外道路與基座（structure pads），並已完成 200 座鐵塔結構，約占該專案總結構數的 15%。

On the Swift North transmission project, we received our CPCN from the Idaho Commission. Several project authorizations remain in progress, including final construction authorization from BLM. The construction contractor plans to break ground this June in Nevada and the September in Idaho, and we expect to port to be complete as early as 2028.

在 Swift North 輸電專案方面，我們已取得愛達荷州委員會核發的 CPCN（公共便利與必要性證明）。多項專案授權仍在進行中，包括土地管理局（BLM）的最終施工許可。施工承包商計畫於今年 6 月在內華達州動工、9 月在愛達荷州動工，我們預期該專案最快可於 2028 年完工。

We're also continuing to work with PacifiCorp on the Gateway West transmission project, and we recently filed a joint request for a CPCN with the Idaho Commission. We anticipate a critical section of that line between our Hemingway and midpoint substations will come online as early as 2028. If all continues to go as planned, customers will be served by three new large transmission lines on our system by 2028, bringing with them the benefits of access to diverse markets and transmission wheeling revenues.

我們也持續與 PacifiCorp 合作推進 Gateway West 輸電專案，並且近期已向愛達荷州委員會共同提出 CPCN 申請。我們預期該線路在我們 Hemingway 與中點變電站之間的一個關鍵區段，最早可於 2028 年投入運轉。若一切持續按計畫進行，至 2028 年我們系統將由三條新的大型輸電線為客戶提供服務，並帶來可接觸多元市場及輸電轉運（wheeling）收入等效益。

Turning to slide 11. I have some updates on the new gas plants we discussed last quarter. We've received a CPCN from the Idaho Commission for the company-owned 167-megawatt plant that will be -- natural gas plant that will be next to the -- to our existing Bennett Mountain power plant. We've also secured an EPC contractor as we continue to work toward an in-service date of summer 2028. Since our last call, we've also filed four CPCNs in Idaho for two additional natural gas plants.

接著看第 11 張投影片。我有一些關於我們上季討論的新燃氣電廠的最新進度。我們已取得愛達荷州委員會核發的 CPCN，核准公司自有的 167 兆瓦電廠——一座天然氣電廠——將設於我們既有的 Bennett Mountain 發電廠旁。我們也已確定 EPC 承包商，並持續朝 2028 年夏季投運的目標邁進。自上次電話會議以來，我們也已在愛達荷州就另外兩座天然氣電廠提出四件 CPCN 申請。

As a reminder, both were included in the CapEx forecast update we shared at year-end. We plan to bring the 222-megawatt South Hills project online in 2029 and the 430-megawatt Paragon project in 2030. These natural gas projects will provide firm dispatchable resources we need to meet growing customer demand, and we view these projects as affordable low-risk solutions to our near-term capacity deficit.

提醒一下，這兩項專案都已納入我們在年底分享的資本支出（CapEx）預測更新。我們計畫於 2029 年讓 222 兆瓦的 South Hills 專案併網，並於 2030 年讓 430 兆瓦的 Paragon 專案併網。這些天然氣專案將提供我們因應客戶需求成長所需的可確定調度資源（firm dispatchable resources），我們也認為這些專案是解決短期容量缺口的可負擔、低風險方案。

We also have 250 megawatts of new company-owned battery storage that will come online this quarter, and we'll be adding 125 megawatts of third-party owned solar generation to our system later this year. We remain on track to complete the conversion of Valmy Unit 2 from coal to natural gas before the summer peak this year. These resources support our efforts to add capacity, flexibility, and affordable energy to help serve our customers. As you can see, we're continuing a major expansion cycle and Idaho Power is an exciting place to be.

我們也有 250 兆瓦新的公司自有電池儲能將於本季投入運轉，並將於今年稍晚在系統中新增 125 兆瓦由第三方持有的太陽能發電。我們仍按計畫在今年夏季尖峰前完成 Valmy 2 號機組由燃煤轉為天然氣。這些資源支持我們提升容量、彈性與可負擔能源的努力，以協助服務客戶。如各位所見，我們正持續進行一個重大的擴張週期，Idaho Power 是個令人振奮的地方。

Turning to slide 12. Idaho Power recently received approval of the 2032 RFP from the Idaho Commission. The RFP is aimed at solving a projected capacity deficit of at least 200 megawatts. Idaho's new procurement rules will allow us to complete a timely and competitive resource evaluation, and we'll have additional details about potential resources and projects to meet these energy needs on future calls.

接著看第 12 張投影片。Idaho Power 近期已取得愛達荷州委員會對 2032 年 RFP 的核准。該 RFP 旨在解決預估至少 200 兆瓦的容量缺口。愛達荷州新的採購規則將使我們能及時且具競爭性地完成資源評估；未來的電話會議中，我們也會提供更多關於可能資源與專案的細節，以滿足這些能源需求。

I'll close my remarks by following up on last quarter's announcement regarding the sale of our Oregon service area. The transaction continues to progress ahead, and we plan to make filings in the next couple of months with the Oregon and Idaho commissions and FERC for the approval of the sale.

最後，我要就上季關於出售我們俄勒岡服務區的公告做個後續說明。該交易持續向前推進，我們計畫在未來幾個月向俄勒岡州與愛達荷州委員會以及 FERC 提出申報，以取得出售案的核准。

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

接下來，我把時間交給 Brian。

Thanks, Lisa. A lot going on operationally, which is exciting for us. On the financial results side, I wanted to summarize the company's strong start to the year by highlighting that we saw strong results even with unusually mild weather and several expected headwinds. Our expected headwinds were higher share dilution, higher depreciation and interest expense and lower accelerated amortization of ADITCs. The use of fewer ADITCs is technically a headwind when you're comparing Q1 of this year to Q1 of last year.

謝謝，Lisa。營運面有很多進展，這對我們來說很令人振奮。在財務結果方面，我想透過強調即使天氣異常溫和且面臨幾項預期逆風，我們仍取得強勁表現，來總結公司今年良好的開局。我們預期的逆風包括流通股稀釋增加、折舊與利息費用增加，以及 ADITC 加速攤銷減少。與去年第一季相比，今年第一季使用較少的 ADITC，在技術上屬於一項逆風。

Admittedly, that might be counterintuitive. So I'll talk more about that as I go through the reconciliation, which is next on slide 13.

坦白說，這可能有點違反直覺。因此我在接下來進行調節說明時會多談一些，這部分在第 13 張投影片。

IDACORP's first quarter net income increased over $8 million compared to last year, higher retail revenues from the January rate increase and from customer growth combined for a $23 million benefit. Usage on a per customer basis decreased operating income by $10.7 million, the results of particularly mild weather that reduced residential and commercial usage.

IDACORP 第一季淨利較去年增加超過 800 萬美元；其中，1 月調漲電價帶來的零售收入增加，加上客戶成長，合計貢獻 2,300 萬美元的正面效益。以每戶客戶計的用電量下降使營業利益減少 1,070 萬美元，主要是第一季天氣特別溫和，降低了住宅與商業用電。

Keying off something that Lisa noted though, industrial use per customer increased notably in part from a new large industrial customer that ramped up its usage during the quarter. As part of our last general rate case, we updated the FCA mechanism.

不過呼應 Lisa 提到的一點，工業客戶的每戶用電量顯著增加，部分原因是有一位新的大型工業客戶在本季逐步提升用電。在我們上一次一般費率案（general rate case）中，我們更新了 FCA 機制。

Now it's for both the rates and the usage per customer base. Combining those updates with lower usage per customer in the residential and small commercial classes from the mild first quarter, we saw increased FDA revenues of over $19 million compared to the first quarter of 2025.

現在它同時涵蓋費率以及每戶用電量的基礎。將這些更新與第一季因天氣溫和導致住宅與小型商業類別每戶用電量下降的情況合併考量後，我們看到 FDA 收入較 2025 年第一季增加超過 1,900 萬美元。

As expected, O&M expenses were higher in the first quarter. The primary drivers were higher welter mitigation program expenses and amortization of previously deferred costs associated with the Jim Bridger plant. A large portion of those items we recover in customer rates, so they're reflected in revenues. In total, O&M expenses were up $13.1 million compared to the first quarter of 2025, but again, with offsetting revenues for much of it. Depreciation and amortization expense increased around $6 million for the quarter, and that was expected from our ongoing infrastructure investment.

如預期，第一季的 O&M 費用較高。主要驅動因素是野火緩解計畫費用增加，以及與 Jim Bridger 電廠相關、先前遞延成本的攤銷。其中相當大一部分可透過客戶費率回收，因此也反映在營收中。整體而言，O&M 費用較 2025 年第一季增加 1,310 萬美元，但如前所述，其中多數有相對應的營收抵銷。本季折舊與攤銷費用增加約 600 萬美元，這符合我們持續進行基礎建設投資的預期。

Other changes in operating revenues and expenses increased operating income by a net $13.6 million, that resulted from lower net power supply costs, a decrease in property taxes due to legislative changes in Idaho last year that became effective this year and updates to the PCA mechanism based from last year's rate case that were not unlike the changes to the FCA basis.

營業收入與費用的其他變動使營業利益淨增加 1,360 萬美元，主要來自淨電力供應成本下降、因愛達荷州去年立法變更並於今年生效而使財產稅降低，以及根據去年費率案對 PCA 機制所做的更新，其性質與 FCA 基礎的變更相近。

Non-operating expense increased about $4 million, which was mostly higher interest expense, interest expense recorded on the new finance lease, which is our battery tolling agreement also contributed to the increase. Partially offsetting those items was increased AFUDC from a higher construction work-in-progress balance, which we still expect will be sustained for some time.

營業外費用增加約 400 萬美元，主要是利息費用上升；此外，針對新的融資租賃（即我們的電池代工/通行費協議 battery tolling agreement）所認列的利息費用也促成了增加。部分抵銷上述項目的是，由於在建工程（construction work-in-progress）餘額較高而帶來的 AFUDC 增加，而我們預期這種情況仍將維持一段時間。

Idaho Power amortized $6.3 million of additional tax credits under the Idaho earnings support mechanism in the first quarter. That was $13 million less than what we reported in the first quarter of 2025. So last year's Q1 benefited from additional ADITC usage much more than this year's Q1.

Idaho Power 在第一季依據愛達荷州盈餘支持機制攤銷了 630 萬美元的額外稅額抵減。這比我們在 2025 年第一季報告的金額少了 1,300 萬美元。因此，去年第一季受益於額外 ADITC 使用的程度，遠高於今年第一季。

As I alluded to you, that's actually good news from a financial strength and performance perspective for this year. It means we expect to use or need less support from the ADITC mechanism this year to reach the floor level of year-end return on equity in Idaho. And that's despite what we predict to be a considerably higher year-end book equity balance. I tend to look at that as one helpful barometer of operating performance.

如我先前向各位提到的，從今年的財務體質與績效角度來看，這其實是好消息。這表示我們預期今年為了達到愛達荷州年末股東權益報酬率（ROE）的底線水準，將使用或需要較少來自 ADITC 機制的支持。即便如此，我們仍預測年末帳面股東權益餘額將顯著提高。我傾向把這視為衡量營運表現的一個有用指標。

Our next slide, slide 14, reiterates what we discussed about CapEx on the fourth quarter call. I'll just note that the forecast doesn't include any resources that could result from the 2032 RFP and/or does it include some of the projects that often till the last two years of that plan as we move ahead. So there could be some upside to what's shown on the graph.

下一張投影片，第 14 張，重申我們在第四季電話會議中對資本支出（CapEx）的討論。我只想補充，該預測未納入可能由 2032 年 RFP 產生的任何資源，且也未納入我們在推進過程中常會在該計畫最後兩年補進的一些專案。因此，圖表所示可能還有上行空間。

Moving to slide 15. I want to point out that we've made a small update to this slide since our last call. You can still see that net cash flow from operations is funding over half of our CapEx needs in the 2026 to 2030 window and hopefully more than that.

接著看第15頁投影片。我想指出，自上次電話會議以來，我們對這張投影片做了一個小更新。你仍然可以看到，在2026年至2030年的期間，營運活動淨現金流可支應我們資本支出需求的一半以上，並希望能高於此水準。

Either way, we'll still need our growth capital, which we've estimated at around $2 billion in equity and $2.9 billion in debt to stay near our target 50/50 capital ratio. What we've updated it in the equity section under FSAs and equity to be issued in the first quarter this year, we executed on $165 million of forward sales through our ATM program.

無論如何，我們仍需要成長資本；為了維持接近我們目標的50/50資本結構比例，我們估計約需20億美元的股權資金與29億美元的債務資金。我們更新的部分是在股權區塊、FSAs與本年度第一季將發行的股權項下：我們透過ATM計畫執行了1.65億美元的遠期出售。

And we settled nearly $52 million from prior forward sales through the ATM program. So around $2 billion of equity shown as needed on the slide. When you combine the ATM program with our follow-on from last year, we've now settled or executed forward on over $750 million of the need, which we've broken out separately on the chart.

此外，我們也就先前透過ATM計畫進行的遠期出售結算了近5,200萬美元。因此，投影片上顯示約需20億美元的股權。當你把ATM計畫與我們去年進行的後續發行（follow-on）合併來看，我們目前已就需求中的逾7.5億美元完成結算或執行遠期交易，並在圖表中另外拆分列示。

That gets us the equity we need into 2027 and leaves the remaining amount that we think is within relatively conservative ATM issuance ranges. We have a $300 million ATM that we put in place a couple of years ago, and we've not used that one in full. So we're planning to establish a new ATM program in the near term.

這讓我們取得所需股權資金可支應到2027年，並使剩餘金額落在我們認為相對保守的ATM發行區間內。我們在幾年前設立了一個3億美元的ATM，但尚未全數使用。因此，我們計畫在近期建立一個新的ATM計畫。

Not surprisingly, any additional CapEx needed to serve loads would require some level of financing. If that were the case, that funding would likely be more heavily weighted at the back end of the five-year forecast, where operating cash flow should also be higher to offset financing needs in part.

不意外地，任何為了服務負載而需要的額外資本支出，都將需要某種程度的融資。若是如此，該資金需求很可能會更偏向五年預測期的後段；屆時營運現金流也應更高，可在一定程度上抵銷融資需求。

I threw a lot of numbers and detail pretty quickly there. And on slide 16, you can see the forward sales agreements that we have available and the forwards that we've settled to date. It offers a little better, easier picture of where we stand on equity and financing generally.

我剛才很快丟出了很多數字與細節。在第16頁投影片，你可以看到我們可用的遠期出售協議，以及截至目前已結算的遠期交易。它能更清楚、更容易地呈現我們在股權與整體融資方面的現況。

With that, I'm going to wrap it up there. I'm going to hand it over to coach, John Wonderlich.

到這裡，我就先做個總結。接下來交給教練John Wonderlich。

Thanks, Brian. Turning to slide 17, you can see our 2026 full-year earnings guidance and key operating metrics, not much change from the fourth quarter call. This guidance assumes normal weather for the remainder of 2026 and normal power supply expenses. We expect Idacorp's diluted earnings per share this year to be in the range of $6.25 to $6.45. We still expect that Idaho Power will use less than $30 million of additional investment tax credit amortization in 2026, so less than the $40 million we amortized in 2025.

謝謝，Brian。看第17頁投影片，你可以看到我們2026年全年盈餘指引與關鍵營運指標，與第四季電話會議相比變動不大。此指引假設2026年剩餘期間天候正常，且電力供應成本正常。我們預期Idacorp今年稀釋後每股盈餘將落在6.25至6.45美元之間。我們仍預期Idaho Power在2026年使用的額外投資稅額抵減（ITC）攤銷將少於3,000萬美元，低於我們在2025年攤銷的4,000萬美元。

We continue to expect full year O&M expense to be in the range of $525 million to $535 million. We still anticipate spending between $1.3 billion and $1.5 billion on CapEx in 2026. As the five-year forecast showed, we continue to expect higher CapEx numbers as we continue to focus on safe and reliable service and to respond to strong growth in our service area.

我們仍預期全年O&M費用將落在5.25億至5.35億美元之間。我們仍預計在2026年的資本支出介於13億至15億美元。如五年預測所示，隨著我們持續聚焦安全可靠的服務並因應服務區域的強勁成長，我們仍預期資本支出將維持較高水準。

Finally, given our current forecast of hydropower operating conditions, we expect hydropower generation to be within the range of 5.5 million to 7.0 million megawatt hours for the year. So we trimmed the top end of our guidance. Water storage in our system is near or above average across the Snake River Basin. However, low overall snowpack conditions will result in lower water supplies from spring snow melt.

最後，基於我們目前對水力發電營運條件的預測，我們預期今年水力發電量將落在550萬至700萬兆瓦時之間。因此我們下修了指引的上緣。我們系統的蓄水量在蛇河流域接近或高於平均。然而，整體積雪偏低將導致春季融雪帶來的供水量較少。

Record wet April conditions with more than 3 times the average precipitation for the Boise area has helped to increase spring season stream flows and hydropower production but will not completely offset the lack of winter snow head.

4月出現創紀錄的潮濕狀況，博伊西地區降雨量超過平均值的3倍，這有助於提升春季河川流量與水力發電產量，但無法完全彌補冬季積雪不足的影響。

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

接下來，我們很樂意回答各位可能有的任何問題。

(Operator Instructions)

（接線員指示）

David Arcaro, Morgan Stanley.

David Arcaro，摩根士丹利。

Hi, David.

嗨，David。

Hey there. Thanks so much for taking my questions. Well, thanks for the comments on the timing of the rate case. I was just wondering, what are you, I guess, currently thinking or what should be the maybe base case expectation. Could it potentially be next June, June 2027 in terms of when a full rate case might be possible? Or how are you characterizing that?

嗨，你好。非常感謝讓我提問。也謝謝你們對費率案件（rate case）時程的說明。我只是想了解，你們目前的想法是什麼，或我們應該把什麼視為基準情境的預期。就完整的一般費率案件而言，是否可能在明年6月、也就是2027年6月左右？或者你們會如何描述這件事？

No, I think that has been sort of our traditional cadence, but we'll keep doing the math and figuring out when the right timing of the next general rate case would be just depending on how this year shapes up and what we see coming for the next year.

不，我認為那一直算是我們傳統的節奏，但我們會持續試算並判斷下一次一般費率案件的適當時點，這將取決於今年的發展情況，以及我們對明年的觀察。

Yes, David, a couple of factors we're looking at just following on Lisa's comments. One is the conversion of equipped plant in service becoming eligible for rate base treatment, some of the timing of that dictates when we do rate cases.

是的，David，延續Lisa的評論，我們正在看幾個因素。其中之一是已投運資產（equipped plant in service）轉為符合納入費率基礎（rate base）處理的時點；其中部分時程會影響我們何時提出費率案件。

And then the other aspect is largely revenues, timing of those coming in and the magnitude of those revenues, those can both dictate timing of rate cases.

另一個面向主要是收入：收入進來的時間點以及收入的規模，這兩者都可能決定費率案件的時程。

Yes, got it. Thanks for that. That makes sense. And then I was wondering if you could comment on what you're seeing in terms of new customer, new large load inbounds, the pace of demand in that pipeline?

是的，了解。謝謝你們的說明。這很合理。另外我想請你們評論一下，你們在新客戶、以及新增大型負載導入方面看到的情況，還有該管線中的需求增速如何？

And also just when could you deliver new power, when could you handle new large loads coming into the system at this point?

以及就目前而言，你們何時能交付新增電力、何時能夠因應系統中新進的大型負載？

Well, it continues to amaze me how strong the pipeline is. There is just an incredible amount of interest in our service area, again, from many different industries. Certainly, there are some data centers included in that. And I will have Adam give some more color on it.

嗯，管線的強勁程度持續讓我感到驚訝。我們服務區域的興趣非常高，且來自許多不同產業。其中當然也包含一些資料中心。我會請Adam再補充一些細節。

But I would say for what we have ahead of us right now between now and, say, 2028, we're probably at what are just maximum capacity to actually get work done. But if there was someone that was going to come on with modest ramps, perhaps it could go a little bit towards the end of that time period. But we're seeing a pipeline that goes well into the 2030s now. And so we're really excited about sort of the sustainability of this growth as we look to the future. But Adam?

但我會說，就我們目前到例如2028年之間的工作量而言，我們大概已經接近能實際完成工作的最大產能。不過如果有人以較溫和的爬坡速度接入，或許在那段期間的後段還能再多一些空間。但我們看到的管線現在已延伸到2030年代。因此，展望未來，我們對這種成長的可持續性非常振奮。Adam？

Yes, David, I don't have a ton to add. In addition to the data centers, we're seeing a fair amount of movement in the dairy area biodigesters, base manufacturing, warehousing. So it's pretty diverse in that regard. In terms of keeping up, we feel good about where we're at. We've been able to reserve turbines where needed.

是的，David，我沒有太多要補充的。除了資料中心之外，我們也看到乳業領域的沼氣消化（biodigesters）、基礎製造、倉儲等有相當多的動能。因此在這方面相當多元。就跟上需求而言，我們對目前的狀況感覺良好。我們也已在需要時能夠預留渦輪機。

Obviously, we have these RFPs that are going out the door to make sure we'll continue to meet at moving forward. So as of right now, we feel good we're staying ahead of it. Obviously, we've got to get our transmission lines built and in place too. Those are all on track. So we feel good about the transmission side, too.

顯然，我們有這些正在發出的RFP（招標書），以確保我們在往前推進時能持續滿足需求。所以就目前而言，我們覺得狀況良好，並且能保持領先。顯然，我們也必須把輸電線路建好並到位。這些都按計畫進行。因此，我們對輸電端也很有信心。

So far, so good, but it's a constant effort, and we're continuing to focus on it really every day.

到目前為止一切順利，但這是一項持續性的努力，我們也確實每天都在持續聚焦。

Okay, great. Thank you.

好的，很棒。謝謝。

Thanks, David.

謝謝你，David。

Shar Pourreza, Wells Fargo.

Shar Pourreza，富國銀行。

Hi, Shar.

嗨，Shar。

Good afternoon, team. It's actually Whitney Mutalemwa on for Shar. So obviously, as we're thinking about freight case cadence, we're also thinking about the credit outlook.

各位下午好。其實今天是Whitney Mutalemwa代Shar出席。所以很明顯，當我們在思考運費案件（freight case）的節奏時，我們也在思考信用展望。

So time back, Moody's downgraded holdco to Baa3 as well as Idaho Power. So it cited heavier CapEx cycle on just weaker near-term credit metrics, but it also acknowledged supportive offsets like additional parent equity or more frequent general rate cases.

不久前，穆迪將控股公司（holdco）以及Idaho Power的評等下調至Baa3。其理由是資本支出（CapEx）週期更重、短期信用指標走弱，但也同時認可一些支持性的抵銷因素，例如母公司額外注入股權，或更頻繁的一般費率案件（general rate cases）。

So from your perspective, is the focus now on simply rebuilding the metrics within the new ratings category? Or do you still see a path over time to improve it credit positioning as recovery cadence catches up with spend?

所以從你們的角度來看，目前的重點是否只是把指標在新的評等級距內重新建立起來？或者，隨著回收節奏追上支出，你們是否仍看到隨時間改善信用定位的路徑？

Yes. Whitney, thanks for the question. This is Brian. So in terms of where the credit metrics stand right now, we don't issue debt at the holding company level. I mean we do all of those debt transactions at the OpCo level.

是的。Whitney，謝謝你的提問。我是Brian。就目前信用指標的狀況而言，我們不在控股公司層級發行債務。我的意思是，我們所有的債務交易都在營運公司（OpCo）層級進行。

And so the move to Idaho Power or Baa2, part of the rationale for that was just when you look at sector credit metrics at the Moody's level, a lot of the Baa1 ratings, which is where Idaho Power was at before, have somewhat of a CFO preworking capital to debt of around 18% on average, maybe even slightly higher in some instances. -- ours, as we've talked about in the past, while we met our prior threshold of 13%, both 2024 and 2025.

因此，Idaho Power調整至Baa2，其部分理由是：當你在穆迪的層級看產業信用指標時，許多Baa1評等（Idaho Power先前所在的級距）的公司，其「營運現金流（CFO，扣除營運資金變動前）/債務」平均約在18%左右，有些情況甚至略高。——而我們，如同過去談過的，雖然符合先前13%的門檻，但在2024與2025年都是如此。

Going forward, we aren't looking to have a credit metric of 18%, at least not for this year and not for next year at Moody's at the OpCo level. And so Moody's report had some of the details on that. But just from my perspective, if there was a lot of peer benchmarking that went into that decision.

往前看，我們並不打算把該信用指標拉到18%，至少今年與明年在穆迪對OpCo層級的衡量上不會。穆迪的報告中有一些相關細節。但就我個人觀點，這個決定背後有大量同業對標（peer benchmarking）。

So perhaps the downgrade isn't a surprise in that regard, but that negative watch covered out there for quite a while. The new part of the upside of that is stable ratings, right? And a new downgrade threshold at 12% for Moody's. We've received a lot of questions in the past on the negative outlook, but some pause remarks on the new stable outlook.

所以從這個角度看，降評或許不令人意外，但先前外界的負向觀察（negative watch）已經持續了一段時間。而新的正面之處在於評等展望轉為穩定（stable），對吧？同時，穆迪新的降評門檻是12%。過去我們收到很多關於負向展望的問題，但對於新的穩定展望，外界的評論相對少一些。

So the Idacorp side, you mentioned Baa3, that's part of Moody's notching policy. And as I mentioned, we have a higher CFO preworking capital to debt at IDACORP and no holding company debt. So that really is just the Moody's policy on notching. We've talked before about the need or desire to keep our balance sheet strong at 50/50 and a simple and straightforward balance sheet. Still very focused on that.

至於Idacorp這邊，你提到Baa3，這是穆迪的「級距調整（notching）」政策所致。如我所提，我們在IDACORP層級的「營運現金流（扣除營運資金變動前）/債務」更高，而且控股公司沒有債務。所以這真的就是穆迪在notching上的政策結果。我們之前談過，我們需要或希望把資產負債表維持在50/50的強健結構，並保持簡單、直接的資產負債表。我們仍然非常專注於此。

To your point, that does require some equity issuances that we've signaled for quite some time and actually executed on those equity needs over time. So maintaining that balance sheet structure for us does require the equity. It keeps us closer to the thresholds for S&P and our prior threshold for Moody on that 13%, 14%, 15% zone for a while, but expecting to naturally grow off of that with large load revenues and rate cases over time.

如你所說，這確實需要一些股權發行；我們也已經很長一段時間對外釋出這個訊號，並且隨時間推進實際執行這些股權需求。因此，對我們而言，維持這樣的資產負債表結構確實需要股權。這讓我們更接近標普（S&P）的門檻，以及穆迪先前13%的門檻——也就是13%、14%、15%這個區間——維持一段時間，但預期會隨著大型負載（large load）收入與費率案件（rate cases）在時間推進下自然成長、逐步改善。

So we don't have an intent to immediately equitize the 18%, for example. We'll continue to blend debt and equity. We did a debt offering earlier this year. we'll have some equity that we'll do later in the year pull down from forward to help blend that in. And so our financing strategy does take into account those credit metrics, but balance sheet strength is the most important thing for us as we look to continue our financing.

所以我們並沒有意圖立刻把股權比重調整到例如18%那樣的水準。我們會持續在債務與股權之間做搭配。我們今年稍早做過一次發債；今年稍晚我們也會從遠期（forward）提取一些股權來協助搭配。因此，我們的融資策略確實會考量這些信用指標，但在我們持續推進融資時，資產負債表的強度是最重要的。

Great. And just as many follow-up. Obviously, this is also in the remarks, but how are you moving towards just -- how are you thinking about the current CapEx cycle? What is more frequent rate relief practically mean from here? Are you moving towards a regular cadence that we can underwrite?

很好。再追問一下。顯然你們在談話中也提到，但你們如何推進——你們如何看待目前的資本支出（CapEx）週期？從現在開始，更頻繁的費率調整（rate relief）在實務上代表什麼？你們是否正朝向一個我們可以據以承作（underwrite）的固定節奏？

Or is there still more opportunistic based on capital timing and obviously, the regulatory conditions?

還是仍會更偏向機會式（opportunistic），取決於資本時點以及顯然的監管環境？

Yes. We just take a very pragmatic view of sort of where we are in our spend, and where revenues come in. And to the extent those aren't matching up, especially during this growth cycle, we will go in for rate relief. But like this year, where we're able to stay out given that those revenues are starting to come in, we will use that as the sort of cadence, I guess. Anything that you would add, Brian?

是的。我們只是以非常務實的角度來看我們的支出處於什麼位置，以及收入何時進來。在兩者無法匹配的情況下，特別是在這個成長週期期間，我們就會去申請費率調整。但像今年這樣，因為收入開始進來、我們能夠暫時不提出申請，我們就會把這當作某種節奏，我想是這樣。Brian，你有要補充的嗎？

I think that's right, Lisa. One of the things I mentioned from an earlier question is this idea of looking at the conversion rate of QIP to plant in service and there's the financial impact that, that actually has if you don't do rate cases around that. So some of them will be just weighing the impact of that conversion to reg and taking that into regulators versus filing rate cases. when you've got large load revenues coming in. So the larger revenues to really cover a lot of what would otherwise be rate cases.

我認為你說得對，Lisa。我在前面一個問題提到的一點是：看QIP轉為「投入使用資產（plant in service）」的轉換率，以及如果你不圍繞這個去做費率案件，它實際上會帶來的財務影響。所以其中一些會是衡量這個轉換對監管（reg）的影響，並把它帶去與監管機關溝通，而不是在大型負載收入進來時就直接提出費率案件。因此，更大的收入其實可以涵蓋許多原本可能需要透過費率案件來處理的部分。

So I can't say at this point that we'd file every year. I think the word you used was opportunistic. When we need to go in, that's when we'll go in. That's how I'd look at it.

所以我現在不能說我們會每年都申請。我想你用的詞是「機會式」。當我們需要進去申請時，我們就會進去。我會這樣看。

I see.

了解。

And another thing I think we talked about is just customer affordability, right? I mean, that's important to us, and we can maintain that through these large, little revenues. Long-lived assets and other features of the company with a growth phase for growth mentality that really do bring about an affordability aspect.

另外一點，我想我們也談過，就是客戶可負擔性（customer affordability），對吧？我的意思是，這對我們很重要，而我們可以透過這些大型、較小的收入來維持可負擔性。公司的長年期資產（long-lived assets）以及其他特性，加上以成長為導向的成長心態，確實帶來可負擔性的面向。

We will look each year at what our rate app would be. We don't want to go in and make really large rate requests, and it's this growth pace for growth mentality. And really the way we operate our business from an O&M and affordability perspective that help us stay out and use those revenues instead of rate cases in some years.

我們每年都會檢視我們的費率申請（rate app）可能會是什麼樣子。我們不希望進去提出非常大的費率調升要求，而是以這種以成長為導向的成長心態來推進。而且就我們在營運與維護（O&M）以及可負擔性角度的經營方式而言，也能幫助我們在某些年度不必提出費率案件，而是改用這些收入來支應。

Sounds good. Thank you, Lisa. Thank you, Brian.

聽起來不錯。謝謝你，Lisa。謝謝你，Brian。

Thank you.

謝謝。

Chris Ellinghaus, Seibert Williams.

Chris Ellinghaus，Seibert Williams。

Hi, Chris.

嗨，Chris。

How are you?

你好嗎？

Good.

很好。

So Brian, I thought you were going to get into this, I don't remember what you said in your comments, but I kind of thought you were going to talk about this. But can you just talk about how you foresee ITC recognition through the years? Do you have some visibility there?

所以 Brian，我原以為你會談到這個，我不太記得你在評論裡說了什麼，但我有點以為你會談這件事。不過你能不能談談你如何看待未來幾年 ITC 的認列？你對這方面有一些能見度嗎？

Yes. For ITCs, we're actually a cash taxpayer, and so we have a tax credit appetite on our returns each year federal income taxes. So we're actually monetizing those ITCs every year. That appetite continues. I will say there's some diminishing availability of ITCs in the future when you look at some of the legislation that's out there now.

是的。就 ITC 而言，我們實際上是現金納稅人，因此我們每年在聯邦所得稅申報上都有可使用稅額抵減的需求（tax credit appetite）。所以我們其實每年都在把這些 ITC 變現。這樣的需求會持續。我會說，從目前一些正在討論的立法來看，未來 ITC 的可取得性可能會有所下降。

We're getting it from our batteries, for example, now, and that will go on to our tax returns. So over the long term, I think things could change. We've also looked at PTCs as another avenue for us as well to look at. Right now, I think one of the important features of the ITCs that we generated that they do go into the mechanism. So we could have a fairly sizable balance of ITCs that are available for what I'll call ADITCs for use in the mechanism going forward.

例如，我們現在從電池專案取得 ITC，並會反映在我們的報稅申報上。所以從長期來看，我認為情況可能會改變。我們也把 PTC 作為另一個途徑來評估。目前我認為我們所產生的 ITC 有一個重要特點，就是它們會進入該機制。因此，我們可能會有相當可觀的 ITC 餘額，可作為我所稱的 ADITC，供未來在該機制中使用。

But no planned external monetization through sale of the tax credits, it would be recording them on our tax returns.

但沒有計畫透過對外出售稅額抵減來進行外部變現；我們會把它們記錄在我們的報稅申報上。

Okay. So directly. So in the guidance, you talk about normal weather, but just looking at sort of the traditional now a forecast that you guys usually show, it's going to be far from normal. So can you give us any sense of what you're seeing particularly irrigation as usual, but it's supposed to be super hot with pretty well below normal precipitation. So what have you seen so far in the spring what's the soil condition look like?

了解。所以是直接的。那在你們的指引中，你們談到正常天候，但就你們通常展示的傳統預測來看，這次會遠非正常。所以你能不能讓我們了解一下你們看到的情況，特別是灌溉一如往常，但預期會非常炎熱且降雨量明顯低於正常。那麼到目前為止，你們在春季看到什麼？土壤狀況看起來如何？

And sort of what are your thoughts about what the summer will look like?

以及你們對今年夏天可能會是什麼樣子，有什麼看法？

Well, it's a great question, Chris. And certainly, those of us that enjoy winter sports were really bumped out about not having much snow in Hills. But we did have some good storage, and we did catch up a little bit with the rain that we had in this last month. but still is a little bit short of what we would normally see. And certainly, we like it to be stored up in the mountains of snow and come over -- come down on a slower pace.

這是個很好的問題，Chris。當然，我們這些喜歡冬季運動的人，對 Hills 沒什麼積雪感到很失望。不過我們確實有一些不錯的蓄水量，而且在上個月的降雨下也稍微追上了一點，但仍然比我們通常看到的略少。而且我們當然更希望它以山區積雪的形式儲存起來，然後以更慢的速度融化下來。

But all that being said, irrigators are -- have been trying to figure out what's their strategy, just given some of the commodity prices, and so that may have some impact. But I think overall, with hot and dry conditions, our folks on the ground are thinking it could be actually closer to normal than some of that might indicate. And I know that Adam has some additional color for that as well.

但話說回來，灌溉用戶一直在思考他們的策略，考量到一些大宗商品價格，這可能會帶來一些影響。不過我認為整體而言，在炎熱乾燥的條件下，我們第一線的人員認為實際情況可能會比那些指標所暗示的更接近正常。我也知道 Adam 對此還能補充一些看法。

Yes, Chris, we've been debating this issue with the folks on ground because and it's interesting to see their take. What we've been looking at is that low water years have not correlated to less sales because there's just so many other factors involved and this summer, I think you mentioned some of the factors. The factors pushing towards more sales are projected warmer weather. You mentioned NOA. Lisa mentioned our reservoirs were actually at average.

是的，Chris，我們一直和第一線同仁討論這個議題，因為看到他們的觀點很有意思。我們觀察到的是，低水年並不一定與銷售下降相關，因為牽涉的因素太多了，而今年夏天我想你也提到其中一些因素。推動銷售增加的因素包括預期更溫暖的天氣。你提到 NOA。Lisa 也提到我們的水庫水位其實在平均水準。

So that's a good sign. And the other thing that's interesting is when surface water users do get cut off a little bit. They tend to use ground pumps to make some of that up when water is scarce. So those things would all push towards more sales.

所以這是個好跡象。另外一個有趣的點是，當地表水用戶的供水被稍微限縮時，在水資源短缺的情況下，他們往往會使用地下水抽水來補足一部分。所以這些因素都會推動銷售增加。

On the other side, obviously, with low water, you can have the risk of curtailments, which could happen. We've had that in the past. But as we debated these things and went back and forth to look at what we thought irrigation sales were going to look like in the future, we can get to kind of this net-net normal position that Lisa mentioned in that is really from the folks that are on the ground talking to farmers trying to get a feel for what the year is going to look like.

另一方面，顯然在低水位時，你會有被限供（curtailments）的風險，這確實可能發生。我們過去也遇過。但當我們反覆討論、來回推敲，去看我們認為未來灌溉銷售會是什麼樣子時，我們可以得到 Lisa 提到的那種「淨額後大致正常」的結論，這主要是來自第一線同仁與農民溝通，試著掌握今年會是什麼樣的一年。

If I could paraphrase, you're suggesting that you're expecting sort of normal water resources, but the demand could be high.

如果我換句話說，你的意思是你們預期水資源大致正常，但需求可能偏高？

It does feel like the demand if the weather turns out like it's predicted, like you mentioned, could be higher in terms of the need for energy pumps, the water side to be a little bit low. But again, we see no correlation in the past between low water and low sales. In fact, a lot of times, we've had a low water years that have had higher sales because the temperatures have been higher. So there's just puts and takes as we look at both sides of it.

確實感覺如果天氣如預測所示、如你所提到的那樣，需求可能會更高，因為抽水所需的能源需求會增加，而水資源端可能會稍微偏低。但同樣地，我們過去看不到低水位與低銷售之間的相關性。事實上，很多時候我們在低水年反而有更高的銷售，因為氣溫更高。所以在評估兩邊因素時，確實有利有弊。

Right. Did you get any sort of feedback about the impact that the Iran situation is having on your agricultural customers?

了解。你們有收到任何關於伊朗情勢對你們農業客戶造成影響的回饋嗎？

We did not get feedback on that. We got a little feedback as Lisa mentioned, on the commodity side, some of the pricing for potatoes and beats are a little bit lower than I think our farmers would like. And so there are some cases when they plan to maybe slightly less of those products, which could impact water use. But at the end of the day, they didn't touch on the Iran issue directly.

我們沒有收到這方面的回饋。我們有收到一些回饋，如 Lisa 提到的，在大宗商品方面，馬鈴薯和甜菜的價格比我想農民希望的要低一些。因此有些情況下，他們可能會計畫稍微減少這些作物的種植，這可能會影響用水量。但總的來說，他們沒有直接提到伊朗議題。

Okay. And I guess, lastly, you touched on the strength of the pipeline. Can we assume that your Q is basically unchanged from what you talked about on the fourth quarter?

好的。最後，你提到案源管線（pipeline）的強勁。我們是否可以假設你們的 Q 基本上和你們在第四季談到的沒有變化？

Chris, I think we've even had a few more inquiries since the fourth quarter. I think it seems like it's never ending, honestly. And certainly, a few new ones come into the queue. A few others might drop out. But I would say, overall, it's up.

Chris，我覺得自第四季以來我們甚至又多了一些詢問。老實說，看起來像是永遠不會停。當然，也會有一些新的進到隊列裡。也可能有一些會退出。但我會說整體而言是增加的。

I think that's right, Chris. And just a quick reminder, we've been hanging at that 8.3% IRP growth for a while now. I think we're going to update that as part of the next IRP in Q4. So I think when you see that update, there should be some upside in that.

我認為沒錯，Chris。再快速提醒一下，我們在 8.3% 的 IRP 成長率上已經維持一段時間了。我想我們會在第四季作為下一次 IRP 的一部分來更新。所以我認為當你看到那次更新時，應該會有一些上行空間。

Yes. And it's important to just remember that we don't put any load -- prospective load into that number until we have either a sizable financial commitment or a signed contract or something that feels a lot more than tire kickers. So while the pipeline and the 8.3% aren't exactly correlated, there's some lag in between.

是的。而且重要的是要記得，在我們有相當規模的財務承諾、或已簽署的合約，或其他明顯不只是「來看看」的情況之前，我們不會把任何負載——潛在負載——納入那個數字。所以雖然管線和 8.3% 並非完全對應，但兩者之間確實存在一些時間落差。

Sure. It just kind of helps that when you quoted that 4,000-megawatt queue, it just sort of kind of put things into perspective. So I'm just kind of curious if that number had made any kind of advance or decline.

了解。你提到那個 4,000 兆瓦的排隊量，確實有助於把事情放到一個更清楚的脈絡中。所以我只是想知道，那個數字是否有任何進展或下滑。

Chris, just quickly, the problem on those issues, talking about the large loads is so many of them are confidential, we just can't -- we can't come out with them until they go public. And so a lot of times, we're in a holding pattern for them.

Chris，很快補充一下，談到那些議題、尤其是大型負載的問題在於，其中很多都是機密，我們就是不能——在它們公開之前，我們不能對外說。所以很多時候，我們只能先暫時按兵不動、等待時機。

Sure. Makes sense. Okay. Thanks so much. Appreciate it.

了解。合理。好。非常感謝。感激不盡。

Thank you.

謝謝。

Thanks, Chris.

謝謝你，Chris。

Michael Lonegan, Barclays.

Barclays 的 Michael Lonegan。

Hi, thanks for the question. Just wondering if there's any update you can provide on Micron Fab 2, when you expect an ESA to be signed and when we today expected to be implemented into your capital plan?

嗨，謝謝讓我提問。想請問你們能否提供 Micron Fab 2 的最新進度：你們預期何時會簽署 ESA，以及今天我們原本預期何時會把它納入你們的資本計畫？

This is Adam. So the ESA has been signed, still being reviewed by the commission. We expect to hear from the commission.

我是 Adam。所以 ESA 已經簽了，目前仍在接受委員會審查。我們預期會收到委員會的回覆。

This is Fab 2.

這是 Fab 2。

This is on Fab 2. Yes, we're still negotiating tab to ESA. What I can say about Micron is there is an absolute ton of work that's going on on site. It's really amazing to see what a $50 billion project looks like as you walk around. Brian, Lisa and I were able to do that long ago.

這是針對 Fab 2。是的，我們仍在就（某些）條款與 ESA 進行協商。我能說的是，Micron 在現場正在進行大量工作。走在現場看到一個 500 億美元的專案是什麼樣子，真的很驚人。Brian、Lisa 和我很久以前就有機會去看過。

But in terms of their -- in service, they anticipate initial waiver output for their first fab around mid-2027. And on the second fab, they are already moving forward with the ground preparation for Fab 2. And of course, we have revenues potentially coming in the door mid this year related to Fab 1. So on the ESA side, we're still working with Micron on that. Hard to say exactly the timing of that, but we'll let you know when it becomes more public.

但就他們的——投運時程而言，他們預期第一座晶圓廠在 2027 年年中左右會有初期（wafer）產出。至於第二座晶圓廠，他們已經在推進 Fab 2 的整地準備。當然，我們也可能在今年年中開始收到與 Fab 1 相關的收入。所以在 ESA 方面，我們仍在與 Micron 持續合作。很難精確說明時點，但一旦更公開，我們會告訴你。

Thanks. And then you highlighted the capital plan is conservative. You touched upon the 2032 RFP as being incremental. Just anything you could say about your targeted ownership on the investment opportunity set there?

謝謝。另外你提到資本計畫是保守的。你也提到 2032 年的 RFP 是增量的。關於那邊的投資機會集合，你們目標持有（ownership）比例大概是什麼？有沒有什麼可以分享的？

I mean we always want to go in with some company-owned assets or projects and we do. And historically, we've won about 50% of those and so we have -- certainly, we have a desire to own as many of the resources as we can, and we do so in a competitive way.

我的意思是，我們一向希望以部分自有資產或自建專案的方式參與，而且我們確實這麼做。歷史上我們大約贏得其中 50%，所以我們——當然，我們希望能以具競爭力的方式，盡可能擁有更多資源。

And maybe I'll just add, we are -- this is Adam. We do have several projects that we'll put into the 2032 bids. So we'll compete like we do each year.

我再補充一下——我是 Adam。我們確實有好幾個專案會放進 2032 年的投標。所以我們會像每年一樣參與競標。

Yes, Michael, if I can add to that, I think you referenced the CapEx impacts as well. And so the CapEx forecast that we have in the slides that we're showing right now doesn't have any resources for the 2032 RFP. We don't assume any sort of win rate for purposes of our CapEx. We put it in there when we know it's going to happen. There is some amount of CapEx in the graph that will help serve a portion of Micron's second fab, but only what we expect would be in the very earliest year or years of operation.

是的，Michael，如果我可以補充，我想你也提到了資本支出（CapEx）的影響。我們目前在投影片上展示的 CapEx 預測，並沒有納入任何 2032 年 RFP 的資源。就 CapEx 而言，我們不會先假設任何得標率。我們會在確定會發生時才把它放進去。圖表中確實有一部分 CapEx 會用來支援 Micron 第二座晶圓廠的一部分需求，但僅限於我們預期在其營運最早的那一年或幾年會需要的部分。

That's our large transmission projects will help with that. Some of our generation. We need more resources for Fab 2 and like Adam said, the amount of CapEx actually depends on the ESAs we signed and how we serve our load growth rate, which we're working on right now.

我們的大型輸電專案將有助於支援那部分。我們的一些發電資源也是。Fab 2 還需要更多資源；如 Adam 所說，CapEx 的規模實際上取決於我們簽署的 ESAs，以及我們如何因應負載成長率——這些我們目前正在處理。

Again, the IRP gets filed in June '27, but we'll lock down some form of growth rate, low growth rate more fourth quarter this year so that we can do our modeling off of that. If you want to serve the load several years from now, you have to start the process now, which means spending some amount in the near term for things like Truven reservations and early payments and a higher amount things get fabricated and delivered and the project gets constructed.

再說一次，IRP 會在 2027 年 6 月提交，但我們會在今年第四季左右把某種形式的成長率（較低的成長率）定案，這樣我們才能據此進行建模。如果你想在幾年後供應負載，你現在就必須啟動流程，這意味著短期內要先支出一些費用，例如 Truven 的預留（reservations）與前期付款；之後隨著設備製造與交付、以及專案施工，支出金額會更高。

So you could start to see some of those payments show up in the current five-year window, maybe weighted more towards 2029 and 2030. -- in the very near term. But that's how we look at the CapEx upside on that graph.

因此，你可能會開始在目前這個五年期間內看到部分付款出現，可能會更偏向 2029 與 2030 年——在非常近期內。這就是我們如何看待該圖表中 CapEx 上行空間的方式。

Great. And then lastly for me, you executed on the ATM program this year. You talked about a new ATM program, you have some forward settling later this year. For the balance of your equity financing plan, I just wondering if you could talk about the profile of issuances, broadly speaking, should we expect it to profile with CapEx and also incremental capital, should we still anticipate that to be financed with your 50/50 structure?

很好。最後一題，你們今年已執行 ATM 計畫。你們也談到新的 ATM 計畫，而且今年稍晚會有一些遠期交割（forward settling）。就你們其餘的股權融資計畫而言，我想請你們談談發行的輪廓：大方向來說，我們是否應預期它會跟著 CapEx 的節奏走？另外，若有增量資本，我們是否仍應預期以你們 50/50 的結構來融資？

So the answer to the second question is yes. For any incremental amounts that are in the plan, you should plan on 50/50 right? For the stuff that's already in the plan, I think we've quoted more like a 30/70 split, but anything incremental above that to maintain our balance sheet structure, assume 50/50. The nature of the issuances -- I mean, one of the things we've talked about in the past is it's probably not linear. And part of that is because you've got large customer revenues coming in more operating cash flow in the latter years of the window.

第二個問題的答案是：是的。對於計畫中的任何增量金額，你應該以 50/50 來規劃，對吧？至於已經在計畫內的部分，我想我們提過比較像是 30/70 的分配；但任何在此之上的增量，為了維持我們的資產負債表結構，就假設是 50/50。至於發行的型態——我的意思是，我們過去談過的一點是，它可能不是線性的。部分原因是，在這個期間後段，你會有大型客戶收入進來，帶來更多營運現金流。

So maybe a little bit more front-end loaded. I think the best way we've been able to tell people is to model it somewhat like the CapEx profile is right now and then if there's incremental upside to the CapEx in the plan, build a little more in, in that window. But definitely not linear, and we can look at it from the perspective of if we were to have ATM issuances with forward on it. the financing plan for equity based on the amount you saw on the slide is something that's within a reasonable ATM issuance on balance. I think I mentioned in my more prepared remarks earlier.

所以可能會比較偏向前期。我們能給大家最好的建議是：在模型上大致依照目前的 CapEx 輪廓來做；如果資本計畫中的 CapEx 有增量上行，就在那個期間內再多加一些。但肯定不是線性的；而且我們也可以從另一個角度來看：如果我們透過帶有遠期（forward）的 ATM 來發行，那麼就你在投影片上看到的金額而言，股權融資計畫整體上仍落在合理的 ATM 發行範圍內。我想我在先前較完整的準備發言中也提過。

And with those forwards, we have the ability to shape the equity a little easier to match the timing of payment.

透過那些遠期合約，我們就能更容易地稍微調整股權，以配合付款時點。

Great. Thanks for taking my question.

很好。謝謝回答我的問題。

Thanks, Michael.

謝謝你，Michael。

Julian Dumoulin-Smith, Jefferies.

Julian Dumoulin-Smith，Jefferies。

Hi, there.

嗨，你好。

Hi, it's Brian Russo on for Julian. Good afternoon.

嗨，我是代替Julian的Brian Russo。下午好。

We never know which of you are really going to answer. So nice to hear from you, Brian.

我們永遠不知道你們之中到底會是哪一位來回答。很高興聽到你的聲音，Brian。

Thank you. Likewise. And just -- it's nice to see ground prep beginning at the micron at to. I'm just wondering what are the next milestones that could trigger an ESA -- or is it just the parameters of the contract that you're negotiating?

謝謝。我也是。另外——很高興看到Micron Fab 2開始進行整地前置作業。我想請教，接下來有哪些里程碑可能會觸發ESA——還是說主要取決於你們正在協商的合約條款參數？

And then secondly, what load is upside that would be incremental to the prior IRPs, 8.3% that would be reflected in this updated IRP. And will Micron fab to also be included in that load forecast.

第二個問題，這次更新後的IRP中，會反映哪些相較於先前IRP所提8.3%之外的額外（上行）負載增量？另外，Micron Fab 2也會納入該負載預測嗎？

Brian, this is Adam. So Fab 2 is not in the 8.3%. We do anticipate that it will be an upcoming Q4 load forecast. In terms of timing, I shared kind of where they're at. Anything beyond that is not public.

Brian，我是Adam。所以Fab 2不包含在那個8.3%裡。我們預期它會納入即將到來的第四季負載預測。就時程而言，我已分享他們目前的進度。除此之外的內容並非公開資訊。

I think they publicly said that, again, they anticipate initial waiver output for the first fab in mid-2027. Beyond that, we just -- we can't get into the details of they'll hit different targets or not. So to do that, we can attract what they've said publicly and that's what they've said publicly.

我想他們公開表示過，再次強調，他們預期第一座晶圓廠在2027年年中達到初始wafer output（晶圓產出）。除此之外，我們就——無法深入細節，例如他們是否會達成不同目標等。因此，我們只能引用他們公開說過的內容，而那就是他們公開說過的。

Okay. And then I apologize if I missed this earlier, but could you remind us of what has changed in the RFP bidding process that might give you guys a slight advantage possibly on the win rate?

了解。另外，如果我前面漏聽了，能否請你們提醒一下：RFP投標流程有哪些改變，可能讓你們在得標率上稍微有些優勢？

This is Adam again. I don't know that I would say to advantage as much as it's faster than it was under the Oregon rules. One of the things we're running into, and I think you know this, Brian, is that turbine procurement, you have to do well in advance of what we used to do because of supply chain constraints and the time line related to the regulatory process, the review was just a lot longer than what we needed to get these projects in place.

我再補充一下，我是Adam。我不確定我會把它稱作優勢，更多是相較於Oregon規則之下，它變得更快。我們遇到的一件事——我想你也知道，Brian——是因為供應鏈限制，風機採購必須比我們過去更早進行；再加上監管流程的時程，審查時間比我們讓這些專案落地所需要的時間長得多。

The other thing that's out there is we don't submit a benchmark bid anymore. We just compete equally with all other independent power producers out there. So that would set up the advantage as much as it's just putting us in an equal playing field and that the playing field we were not in several years ago.

另外一點是，我們不再提交基準投標（benchmark bid）。我們只是與所有其他獨立發電業者在同一條件下公平競爭。所以這與其說是優勢，不如說是讓我們回到一個公平的競爭環境——而幾年前我們並不在那個環境裡。

Lisa mentioned we've been kind of at a 50% hit rate -- so we're continuing to try to do that. And hopefully, this new process will make it go faster. And then, of course, not having a benchmark data allows us to compete line with everyone else.

Lisa提到我們的命中率大約在50%——所以我們會持續努力維持。也希望這個新流程能讓進度更快。當然，不再有基準資料也讓我們能和其他人站在同一條線上競爭。

Understood. Thank you very much.

了解。非常感謝。

Thanks, Brian.

謝謝你，Brian。

Anthony Crowdell, Mizuho.

Anthony Crowdell，Mizuho。

Hi, Anthony.

嗨，Anthony。

Hey, how's it going? I appreciate the update on the beet crop. Just I have one quick follow-up, slide 12, you talk about the 2032 RFP update. The 200 megawatts of capacity you're talking there, is that associated with any particular committed customer or committed load?

嗨，最近如何？感謝你們更新甜菜作物的情況。我只有一個快速追問：在第12頁你們談到2032年RFP更新。你們提到的200兆瓦容量，是否與任何特定已承諾的客戶或已承諾的負載相關？

This is Adam. So one thing we mentioned there, you'll note it has at least 200 megawatts. We view that as a little bit of a minimum. This 200 megawatts is perfect capacity and it's tied to the 8.3% IRP growth rate that we've been talking about. Again, we're going to update that figure in the future.

我是Adam。我們在那裡提到的一點，你會注意到是「至少」200兆瓦。我們把它視為一個偏向最低值。這200兆瓦是規劃容量（planning capacity），並且與我們一直在談的8.3% IRP成長率相連結。同樣地，我們未來會更新這個數字。

The way it works in the RFP side is we'll get a variety of different projects. We'll be able to review those projects that are on the short list. And then depending on our need at that time, we'll be able to pull the trigger on as many projects as we to meet the load forecast at that time.

在RFP端的運作方式是，我們會收到各式各樣不同的專案。我們可以審查進入短名單的那些專案。然後依照我們當時的需求，我們可以決定啟動多少專案，以滿足當時的負載預測。

Again, Idaho Power will bid several projects in the 2032 IRP. And then on the CapEx side, Brian, maybe worth mentioning, I guess, what's included in the CapEx in the 2032 resource play.

同樣地，Idaho Power會在2032年IRP中投標數個專案。另外在資本支出（CapEx）方面，Brian，也許值得一提的是，我想，2032年資源規劃中CapEx包含了哪些內容。

Yeah, I think I'll just reiterate, we don't actually have anything in there at all from the 2032 RFP. It's a common question that we don't actually have any assumed win rate status when we'll compete on equal footing in the RFP, and what shows up from that that are company-owned would be additive to the CapEx.

是的，我想我只要再重申一次：我們其實完全沒有把2032年RFP的任何內容納入其中。這是個常見問題：我們並沒有假設任何得標率；我們會在RFP中以同等條件競爭，而從中產生、且屬於公司自有（company-owned）的項目，才會額外加到CapEx上。

Great, that's all I had. Congrats on a good quarter.

很好，我就這些。恭喜你們本季表現不錯。

All right. Thank you.

好的。謝謝。

(Operator Instructions)

（接線員指示）

There are no further questions. That concludes the question-and-answer session for today. Ms. Grow, I will turn the conference back to you.

沒有其他問題。今天的問答環節到此結束。Grow女士，我把電話會議交回給您。

All right. Thank you. Thanks, everyone, for joining us today and for your continued interest in Idacorp, and I hope you all have a great evening. Thanks.

好的。謝謝。也謝謝各位今天參與，並持續關注Idacorp；祝各位今晚愉快。謝謝。

That concludes today's meeting. You may now disconnect.

今天的會議到此結束。您現在可以掛線。