IDACORP, Inc.

Welcome to IdaCorp's first quarter 2020 earnings conference call. Today's call is being recorded and our webcast is live. A complete replay will be available later today and for a period of 12 months on the company's website at idacorpbank.com. If you need assistance at any time during the presentation, please press star and zero on your phones. At this time, I'd like to turn the conference call over to Justin Forsberg, Director of Investor Relations and Treasury.

Thanks, Jamie, and good afternoon, everyone. Before the markets opened this morning, we issued and posted to IDACorp's website our first quarter 2020 earnings release and quarterly report on Form 10Q. The slides that accompany today's call are also available on our website. We'll refer to those slides by number throughout the call. As noted on slide two, our discussion today includes forward-looking statements including earnings guidance, which reflect our current views on what the future holds, but are subject to several risks and uncertainties, including those related to the COVID-19 public health crisis. This cautionary note is also included in more detail for your review in our filings with the Securities and Exchange Commission. These risks and uncertainties may cause actual results to differ materially from statements made today, and we caution against placing undue reliance on any forward-looking statements. As shown on slide three, on today's call we have Darrell Anderson, IdaCorp's President and Chief Executive Officer, Lisa Groh, President of Idaho Power Company, and Steve Keen, Senior Vice President and Chief Financial Officer of both companies. We also have other company representatives available to help answer any questions you may have after Darrell, Steve, and Lisa provide updates. On slide four, we present our quarterly financial results. IdaCorp's 2020 first quarter earnings per diluted share were 74 cents, a decrease of 10 cents per share from last year's first quarter. The 2020 first quarter results are IdaCorp's second highest first quarter earnings in almost 20 years. Today, we also affirmed our full year 2020 IdaCorp earnings guidance estimate to be in the range of $4.45 to $4.65 per diluted share. with our expectation that Idaho Power will not need to utilize any of the tax credits in 2020 that are available to support earnings in Idaho under its settlement stipulation with the Idaho Public Utilities Commission. These are our estimates as of today, as we have seen only a relatively small impact from the COVID-19 pandemic to date. However, as you would expect, it is difficult to predict the full long-term impact of evolving economic conditions on Idaho Power's customers and suppliers, and how that could impact the upper end of the earnings guidance range or the use of tax credits if the pandemic worsens or is prolonged. I will now turn the call over to Daryl.

Thanks, Justin, and thanks, everyone, for joining us on today's call. I want to start out – I'm going to talk about some comments we're getting around COVID-19 pandemic as a follow-up to Justin's remarks. But before I do that, I just want to acknowledge a couple things. First of all, I hope all of you on this call have – safely kind of navigated through these crises. I know it's impacted many of you and your families and the organizations that you work for, and so on behalf of our organization, I hope that you guys are all hanging in there throughout all this chaos, and so we're glad that you can make it on the call today. The other thing I'm just going to give you a heads up, we have a pretty good raging storm going on outside right now, and a pretty good little thunderstorm that's It's happening, so we're hoping the system hangs in there like it normally does, but you just never know. But we had a really warm spell yesterday, and that warm spell has translated into a few thunder bunkers out there. But many of you on this call have lived through much worse situations than that. And the other thing is, for the first time, we're doing this fairly dispersed. So what you will see is we will try to move through this without much interruption. but we may be calling on in the Q&A some folks who are remotely, so we're hoping the technology kind of hangs in there on that. So beginning with the onset of the COVID crisis, our company took swift action to ensure that we continue to safely provide reliable energy to our communities and to ensure the safety of our employees and our customers. We are an essential business and our workforce is deemed essential to maintaining and operating the critical infrastructure that powers our economy. Extra safety measures have been in place at our facilities and in the field, with special precautions being taken for our public-facing colleagues, as well as our power plants and other critical work areas. We have been proactively communicating with our customers to let them know we remain committed to safely providing reliable energy. As we navigate this crisis, we are drawing on our robust business continuity, pandemic response, and emergency management plans. I am proud to report that as noted on slide five, our generation, transmission, and distribution operations continue largely uninterrupted. In order to provide these essential services while protecting both our employees and our communities, We have closed all Idaho power facilities and recreation sites. However, some of those will be reopening effective tomorrow, May 1st. We've upgraded IT capabilities to facilitate remote working for over half of our workforce. We've eliminated large in-person meetings and non-essential work travel. We've continued to monitor cyber and physical security threats. We've tested critical IT systems for business continuity purposes. We've closely monitored our supply chain, enhanced cleaning procedures at all our facilities, and encouraged employees to practice responsible social distancing and other effective prevention measures. We also understand the economic hardships facing many of our customers. In response, we have temporarily suspended disconnections and waived associated late fees. Our company's strong emphasis on safety is of particular importance during times of crisis. And I would like to thank and commend our employees for the efforts they have made to keep themselves, each other, our customers, and communities across our service area safe. Like most, if not all, companies, we remain somewhat uncertain how significantly COVID-19 will ultimately impact Idaho Power's 2020 operations and financial performance. We have yet to see a significant decrease in our overall loads during the stay-at-home orders. but we acknowledge it may soften if the crisis is prolonged. Certainly, some businesses across our service area have been closed or slowed down in recent weeks. Overall, we saw a 5% or less than $1 million decrease in commercial sales during the month of March, and a portion of that was due to mild weather. On slide 6, you can see the actual sales versus our forecasted and weather-adjusted sales showing March, and much of April. With many of our large customers operating in the agricultural food industry, a sizable number of those businesses continue to operate as do most industrial and large commercial companies in our service area. With more people working from their home offices, residential load could uptick. However, given that April and May are off-peak months, we do not expect a significant increase unless the crisis extends into summer when customers run their air conditioners. We will continue to monitor these impacts and update you if conditions and expectations change. In the state of Idaho, Governor Brad Little announced on April 23rd that the state had entered a new phase in the virus response and launched a carefully crafted four-stage process focused on an economic rebound. Each stage requires certain criteria and conditions to be met, with Stage 1 to begin opening up businesses after May 1st And if metrics are continued to be met, Stage 4 would begin on June 13th, with the state expected to be completely open by June 26th. We are cautiously optimistic the plan will enable Idaho's economy to recover in a measured fashion. Oregon has made no such announcement yet, but is coordinating with other states in the region to develop its reopening plan. And as a reminder, our Oregon jurisdiction accounts for approximately 5% of our business. And with that, I would like to hand things off to Steve, who will walk us through our liquidity position and our first quarter financial results.