Brian Russo: Okay. Got it. Sort of way to look at your earnings trajectory and 2025 versus 2024 is you know ROE improvement on a growing rate base? This simplistically is that.
Kevin Christie: Yeah. And assuming we continue to manage our costs appropriately and we get that good regulatory treatment or constructive regulatory treatment.
Brian Russo: Yeah. Okay. Great. And then you know in past calls you talked about longer-term transmission and renewable investment opportunities. And then I see on Slide 9 there’s a bullet evaluating opportunities for expansion on the generation side, I think. Could you maybe elaborate on that and that just kind of ties into this it looks like a $505 million run rate CapEx in 2026 to support a 5% rate base growth rate on a growing rate base. Is that kind of the optimal on CapEx level know to manage customer rates and maybe that balance of purchase power agreements versus steel in the ground that you have now?
Kevin Christie: Yeah. The way I would look at it, Brian, is that the run rate that we’ve given you on capital is the capital we need to spend to continue to run the utility and balanced customer rates, to the extent that we have an opportunity to invest further in clean generation that may be incremental to our current capital plan. And the way I’ve been thinking about it is, we have more near-term opportunities to potentially invest in clean generation. That’s not in our rates right now through ownership. And there may be some something out there that we could purchase that would make sense both for customers and for the Company as we move forward. And then on the transmission side, there really, I think about it this way there’s there is the opportunity to enhance or build around our current system.
That’s more of a near-term opportunity. And when I do say near-term, I don’t mean this year or next year, but near. And then when we think about transmission, really across the entire region and perhaps the country, there’s a longer-term opportunity or really a requirement, if we’re going to deliver all this clean energy to all the locations that needs to be delivered and that takes quite a bit more time.
Brian Russo: Okay. Great. And then just to follow up on the ERM. I think it’s been many years since you’ve actually tried were proposed adjustments to that. When was the last time you did request an interim adjustment? And would you say that the adjustments you proposed puts you kind of on a more comparable level relative to your regional peers?
Kevin Christie: Yeah. Good question. Yeah. It was in the late 2000s. I think the last time we filed to adjust the arm or we put in just the arm and the one we’re watching closely regional peers there’s been some change in power supply treatment in Oregon. And there’s a filing in Washington that we’re keeping a close eye on as well. And we think that if we’re able to move forward with this change it would position us. I’m at par with our peers.
Brian Russo: Okay. Great. Thank you very much.
Kevin Christie: Thank you.
Operator: Thank you. [Operator Instructions] I am showing no further questions in the queue. One moment, we do have a question from Allen Rhod. Mr. Rhod, your line is open.
Unidentified Analyst: Good morning. Appreciate the conference call. I’m curious, as to the two wildfires have happened in the summer of 2023. Is that had a negative impact on your bottom-line?
Dennis Vermillion: Yeah. I mean with regard to the wildfire, I think you’re referring to the fire in North of the Spokane area and then there was one West of town. With regard to both of those our facilities were in were impacted by the fire on the West Plains and Medical Lake area. We lost some of our infrastructure out there. However, we were not involved in any way shape or form with the start of that fire. And then, with the other fire that’s there was north of the Spokane area of that happened and originated well away from all of our facilities. And in fact none of our infrastructure was damaged in that fire, so really no impact at all to the bottom-line. We had to spend a little bit of money fixing all the stuff that was lost out and on the West Plains there, but that was definitely manageable.
Unidentified Analyst: Got you. That’s good news. One other quick question, if the breach meant of the four lower Snake River dams happens to occur how is that going to affect your bottom-line?
Dennis Vermillion: Well, the four lower Snake River dams are federal projects and the power output from those facilities is managed by The Bonneville Power Administration. And we do not have any our ownership stake or any offtake agreements for generation from those facilities. So it really won’t impact us at all, from a power supply perspective. However, regionally, you’d be taking 1,000 megawatts of supply out of the system, so you until that’s replaced in some manner, you could see an impact on commodity prices on power prices in the end markets, but no direct impact to our company from removal of those facilities.
