Good day, and welcome, everyone, to the IDACORP Second Quarter 2013 Conference Call. Today's call is being recorded and webcast live. A complete replay will also be available from the end of the day for a period of 12 months on the company's website at www.idacorpinc.com. [Operator Instructions] At this time, I would like to turn the call over to Director of Investor Relations, Mr. Lawrence Spencer. Please go ahead, sir.

Thank you, Aisha, and good afternoon, everyone. Welcome to our second quarter 2013 earnings release conference call. We issued our earnings release before the markets opened today, and that document, along with our SEC Form 10-Q, is now posted to our website at www.idacorpinc.com. We will be using a few slides to supplement today's call, and these are also located on our website. We will refer to specific slide numbers as we work our way through today's presentation. Now moving to Slide 2. On the call today, we have LaMont Keen, IDACORP's President and Chief Executive Officer; Darrel Anderson, Idaho Power's President and Chief Financial Officer; and Steve Keen, Idaho Power's Senior Vice President of Finance and Treasurer. We also have other individuals available to help answer your questions during the Q&A period. Before turning the presentation over to Darrel, I'll cover a few details with you. First, our Safe Harbor statement is on Slide 3. Our presentation today contains forward-looking statements. While these forward-looking statements represent our current judgment or opinion of what the future holds, these statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. As a result, we caution you against placing undue reliance on these forward-looking statements. A discussion of factors and events that could cause future results to differ materially from those included in the forward-looking statements can be found on Slide 3 and in our filings with the Securities and Exchange Commission, which we encourage you to review. On Slide 4, we present the quarterly and year-to-date financial results. As you can see, IDACORP's second quarter 2013 earnings per diluted share were $0.91, an increase of $0.20 per share over last year's second quarter. For the first 6 months, IDACORP's earnings per diluted share increased from $1.21 last year to $1.58 in 2013. I'll now turn the presentation over to Darrel to discuss our results in greater detail and review our 2013 key operating and financial metrics.

Thanks, Larry, and good afternoon, everybody. We are pleased to report a second consecutive quarter of strong performance in 2013. This quarter's results are our highest second quarter earnings per share since 2001. This follows a very strong first quarter we reported in May. The driver of today's earnings are clearly the result of more timely recovery of investments through rates, effective cost management and of course, mother nature, which drove a significant increase in retail sales, especially from our irrigation customers. On Slide 5, we present a reconciliation of earnings from the second quarter of 2012 to the second quarter of 2013. In short, net income increased $10.2 million. The full reconciliation table is included in the Form 10-Q we filed this morning, and it also includes a year-to-date reconciliation. Rate changes that became effective in 2012 helped improve quarterly earnings -- quarterly operating income by $16 million. This is largely due to including the Langley Gulch power plant and Idaho base rates in July of 2012 and an Oregon-based rate in October of 2012. A hot, dry second quarter 2013 drove a significant increase in irrigation usage, as well as more modest increases in air conditioning load, resulting in a $6.5 million increase in operating income. Most notably, irrigation sales grew by 14.5% from the second quarter of 2012, which was also an above average quarter for irrigation usage. Cooling degree-days increased nearly 20% over last year's second quarter and were 30% greater than normal. New customers contributed $2.8 million in operating income as we saw a continued customer growth within our service territory. We have added over 6,000 customers since June of 2012, an increase of 1.2%. Based on the terms of the December 2011 settlement agreement we entered into with the Idaho Public Utilities Commission and…

Thanks, Darrel, and good afternoon, everyone. On Slide 8, we show IDACORP's year-to-date operating cash flows and liquidity position at June 30. Cash flow from operations for the first 6 months of 2013 was $114.2 million, an increase of $31.2 million over the first 6 months of 2012. Our total increases for the quarter approximated $70 million. Increased net income accounted for a $19 million increase in cash flow, an additional $24 million increase due to Idaho Power making a $10 million discretionary contribution to its defined benefit pension plan in 2013, compared to $34 million cash contribution during the first 6 months of 2012. Also, a reduction of noncash earnings associated with the collection of AFUDC increased cash flow by $8 million as capital projects moved from their construction phase into rate base. The remaining approximately $20 million of increases resulted from a combination of changes in working capital and other items. These increases were offset by a $30 million -- $39 million reduction in operating cash flows, mostly due to changes in power cost deferrals from the first 6 months of 2012 to the same period in 2013. IDACORP and Idaho Power currently has, in place, credit facilities of $125 million and $300 million, respectively. Commercial paper outstanding at IDACORP as of June 30 was $61.9 million compared to $67.2 million at March 31, 2013 Idaho Power had no commercial outstanding as of June 30, and $16.6 million outstanding at March 31, 2013. We also have $24.2 million of contingent bond purchase obligations at Idaho Power, which could potentially utilize available credit. As a result, at June 30, IDACORP and Idaho Power had $63.1 million and $275.8 million, respectively, in available liquidity under the credit facility. Also as of June 30, there were 3 million IDACORP common shares…

Thanks, Steve. Good afternoon, everyone. As Darrell pointed out, we again, saw earnings improvement compared to the same period a year ago, with the focus on our core business creating positive results for shareholders. This was a solid quality quarter that continues an upward trend. Idaho Power has been successful in achieving a constructive regulatory framework, while focusing heavily on optimizing business operations and controlling costs. We have also been able or active in supporting economic development activities in our service area, and customer count and economic activity are increasing. As shown on Slide 10, and as previously mentioned by Darrel, our general business customer count increased by more than 6,000 from the second quarter of 2012 to the second quarter of 2013, the continuation of the positive trend we have been seeing. The increased economic activity is also reflected in the state of Idaho tax receipts. The state of Idaho recently announced that its fiscal -- for its fiscal year ended June 30, 2013, tax revenue exceeded forecast for the third year, totaling $2.75 billion, which was 3.5% ahead of projections. Tax revenue has been rising consistently and was $2.44 billion in fiscal year 2011, and $2.59 billion for 2012. Officials point to growth in the retail economy, including new construction as one of the drivers of the improvement. Turning to Slide 11. At the end of June, Idaho Power filed its 2013 Integrated Resource Plan, or IRP, with the Idaho and Oregon Public Utility Commissions. The IRP is updated every 2 years under guidelines established by those commissions. The IRP includes a preferred resource portfolio, which identifies the Boardman to Hemingway transmission line as the major near-term, supply-side resource addition, as well as a number of significant planned upgrades and environmental control technology installations, all involving substantial capital…

[Operator Instructions] Your first question comes from the line of Brian Russo. Brian J. Russo - Ladenburg Thalmann & Co. Inc., Research Division: Just on the increased guidance, $0.20 on both sides of the range. Are you able to break that down as to what is weather related versus what is kind of your O&M cost control efforts?

Brian, this is Darrel. We really don't have a breakdown. What we've done, basically, is assess our current year-to-date results, taking a look at that combined with what we see in the balance of the year, combining those with the changing metrics that we provided to you. And we did, as you know, reduce the O&M number by about $5 million. So, obviously, that has an impact with respect to the guidance overall. So you can kind of get a sense as to how much of that impacted it. So it's really a combination of recognizing what we did in the first part of the year. But also, as you look to the second half of the year, a couple of things to highlight, and just kind of a reminder of what happened in 2012. During the second half of the year, if you look in the third quarter, we did see some increased tax benefit that we recorded in the third quarter that don't necessarily repeat. And so with our guidance where it is, we're actually looking to exceed where we were last year despite not having the repeat of some of those tax benefits. So it's really a kind of a combination of what we see as improved performance and -- along with the customer growth that we have -- that we experienced managing that with less expense as we look going forward. The one thing that's not in that estimate, I will tell you, is really any impact of weather-related activities in the second half of the year. And one thing we didn't mention -- we mentioned in the earnings release briefly, but July, July weather in our service territory has been pretty hot. In this morning, the local paper -- actually, the headline was, July was a scorcher but not the hottest ever. It would happen to be the third hottest July on record. But -- so that impact is not reflected in our guidance as we look into the weather. We really kind of look at more normal expectations around weather. So there's a lot there. I'd say, probably, you may have some follow-on questions there. But there's a lot of things that go into that, but it's really kind of our best guess as we sit in here on the 1st of August. Brian J. Russo - Ladenburg Thalmann & Co. Inc., Research Division: Okay, got it. So that was my next question, the July whether benefit is excluded from this guidance revision. Is the -- should we view the O&M, $5 million as sustainable? Or is there just timing issues with that?

Our goal really is to make those as many of those expenses as sustainable going forward as we can. And as we indicated in my comments, our focus -- a lot of our focus right now is taking a look at labor and labor-related expenses. And so we would hope that we can sustain some of those. And again, when we talk to you in February, we'll give you an update on our 2014 expenses, and we'll be able to share with you how much of those -- some of those savings we'll be able to sustain going forward. Brian J. Russo - Ladenburg Thalmann & Co. Inc., Research Division: Are you -- the current guidance, does that put you in the 75% sharing band or above the 10.5% ROE of shareholder equity?

The upper end of our-- should we achieved the upper end of our range. We would be -- we would expect to be in the 75% sharing, which is one of the reasons growing those earnings beyond that, even if you're sharing -- if you're only bringing in $0.25 on the dollar, it's harder to grow that at a rate that you might otherwise think. So the upper end of that range is anticipated being in that 75%. Brian J. Russo - Ladenburg Thalmann & Co. Inc., Research Division: And what exactly is driving the capital expenditure trends? And is there any Boardman to Hemingway CapEx in the '15 number?

In the '15 number, it's really permitting and citing expenditures. We have not included any of the actual construction dollars regarding Boardman to Hemingway. What's really driving a lot of the capital spending is upgrading current infrastructure. We have a major underground cable replacement program that we're underway today that is an important component for reliability for us, and we're spending a fair amount there. And again, the system is old. We're just systematically going through the system and upgrading that system. And as we did mentioned, too, we talked about -- as part of those expenditures in that range is the selective catalytic reduction equipment at Bridger, so that is included in those numbers. Brian J. Russo - Ladenburg Thalmann & Co. Inc., Research Division: And when does that spend tick up?

We would expect -- that spend has been pushed out from just a little bit in '13, but the majority of that will kind of be in '14 and '15. Brian J. Russo - Ladenburg Thalmann & Co. Inc., Research Division: Okay. And with the delay of the draft of the EIS on Boardman to Hemingway, are you still forecasting a completion date of 2018?

Right now, based on what we know today, it would be no earlier than 2018. It's kind of where we are right now. We kind of need to -- one of the things we'll have to do is once [indiscernible] does put out its draft EIS will have to then see what's in that. And then from there, we'll evaluate what the schedule looks like.

Your next question comes from the line of Ashar Khan.

Darrel, how should we look at, going forward, should we be going to like 10% -- or what should we use as an ROE going forward to kind of estimate your earnings?

Ashar, this is Darrel. Well, first of all, remember that it leads through end of 2014. We are still under our regulatory agreement in the state of Idaho with respect to the additional deferred ITCs, which still allows us a bottom end at 9.5%. If we don't get to 9.5%, then we have the availability of ADITCs to utilize. And then from there, we have debt band between 9.5% to 10%. And then from 10%, we share a 50-50. And after 10.5%, we share 75-25. So as -- our -- and again, this mechanism has been in place for some time now. And a couple of different times that we've used it, we've never had to utilize the mechanism. So that's kind of a starting point. Now as it relates to what to use going forward, the best thing I can tell you is, starting with our allowed rate of return, which is in and around 10%, is a number that we would hope we could continue to try to earn on. But again, there are things that play into that as to whether you can continue to hit that consistency. Eventually, we would probably need to go in for some regulatory assistance. But right now, we don't know what that timetable is. We'll continue to monitor that. If we continue to see some of the organic growth that we are seeing just from customer growth, we would hope we can stay out. But if not, we will continue to evaluate that. But we still have 15 months left -- excuse me, 17 months, I think, is left on our current agreement. And so we we'll continue to evaluate that as we look forward.

Okay. But the valuation period, don't you have to file like -- a case takes, what, 6 months? Am I right? 6 or 7 months. Is that correct?

We would -- if were to have rates to go into effect, there's generally the 7 months timetable. And we have the ability to file anytime. We're not actually prohibited from filing. But at least right now, we are not planning on filing a subsidiary today. But again, we will continue to evaluate that.

Okay, okay. So is -- going back, I guess, is the big question that comes up on every call, is it better to go and try to extend this ADITC? Or is it better to just file when you feel that you're not going to be able to earn the 10% going forward?

Ashar, we're going to -- will just continue to evaluate that, and there's all of the factors that come into play in trying to decide whether or not we would go ahead and file or not file. Or do we get asked for an extension of our existing agreement? Those are things that we continue to strategize on internally. And so as soon as we know, and we're in a place where we can discuss it publicly, we will. But we're not in a position today to be able to talk about that publicly, but we will continue to monitor that and kind of leave it there for now.

[Operator Instructions] Your next question comes from the line of Brian Russo. Brian J. Russo - Ladenburg Thalmann & Co. Inc., Research Division: Just a follow-up on the last question about general rate case. I mean, what are your -- specifically, what are your options? I mean, the plan expires at the end of '14. So a, you have to ask and receive an extension? Or b, file a general rate case? Is that accurate?

We could ask for an extension. We could file a general rate case. We could do nothing. Brian J. Russo - Ladenburg Thalmann & Co. Inc., Research Division: What if you do nothing? If you do nothing, existing rates and structure will remain in '15?

Existing rates that we currently have in place today would stay in effect until the point in time that we would go in and ask to change prices.

Brian, this is Steve. I would just add that it's been a challenge, I know, for you guys with some of the unique items we've had over the last few years to get a handle of where that underlying engine for our company is. And I think 2013 is going to present you with a much better model to look at, and say what does this company do going forward. And so I'm talking about the operating income. And if you look at the break out we gave in the earnings release, I think we're trying to give you guys some of the tools that you can look at, and say what is the possibility if they stay here. If they have certain amounts of growth and that sort of thing. So I do think '13 will present a cleaner slate to work off of. That's how it looks today.

Your next question comes from the line of Sarah Akers.

As a follow-up to that and kind of getting a normalized earnings. In the table that provides the net income reconciliation from '12 to '13, is it reasonable to assume that the higher sales volume that's due to the usage per customer is mostly weather related? Or are you seeing some underlying growth in the usage piece?

Sarah, my comment will be I think the bulk of that is weather. On the per customer, we're not seeing massive growth there. There's still the natural attrition as people change out of plans and that sort of thing. And we have -- we've had a very long and active, I guess, conservation effort here at the company. So ours maybe a little more mature than some. It isn't like ours are brand new and that we're seeing major reductions, but that has not been a growing area. But new customers that come in and weren't using energy last year that are using energy this year are an additive item.

Right. And that's broken out on the next line item, correct?

Yes.

Yes. And Sarah, this is Darrel. For the first time, really, we wanted to try to capture what the impact on customer growth is, as what is really the new customer component versus kind of the small mellowing it all in with just usage changes. So we've gone through that process, and so you kind of see what the 3 and 6 months numbers look like as compared to last year.

Yes, that's very helpful. And then one last question. Do you have the dollar amount of the revenue sharing expected for the full year of '13?

Sarah, this is Darrel. We haven't disclosed that. The $2.8 million that we have accrued is a pro-rated amount based on our anticipated earnings for the year. So you can kind of back into that number, and you can probably get pretty close, but we haven't publicly disclosed what the total estimated amount of sharing is.

Okay. And that's prorated kind of based on the earnings received per quarter? That's how should we look at it, not just kind of on a monthly basis?

That's right it. That's right.

Your next question comes from the line of John Alley [ph].

Just a clarification of Brian Russo's question. The -- if you guys decide to stay out of a rate case for longer, your current rates exist where they are. But do you still have the flexibility around the ADITCs?

No. We would have to go in and ask for some extension around that program. That is set to expire at the end of 2014.

And how do you -- many do you have kind of in the banks currently?

Well, we still have the $40 million that we had originally available. The $45 million, that we have yet to utilize any of that. And we actually have more than that total available. But with -- the original request was for $45 million, of which we haven't used any.

That concludes the question-and-answer session for today. Mr. Anderson, I will turn the conference back to you.

Well, thank you, and thanks for all for participating on our call this afternoon and your continued interest in IDACORP, appreciate it. I hope everybody have a great day.

That concludes today's conference. Thank you for your participation.