Q3 2024 TXNM Energy Inc Earnings Call
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Speaker Change: Good day, and welcome to the T X and energy third quarter 2024 conference call.
Speaker Change: All participants will be in listen only mode.
Speaker Change: Should you need assistance. Please signal a conference specialist by pressing the star key followed by zero.
Speaker Change: After todays presentation, there will be an opportunity to ask questions to ask a question you May Press Star then one on your telephone keypad.
Speaker Change: To withdraw your question. Please press Star then two.
Speaker Change: Please note. This event is being recorded I would now like to turn the conference over to Lisa Goodman of Investor Relations. Please go ahead.
Lisa Goodman: Thank you Ryan and thank you everyone for joining us this morning for the T X N N energy third quarter 2024 earnings call. Please note that the presentation for this conference call and other supporting documents are available on our website at T X N M energy dotcom.
Lisa Goodman: Joining me today are <unk>, chairman and CEO, Pat Vincent Golan.
Lisa Goodman: Didn't and Chief operating Officer, John Terry.
Lisa Goodman: Senior Vice President and Chief Financial Officer, Lisa Eaton.
Lisa Goodman: Before I turn the call over to Pat I need to remind you that some of the information provided this morning should be considered forward looking statements pursuant to the private Securities Litigation Reform Act of 1995.
Lisa Goodman: We caution you that all of the forward looking statements are based upon current expectations and estimates and the T X. The name energy assumes no obligation to update this information for a detailed discussion of factors affecting T X N. M. Energy result, please refer to our current and future annual reports on Form 10-K quarterly reports on.
Speaker Change: On Form 10-Q, as well as reports on form 8-K filed with the SEC with that I will turn the call over to Pat. Thank.
Pat: Thank you Lisa good morning, everyone and thank you for joining us for the Halloween edition of our quarterly earnings call also known as the third quarter call. We had a great Halloween doing the monster mash and we snagged all of the Reese's peanut butter cups from our neighbors last night. So we are already to treat you to a result.
Pat: An update.
Pat: I'll start on slide four.
Pat: Ongoing earnings for the third quarter or $1 43 per share, reflecting some warmer weather and timing impacts.
Pat: Based on our year to date results, we are narrowing our guidance range for the year to $2 70 to $2.75 per share.
Pat: We continue to target, 6% to 7% earnings growth through 2028.
Pat: This will provide more detail on the numbers and our expectations for the remainder of the year.
Speaker Change: Don will provide an update on each of our utilities and highlight the customer focused investments in both new Mexico, and Texas that allow us to build a cleaner more resilient grid.
Pat: At PNM.
<unk> approved grid modernization plan will give customers the day to day need to have more control over their monthly energy Bill. In addition, we have been awarded funding from the daily to complement these plans with a virtual power plant project.
Pat: John will talk more about this also.
Pat: This award was in addition to funding from the D O.
Pat: On the joint Research and development project that includes new Mexico State and the National renewable energy lab. It we use AI powered technology to improve reliability and resiliency of the grid with variable renewable resources.
Don: I N N P or file system resiliency plan is designed to improve the response of our system to extreme weather events, a direct benefit to the customers. We serve Don I'll turn things over to you for utility updates. Thank you Pat and good morning, everyone.
Don: On slide six with TNMP.
Don: TNMP continues to set new system peak records, including another one yesterday, it's six news peak of the year. It is 16% higher than last year's peak and reflects a 13% annual growth rate since 2020, the amount of interconnection request received this year is nearly double the.
Don: <unk>, we were seeing in 2020 signaling continued growth in our service territory and into the future. We are expecting a 2% to 3% growth in our traditional volumetric and demand based rate classes in 2024, and we are seeing this across each of our areas we serve.
Don: Residential customer counts have steadily increased for many years and the interconnection request for housing units.
Don: In our service territory are trending stronger than the statewide numbers as we continue to see folks moving into our communities that are outside of the larger cities. We also see continued request for larger accounts with require longer lead times to serve providing confidence in our growth assumptions and production from our.
Oil and gas load in West, Texas remains strong.
Don: Data centers have also had an impact in our service territory now totaling over 400 megawatts. These customers typically start off as distribution customers paying demand base rates and eventually move to transmission customer class pain rates through our T cost filings that recover transmission investments.
Don: It into our system.
Don: Arcata growth expectations for the market had been a topic of conversation all year for both traditional customers as well as new customers like data centers legislation passed in Texas last year now requires planning studies to consider load beyond the contracts already in process and studies.
Currently completed for West, Texas more than doubled the forecast load for the region compared to the studies from just a few years ago. We have been building our system to support this growth and using semiannual T cost and DCF rate mechanisms to recover our invested capital or regulatory highlight.
Don: For the third quarter is the successful resolution of our second set of filings on both transmission and distribution side, adding to the successful resolution in the first half of the year.
Don: Turning to slide seven we have a few key updates on the horizon at TNMP.
Don: Filed our system resiliency plan in August and are moving along the procedural schedule with a decision expected no later than February of 2025. The plan includes $600 million of capital investments that would be recovered primarily through our existing semi annual <unk> filings.
Don: For West, Texas planning ERCOT has laid out its proposal to the Texas Commission for local projects totaling 4 billion estimate previously made for the region.
Don: TNMP is proposed as I've said suggest that owner or cold water for a number of these projects and fall involving both new and existing infrastructure. We do believe there may be some additional projects TNMP was not selected for that we should also take part in all.
Don: All of the commission process for resolution on these projects, we expect to see a total of $600 million to $900 million of projects beginning in 2027.
Don: We will be required to file for regulatory approvals of each of these projects. The recovery for these investments will be allowed through our existing semiannual T cost filings.
There is no update this quarter on the opinion rules for mobile generation, which were proposed earlier. This year for comment we will continue to monitor the proposed rules and will consider whether to file for any resources in 2025.
Don: Now, let's move on to PNM on slide eight.
Don: We've had a couple of noteworthy announcements recently, our grid modernization plan was approved earlier this month, including metering infrastructure once in place customers will be able to use real time information to manage their energy usage and will also be more efficient and effective in managing our system.
Don: Also the department of energy announced that it has selected Pnm's virtual power plant project for funding through the grip program. This project is designed to integrate smart grid technology distribution sided batteries and other distributed energy resources. The anticipated project outcome will enhance grid stability.
Don: Benefits for customers.
Don: We are continuing our journey to a carbon free and recently added another 450 megawatts of solar and storage to our system. We have a lot of advantages in new Mexico. When it comes to clean energy, we have an abundance of solar and wind potential and were joined with battery storage capacity. It allows us to reliably.
Don: To meet our customers' energy needs.
Don: We've also had a number of positive regulatory highlights this year P&L earlier this year, the New Mexico Commission approved our application for new resources in 2026 and October our grid modernization application was approved.
Don: And there have been a number of constructive workshops on several topics, including our regional markets and the other benefits that could be.
Don: Going to customers I will talk more about this when we turn to slide nine to cover the key items on the horizon for PNM.
Don: In the coming weeks, we plan to file an application at PNM for new resources to be in service in 2028.
Don: The original originally issued an RFP for projects that were able to come online in either 2026 2027. Our 2028. This is the second and last application stemming from this RFP, we're not going to get ahead of our filing and talk about the detail, but we are committed to putting forth resources that ensure grid.
Don: Reliability and resilience and movements towards our <unk> transition, we continue to believe that a balanced mix of utility owned and third party developed generation is the best course of action for our customers. We will provide more information when the filing is submitted.
Don: As we look forward, we will be issuing our next RFP in the fourth quarter for resources to come online between 2029 and 2032. In addition to meeting increased demand. This are.
Don: RFP will cover the years, where we need to bring on new generation to facilitate our exit from four corners coal plant in 2031. This will complete pnm's exit from coal as we look towards the next step in our energy transition.
Don: As I mentioned earlier regional markets hold the key to maximizing benefits to customers when our intermittent resources are producing more energy than we can use other regional utilities kept purchases excess similarly, when other resources in the west are available at a lower cost we can lock in those benefits for our.
Don: Our commission is expected to issue a policy statement today supporting participation in regional market with a focus on customer benefits, we expect to make a decision on which market. We will join before the end of the year.
Don: To realize the value of new Mexico renewable potential we need to develop and implement transmission plans to complement the plans for generation resources <unk> is moving forward by publishing a 20 year transmission planning studies later this year. This study will lay out a roadmap to achieve the emission limits and carbon free energy mandates.
Don: Set forth by the energy transition Act and set the stage for new Mexico to be able to contribute to the western regional planning efforts.
Don: It will also provide a more comprehensive framework to integrate our generation transmission and distribution businesses, we expect to share more about this result of this study when complete later this year.
Don: Lastly, let me provide an update on our 2025 rate review filing.
Don: The procedural schedule calls for testimony from staff and Intervenors are filing a settlement by November 26, we are in discussions with parties about the issues in this case <unk>.
Speaker Change: Settlement is not reached rebuttal testimony is due January 2017, and hearings are set to occur late February and early March March with a final decision in the case by early July with that I'll turn it over to Lisa for a more detailed look at the numbers.
Lisa: Thank you Don and good morning, everyone I'll start on slide 11, with a recap of third quarter results.
Lisa: Earnings per share were $1 43, compared to $1 54 in the prior year.
Lisa Goodman: Earnings benefited from recovery of capital investments to kickoff in D. C RF mechanism at TNMP.
Lisa Goodman: Limitation on new retail rates at PNM in January and income from our PNM decommissioning trusts.
Load growth at PNM, and TNMP was more than offset by the impact of nausea.
Milder temperatures compared to last year, reducing earnings on a net basis.
Lisa Goodman: Lower transmission margin at PNM also reduced earnings along with depreciation property tax and interest expenses associated with new investments.
Lisa Goodman: Lastly, dilution impact from shares issued in December of last year lowered our earnings on a per share basis.
Now turning to slide 12, I'll cover our guidance assumptions for the rest of the year.
Lisa Goodman: We've gotten through the majority of our annual earnings and we're comfortable narrowing our guidance to a range of $2 70 and $2 75.
We have been above expectations, and some drivers, including PNM load growth and weather.
We have seen decreases from other drivers mainly PNM transmission margins in corporate interest expense.
We have raised $100 million of equity through the third quarter by way of our ATM. These are.
Lisa Goodman: Forward sale that we plan to settle in December of this year.
Lisa Goodman: Earlier in the year, we issued junior subordinated convertible bonds to replace $550 million of corporate term loan.
Lisa Goodman: The debt for debt exchange balances, our income statement with our balance sheet.
Lisa Goodman: We achieved the lower interest rates, while also receiving equity credit from the rating agency.
Speaker Change: On slide 13, we have updated our capital plan to incorporate the additional $150 million of investments included in TNMP system Resiliency plan for a total of $600 million.
Speaker Change: These capital plans already include PNM recently approved grid modernization plan with them.
Speaker Change: Investments of $344 million.
Speaker Change: $291 million of these investments are planned through 2028 with the remaining amount in 2029.
Speaker Change: Adding the full amount of TNMP system resiliency plan has increased our rate base growth slightly to 10, 7% on a consolidated basis.
Speaker Change: 1024 through 2020.
Speaker Change: <unk> described a number of other opportunities that we have on the horizon and we'll need to prioritize based on the impact and benefits to our customers and our system along with our balance sheet at.
Speaker Change: Each of those opportunities become more defined we will integrate them into our plans and projections.
Speaker Change: On Slide 14, we have also incorporated TNMP resiliency investments into our earnings power and we remain comfortable with our targeted 6% to 7% growth in EPS through 2028.
Speaker Change: We continue to plan for an average of $100 million of equity per year to fund planned capital investments through 2028.
We have assumed we finance the additional $150 million of TNMP investment with approximately 45% equity or $70 million from 2025 through 2027.
For any incremental capital stemming from the opportunities on the horizon, we continue to assume that the holding company issued equity for 40% to 50% of the total spend to maintain our consolidated credit metrics.
Speaker Change: We continue to execute on our plans for this year do you feel confident in our target.
Speaker Change: With that I'll turn it back over to Pat.
Pat: Thank you Lisa we are pleased with the positive regulatory outcomes. We've seen this year and the opportunities we have on the horizon at both PNM and TNMP.
Pat: Before I open it up for questions I want to thank the tandem P lineman, who packed up and went to provide mutual assistance. After hurricane Hilli I know their work was appreciated by those impacted by the hurricane and we appreciated it here as well why it let's open it up for questions.
Pat: I will now begin the question and answer session.
Speaker Change: To ask a question you May press Star then one on your telephone keypad.
Speaker Change: If you are using a speakerphone please pick up your handset before pressing the keys.
Speaker Change: If at any time. Your question has been addressed and you would like to withdraw your question. Please press Star then two.
Speaker Change: At this time, we will pause momentarily to assemble our roster.
Speaker Change: And our first question comes from Nicholas Campanella with Barclays. Please go ahead.
Nicholas Campanella: Hey, good morning, Capex trick or treat.
Speaker Change: Yes.
Speaker Change: Erika to treat.
Nicholas Campanella: Definitely a tree I should clarify that so okay. So hey, so.
It's good to see the $6 million to $900 million of ERCOT projects.
Nicholas Campanella: And just thinking about where that is.
Nicholas Campanella: Of that capital relative to even your current rate base, there where it is.
Speaker Change: We got it to be in 2007, and just seems very material and acknowledged in the prepared remarks, you kind of talked about having to prioritize capital within the plan as well as the balance sheet. So just how should we kind of think about this six to 900 million.
Speaker Change: Would that replace current capex in your projections as it stands today or is it truly incremental just maybe you can kind of give us a little bit there.
Speaker Change: Yes, absolutely.
Marty neck and look forward to see you in about nine or 10 days that.
Speaker Change: We would look to see that $6 million to $900 million being incremental starting in about the 'twenty six 'twenty seven timeframe and going through 2030 based on the ERCOT schedule.
Speaker Change: All incremental okay. Thank you and then on the new Mexico rate case.
Speaker Change: Understand that you could potentially see a path where parties file testimony or potentially you've got a settlement filed here.
Speaker Change: Just putting some parameters around that are you willing to file a partial settlement is this to really take all of the issues off the table just.
Speaker Change: What could we potentially see here.
Speaker Change: We get into November.
Speaker Change: No absolutely neck and this rate case, we've kind of taken a different approach and we began discussions with all the intervening parties before we actually file the case and it's a traditional kind of T&D case, while those legacy issues are behind US now and we've continued those discussions even through this week.
About a potential settlements and we're still hopeful that there will be a settlement.
Speaker Change: So I think all avenues are open at this point, whether it's partial settlement or a settlement.
Speaker Change: As we continue to work with the intervening parties.
Speaker Change: Yes.
Speaker Change: Alright, I went back in the queue, we care. Thanks.
Speaker Change: Nick.
Speaker Change: Our next question comes from Julien Dumoulin Smith with Jefferies. Please go ahead.
Speaker Change: Hey, good morning team happy Halloween Indeed.
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Speaker Change: No.
Speaker Change: Just following up on what can't be was saying there real quickly if I can.
Speaker Change: Almost six.
Speaker Change: <unk> hundred 900, there real quickly here.
You talked about potentially getting involved in some additional project is that what's contemplated when you talk about the upper end of that range, there or is there an upside to the upside on that if you will.
Speaker Change: [laughter] outside that upside Julien.
Speaker Change: I would look at it between the six and $900 million the upside would be if they chose a different path.
Speaker Change: And I think we've lifted out of stay with the $3 45 kv path. It looked like based on just how ERCOT has allocated the projects another $900 million if they if they do the 565 kv that then right now we have zero allocated to us out of that.
Speaker Change: So I'd kind of think about it like that.
Speaker Change: But just to clarify that you have zero allocated to that your contention is that you.
Speaker Change: Some amount of that if I understand your comments correctly.
Speaker Change: On the second.
Speaker Change: Five kv.
Speaker Change: Yes.
Speaker Change: I would I would assume that.
Speaker Change: The commission will follow kind of the same path and we would have to look at it and see.
Speaker Change: Right now what the commission has done is as you can as you probably know as you know there is a transmission providers that can disputes and then they kind of go into a process there and so we would have to look at it based on.
Speaker Change: That important facet that important path was selected.
Speaker Change: Got it alright, so it does sound like there's really some moving more.
Moving pieces there.
Speaker Change: All right excellent. Thank you and then related to your just going into the financing Glenn real quickly I mean, you made allusion to this.
Speaker Change: Maybe not necessarily a conventional equity context here RV.
Speaker Change: Obviously, you're increasing your assumptions here today about equity how do you think about refinancing and upsizing your use of.
Speaker Change: Other forms of equity content here within the plan again should we expect an incremental updates when you reflect that 900 or 600 wherever that comes out to be a traditional equity piece or would you think about layering in additional equity content. If you will.
Speaker Change: Yeah, Joanna as those opportunities become more defined and certainly we will integrate them into our plans and projections in our base assumption is 40% to 50% equity, but as you know we will always look to the market to see what how we can best Optum.
Speaker Change: My that financing to to get the best shareholder value.
Joanna: Got it alright excellent and then just on the regulatory front again, just re asking a little bit of what Nick said as well just on the.
Speaker Change: The rate case process here and potential settlement.
Speaker Change: Any nuance or any pieces of this that you could really look to get resolved here maybe.
Speaker Change: Asking that a little bit more directly.
Speaker Change: Yes, no Julian I think we're in discussions and I don't want to I don't want to jump in front of that but.
Speaker Change: But we've had really good discussions with the intervenors all along the way.
Speaker Change: And again, it's a traditional kind of T&D type rate case at this point.
Speaker Change: Alright fair enough I know, there's a couple of different pieces. There so well look nicely done guys. Congrats Pat on the additional appointment here and we'll see you guys didn't alright, all the best Thanks, So yeah.
Speaker Change: Thanks Julien.
Speaker Change: And our next question comes from Michael Monaghan with Evercore ISI. Please go ahead.
Michael Monaghan: Hi, good morning, Thanks for taking my question.
Speaker Change: Uh huh.
Good morning on the West, Texas transmission in Permian reliability study you highlighted the additional $900 million under the $3 45 kv scenario, if I'm if I'm not mistaken the traditional path is the $3 45 kv. So what would you say the chances are of that traditional pathway that preclude that higher.
Speaker Change: Investment and then also do you know that schedule and timeline.
Speaker Change: To address the remaining unresolved ownership.
Speaker Change: You know I'm on the on the pathway that you are correct that $3 45 kv.
Speaker Change: <unk> was one of the past.
Speaker Change: I'm not going to get in front of the commission on what path. They would select important path. So I think we will wait and see.
Speaker Change: On that topic.
Okay, great. Thank you and then secondly, a lot of growth in Texas, Obviously, you haven't filed a rate case there since I think 2018, what is your expectation for when you will file file. There again, you know obviously you have some constructive cost recovery there with the T cost and D CRF mechanism.
Yes, Youre, 100% right. It's been six years since we've we filed a rate case, there we've gotten two extensions.
Speaker Change: We are.
Always looking at a rate recovery and whether we file one or not there have been some changes in the business between our transmission and our distribution. There. So we're exploring that as a potential in 2025.
Speaker Change: Great. Thanks for taking my questions.
Speaker Change: CDI.
Speaker Change: Okay.
Speaker Change: The next question comes from Ryan Levine with Citi. Please go ahead.
Speaker Change: Good morning, and happy Halloween.
Speaker Change: And do you Ryan.
Speaker Change: Alright.
Speaker Change: In terms of PNM load growth.
Speaker Change: Customer counts relatively flat for this year versus previous years, but yet your retail load.
Speaker Change: As it is expected to accelerate.
Speaker Change: For the fourth quarter with some industrial growth can you collaborate around what types of customers Saar and what youre seeing in the market.
Speaker Change: Yes, no absolutely and Ryan Good morning, we've had some industrial load that we've talked about ramping up for probably the last 12 or 18 months and COVID-19 kind of slowed that down we're actually seeing that ramp and it's been ramping the last half of the year. So that's what's kind of closing the gap.
Speaker Change: But there that we would expect to be within the 2% to 3% guidance range.
Speaker Change: In terms of that trend is that expected to continue to accelerate into next year.
Speaker Change: And then there are certain industries that you're more levered to.
Speaker Change: Yeah, Ryan we do we've had a lot of emphasis and the states on economic development and so our industrial piece of the business is growing here in new Mexico.
Speaker Change: And so we continue to see growth.
Speaker Change: Going into 'twenty five as well.
Speaker Change: And Brian it's in a variety of that industry lager clean energy industries, but its spread out its not concentrated in any one.
Speaker Change: Customer industry.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: And then maybe one follow up in terms of the financing plan given there's a bias upside to some of the spending.
Speaker Change: Is it is it fair to assume that you would lean more heavily on.
Speaker Change: Equity plan in earlier time periods than later time periods, given that that bias in your capex outlook.
Speaker Change: And is there.
Speaker Change: Year to date, you've already achieved your ATM program. This year is there still opportunity to execute on further ATM issuance.
Speaker Change: The remaining two months of the year.
Speaker Change: So Ryan we laid out on the earnings power a lot of detail regarding our financing plan as we see these anchor incremental opportunity.
Speaker Change: Be more to find them and we will of course include them in our plans and projections, but our base assumption that the 40% to 50%.
Speaker Change: Of equity issuance for any upside on the Capex side.
Speaker Change: Okay and then last question for me just in terms of the DPP.
Speaker Change: Funding or a way to quantify the financial impact.
Speaker Change: Yes.
Speaker Change: Due to the company receiving department of energy.
Speaker Change: Anthony I would think I would quantify it as customer benefit because it's really allowing us to integrate our systems to better serve our customers. So I wouldn't think of it as financial bottom line impact, but again the focus is on the customer.
Speaker Change: Yeah.
Speaker Change: Thanks for taking my question.
Speaker Change: I'm trying to see you soon.
And the next question comes from Andrew Weisel with Scotia, Howard Weil and again, if you have a question. Please press Star then one Andrew Please go ahead.
Speaker Change: Thank you good morning, everybody.
Speaker Change: Good morning Martin.
Andrew Weisel: I've got to fine tuning follow up questions and then one high level. One for you. So first following up on the last one about load growth I noticed that your forecast for 2024 came down a little bit for both states anything to point to there and what's the outlook for 2025 and beyond.
Speaker Change: So on 2020 for Don mentioned, the industrial customers that they can wrap in golf, but it has been a little slower than we expected and so as a result, we adjusted the range is there, but we really do feel very positive about.
Andrew Weisel: Growth in both states.
Andrew Weisel: Texas is as you can see the demand based load growth is very strong this year and we continue to see that in the coming years and like we said before lots of economic development efforts here in new Mexico, and so we are getting additional low, particularly in the industrial side.
Okay great.
Data Center I think that's a new disclosure two 5% year to date and any thoughts on how big that.
Speaker Change: Outlook might be for 24 or beyond.
Speaker Change: That's where we're at today and we Havent forecasted that that's a mix of those that are on our transmission system as well as on our distribution system.
Speaker Change: Okay, Great we'll stay tuned.
Speaker Change: Next question just to clarify on the equity I know you've talked very clearly about the high level plan, but specifically the $70 million related to the Texas system Resiliency plan would that be financed through an ATM and would it be spread over those three years or more frontloaded in 2025.
Speaker Change: Yes, so we will we have spread them over the three years 25 through 27.
Speaker Change: And there really is any additional equity will will match as we spend the capital and for US we always look to optimize our financing plan. So it really depends on the market conditions conditions and.
Speaker Change: And we will just see what kind of vehicles, we use them.
Speaker Change: Okay Fair enough and then lastly, my high level question is when we think about upside to Capex here you talked obviously about the Texas system Resiliency is now in the plan the West Texas transmission, you are starting to get more visibility on when you've talked about things like new Mexico resource planning et cetera. My question.
Speaker Change: There is more broadly do you think that there's a limit on how much upside there could be the capex is there a cap beyond regulatory approvals, whether thats related to the balance sheet. Your labor force customer affordability or just general corporate bandwidth.
Speaker Change: One of the one of the screens. Thanks, Andrew one of the screens, we always go through as customer impacts in our service territory. So.
Speaker Change: That's one of the screens that we look at as we kind of allocate capital both in new Mexico, and Texas. So I would say that's probably the ultimate screen is that.
Speaker Change: That depends on a lot of factors as you can imagine what load growth is doing what the policies of the states are and they all kind of go into the mix as we kind of look at it so.
Speaker Change: Alright, very good thanks, so much everybody.
Speaker Change: Thank you. Thank you.
Speaker Change: Concludes our question and answer session.
Speaker Change: I would like to turn the conference back over to Pat Vincent Collins Chair and CEO for any closing remarks.
Speaker Change: Thank you Wyatt and thank you all for joining US this morning, and look forward to seeing all of you at the EI Financial conference, where we will provide more color on our capital investment opportunity stay safe.
Speaker Change: The conference has now concluded.
Speaker Change: You for attending today's presentation you may now disconnect.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: John.
Speaker Change: Just a moment.
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Speaker Change: They come.
Speaker Change: Ramos Hoffman.
Speaker Change: This was due to rig.
Just one.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: But that won't happen.
Speaker Change: Chris and Bob on that.
Speaker Change: Now the long term.
Speaker Change: And it took the graveyards.
Speaker Change: It's a tough one.
Speaker Change: It's not all of them on those two models.
Speaker Change: No everything's too right. So part of that and then my mom.
Speaker Change: Good luck.
Speaker Change: The living this measure was meant to reduce tomorrow door tell them all these days.
So then you can model that.
Speaker Change: Okay.
Speaker Change: And drew my graveyard.
Speaker Change: Got.
Speaker Change: Catch on in a lot.
Speaker Change: Sure.
Speaker Change: Then you can answer them.
Speaker Change: Sure.
Speaker Change: Yes.
Speaker Change: Okay.
Joey.
Enough.
Speaker Change: Matt.
Speaker Change: No.
Speaker Change: Yes.
Speaker Change: Tom.
Speaker Change: Yes.
Speaker Change: Okay.
Great.
Speaker Change: Okay.
Speaker Change: Yes.