Q3 2024 NorthWestern Corp Earnings Call
and the
The
and the
[inaudible]
This meeting is being recorded.
Speaker Change: Good afternoon and thank you for joining Northwestern Energy Group's financial results in webcast for the core and its September 30th, 2024. My name is Travis Meyer, I'm the Director of Corporate Development and Investor Relations Officer.
Joining us today to walk through the results and provide an overall upbeat, our Brian Bird, President and Chief Executive Officer and Crystal Lail, Chief Financial Officer.
All participants' lines are currently muted. After the presentation we have a lot of time for Q&A. I'll provide instructions for asking questions at that time. However, if you intend to ask a question in our joining us by computer, please set your Zoom identity to your first and last name, so that we can call on you by name to let you know when your line is open.
Speaker Change: Northwestern Results have been released and the release of the Ville Warner website at Northwesternenergy.com. We also released our 10 Q pre-market, so please note that companies press release, this presentation comments by presenters and responses to your questions may contain or looking statements.
Speaker Change: and such all directed to the disclosures contained within our SEC filings and the SAAP Harbor provisions included on the second slide this presentation. Please also note this presentation includes non-gap financial measures, please see the non-gap disclosures definitions and reconciliation also included in the presentation.
Speaker Change: The webcast is being recorded, your archivory play-in today's webcast will be available for one year via an ant 6pm eastern and can be found in the financial result section of our website. With that, I'll hand the presentation over to Brian for his opening remarks.
Brian Bird: Thanks Travis, just a real quickly on the recent highlights. We reported gap to an EPS of 76 cents.
Brian Bird: for the quarter and non-gap to the GPS of 65 cents. We are revising our 2024 non-gap GPS items to $3.32 to $3.47 in light of the delay in Montana interim rates.
Brian Bird: and also reaffirming on long term five year rate based earnings per year growth rate targets of 4 to 6%.
from a dividend declarative perspective, 65% 65 cents per share pay off December 31, 2024. The share holders are record as of December 13, 2024.
Brian Bird: Yellowstone County Generation Station, began serving customers in October.
Brian Bird: In August of 2024, the U.S. Department of Energy Award is 700 million grit resilience and innovation partnership for grip grant.
Brian Bird: and North Plains Connector Consortium Project, which included $70 million of your mark for the co-hostrip transmission system upgrades. Of that 70 million, North Western Shares 21 million available for our investment in that line.
Speaker Change: and the next page in terms of Northwestern's value proposition, you're still training today providing approximately a 5% yield that combined with a 4 to 6% EPS growth rate provides a total of 9 to 11% total growth proposition.
Brian Bird: and you consider on top of that some activity that we're exploring on the FERC transmission side of our business providing incremental generating capacity and ultimately some incremental load additions.
Brian Bird: the ability to continue to look at existing agreements either from a QF perspective or power purchase agreements for possible violence.
Brian Bird: and just a electrification supporting economic development in our service territories, we believe can provide an 11 plus total growth proposition. With that, I'm going to turn it over to Crystal Lail to talk about Q3 financial results.
Crystal Lail: Thank you, Brian. In my comments today, I will discuss our financial performance for the third quarter. To remind our outlook for the reminder of 2020-4.
has mentioned gap net income of 46.8 million to the quarter or 76 cents per share compared to with 29.3 million or 48 cents per share for the prior quarter.
Moving to slide nine to write a bit more detail.
Crystal Lail: and the Codder Overcorder Analysis.
Crystal Lail: Jeff earnings grew by 28th since this earnings growth was primarily due to rate review outcomes, transmission revenues, and continues strength there, and an income tax benefit.
Speaker Change: Personally, I'm setting these items with higher insurance costs driven by Wildfire coverage. I think you've heard from probably all utilities that increase in costs.
Crystal Lail: to operate our business, particularly on the impact for only a wildfire. And we've certainly seen that in our renewed coverage for the year. Also, higher positive appreciation and interest-blind that were certainly expected in our original assumptions for the period.
Crystal Lail: and the Intercontact Senate that recorded during the quarter, it is due to the IRS issuing final guidance on gas repairs. Many of you know as well in our earnings, we are a flow through in each of our jurisdictions, and applying the Safe Harbor Method we recorded a $7 million tax benefit.
As this relates to prior areas, prior to 2024, we are adjusting this amount out. So you can see the impact is a bridge below it's a dry research order again, 48 cents of earnings.
and a prior period, this quarter, holding out at 76th, when you remove the impact of that text repair benefit, you will see 65th sense of earnings for the quarter.
Speaker Change: A bit more detail on Martin on Splite 10. The primary driver's there is things the touch upon or which is the ongoing regulatory execution.
Crystal Lail: and the Montana Electric and Natural Gas Taste last year as a reminder, final rates were implemented November 1. So what you see here, impacting Q3, is the lift off of what were the interim rates in place at the time in the prior period. And then also acknowledging our South Dakota Electric Cates, we've had a full year this year of rates improvement there, along with continued growth in our transmission revenues.
Crystal Lail: Moving to slide 11.
Crystal Lail: We provide a clear focus on where we're adjusting our earnings, they can see and cue through a 2, 3, of 2024.
Crystal Lail: The adjustments for weather and other manners are off-setting with the gas. They've herbal repairs of 11 cents, the most significant amount we're reflecting, reducing our netting come amount. This compares with a one-centage of weather in 23, 20, 23. So when you look at that,
Results from those two, their adults and adjusted earnings of the 55 cents for their priors. I've mentioned on the prior slide versus 49 cents in the prior period on an adjusted state.
Crystal Lail: Moving to 512.
Speaker Change: As we updated you on our second quarter call, we executed our financing plan early in 2024, and our actual steady improvement in our FFO to debt metrics and importance of that to our ongoing credit rating. Our capital plans remain unchanged, and we continue to expect no equity in our current plan.
Speaker Change: and the first time I've been in the hospital for a long time. Moving to slide 13, I'll provide an update on why we're thinking about the remainder of 2024.
Importantly, our financial performance here today and for the quarter- or consistent with our expectations. However, we are revising our guidance as Brian mentioned. To $3.32.3. From what our original range was, a $3.42. To $3.62.
Crystal Lail: I would note we are navigating a complex regulatory landscape and an election year and our revised guidance is driven by the delay in Montana interim rates as our original guidance expected interim rates October 1st.
Customers and the states we serve benefit from the demonstration of a strong regulatory framework as do our owners. That regulatory framework is fundamental for tracking capital and continuing investment in our states.
Many of you have taken note of the denial of interim rates in the MVU for seating in Montana. Our revised guidance includes interim, rate relief in Montana and December.
The range of $3.32 to $3.47 reflects at the lower end no interim rate release and at the upper end are requested amount.
Crystal Lail: and the electric file, dig in a bit more deep. We believe we have a strong case supporting our request and that our request for interim rate relief is a bit differentiated.
Crystal Lail: Specifically on the electric request. This includes both interim runs on a base rate perspective and a request for adjustment of the P.C.M.B. This is different than in the gas for feeding where the gas tracker does not come apart of our rate review filings. It is distant and separate.
Crystal Lail: Importantly.
Crystal Lail: Chaftrake within the P.K.M. adjustment is a bridge rate consistent with similar application than a prior document, providing for a bridge to final recovery of the old tone generation facility to cover costs.
and Phil now comes to turn in the docket. We're very proud of placing that asset into service here and serving customers currently and we do believe that our request supports fair treatment of that asset from an electric total bill perspective, the thing that you should keep in mind is that the downward pressure.
Crystal Lail: and Betted in that PCam request results in a bill impact in total. So think about electric interim request base rates. Plus that PCam adjustment that's a refrigerator is a total of approximately 1% for the combined interim base rate and PCam request with a bridge.
Hopefully the detail we provided here provides a bit more of color and how we're thinking about our interim rate requests and how that's proceeding. We are confident and a fair outcome in all of our regulatory proceedings that will also enable us to deliver on our commitment of 46% EPS growth with no equity needs.
Our plans for capital investment remain unchanged. I will also note that we plan to provide 20-25 guidance following outcome in our Montana rape review.
Speaker Change: I'll pass it back to Brian for thoughts on our rate reviews and concluding our march.
Thanks, Crystal. We provide on page 15 and read some. I certainly don't plan to go through this Alan by column line by line. I guess I would just say this.
Brian Bird: and we're going to stop the code in Nebraska. We're continuing both of these cases, for all of these cases, continue to move along quite well. And we do anticipate settling or having outcomes associated with these filings in the first quarter 2020-25.
Brian Bird: Tomantana, I'm sure all of you are aware there's a procedural schedule that's been out.
and established at the Will and Me, two primary dates of the date shown on this particular slide I have just mentioned, Intervenor Testimonies expected on January 17th of 2025, and the hearing commences on April 22nd.
Speaker Change: Obviously the news of the day is around interim, Crystal Shirt, some thoughts in the interim. And I believe the Montana Commission understands the following. First and foremost, more than 80% of our rate-based.
Speaker Change: is regulated by the MPSC as compared to something closer to 12% for M-DU. So similarly, negative outcome for us would be far more consequential to our credit ratings.
Brian Bird: Secondly, I'd say our Numerates, our Read Request, our Poubles, Electric and Gas.
Brian Bird: and is associated with over 1 billion investment we've made in the state in 2023 and 2024.
Regarding electric specifically, the inner increased the customers' net average rate is crystal pointed out as approximately 1%.
Brian Bird: and I believe the Commission's Sports Arm Investment in Yellowstone County General Station as we try to regain the Montana's energy independence.
Brian Bird: Regarding gas, the interview increase is closer to about 7% of billing increase. But Montana's gas bills will still be lower after this increase than they were last October. Due to the decline in natural gas prices.
and finally I believe the commission understands that due to significant investment in the state, we would have to file more frequently if not annually without the benefit of interim rates. Everyone understands rate-reuser costly, their burdensome for all parties involved.
Brian Bird: and the other thing to point out that an interim rate increase provides a smaller, more frequent price signal to customers and helps mitigate rate shock.
Brian Bird: We had Northwestern Accompancy, the NPSC, who consider all of this in their decision on our interim rate request.
with that, we'll turn it over to you for questions.
Speaker Change: Thank you Brian and Crystal, and if you're joining us by a computer and would like to ask your question, please signal your intent by using the RAID hand button that's found at the bottom of a toolbar.
You can simultaneously press Alt and Y on a PC or Option Y on a Mac to raise your hand. Please make sure your microphone is unmuted if you are in the queue to ask the question. If you're dialed in my phone, you can press star 9 to raise your hand.
Speaker Change: and Star 6 to unmute your line. Ask a question again that Star 9's a raise your hand and Star 6 to unmute.
Speaker Change: You have not provided your name and your do my D or a dialed in my phone, please be listening for us to announce your Zoom ID or last four ditched your telephone number to notify you that your line is open and ready for questions.
Speaker Change: Again, please ensure your line is unmuted on your head.
with that we will take our first question from Charlotte at Google Nine.
Shard your line should be unmuted.
Hey guys, can you hear me?
Speaker Change: We sure can.
Charlotte: obviously the delayed order with innermates in Montana impact of the numbers. What's driving the delays with your internal planning assumptions?
Speaker Change: Now, assuming, you know, an arm rate's going to affect in December.
I know it's post-alensions but what's giving you the confidence there for a December order and can we see further impacts in Q1? I'm still not sure why there's confidence there. Thanks.
Speaker Change: Yeah, I would say this. I think you've got two rake cases that they're dealing with with other filings as well in front of the commission. So I can't speak to the timing.
Speaker Change: and our expectation was initially made our filing that we would have, like we had in the last break case, and I would come around the October time table on your rates. And then it's successful. I would come on in her rates.
and I can't just say for the decisions, obviously we had a delay in accepting of our filing initially that.
Speaker Change: and we still thought Interim rates could have been decided in October as a result, even with that delay. So I can't speak to it. I do feel very, very good for the recent Crystal Pointing out and reasons I pointed out why Interim rate.
Filing should the acceptance.
Speaker Change: and sure we just add on to that in my comments.
and maybe too much detail that's trying to go into the devil's detail of what makes up those rate requests and obviously there's the MBU request is a bit different, more similar to our natural gas side of the house that our electric side.
Speaker Change: Given the Pcam base can only be reset in a rate review.
Speaker Change: You have the supply collection, the pastures of the supply portion of the building, taking up on an interim request at the same time.
Speaker Change: and the embedded nature of the interim requests related to Yellowstone, I really think, makes for different considerations from the commission and thinking about how they're so reporting and sending a signal of investment in Montana and supporting what is they plant that is serving health for us today.
Speaker Change: and how they go about that in the appendix of our materials, we show that more granularity is that's request.
and the commission will consider all of those factors in making a decision in our case.
Speaker Change: Now let's help. I know appreciate that. It's just, hopefully the commission doesn't write things.
Speaker Change: and certainly impacting the cost of capital there. And just just something upside-opportunities.
You guys have had the incremental cat-backs buckets for some time. I guess how should we think about when we could see this in your current through a 28 plan? So I thought of winning sort of the RFP's for generation. What's holding back the other buckets like TPA Bios and transmission opportunities?
Speaker Change: and Dave.
Speaker Change: I think...
Speaker Change: It's just very to say, sure that we're in process on working in a number of fronts on these things and things maybe take more time than originally considered. So we're working on things on the transmission front, working on things in the generation front and state two.
Speaker Change: and I appreciate it and answer those who will see you guys in a week.
and I'll see you next time.
Speaker Change: Alright, we will take our next question from Chris Ellen and House at Secret Williams. Chris, you're lying to be open.
and the
Speaker Change: and the
Looks like your line is maybe muted on your end. Oh there we go, how's that?
and Sam Bird. Oh, how are you guys? Um, so...
Speaker Change: You have to get a notice to proceed to construct something you have to get or you have to file notices of intent for ray cases. Shouldn't commissions.
Need to make some kind of notification when there's a deadline in the opposite direction, you know, if you have a...
A request for a date or something. Shouldn't they at least give you some kind of sense of when they might take something up?
Well, one thing, Crystal, I think we did make a very clear on our filing this year after 270 days, we'll be implementing.
Rates, that's one deadline that we can certainly uphold. I believe through the 20 years I've been here in Rates historically, have come at different points in time.
are believed though in terms of the last week review and the process that was put in place to the last rate review. We'd expected something similar here. I can't speak to the rules of the timing here, but I do know that we've had different outcomes in timing, so I should do the interim rates in the past.
Speaker Change: and the
Speaker Change: Right
is sort of alluded to the...
Speaker Change: the logic of the interim and some of the parts like Yellowstone that they should have a good comprehension of. But when they look at the stock, if they do it all, and they see a 5% yield.
and we're talking about 11% plus sort of total return profile. Do they also recognize that you shouldn't really have an 11% total return profile at this point where interest rates are? So do you think that they...
Speaker Change: and also appreciate that the stock is not reflecting well upon the Montana Commission.
Speaker Change: I can't speak for individual commissioners. I'd expect that at least on a dividend yield perspective, having a dividend yield closer to 5% when others do not have a dividend yield that high, they should understand that our stock is underperforming versus others.
Speaker Change: and that's as far as I do Chris.
Chris Alves is at on, given we're in the middle of data, we're across responses and I can't help myself, as Charlotte alluded to the acknowledgement of cost to capital.
and your asking question of, you know, to folks understand the impact of
Speaker Change: and the performance that we've seen in our stock price and relative to commission decisions. And I think we'll make that case in space and continue to do that you're ultimately...
Speaker Change: That's wrong regulatory contract means less cost for customers because it's a lower cost of capital.
The inverse to that is higher cost for customers when you need a higher cost of capital. And obviously your comments on our stock price and charge comments earlier go in that direction. And we make that case in our data request responses and our testimony, if that are out of day. What's good for customers?
Speaker Change: and we should be able to strike a balance of good for customers, lower cost to capital and good for shareholders at the same time, such that we're providing a reasonable return on folks making decisions to give us capital to invest in faith like Montana. I've also had Chris have been covering this company for a very, very long time. You will recall.
Post Bankruptcy over 20 years ago.
Speaker Change: and that you know when we did have a strong financial picture of our costs from cost to capital perspective or higher. When it's our ratings improved we could demonstrate to the commission.
and that in fact cost a capital for customers actually went down when we had a stronger fanfare profile. You also understand though that...
Speaker Change: The Commission turns over because it's elected commission. So those commissioners are no longer there, they may not be aware of that history. So it's on us to certainly educate them.
Yeah, I would think Crystal, it's harder to point towards the effect.
Speaker Change: and the way that things events like this have on the cost of that maybe in the short run, but you could certainly point towards...
and the 150 basis point increase in the cost of equity relative to peers that this certainly doesn't help. So you've got some pretty good data points.
Speaker Change: I wanted to ask about the North Plains connector. Have you got any update or can you give us any kind of sense of when you might have a resolution there?
Speaker Change: I would say this, we are certainly well positioned at Coulstrup.
with North Plains Connector. As you know, we certainly have good relationships with the utilities. To these to us, good relationships with the utilities, the West of us.
and obviously as Mark has continued to develop, I think our position on a birth plans connector makes good sense. So we're definitely taking that serious, we're evaluating it, we're talking with the folks who are gritty-nited about our interests there.
Speaker Change: and what last question?
You know, sort of mentioned that the interim might be partly influenced by the election cycle, but that's coming to close here, pretty soon.
Do you think that once the election is complete that starts a clock from a political standpoint on when the interim consideration might begin?
Speaker Change: I would just say this Chris, we have been exchanging data requests with both PSC staff and others. So that's our clear indicator of where they're moving from a timing perspective. So we do have indication they're very close to wrapping up their work on it and a room recommendation. And I think that's...
A key piece of what we see as timing you've started your questions with their shot clock on this thing. And her rate is a little bit different that I would tell you based off indications of the data Refrust that we've received, we expect it to be on the dock at some time in November.
Speaker Change: Okay, thanks for the details, appreciate it.
Speaker Change: Thank you, Travis.
Alright, we'll take our next call from Nick Campanella at Barclays.
and the first time I've ever seen a movie.
Speaker Change: Nick looks like you're lying still, maybe muted.
Nick Campanella: Hey everybody, don't hear me.
and the Delaan Rates. Thank you for taking the question. How is FFOTTA DET trending towards the end of the year given the delay in rates and do feel comfortable in meeting your men with?
That's a great question, Nathan, and I probably should have noted that in our forecast outlook, and I would say this about our range. I mentioned that the revised range at the low end reflects no interim rate release, and while we've made...
and Goods rise on solidifying our credit metrics, the where we need to be, that new marators you might imagine is very sensitive to cash inbound and without any rate relief in 2024 we will fall back below our downside threshold for 2024.
with some interim rate relief as we.
I have expected here from a guidance perspective.
Think about kind of in the middle of the range. We still wouldn't be quite as good as we are now, but certainly above our downside thresholds, the other thing that I would just mention.
Wild, I'm not giving 2025 guidance.
I would acknowledge for 2025 we will not fit rates in the earliest of which is likely the 278 shot clock that Brian mentioned in the responses. I'm Chris's question.
No interim rate released during the first five months of 2020-25, would leave us likely below our campsite threshold in 2025 as well, though the impact to credit metrics.
We are making that case to the Commission in South.
Speaker Change: and you're asking the good question of is certainly a significant impact to us to have invested in the state of Montana and how this much capital we need to recover and we need the board from a credit perspective and need that cash on the new Miranda side to make sure we day above our downside threshold but significant impact will through 24 and 25 from a credit metrics perspective if we would receive no interim rate relief.
and I think that's a great idea. We've got to make a lot of sense. Thank you. Just one more. Do you plan on updating the IRP and Generation Opportunity now that you have the old stolen rates? That should be coming shortly.
Speaker Change: I think 2020-26 is still the timeline from an IRP perspective. Obviously, we continue to watch what's happening. It got the federal and state level in terms of needs and going forward-based for 2026 are current plans.
Speaker Change: God, thank you very much. Have a good one everybody.
Speaker Change: The
Alright, we will take our next call from Julian at Jeffreez.
and Julian, or one of the teammates I'd be thinking. Yeah, Brian, so unfortunately, can you hear me? Dave, Dave, Brian, I'd like your kiss.
Speaker Change: A. So, just on cold strip and the EPA GHG.
Speaker Change: and the
Speaker Change: The
Speaker Change: As a big pregnant pause there, Brian, and you ask to go.
Sorry, can you hear me?
and the EPA Math rules, any update there on retrofitting or retiring and what are that?
Speaker Change: What are the things we should look for going forward in the event that is retired? Where do you think your next short position will be and how does it impact that incremental the little cat backs or growth upside that you're referencing your cards?
I think from a mass perspective, assuming the rules stay in effect. I think you know we're all deletigation there and certainly others are, obviously, next we can have an impact.
Speaker Change: and the decisions around bats as well. We're going to continue to fight that issue and then, if in fact, we need to move forward.
Speaker Change: with steps of a bank house would be required there. We believe that in essence in order to provide again, 400, heck of a lot more megawatts associated with the original 222 megawatts.
Speaker Change: and the Custerers and Montana, we're going to need to make an investment in a bank house. And so that's something that I hope we and the commission can get comfortable with on a going for a base.
Speaker Change: Good great. Thank you for my back to Jay. Today Brian, one thing to take your GHD. It's interesting. I think everyone knows it's quite a bit of litigation around the GHD rules too. Obviously, we've fallen those closely. I...
Speaker Change: I'm clearly struggling with those rules, but it's something that we'll have to continue to keep an eye on as well from our investment in Coolster.
Speaker Change: Thank you.
Brian Bird: Thank you, Brian.
Speaker Change: and our next call, the cue is from Dylan at Landberg-Folman.
Hey, how you got doin'?
Good, Dylan. It's a question, so should a investor consider the Alcomedy election is having a bearing on the future operation of Colestruck?
Speaker Change: I think I would put it this context. Certainly the federal elections have could have an impact on the operations of coal strip. I think that...
and what's required to continue to operate the plant and the ultimate cost associated with continuing around the plant. I think that I'm less...
Speaker Change: and concerned about the in-state elections associated with that. I think we've seen tremendous amounts of support within the state, less slightly, upregarding coal strip. And so I'm certainly more concerned about the better election at this point.
Speaker Change: and say you guys do in this, have to listen a bag house for a cold strip. You're looking at me at a cost on what they would run you guys.
I've been preliminary analysis in terms of the cost. It's truly for us to provide numbers associated with that cost at this point.
Speaker Change: and Hunter.
Speaker Change: Don't be afraid.
I think we shared in historically 500 million food, two bank houses at culture. I'm still under evaluation in terms of the cost, but it's early innings and that's what our number is today.
Speaker Change: Awesome, great for my hands, thank you very much.
John: Thanks, John.
Speaker Change: and I'm going to start with the next question. The key in the queue is from Anthony Crowell at Wuzbel.
Anthony Crowell: Hey, take it afternoon, can you guys hear me?
Anthony Crowell: Sure, yeah. Appreciate you taking the question. I guess just maybe to the, uh, the question on the bag house that you guys talked about and then also on the interim rates maybe it rolls together I guess.
Anthony Crowell: What type of certainty would you need to see from the Montana Commission before you would embark on that large of a capital project with a bag house?
I think the most part of our existing rate review, there's costs, costs considerations around co-strip. Obviously that'll give us a very good indication of their support for it. And so after we see that, we can talk more about it at that time.
Speaker Change: and then...
Speaker Change: and the engine.
and Yankee said, when last night, so if I could use a Yogi Barra quote, it seemed like he had to all over again.
with a follow-up on Charles comments of the first question.
Speaker Change: that the last case, I think we were looking for a retroactive rates, and it didn't happen here we're up in the air with...
Speaker Change: interim rates. We hope they happen before year-end or, you know, they hope they get instituted. But just...
Speaker Change: As the company looks forward to giving this maybe rolling forward their capital plan, I understand you're 80% Montana.
Speaker Change: But how much flex is in your capital plan?
Speaker Change: that you could maybe lower capital spending in one state.
Speaker Change: increase in another that's maybe more supportive for the company's on the company's capital plan.
Speaker Change: You know, Anthony, that's good questions. You had the last question on the last call too. I'd say this, I think we're going to get a very good indication
if the state wants to be energy independent.
Speaker Change: If they want to be energy independent, the utility that provides electricity is 75% of the state.
You better support that investment.
Speaker Change: And if you don't, that's not where we should be investing our dollars. We've had great support in our T&D investment.
Speaker Change: and if we're not getting strong signals from the Commission to be investing in that space, they will be making the decision that our customers should be more exposed to the market, not Northwestern Energy.
Speaker Change: So I think this is a crucial point in time for our customers, and how the Commission reacts to that is going to determine how much we're willing to invest in generation on a going forward basis.
Speaker Change: Great, that's all I had. I appreciate it and we'll see you in Hollywood.
Speaker Change: All right, go Dodgers!
Speaker Change: Just kidding. I have no dog in that fight, Anthony. I just, that was for you. Do you have a team? What's your team if you live up there? My team's the Brewers. Baseball's dead to me right now.
Speaker Change: No, the twins are closer. I grew up 70 miles from there, if you really need to know Anthony, I think we need to move on. Great, thanks for answering my question.
Anthony Crowell: Thank you, appreciate it.
Speaker Change: Alright, with that, we've exhausted the queue and I'll hand it back to Brian for any closing remarks.
Brian Bird: I appreciate, obviously, great questions today, certainly concerns from investor standpoint in terms of outcomes from the Montana Commission, and again,
Brian Bird: reiterating the 80% investment we have there. I certainly have been with this company a long term. I've seen the Commission make great decisions for the benefit of customers. I look back to the hydro decision.
Brian Bird: and think what we would be doing today for our customers without those resources.
Brian Bird: And I think what we're trying to do is something similar with what we're doing in Yellowstone County, Coal Strip, and ultimately whatever resource sometime in the future to replace Coal Strip. We want to make those decisions. We want to be serving our customers. But you're right.
Brian Bird: We have to have the right signals from the Commission in order to make those investments going forward, and we certainly appreciate your support today. Thank you.