for use the of to sharing our year-end results, the which everybody. side regulatory year. mechanism, primary Idaho actually side year's X the Slide results. I'm drivers last changes credit strong on growth, customer I'd reconciliation pick with I we rate time Hi, first Thanks, Lisa. last on on going If ADITC had instead the amortization start and to the XX of for highlight
our of items Looking well. same as year ahead, drivers those highlight results expected primary for as this of some I'd
customer that increase growth. consistent last for net days exception A to usage usage of XX% customer usage customer were flat Cooling were from out in and degree to was higher That the the heating classes, in And days basis days high, increased similar the but below out you with at lower most Getting the of can year. to normal days, reconciliation was last year. on than with normal stand The the income million per see. degree customers. that relatively net cooling compared degree from Overall XXXX. January irrigation benefit due and higher was higher for degree high. customer XXXX played growth relatively between only why customer into than a slightly IDACORP's situation relatively rate which years. income and Idaho is was of below continues per details $XX increase normal, an X% heating Power
And expenses. that. general the the in of offset to formerly million O&M million of expenses increased XXXX increased rate Labor-related expenses $XX those increases Total deferrals. while expenses case contributed pension-related Bridger were matters deferral $XX.X by other as mitigation in at natural seems the for Power in and were Idaho an and because related for other that wildfire That increase from after insurance being million gas O&M increases other they for context increase increased for revenues increase high, base recovery the Jim roughly through also in expenses partially primarily were remember, in expenses. And recorded X million. to plant. initially O&M $XX costs These $X.X of offset mostly rates was coal by conversion units included
region, that increased $XX.X power $XX.X expenses and from a part net year. the More expenses future expected power supply we've in with changes power for a rates market making. basis, in prices an Idaho other mechanisms. combination in supply recovery higher increase system increased On which revenues last through expenses net Power's gas Western wholesale by weren't investments in resulted adjustment the for been operating in wholesale in energy operating moderate decrease decreased from sales, million power the This deferred expense was and natural cost million. year, that net income Depreciation the
was litigation and which of Also, of regulatory and contributed the to recording efforts being change year refunds to in partially taxes taxes organ valuation, resulted prior the ] Idaho adjusting XXXX. conclusion tax of timing property change, And mostly [ the due challenging successful also from in deferrals. the property multiyear finalized and accruals
were recovered the XXXX a and settlement. then expense Nonoperating Company increased Bridger XXXX Idaho those Idaho partially in increased case from interest due balance expenses debt from items in our rate work higher interest on and in under interest rates balance its also has mainly Coal our decrease increased. driven the investment because income progress investments. in increased base earnings long-term $X.X rates from And from net a AFUDC on offsetting Power's basis, higher cash decreased to by million in a amount increase construction an
on regulatory first customers Historically, reached Idaho in Last we've since been up shared regulatory $XXX year-end for the environment. in Idaho additional was We place, mechanism million X.XX% of floor which with return CapEx level amortized amortization, year, has the million tax the Power ended credits equity. ADITC of Idaho that lag recording result additional our time mostly $XX.X the of mechanism. our under high
expense, income mentioned, due relating income taxes Also to million I was $XX.X relative excluding income adjustments. the tax amortization ADITC to flow-through tax in increase variances taxes, before also and in the higher
Moving on $X.X forecast. forecast average CapEx X-year billion total on XX. X-year period over of year currently and billion. We've XXXX a $X.X spending the Slide to CapEx to updated our per forecasting We're XXXX amount
X our years. doubling basically a that's of the of average million $XXX spend past annual So during
to XXXX billion the balance CWIP $X.X cash billion. at look over sheet additions time. PP&E is the you on If for in And first see [ statement, $X you'll exceeded ] flow the
think that's to requirements. over busy indicative I'd it's slowing increase past how and to contrary, say only growth the couple years. of the meet I been our And spending expect down. we've we reliability not to of
until we've stated of in expectations. forecast. upside CapEx will materialize. take forecast our we approach a potential there's conservative we're it Consistent with still because And capital in don't We past, our reporting to certain include relatively what to that, the our
RFP for for As begun Lisa recently mentioned, also a we and the bids XXXX final we've RFP developed projects. shortlist XXXX the evaluating projects,
haven't RFP, made we selections, rate the forecast those forecast. Idaho CapEx have RFP projects include for we final but XXXX short We because or base on of projects don't in our any in list the our Power
So depending additional from on period. the could RFPs, the results forecast see we in spend the
ongoing loads pipeline. mining projects signed last mentioned agreement also window CapEx our be end project an an the and the that that And helpful load large discussions in additional culminate company X of in Power could with our both also in year potential Perpetua. Lisa RFPs with of additional will additional the are at us. 'XX into also with certain Idaho large out results The and 'XX they and for further the
infrastructure needed is just the Building element. X
pull to need healthy forward into period, out keep equity XXXX the the forecast base you X-year estimate base the rate Idaho and doubling at of is to and window, to financially case, into billion. end roll to in which XXXX, utility to on for Slide was that our our it base that around We the forward about also our rolled debt convert most we XXXX billion $X.X the can more XXXX span. holders which of rate we the our increasing We When of to XXXX rate base end $X.X growth. returns by Coming funding provide recent XXXX rate see XX. forecast rebate than and by
base XXXX, outcomes. case, growth. projected aligning capital. is rate pending CAGR our on growth Idaho base base before tremendous current amount XXXX When That's outcome last And through that's additional rate our for again of factoring we from rate potential layer updated we'll estimated RFP with a in need of And from our that, additions rate the XX.X%.
a strong we've and the balance through We that sheet keep intend have this debt past. to target growth equity XX-XX ratio cycle in that now, it with capital we an mentioned long average way
we financing amount for moving XX. external that, through to estimate to The Related of XXXX Slide need XXXX. we
the about Just stay that plan, in capital about ratio. for it's in to equity in billion the billion debt $X.X already and at $X.X
still to our further aren't from equivalent, the a in our over timing have contract on increases. in of that's expect a we special step issuances. a amounts but We needs likely the the each X-year needed capital be optionality large down see nature degree amount the external to of revenues and of period, year Now out and do customers when
towards in RFPs, X forecast the not and probably thing, financing caveat that would pending necessary in that weighted company-owned a expect years be window. any the Though projects incremental for out on we bad
we ATM ATM fund equity use to potentially efficient side, an equity. us of been around that's the next equity to issue program could programs method needs the place, the have And considerable on a the fourth amount equity over cost-effective a in sometime for our We For Slide and of we million noted sold a plan We'll on ATM in on year. $XX as that years. under forward this several XX, to basis we quarter. draw and
outcome $XXX which flows on close million operations of in power increase. revenue last Slide from substantially from power financing case million to today. flows Also change, cash And June supply year, in XX, of nearly XXXX, the needs that. helped the those all strong position cash reduce was cost a to costs comparative Idaho also general cash of rate The net 'XX with $XXX as rate contributed a moderation flow IDACORP operating leaves improved and and benefit a notable supply cash our
reiterating wrap key last I'm X quarter. mentioned going to points up I by
the for CapEx through this cycle. of customers maintaining First, importance affordability
denominator the construct as for some appropriate the to reminder, customers. and developing increases infrastructure. otherwise customer to company's of of in Just what helpful. long-lived and the costs our regulatory Idaho to looks a in our be equation capital rate constructive also are regulatory being might And efficient for growth absorb of thoughtful contract obviously assets existing stewards whom we're Owning helps the customers special allocate larger
what We're and industry window. second, to we earnings believe just large with And call, infrastructure ahead CapEx the base. expect already linear, or financing of rates. among infrastructure of rate base of in and the to our financing demonstrated customer growth nor forecast needs much our said for annual aren't building profiles It's the time, customer not as use need ground conversion affordable leading linear quality door. growing us over to we the a be in equal I the our last in revenues from the genesis from to our path as gets on come that growth, a see earnings the the That necessarily steel ramp and necessarily
an what of of regulatory the customers. this certainly when comments and that that. that CapEx you've integrated reflect high most of execution our continued focusing regulatory But and the quarter for to environment. And particularly infrastructure environment has lag, growth earnings my process expect enormous described building I vertically horsepower in last interest today element prior be As is solid a used in this horsepower freight seen, period we're high rates. constructive current intact, We'll keep future on and in we I
With turn that, key to step to operating through metrics. it over I'm to XXXX John guidance and going our estimated
