SR - Earnings call transcript Q1 2018

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Operator

[Operator Instructions].

The first question will come from Michael Weinstein of Crédit Suisse.

Michael Weinstein

Maybe you could talk a little bit about the legislation that's being proposed, Senate Bill 730. How that might improve things on the ground for you guys going forward and what the rate case schedule would look like under the new law, if passed and also, how things might be different this year from last year and the year before that?

Suzanne Sitherwood

It seems, Michael, what you've articulated is really 2 parallel path.

that, current it's and it order an -- was obviously, about we've is midmonth our, most it morning, case rates this XX-month mentioned in and have then rate get go as case talked meant likely the We will rate effect the March. that process and reconsideration of we not satisfied have case case of matter by itself, we are that. with we the would aspects If the opportunity the on and obviously, seek to just the the outcome specific process pursue of a And we the to outcome facts without the take positive then from that actually have step, before judge. opportunity

go specific did through... So that's that what of this to even the of case. mention with back some legislation, Steve the process runway alternative Relative our

Steven Lindsey

of would the it that customers protect would mechanisms question, be I our Couple which transformational that and here utility are big for stabilization, really help Michael. call rate weather would for variations. regulatory during the the introduce pieces would Thanks

other period incentives approach. The a of a fair as this some create regulatory such feel are currently other it's we performance-based measures you the approaches utility a timely as introduced reviews can of to comprehensive annual is feel you that in to balanced company relative customers there more much would well so way about is to have have update so good management, which that to being would you And customers. very those lot expectations And to cost same very Alabama, process. think other and regulation. as our things very have the And we as we are on that is think the delivering and and part that our then type

Michael Weinstein

this yes, that to would -- this now under And but -- it annual have, are passes that. be rate and tough you pretty I case fair as right law? of is initial say them current it new sets the think, the legislation review cases the I would under we mean, after guess, in having I an time end rate of that, an that case, like, But, rate legislation the know sounds we with rates new was there then that the

Steven Lindsey

I do exactly you Well, mentioned. like think, you what is

You establish have annual case a get and reviewed And to an process. they those such things of current base basis, ROE more much as which again type is in the on frequent things.

you say that period you the update So totality, in I but then cases a much a think different process. again, frequency those rate of that describing, of regulatory in just end I them, in do frequent be the would current would more have wouldn't as know you have you than and

Suzanne Sitherwood

throughout timing I a year-end and information versus just taking case, all information review, more filed will, everyone the in sort a adjudicated is, have cadence elements, And when put's knows annual filing a that's if that that year. cadence, XX-month aspect there's and phone there's filing, nature the reviewing to preparing litigious and And you on think you the as going that Michael which by months the through of environment. toward that you its us input

have the the nature and working throughout way year. the cases the are into together those following of moving Just the versus year, then by review

Steven Lindsey

is, there an kind true-up period. then updates to that of piece annual last of we and on quarterly would the have file piggyback And Suzanne's comments

of So move forward. more there review as would ongoing frequent be our results business much we just

Michael Weinstein

might affect a that tax that? any Is credit other quantify Moody's On metrics that FFO-to-debt result -- question. to there metrics forward. weaker you think reform and I of of be Okay, what things? S&P and just as any last metrics after-tax at, might mentioned way looking one that reform, Or you going how expect

Steven Rasche

Steve. this Michael, is

about other again of to since overall how to there -- the and two made, lot a great decisions that Steve, especially a There's overall customers. have those it's back get of benefit, be those reform negotiations of shared our in The and tax room. the how us still are how benefits

you that's five-year in our all look of holdco tax at. We been -- and Our reform not and overall. look just And plan I metrics supported FFO-to-debt, agree plan, S&P at think that's been credit leverage credit also FFO. our and if you current reform all our impact and look we've does clear pretax that things the our of start, the showed Moody's metrics, both that and the our that's credit improvement and our at ratings all it's and goal from

have and at both and look out, rest negotiations in we'll improvement that assessment going we other the with relief forward agencies. assure, credit and our through some it we it also still that to They understand with and regulatory the that has forward. through it we discussions sure basis are the and get undertake public order where that the case metrics big can toolbox other understand and the need fairly our make had the moving on we of impacts are that to of numbers can the we'll regulatory of about That's our show process we've I if are we combination then that sense our inside period. done to our rating to get a on rate that and steps XXX we metrics. company FFO-to-debt magnitude support every find again confident still need a then you really figure of and tools points that be to and that to and plan the monitor the front, continue I'm lot there's we in to lot so questions As going do make to has our right current the going of

Operator

of Akers Fargo. Wells from Sarah will come The next question

Sarah Akers

regulated tax shield interest hit from the lower the XX%? the going unrecoverable reform, question your from an a just on on utility. the had EPS you expense I outside to from of see XX% tax Do

Steven Rasche

Sarah, The is short no. answer,

utilities hard, know, being broadly for regulated we that legislation. of and crafted the legislation that. while the That's that important, you perspective, Our make were in we're do and would regulated in amount final and to deductibility sure interest back worked capital entities the industries for there because successful the communities was protection be then that the need getting our to as investing into we

outstanding for questions peers. and for interest, which of question us be up is number holdco the for a waiting used specifically the Treasury that the really guidance firm we're of our will One allocation that's interest methodology to from Department in the because

you to you all an many long-standing really nature in been focus at years, If points on in we, business or allocations get use why have of whole the and investments largely debt, true we the to entities our look that we'd how where it location our incurred place holdco asset for regulated our which deductibility.

in EBITDA legislation. make changes it of continues limit nonregulated grow other the and remarks, that contribution call of mentioned over I prepared the point business our and EBIT the The would life terms on or that the I to in

able outside able are gets extent with We of be the to be interest power the that cover comfortable we'll we'll those to that, the it businesses. earnings allocated of very regulated entity, that that

the stand So today. deductibility question an from where interest from we we don't really see impact

Sarah Akers

there shield deductible, the bottom lower remains is Even not Does hit not loss? on a line? that if -- tax the the it

Steven Rasche

of and a tax we basically what you those bunch have differences benefits is That's There the us the saw. items what noncash writing booked timing the between noncash do currently that that all essence taking would whole of impact that that's of would historically and we we have pay really down. and charge recorded,

shared the it metrics and on earlier question, cash flow As all-in just at we an on at really I look our basis. overall the looked

deterrent the all. tend see we and thing cash to it being on flow. don't So impact look as a at its entire entire at I

Sarah Akers

Okay. the on earnings then your the place provide storage long-term tied contracts to acquisition, facility? And what's utility in all? are Or to is stability? that at that facility of there nature And operations gas

Suzanne Sitherwood

Sarah, is Yes, part it no your part of not the so first company. utility the question, of

In customers those through there are the just existing terms we've part, understanding second we forth. taken contracts of yes and so those working and an And is obviously, customer meeting and base. the asset

We room the that is and time this intentional, the in Michael first also because was topic. Geiselhart we've have introduced this

some I be provide able phone. So on color to everybody to he thought the might

Michael Geiselhart

financial Yes, difficulties as had and the anticipate, also rebuilding robust a some that mix are kind power the pretty the have it last different asset we but historically. those Obviously, well. of we will pipelines years. types. have ultimately, marketers, customers well as, as of mix facility will a LDC's of it But customer customers couple the of But in process given relationships of over some has the of

Operator

Capital The question of Insoo next from Kim come RBC will Markets.

Insoo Kim

talked questions the a potential tax about Just discussed the of early legislature. different piggybacking guys last reform, talked as the to think, year and had being in about I -- $X.XX earnings were off in fixed items $X.XX you

that assumed With -- passed, if is how assumption which to all nonimpact? earnings does at to your change having the that this And be due all? at final reform point, mostly tax been on at now was the nondeductibility

Steven Rasche

is about essentially of plans, them deductibility the ago looking on were utilities, a this as interest, made tweets group formed is recall. scenario. call being couple of ago, that interest tax is lot and interest concerns, And sure, mitigation of when talking the us, drag, this case had. there along about were and, assuming and legislation and you're the overall was accumulation of A Steve we a one industry as reform as a were only Yes, was hard at of had no it voted on year on. was an being that case we were really, the the one I was efforts we addressed worked nickel-to-dime peer when spot Insoo, a our that holdco with that looking actually, at year deductibility, absolute interest thing deductibility, an ultimately, but which we not scenario, was no worst we worst We on we -- and we which

standpoint. now place think again, at, So in traditional businesses, interest we legislation we've deductibility historic methods shielding looking -- interest and allocation across the from completely of an been with

successful year. think doing So really expect that that been we in last you that. worked hard We appropriate would I we've try and to offset was that nickel-to-dime as

Insoo Kim

potential of of forward? your of equity you on a Does And make everything. the any reform tax -- then been talking the as the, adjust adjustments in And people there depend equity guys base? how appreciation on that CapEx result about you course, impact the going would be how ahead rate your have the our bonus in whether of for you'll terms it. in industry loss Got industry of plan more CapEx

Steven Rasche

is an we reform are industry wide from this perspective, that great before an versus time and Yes, know industry question expectations question. I reasonable. think over fair I of And the the getting. tax And that equity additional is baseline

We have very been clear.

depreciation of was First of going to bonus the sunset all anyway. next in years couple

think were already that So distinction we a draw X-year to electorate that our utilities out, horizon about think had about that brethren, factoring We I we the depreciation of integrated in gas in spend and projection particular, we with. have recovery mechanisms. in when deal between was good bonus program because our and regulatory now, my sunset we capital is where right going the

so as depreciation they digit integrated to where investing year. So how have every big it was for capital about spend would never for would an think as and speak an the be another issue us bonus

been time that X is out bit that view to X us not not and plans improve spot we equitized were very over our bonus forward, issue over that do our able So the and long years to in we Spire we as agencies A levered, was have we've we And Pipeline for also capital said clearly, structure, an that has that to going the structure structure than understand that have of looking a tied we place being the how we specific whatsoever. they to over STL have horizon you depreciation equity. more next to and capital and we issue would movement with balanced ourselves look very so be, a our right of put that lot at believe discussions conditioned this we've the quarter. imagine to and capital always history so able had changed rating a clear and

look agree at How tied our would base look our to firm continue as we as at and but we'll equity that plan, grow So work we I the we out the the the it, to capital is plan STL is the specifically come pace, going to of growth growth on especially a Spire taking both Pipeline for with rate part from that you opportunities to at then in and a up mix, perhaps which pairs needs little bit increasing isn't that flow-through side. depreciation cash that debt up state. be Missouri, against bonus faster equity the and flows because financing that versus

Operator

The Pourreza next from Partners. Shar question be Guggenheim of will

Shar Pourreza

guidelines visibility holdco process? Steve, just real you the allocation do expect from quick, or on ISRS to when give the

Steven Rasche

is If I'd probably which years that Great we to I Department still those We we've guidance as method rates and tax clear been with allocated one to acceptable question, that and the that for face. that and ball, of over Shar. about I appropriate in the is the know interest had the or confirm the going industry, that income very we say from many positions a the forward. interest way referenced crystal have get I and predict are smile is looking market. Treasury use on forward that an

predict tried So precedent the pace we in now. we go can't will legislation. past which the to have to that be to practice, get industry right we guidance. was of and I of would the giving an get the absence exactly the where to us at the one guidance, Treasury In task as Department back addressed issue it But landed which

it were to as final able the legislation house the in the would frankly the into industry got to and only list I that on level. CapEx, the It at version in key of In get of version, we one choose expense of probably treatment business. version are of would we did on if successful bottom the senate the the we we -- ability it didn't. needed the our got things for because be get I fact, interest dividends we which the weren't taxation having in, make that And the it we about one to of individual at if had that and is XX to not on drivers thing we the not got legislation. to get individual list, value be favorable not deductibility, the Those an to

I'm they ears. are So work will a them you final in -- tell it rules later of on group better the get working of guidance. with view, there's get treasury to this morning. to working that have to issue folks in we our a when can try we'll I you treasury Otherwise issue of task those assess need if is the or what to that There get done, call impacts fairly the concern how the same have the all large continue of because about industry us the now the to that each to -- absence and

Shar Pourreza

So meetings I had tax Got there we've various that immediate from quarter. then next appreciate is obviously, the maybe ahead needed right? your back in savings program sort on savings and within or of of a necessarily to capital you'll forward it viewpoint and give to lastly subsidize the update the your some an us and But, that there's commissioners, aren't and some spending do state. with needs of potentially capital opportunity tax the keep programs go immediately,

the on dealing state subsidize spending. restrictive to pull an opportunity there's Missouri. some and of But a other of the some somewhat with are you forward CapEx So end, in

getting capital you secondary, you restricted elsewhere pushes you CapEx point, because or like getting are some takes, time? then how point Missouri the where your we've seen are So program? in similar has formulate the thinking withhold to been about as of may for Are what of states some sort you capital Oklahoma? the deploy to you And it

Steven Rasche

threw things You a couple of out.

every to other discussions benefits to are those create right would pay discussions that's would very be had have a we of of you've other talked it's the some incentives in of Alabama, Those some that in you do part heart have and programs anything other some some in there surprised to a to more resilient investments. focus come I with edges, long tails. would, of Missouri where have in in long-term what more in option is, we you're Let and the you the shared. you have discussion on at me bridges. charter our opportunity modify reason to and that's in and of or be biggest aspects jurisdictions. deployment for hardening in, it we've but infrastructure way the really items driver that but maybe look day capital capital that from number making upgrade the are because got We our about or right our I plan, manage on of address for and is by we about doing XX-year to at cost-effective, and are or got talk look those capital. and whole plan the capital more the first we'll our and to reliable, about programs about we to if our sure about are we I then and the reality, cross for tell plan programs customers think are benefits some margins realtime make first We'll are get remember, ratemaking. foremost, into them of to that and the system yet our to behind know I reform that all second tax spend. that those We question thing at we using And the jurisdictions, to the us a our we mark, in on how of when the have far, other Again, clearly to you

Alabama, Difficulty] to to of that part on regard basis, our part our quarterly expand like approach. in as which of of [Technical and So With we we adjust deployment why our progressive rate rates, is Steve? plan, we as capital, a choose

Steven Lindsey

the and for Sure question. thanks

to the have Steve being focus big terms upgrades such on not and X those. have As been X infrastructure these mentioned, would we safety And had we've If I doing we and programs XX would upgrades done of the literally clearly a successful we think, or winter. relative last to great have are able in over XX-year up. part challenges think years, system why I we some hold that reliability are a reliability, to of was

clearly I piece So often credit benefit ongoing future on our maintaining there is and in of a as just much and doesn't the our terms think that the this get O&M reduces system. system,

benefits this growth there So got of part those for $XX that's million of jurisdictions. first in over and we for I capital I a our the result example, are I piece initiatives every direct new business mentioned that in our other all and organic had is touch on think will that really going on quarter, and we

the a up over that quarter, new of So for and of business scale I give dollars of think we're first to seeing total that XX% dedicated this made you just benefit capital plans. that to we amount our

grows because spreading that a broader customers from really long-term And meters. you're perspective, So over cost again, additional as a that and the business helps population.

we've between think, got terms many I sight line for of X, the of capital a characterized. that in has those Steve years long So

Suzanne Sitherwood

that to customers. always this by our that your always the front Steve our this tie We're adjustments in the to tax their in of the to to Steve of the tax and do part have commission the pay and even And conversation, we'll the file are right would impacts bill. timing thing and thing, And going on terms example, back final the Missouri's be We were Again, did not and the this commissioners. to commission topic what I We right. customer going point right staff are outside to on any my into conversation to question. of for be guess, the on do case.

in cause right and a to again the running in from formality true-up what case. it of are and before terms the commission. thing, So customers in the this is we filed fact do part not bringing wanting standpoint, we the calculations, those of that But

Operator

next The Akyol Selman from Instructions]. [Operator will Stifel. question come of

Selman Akyol

you've As it a nonregulated storage. you undertaken undertaken side pipeline, the of relates the to business, sort now of some

at of So over as you years, you are sort wanting additional in? next X what projects seeing the to look guys you invest

Suzanne Sitherwood

we've pipeline and on supply about our pipeline to that be mathematically won't so things Spire are west to to perspective a STL to and well. a that we Yes, of or guys as you some alternative side evaluating it about. state quantify Pipeline the the beyond you able talked the community like From bring the with conversation

not Of so regulated, course the regulated. the utilities but pipelines are. regulated, them consider are they're state Obviously, would FERC we

for terms In a unregulated, Mike by are of companies, large is that storage, obviously, supported but as regulated. part mentioned,

base, the So economically, side like asked in make from we things good an all expansion have was question. do that have on to sense as customer storage earlier they strong a

there see it we value haul. want anything is consistent bringing we to So the will you as do there growth Mike, over with particular as evaluate add? shareholder opportunities well long and

Michael Geiselhart

may the future. I I add a in lot that if is, The make a building, only there forward, we're a pretty have the of asset in the moving evaluating and we would made not-too-distant future of capable with then what Alabama. do of look potential in they And really in internally more public and evaluating storage Missouri potential lot to something the become We've projects, mentioned projects will process Suzanne sense. terms assets with that developed storage, we'd in and team definitely regard progress Ryckman capabilities to thing think is of

Selman Akyol

color. appreciate And just I the item. a previous the then bit follow-up little Great, on

that was to of $XX how new noted dedicated in You capital, million much Missouri?

Steven Lindsey

our fairly amongst utilities. largest been distributed evenly actually X It's

the cases is need gas. extensions. that into one main industrial roughly Missouri has in are as So a X/X are probably natural are dedicated which been a other going And some demonstrating upwards for two pretty going customers that them areas positive is, They're and utilities. above to serve strategic characterize to thing -- to of say, underserved well X/X, experiencing, would I -- close we we

particularly side So in that's here the another that the benefit in state we're seeing, west of Alabama. in and Missouri

Operator

from The Chris of will next come Morgan. Turnure question J.P.

Christopher Turnure

potential now to you also implications elaborate The for that? of fund could away structure midstream that not that maybe projects, company the for verbal Could you're the you on those Missouri you weeks acquisitions, XXXX, concerns adding debt of top just but yesterday, longer-term, building X pivoting we on if to a hear versus about a on elements structure you have the start any but debt pretty your for of lot holdco that have some were ask? more with I then from funding do capital there outside strategy. decision your Commission next capital the could in pipeline. from think other that decisions major How of holdco a And know your

Steven Rasche

invest fairway operate because -- base they Yes, the to been well we the upgrade and on we've holdco you've that their and think each that operating with capital allocate service, doing systems, believe as right is and we capital for been XXXX, utility practice utility and the we they think we tenure credit the paying order are each specially for that manage been of able to prudent in good, is appropriately which about own businesses the grows. the philosophy, for we've the in as same Ultimately, ring-fenced back we are consistently my those is to going side. time in we the they to structure our the down agreed needed seen change. cost debt across which have fashion, so let me customers that to and time, And and I ratings draw footprint. that have not for since and only utility, start customers. business the a think need, pay our That associated I capital operating And the costs do business that at as to our nonregulated Chris, well our and are stipulation we the want is MGE

on You We had of investments can our mention distinction. I the a the in -- side, side. nonregulated couple that you think, nonutility draw clearly

nonregulated a little about because than think mentioned purely regulated as Suzanne we I second about ago. a pipelines think businesses bit are just I FERC differently

about So which view to the those get different is going generally when I we and into little tend at a to pipeline think right with the time, closer service.

structure that entity at the entity utilities, ring-fence a to establish will we do so can just we that that. at we that as capital We do have

So I think our and think from at of we utilities that for really looking in our cost discussions is you we in capital service customers at what violates want that of basic, our we standpoint, had the where entities structure their operating Missouri. that corporate Missouri capital we've yesterday, corporate look last down the exactly our and Alabama. the do thing it's fundamentally meeting think and all some through the look structure have if prudent of flawed. that is change have puts sustainable customers very principles the to do of And We because some in activity we to decided our

Suzanne Sitherwood

that And we and question interdependency. don't the about concerned mentioned the the the have comments, in to earlier are tenure are your commissioners my and to we and to about, some I very matters are ex what about concerned an we and that of on the also concerned parte. complex Chris, opportunity We point, educate

be staff it's commission believe process these strongly the commissioners an they to about the truthfully part responsibility look environment education come and for balanced to the of concerned, the at be that must we fair as as have the we things a the and ex commissioners need staff thrive It's the outcome. for to needs a and allow and and of over go. get responsibility for best the and outcomes are customers of they in state for balanced and commissioners think need cases time it'll and to outcomes, understands and We regulatory Those rule, considered that the reason also fair there parte and the and cause-and-effect. commission

very So these items. are again complex

had on we've get series fair are this to not the very And questions easy. balanced and without about that think of informed outcomes. again, it's commission, difficult call Just today, they calls an or

mentioned the this customers still table and best these we said, business going working about. will, finish to being doing a proper and through out so to outcome we earlier, for as case job as long processes. we're as timeline, and sure our And around the this decades our concerned our But tenure, again, they're well make this a company to and the that decades, shareholders. collectively we've we're responsibility get our been probably that manage on a And in -- as I remain century. It's [indiscernible]

Christopher Turnure

balance where Or given step in? knowledge to look geographic And other business guys That can here of that when kind the non-regulated distance? investment, from draw there. table? we can is I kind your of upside about a Wyoming sense. Is you indicated a willing you to there lot bring table some market makes think that the that the at of think what were it the you sheet Wondering to then others how you not you bring potential

Michael Geiselhart

intellectual Yes, capital business. this is Mike. It's definitely an

to I assets. process participants. and It was I in likely by to the that the other of pass caused of were overlooked many of opportunity that was acquirers think see some the also sort able respects number a strategic think flawed we some over value sort

past. we So in forward future. price, that occurred we feel of a upside the to to which in able a moving like if you will. lot We the How at buy issues and are saw the of the diamond it we a in attractive the gives us asset correct as understand them have very rough, sort

the the storage providing capability the from region. Our California execution terms possibilities of multiple plan state in types is out in of and particular interesting Rocky can Mountain We asset has in diversified But Coast customer standpoint. sort believe very serve the Southern West California. very for of

we is So laid those of that some discussions plan a already we have out have pretty underway long-term. customer interesting and think

Christopher Turnure

say flawed you was that a process? Did

Michael Geiselhart

kind all particular will, sale -- are of all how relatively CapEx you and turn I and geology were bankruptcy the to I the the more in the of the we the itself of given very that poorly modest sort development really facilities where with understand process initial think and equipment Yes, think if in the process astray, facility, the around importantly, But the place. already that went of history operational that run. process really

Operator

Joe morning from of Advisers. And Avon Capital question this come the final will Zhou

Andrew Levi

for Levi Joe Andy It's Zhou.

couple a questions. Just of

update First, enabled the an just pipeline. on

guys stop leaving nothing FERC do? what give are the Or are? is And this just exactly there's do an that to can we update the left system point? this you to at trying trade and and Enable of You procedures. is where Can they us

Michael Geiselhart

of this that Mississippi a interesting in into the sort period and had St. it, had of an Yes, supply. low-cost our frankly, ability earthquake Transmission the a at Mike access, really for that might MRT particular up regard time. it's system through avenues we our New Louis Enable is the coming Madrid way of again. crossing we hold And The existing monopoly Enable connections you a Fault. this supply. say in we the the debate, course this with really then wasn't through resiliency, development a pipeline Yes, looked concern sort with through almost of of perceive to had with market asset, is the we access to to record some case. And on as also good Marcellus the River There

kind diversity from pipeline. we project certainly executed and really market, that access as We've the well new long-term REX alternative as zone a a capacity and a in that developed to to we gas. supply X the most ahead needed into that both support the So economic build. gone And is new agreement a to of physically provide actually pipeline resiliency agreement standpoint,

supplies. Louis frankly very benefits St. amount access can like their to customers alternative So believe it's economical but understandably capacity us in our have the bring it the to certainly about and in system, not a excited those customers same we're MRT, with on interest. to remain pretty of that's would

Andrew Levi

just the trying understand But I'm this. to process regulatory around

they're passed assume do FERC the is stand I at prevent process? already? you approval, the So still is And Or case? that trying getting to that from basically, we where in regulatory

Michael Geiselhart

as still tend pretty once you case, will, silent it very near right Well, their completion things process FERC. projects efforts to FERC. make they are to making in the at staff go The of now, we are is understand with if certificate front

written. the that environmental is process understanding that is and Our done is the portion order of

needs of I a frankly, are really I still think occur. to projects, discussion And on function playing still commissioners a new think lot that delay including up some the that having there's is of catch ours.

So near we're order future. we'll the an relatively that still have optimistic and expect in

Andrew Levi

to I work. a everybody go have And then that's let other and Okay, great. back questions I'll two then

So as the ratio kind equity the I guess, process parent using going things like just that forward, like I far ISRS regulatory one I equity the around punchline really of was for the been versus, and using ratio you've and the that. of, yesterday, the guess, as XX.X% guess,

for XX% it? there be as is if around was that -- some I far assuming kind the adjustment is know as should short-term debt? that the way we they're at equity parent looking ratio, that So of

Steven Rasche

were discussions their Yes, short-term Joe, structure, number a was the a because little It is to That to who was this were unclear indication Steve. capital parent without debt. believe the the there commissioners voicing opinion. I go from of

I about talked structure. how already going feel think that we OpCo the with about cap we've versus

capital the process we of think get and on to the I and interest strongly the sound at that. about feel our sustainable in front what's of more focused want out practice in start don't is I numbers. nouns I staying that and believe business regulatory structure and talking customers. don't corporate am I

put of So that it through process going and still no number the at that we with forward. case They're leave deliberations. in

Andrew Levi

that I understand. issue. a then follow-up Right, And on just okay.

sensitivity earnings your can as How should of that at that any in you give look decline kind wise? is equity we So us X% of there type ratio?

Steven Rasche

spades, for we have think would you discussion As market appreciate, inappropriate that that further can but process. are us be to know I it the in we in in until public

Andrew Levi

is, I release. see And it on in noticed in the first release, understand. quarter fourth you last release, the saw quarter it but didn't press my then I -- had your just I question I

Just reiteration of your X% to X% growth rate?

Steven Rasche

now You're pluses long-term. Tax bit years we prepared don't we going my are the I to cause us every minuses. both five right. a hits about a update April reform, the year earnings you from We in a the are move out wholesome omitted them actually call. right that ways, it from looking talk as anything and couple do in call. little give growth. They this would the over base of in because to when remarks see rate many I accelerator that on think quarter, about

bit we in to Once utilities. are have was this our along forward our the inside why really that step our from discussions the to impacts base our arms regulators growth little we around we it on felt how with get rate and further the So away that's on that appropriate side going quarter.

we away we'll a that and grow, walking our are to we not to update call. view rate on at get have our We need grow we that and specific from to earnings that discussions when very need April and good

Operator

And ladies conclude like his will our Scott back to would this hand I for and Dudley the remarks. gentlemen, question-and-answer conference session. to closing

Scott Dudley

joining morning. for again this thank Well, everyone us you

day care. of to around be speaking for questions. you Take any then. Look forward the throughout the will We rest follow-up with

Operator

may attending lines. you. conference At time, today's for presentation. you the gentlemen, has Thank you this and your Thank now disconnect Ladies concluded.

Spire (SR) 1 Feb 182018 Q1 Earnings call transcript