Question-and-Answer Session
Operator
(Operator instructions) And we have a question from the line of Paul Ridzon from KeyBanc. Please go ahead.
Paul Ridzon – KeyBanc
I’m just looking for more clarity on the pension. You said ’09 pension increase should be up $30 million, but part of that will be expensed in ’09. Is that the $11 million we saw?
Bob Rowe
Brian?
Brian Bird
The $11 million is through the first three months of the year. It’s going to be a total of $15 million approximately for all of ’09. The $30 million is an increase that we’re spreading over two years, 2008 and 2009. And that’s the result, Paul, of an accounting order that we have to take our pension expense through 2005, through 2009, and spread those expenses over that time period.
Paul Ridzon – KeyBanc
So you’re saying half of it in ’08, half in ’09, and the $30 million is not even firm yet, is that correct?
Brian Bird
I think in light of where we were at the end of the third quarter, I think that’s pretty firm. I think what we will be looking at in the fourth quarter is it will – if the market stays where it is today, we’ll be refunding at 80%. If that’s so, we’d increase significantly or more out to probably fund less than 80% in light of the current market conditions. But it’s important for us to continue to fund our pension at appropriate levels that will be evaluated in the marketplace as we go forward. And we expect that this is going to be our forecast or forecasted expense at the end of the year.
Paul Ridzon – KeyBanc
And is there a firm date on the calendar for a Colstrip decision?
Bob Rowe
The Montana Commission is currently deliberating. They have their first work session on Monday. They will continue on Friday. And the goal is in order by mid November.
Paul Ridzon – KeyBanc
Okay. Thank you very much.
Operator
Thank you. We have a question now from the line of Brian Russo from Ladenburg Thalmann. Please go ahead.
Brian Russo – Ladenburg Thalmann
Good morning.
Bob Rowe
Good morning, Brian.
Brian Russo – Ladenburg Thalmann
Can you just elaborate a little bit on the increase in the 2008 guidance. I think previously, it was $1.60 to $1.75. So you increased it – increased the range by $0.05 since the last guidance given back in way July. But I’m wondering, it looks like you’ve got this negative delta on the pension. What are the positive drivers since July that has led you to increase the ’08 guidance?
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