Question-and-Answer Session
Operator
(Operator instructions). We'll go first to Dan Eggers with Credit Suisse.
Dan Eggers – Credit Suisse
Hey, good afternoon. Talking about the CapEx being ahead in '08, should we be thinking about being that you're just, you're effectively kind of spending from the future to some degree or have you guys kind of found some other places to put capital to work?
Joseph Welch
No, actually, if you – I'm not going to say listening closely, but I think I answered that, that we got a lot more wind interconnections in this first year because of our Attachment FF in Iowa than we anticipated and we are also actually have more capital in Iowa that we're spending.
Dan Eggers – Credit Suisse
So does that mean that we need to do revise the CapEx expectations you guys gave in September at the Analyst Day?
Joseph Welch
No, no, we're right on. We're just – we just got some more things here this year. Remember that when we talked in the Analyst Day, we spoke pretty specifically about our CapEx forecast and especially giving you information about next year. What we really started to put a range around was the renewable interconnections and how those would play out, because we just don't have a good track record with them and the MISO queue is so dysfunctional, it's hard to tell who is where.
Dan Eggers – Credit Suisse
Joe, you look at the kind of the problems that wind developers are having getting financing right now, both on the project side and on the tax equity side, how much wind related spend was embedded in, say, the nine, ten estimates for CapEx relative to what is hard and true at this point in time? I guess I'm a little worried, is there some CapEx that might have to fade out if wind guys don't get their stuff done?
Joseph Welch
The guidance that we gave you on '09, okay, has been through the – what I'll call the Veg-O-Matic and that stuff all go. So there is nothing in '09 that I'm aware of that would be up in the air based on the wind developers because we never made it part of
our base forecast.
Dan Eggers – Credit Suisse
And then when I look at the Holdco borrowing capacity, how much room do you guys have actually at the Holdco for this second layer of leverage? I know you said you could finance through '09. Does that mean the Holdco has capacity?
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