So we have constructive recovery in place for much of APS’ CapEx, minimal annual spend is expose to regulatory lags, the right graph depict CapEx by major recovery mechanism.
We expect about 80% of our cash flow over this or CapEx over this timeframe will be recovered either through mechanisms currently in this last rate case of 45% or 35% by depreciation cash flow. And so we’ll talk more about the recovery mechanisms and the projects more detail in the minute.
So I want to the second pillar, maintaining operational excellence. We believe the superior operating performance represents stable stakes for meeting our customers needs, achieving constructive regulatory outcomes and creating value for investors and so on the next slide I have some recent performance highlights.
We focus on maintaining top-tier performance companywide. So we’ve achieve that in the number of areas, customer satisfaction, APS continues in top decile among U.S. utilities. This summer APS ranked 3rd highest nationally among 55 large investor-owned utilities in 2013 J.D. Power Residential Survey.Strong Nuclear and Coal Base Resources, we operate above or near industry averages and in terms of Palo Verde the largest U.S. nuclear power plant in the U.S. which we operate 29.1% we sold the NRC provide license extension in April 2011 shortly after the year Japanese disaster. Customer to the plants performance and management relationship with the NRC, we have top U.S. quartile and average time for customers for the past several years, and we had a very strong safety year in 2011 achieving our best safety year in the history of the company. I only mentioned that because when you have a strong safety record it shows that you are paying attentions to the detail in your operations. We’re going to continue to pursue goal of zero recordable injuries. Read the rest of this transcript for free on seekingalpha.com