IDACORP, Inc
IDACORP is a Boise-based holding company whose main operating asset is Idaho Power, a regulated electric utility serving customers in Idaho and Oregon. The group also includes smaller subsidiaries tied to hydropower generation and tax-credit investments, but nearly all operating results come from the utility business.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueIdaho Power's core business of generating, transmitting, distributing and selling electricity under regulated rates.
Electric transmission service and wholesale energy/capacity transactions that support system balancing and revenue.
Small PURPA-qualifying hydropower projects operated through Ida-West.
Affordable housing and other real estate tax credit investments held through IFS and related activities.
Products
Reported · share of revenue- Retailrevenues88.9 %
- Transmissionserviceswheeling4.1 %
- Wholesaleenergysales3.2 %
- Otherrevenues2.0 %
- Energyefficiencyprogramrevenues1.7 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
IDACORP serves retail electricity customers across Idaho Power's service territory, including households, commercial users and industrial accounts. It also sells power and transmission services to wholesale counterparties, while its smaller investment subsidiaries serve financial and project-based counterparties rather than utility end-users.
Households in Idaho Power's service area buying regulated electricity for everyday consumption and reliability.
Retail businesses buying electricity and transmission-backed service for stores, offices and service operations.
Larger customers buying power under regulated tariffs and contributing materially to load growth.
Utilities and market participants buying energy, capacity or transmission service to balance supply and demand.
Partners in affordable housing tax credit investments and small hydropower projects.
Strategy
IDACORP's strategy is to compound value through Idaho Power's regulated utility franchise, with emphasis on safety, financial strength, core utility execution and brand trust. Management is also focused on funding large capital needs, maintaining constructive regulation and supporting customer growth with reliable and affordable energy from diversified resources.
Utility operations depend on disciplined field execution and a stable workforce to maintain reliability and compliance.
Projected energy and capacity deficits require new generation and related infrastructure to support growth.
Earnings depend on timely recovery of costs and a reasonable return on regulated investment.
High reliability and affordability support customer satisfaction, load growth and regulatory credibility.
Geography
IDACORP's business is concentrated in the western United States, with Idaho Power regulated by Idaho and Oregon commissions and by FERC. Boise is the corporate and operating headquarters, and the company's exposure is primarily tied to growth, weather, regulation and resource adequacy in its service territory rather than broad international markets.
Risks
IDACORP is exposed to utility regulation, because rates, allowed returns and cost recovery are set by state and federal regulators rather than by market pricing. Its holding-company structure also means cash available for dividends and debt service depends on Idaho Power distributions, while capital-intensive load growth and weather-driven demand can pressure financing needs and operating results.
- Regulatory rate and return riskImpact: HighLikelihood: Medium
Utility earnings depend on authorized rates, recovery mechanisms and allowed returns set by regulators.
Exposure - Capital intensity and financing riskImpact: HighLikelihood: Medium
Resource additions and grid investment require substantial capital before cost recovery is fully realized.
Exposure: 2025-2027 resource additions
- Holding-company liquidity riskImpact: HighLikelihood: Low
IDACORP relies on dividends from Idaho Power to fund its own dividends and debt obligations.
Exposure: Parent company cash flow
- Operational reliability and outage riskImpact: MediumLikelihood: Medium
Utility performance depends on maintaining generation, transmission and distribution assets safely.
Exposure: Service territory operations
- Load, weather and demand variabilityImpact: MediumLikelihood: Low
Retail sales and peak demand can vary with weather, customer growth and usage per customer.
Exposure: Retail utility load
Accounting
Judgemental itemsDeferred costs and recovery mechanisms can shift expenses between periods and affect earnings visibility.
Impact: Regulatory assets/liabilities and timing of cost recovery
Electric service is consumed before billing in some periods, requiring estimates of earned but unbilled revenue.
Impact: Quarterly revenue and working capital
Customer credit assumptions affect bad debt expense and receivables valuation.
Impact: Operating expenses and net receivables
Pension, postretirement and income tax estimates can materially affect utility earnings.
Impact: Net income and deferred tax balances
Large generation and transmission assets require ongoing useful-life and recoverability judgments.
Impact: Operating expense and carrying value of plant
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Last updated: 24/09/2026