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.

35,1 %

18,5 %

−1,2 %

0.93

0.93

— IDACORP, Inc
%
Regulated electric utility operations92% Idaho Power's core business of generating, transmitting, distributing and selling electricity under regulated rates.
Transmission and wholesale power5% Electric transmission service and wholesale energy/capacity transactions that support system balancing and revenue.
Hydropower generation1% Small PURPA-qualifying hydropower projects operated through Ida-West.
Tax credit investments and other2% Affordable housing and other real estate tax credit investments held through IFS and related activities.

IDACORP serves retail electricity customers across Idaho Power's service territory, including households, commercial...

  • Residential retail customersprimary

    Households in Idaho Power's service area buying regulated electricity for everyday consumption and reliability.

  • Commercial and small business customersprimary

    Retail businesses buying electricity and transmission-backed service for stores, offices and service operations.

  • Industrial and large load customersprimary

    Larger customers buying power under regulated tariffs and contributing materially to load growth.

  • Wholesale and transmission counterpartiessecondary

    Utilities and market participants buying energy, capacity or transmission service to balance supply and demand.

  • Tax credit and hydropower counterpartiesemerging

    Partners in affordable housing tax credit investments and small hydropower projects.

IDACORP's business is concentrated in the western United States, with Idaho Power regulated by Idaho and Oregon...

  • •Headquartered in Boise, Idaho
  • •Core regulated utility footprint in Idaho and Oregon
  • •Federal oversight through FERC for transmission and wholesale matters
  • •Operations concentrated in the U.S. West, limiting geographic diversification
  • •Service-territory growth directly affects load, capital needs and rates

IDACORP's strategy is to compound value through Idaho Power's regulated utility franchise, with emphasis on safety,...

01
Safety and workforce engagementshort-term

Utility operations depend on disciplined field execution and a stable workforce to maintain reliability and compliance.

02
Resource additions and capital investmentmedium-term

Projected energy and capacity deficits require new generation and related infrastructure to support growth.

03
Constructive regulation and rate recoverymedium-term

Earnings depend on timely recovery of costs and a reasonable return on regulated investment.

04
Brand and service reliabilitylong-term

High reliability and affordability support customer satisfaction, load growth and regulatory credibility.

IDACORP is exposed to utility regulation, because rates, allowed returns and cost recovery are set by state and federal...

high

Regulatory rate and return risk

Utility earnings depend on authorized rates, recovery mechanisms and allowed returns set by regulators.

Scope
Idaho, Oregon and FERC jurisdictions
Materiality
high
high

Holding-company liquidity risk

IDACORP relies on dividends from Idaho Power to fund its own dividends and debt obligations.

Scope
Parent company cash flow
Materiality
high
high

Capital intensity and financing risk

Resource additions and grid investment require substantial capital before cost recovery is fully realized.

Scope
2025-2027 resource additions
Materiality
high
medium

Load, weather and demand variability

Retail sales and peak demand can vary with weather, customer growth and usage per customer.

Scope
Retail utility load
Materiality
medium
medium

Operational reliability and outage risk

Utility performance depends on maintaining generation, transmission and distribution assets safely.

Scope
Service territory operations
Materiality
medium
Rate-regulated accounting
Regulatory assets/liabilities and timing of cost recovery
Unbilled revenues
Quarterly revenue and working capital
Allowance for uncollectible accounts
Operating expenses and net receivables
Retirement benefits and taxes
Net income and deferred tax balances
Asset impairment and depreciation
Operating expense and carrying value of plant

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: 28.4.2026