IDACORP INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>IDACORP INC. has filed its 2023 annual report (10-K) detailing financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

IDACORP INC (IDA) filed a Annual Report (10-K) with the SEC on February 15, 2024. IDACORP INC. filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is electric services, SIC code 4911. IDAHO POWER CO, a subsidiary, is also detailed in the filing. The report includes financial data for the fiscal years 2023, 2022, 2021, and 2020.

Why It Matters

For investors and stakeholders tracking IDACORP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of IDACORP's financial health and operational status for the past fiscal year, crucial for investors assessing the company's performance and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's strategies, challenges, and regulatory environment within the electric services sector.

Risk Assessment

Risk Level: medium — IDACORP INC shows moderate risk based on this filing. The company operates in the electric services industry, which is subject to significant regulatory oversight and market fluctuations, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand IDACORP's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-02-15 — Filing Date (The date the 10-K was filed with the SEC.)

Key Players & Entities

• IDACORP INC. (company) — Filer of the 10-K report.
• IDAHO POWER CO (company) — Subsidiary detailed in the filing.
• 2023 (date) — Fiscal year covered by the report.
• 2024-02-15 (date) — Filing date of the 10-K.
• 4911 (other) — Standard Industrial Classification for Electric Services.

FAQ

Industry Context

IDACORP INC. operates within the electric services industry, providing essential power generation, transmission, and distribution services.

Regulatory Implications

The electric services industry is subject to extensive regulation by federal and state agencies, impacting pricing, operations, and environmental compliance.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, net income, and other key performance indicators for FY 2023.
2. Review the risk factors section to understand potential challenges and mitigation strategies for IDACORP.
3. Compare the current year's financial data with previous years (2022, 2021, 2020) to identify trends and performance changes.

Key Dates

• 2024-02-15: Filing of 10-K — Official submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — Marks the end of the period covered by the financial statements.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Filing Documents

• ida-20231231.htm (10-K) — 4185KB
• ida123123ex410.htm (EX-4.10) — 19KB
• ida123123ex1025.htm (EX-10.25) — 12KB
• ida123123ex1027.htm (EX-10.27) — 25KB
• ida123123ex1028.htm (EX-10.28) — 72KB
• ida123123ex1029.htm (EX-10.29) — 68KB
• ida123123ex211.htm (EX-21.1) — 3KB
• ida123123ex231-consent.htm (EX-23.1) — 2KB
• ida123123ex232-consent.htm (EX-23.2) — 2KB
• ida123123ex311.htm (EX-31.1) — 10KB
• ida123123ex312.htm (EX-31.2) — 10KB
• ida123123ex313.htm (EX-31.3) — 10KB
• ida123123ex314.htm (EX-31.4) — 10KB
• ida123123ex321.htm (EX-32.1) — 4KB
• ida123123ex322.htm (EX-32.2) — 4KB
• ida123123ex323.htm (EX-32.3) — 4KB
• ida123123ex324.htm (EX-32.4) — 4KB
• ida123123ex951-minesafety.htm (EX-95.1) — 23KB
• ida123123ex971.htm (EX-97.1) — 34KB
• ida-20231231_g1.jpg (GRAPHIC) — 104KB
• ida-20231231_g2.jpg (GRAPHIC) — 133KB
• ida-20231231_g3.jpg (GRAPHIC) — 199KB
• ida-20231231_g4.jpg (GRAPHIC) — 105KB
• 0001057877-24-000005.txt (&nbsp;) — 23169KB
• ida-20231231.xsd (EX-101.SCH) — 128KB
• ida-20231231_cal.xml (EX-101.CAL) — 123KB
• ida-20231231_def.xml (EX-101.DEF) — 956KB
• ida-20231231_lab.xml (EX-101.LAB) — 1470KB
• ida-20231231_pre.xml (EX-101.PRE) — 1209KB
• ida-20231231_htm.xml (XML) — 3864KB

Business 7

Item 1 Business 7 Information about our Executive Officers 20

Risk Factors 21

Item 1A Risk Factors 21

Unresolved Staff Comments 36

Item 1B Unresolved Staff Comments 36

Cybersecurity 36

Item 1C Cybersecurity 36

Properties 36

Item 2 Properties 36

Legal Proceedings 38

Item 3 Legal Proceedings 38

Mine Safety Disclosures 38

Item 4 Mine Safety Disclosures 38 Part II

Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 39

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures About Market Risk 72

Item 7A Quantitative and Qualitative Disclosures About Market Risk 72

Financial Statements 74

Item 8 Financial Statements 74

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 132

Controls and Procedures 132

Item 9A Controls and Procedures 132

Other Information 136

Item 9B Other Information 136

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 136

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 136 Part III

Directors, Executive Officers and Corporate Governance* 136

Item 10 Directors, Executive Officers and Corporate Governance* 136

Executive Compensation* 136

Item 11 Executive Compensation* 136

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters*

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters* 136

Certain Relationships and Related Transactions, and Director Independence* 137

Item 13 Certain Relationships and Related Transactions, and Director Independence* 137

Principal Accountant Fees and Services* 137

Item 14 Principal Accountant Fees and Services* 137 Part IV

Exhibits and Financial Statement Schedules 138

Item 15 Exhibits and Financial Statement Schedules 138

Form 10-K Summary 146

Item 16 Form 10-K Summary 146 Signatures 147 * Except as indicated in Items 10, 12, and 14, IDACORP, Inc. information is incorporated by reference to IDACORP, Inc.'s definitive proxy statement for the 2024 annual meeting of shareholders. 3 Table of Contents COMMONLY USED TERMS The following select abbreviations, terms, or acronyms are commonly used or found in multiple locations in this report: 2023 IRP - 2023 Integrated Resource Plan MATS - Mercury and Air Toxics Standards ADITC - Accumulated Deferred Investment Tax Credits MD&A - Management's Discussion and Analysis of Financial Condition and Results of Operations AFUDC - Allowance for Funds Used During Construction MMBtu - Million British Thermal Units AOCI - Accumulated Other Comprehensive Income Moody's - Moody's Investors Service BCC - Bridger Coal Company, a jointly-owned investment of IERCo MW - Megawatt BLM - U.S. Bureau of Land Management MWh - Megawatt-hour BPA - Bonneville Power Administration NAAQS - National Ambient Air Quality Standards CAA - Clean Air Act NAV - Net Asset Value CO 2 - Carbon Dioxide NEPA - National Environmental Policy Act CWA - Clean Water Act NMFS - National Marine Fisheries Service EIS - Environmental Impact Statement NOAA Fisheries - National Oceanic and Atmospheric Administration's National Marine Fisheries Service EPA - U.S. Environmental Protection Agency NO x - Nitrogen Oxide ESA - Endangered Species Act O&M - Operations and Maintenance ESG - Environmental, Social, and Governance OATT - Open Access Transmission Tariff Exchange Act - U.S. Securities Exchange Act of 1934, as amended OPUC - Public Utility Commission of Oregon FCA - Idaho Fixed Cost Adjustment PCA - Idaho-jurisdiction Power Cost Adjustment FERC - Federal Energy Regulatory Commission PSPS - Public safety power shutoff FPA - Federal Power Act PURPA - Public Utility Regulatory Policies Act of 1978 GAAP - Generally Accepted Accounting Principles REC - Renewable Energy Credit

BUSINESS

ITEM 1. BUSINESS OVERVIEW Background IDACORP is a holding company incorporated in 1998 under the laws of the state of Idaho. Its principal operating subsidiary is Idaho Power. IDACORP is subject to the provisions of the Public Utility Holding Company Act of 2005, which provides the FERC and state utility regulatory commissions with access to books and records and imposes record retention and reporting requirements on IDACORP. Idaho Power was incorporated under the laws of the state of Idaho in 1989 as the successor to a Maine corporation that was organized in 1915 and began operations in 1916. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity and is regulated by the state regulatory commissions of Idaho and Oregon and by the FERC. Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power. Idaho Power's utility operations constitute nearly all of IDACORP's current business operations. IDACORP's other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small hydropower generation projects that satisfy the requirements of the PURPA. IDACORP's and Idaho Power's principal executive offices are located at 1221 W. Idaho Street, Boise, Idaho 83702, and the telephone number is (208) 388-2200. Available Information IDACORP and Idaho Power make available free of charge on their websites their Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after the reports are electronically filed with or furnished to the SEC. IDACORP's website is www.idacorpinc.com and Idaho Power's website is www.idahopower.com . The contents of th

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View this 10-K filing on SEC EDGAR