IDACORP INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>IDACORP INC submitted its Q1 2024 10-Q filing, detailing financial performance and key dates.</b>

AI Summary

IDACORP INC (IDA) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. IDACORP INC filed its quarterly report (10-Q) on May 2, 2024, for the period ending March 31, 2024. The filing covers the financial activities of IDACORP INC and its subsidiary, IDAHO POWER CO. Key financial statement elements such as Common Stock, Retained Earnings, Accumulated Other Comprehensive Income, and Noncontrolling Interest are detailed for various periods. The report includes data points for the periods ending March 31, 2024, December 31, 2023, and December 31, 2022. Specific dates related to financial reporting and potential events are noted, including a rate case in Oregon scheduled for October 15, 2024.

Why It Matters

For investors and stakeholders tracking IDACORP INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of IDACORP INC's financial health and operational status for the first quarter of 2024. The inclusion of specific financial data and upcoming regulatory events like the Oregon rate case offers insights into potential future impacts on the company's earnings and operations.

Risk Assessment

Risk Level: low — IDACORP INC shows low risk based on this filing. The filing is a standard quarterly report with no immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Monitor upcoming regulatory decisions, particularly the Oregon rate case, for potential impacts on IDACORP INC's revenue and profitability.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-02 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-01-01 — Prior Year Quarter Start Date (Q1 2023)

Key Players & Entities

• IDACORP INC (company) — Filer of the 10-Q report
• IDAHO POWER CO (company) — Subsidiary detailed in the filing
• 2024-03-31 (date) — End of the reporting period
• 2024-05-02 (date) — Filing date of the 10-Q
• 2024-10-15 (date) — Scheduled date for Oregon rate case

FAQ

Industry Context

IDACORP INC operates as a holding company for Idaho Power Company, a regulated electric utility serving customers in Idaho and Oregon.

Regulatory Implications

The filing is a standard SEC Form 10-Q, adhering to regulations set forth by the Securities and Exchange Commission for quarterly financial reporting.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for trends in revenue, expenses, and profitability.
2. Analyze the impact of the upcoming Oregon rate case on Idaho Power's future financial performance.
3. Track any disclosures related to operational efficiency, capital expenditures, or environmental, social, and governance (ESG) initiatives.

Key Dates

• 2024-03-31: End of Reporting Period — Covers the financial results for the first quarter of 2024.
• 2024-05-02: Filing Date — Official submission date of the 10-Q to the SEC.
• 2024-10-15: Oregon Rate Case — A significant upcoming regulatory event impacting Idaho Power.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing an update compared to the previous year's Q1 results and the year-end 2023 report.

Filing Documents

• ida-20240331.htm (10-Q) — 1602KB
• ida33124ex151.htm (EX-15.1) — 3KB
• ida33124ex152.htm (EX-15.2) — 3KB
• ida33124ex311.htm (EX-31.1) — 10KB
• ida33124ex312.htm (EX-31.2) — 11KB
• ida33124ex313.htm (EX-31.3) — 10KB
• ida33124ex314.htm (EX-31.4) — 11KB
• ida33124ex321.htm (EX-32.1) — 4KB
• ida33124ex322.htm (EX-32.2) — 4KB
• ida33124ex323.htm (EX-32.3) — 4KB
• ida33124ex324.htm (EX-32.4) — 4KB
• ida33124ex951-minesafety.htm (EX-95.1) — 18KB
• 0001057877-24-000027.txt (&nbsp;) — 8261KB
• ida-20240331.xsd (EX-101.SCH) — 53KB
• ida-20240331_cal.xml (EX-101.CAL) — 84KB
• ida-20240331_def.xml (EX-101.DEF) — 294KB
• ida-20240331_lab.xml (EX-101.LAB) — 653KB
• ida-20240331_pre.xml (EX-101.PRE) — 504KB
• ida-20240331_htm.xml (XML) — 1127KB

Financial Information

Part I. Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) IDACORP, Inc.: Condensed Consolidated Statements of Income 8 Condensed Consolidated Statements of Comprehensive Income 9 Condensed Consolidated Balance Sheets 10 Condensed Consolidated Statements of Cash Flows 12 Condensed Consolidated Statements of Equity 13 Idaho Power Company: Condensed Consolidated Statements of Income 14 Condensed Consolidated Statements of Comprehensive Income 15 Condensed Consolidated Balance Sheets 16 Condensed Consolidated Statements of Cash Flows 18 Notes to Condensed Consolidated Financial Statements 19 Reports of Independent Registered Public Accounting Firm - Deloitte & Touche LLP 34

Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk 56

Item 3. Quantitative and Qualitative Disclosures About Market Risk 56

Controls and Procedures 57

Item 4. Controls and Procedures 57

Other Information

Part II. Other Information

Legal Proceedings 58

Item 1. Legal Proceedings 58

Risk Factors 58

Item 1A. Risk Factors 58

Unregistered Sales of Equity Securities and Use of Proceeds 58

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Defaults Upon Senior Securities 58

Item 3. Defaults Upon Senior Securities 58

Mine Safety Disclosures 58

Item 4. Mine Safety Disclosures 58

Other Information 58

Item 5. Other Information 58

Exhibits 59

Item 6. Exhibits 59 Signatures 60 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 Annual Report - IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2023 IERCo - Idaho Energy Resources Co., a subsidiary of Idaho Power Company 2023 Settlement Stipulation - The settlement stipulation for Idaho Power's 2023 Idaho general rate case IFS - IDACORP Financial Services, Inc., a subsidiary of IDACORP, Inc. ADITC - Accumulated Deferred Investment Tax Credits IPUC - Idaho Public Utilities Commission AFUDC - Allowance for Funds Used During Construction IRP - Integrated Resource Plan AOCI - Accumulated Other Comprehensive Income Jim Bridger plant - Jim Bridger power plant B2H - Boardman-to-Hemingway, a planned 300-mile, high-voltage transmission lines project between a substation near Boardman, Oregon, and the Hemingway substation near Boise, Idaho MD&A - Management's Discussion and Analysis of Financial Condition and Results of Operations BCC - Bridger Coal Company, a jointly-owned investment of IERCo MMBtu - Million British Thermal Units CPCN - Certificate of Public Convenience and Necessity Moody's - Moody's Investors Service CWA - Clean Water Act MW - Megawatt EIS - Environmental Impact Statement MWh - Megawatt-hour EPA - U.S. Environmental Protection Agency NAV - Net asset value ESA - Endangered Species Act NEPA - National Environmental Policy Act Exchange Act - U.S. Securities Exchange Act of 1934, as amended O&M - Operations and Maintenance FCA - Idaho Fixed Cost Adjustment OPUC - Public Utility Commission of Oregon FERC - Federal Energy Regulatory Commission PCA - Idaho-Jurisdiction Power Cost Adjustment FSAs - Forward sale agreements PURPA - Public Utility Regulatory Policies Act of 1978 GAAP - Accounting principles generally accepted in the United States of America RFP - Request for proposals

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS IDACORP, Inc. Condensed Consolidated Statements of Income (unaudited) Three months ended March 31, 2024 2023 (in thousands, except per share amounts) Operating Revenues: Electric utility revenues $ 448,299 $ 429,338 Other 637 321 Total operating revenues 448,936 429,659 Operating Expenses: Electric utility: Purchased power 111,899 171,093 Fuel expense 92,241 89,080 Power cost adjustment 22,363 ( 51,337 ) Other operations and maintenance 105,829 92,041 Energy efficiency programs 4,291 5,215 Depreciation 54,013 45,391 Other electric utility operating expenses 8,008 9,028 Total electric utility operating expenses 398,644 360,511 Other 696 1,045 Total operating expenses 399,340 361,556 Operating Income 49,596 68,103 Nonoperating (Income) Expense: Allowance for equity funds used during construction ( 11,152 ) ( 9,908 ) Earnings of unconsolidated equity-method investments ( 625 ) ( 2,454 ) Interest on long-term debt 33,308 24,968 Other interest 5,467 4,755 Allowance for borrowed funds used during construction ( 5,959 ) ( 4,228 ) Other income, net ( 14,165 ) ( 8,149 ) Total nonoperating expense, net 6,874 4,984 Income Before Income Taxes 42,722 63,119 Income Tax (Benefit) Expense ( 5,546 ) 7,095 Net Income 48,268 56,024 Adjustment for (income) loss attributable to noncontrolling interests ( 95 ) 74 Net Income Attributable to IDACORP, Inc. $ 48,173 $ 56,098 Weighted Average Common Shares Outstanding - Basic 50,764 50,688 Weighted Average Common Shares Outstanding - Diluted 50,792 50,723 Earnings Per Share of Common Stock: Earnings Attributable to IDACORP, Inc. - Basic $ 0.95 $ 1.11 Earnings Attributable to IDACORP, Inc. - Diluted $ 0.95 $ 1.11 The accompanying notes are an integral part of these statements. 8 Table of Contents IDACORP, Inc. Condensed Consolidated Statements of Comprehensive Income (unaudited) Three months ended March 31, 2024 2023 (in thousands) Net Income $ 48,268

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View this 10-Q filing on SEC EDGAR