IDACORP Inc. Files Q2 2024 10-Q

TL;DR

IDACORP's Q2 10-Q is in, check the numbers for Idaho Power.

AI Summary

IDACORP Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company and its subsidiary, Idaho Power Company. Specific financial figures and operational metrics for the second quarter and first half of 2024 are presented.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for IDACORP Inc. and Idaho Power Company, crucial for understanding their current performance and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 20240801 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• IDACORP INC (company) — Filer
• IDAHO POWER CO (company) — Subsidiary
• 20240630 (date) — Reporting Period End Date

FAQ

Filing Documents

• ida-20240630.htm (10-Q) — 1987KB
• ida63024ex101.htm (EX-10.1) — 14KB
• ida63024ex151.htm (EX-15.1) — 3KB
• ida63024ex152.htm (EX-15.2) — 3KB
• ida63024ex311.htm (EX-31.1) — 10KB
• ida63024ex312.htm (EX-31.2) — 11KB
• ida63024ex313.htm (EX-31.3) — 10KB
• ida63024ex314.htm (EX-31.4) — 11KB
• ida63024ex321.htm (EX-32.1) — 4KB
• ida63024ex322.htm (EX-32.2) — 4KB
• ida63024ex323.htm (EX-32.3) — 4KB
• ida63024ex324.htm (EX-32.4) — 4KB
• ida63024ex951-minesafety.htm (EX-95.1) — 19KB
• 0001057877-24-000041.txt ( ) — 9445KB
• ida-20240630.xsd (EX-101.SCH) — 56KB
• ida-20240630_cal.xml (EX-101.CAL) — 83KB
• ida-20240630_def.xml (EX-101.DEF) — 311KB
• ida-20240630_lab.xml (EX-101.LAB) — 683KB
• ida-20240630_pre.xml (EX-101.PRE) — 519KB
• ida-20240630_htm.xml (XML) — 1450KB

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 35

Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures About Market Risk 59

Item 3. Quantitative and Qualitative Disclosures About Market Risk 59

Controls and Procedures 60

Item 4. Controls and Procedures 60

Other Information

Part II. Other Information

Legal Proceedings 61

Item 1. Legal Proceedings 61

Risk Factors 61

Item 1A. Risk Factors 61

Unregistered Sales of Equity Securities and Use of Proceeds 61

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61

Defaults Upon Senior Securities 61

Item 3. Defaults Upon Senior Securities 61

Mine Safety Disclosures 61

Item 4. Mine Safety Disclosures 61

Other Information 61

Item 5. Other Information 61

Exhibits 62

Item 6. Exhibits 62 Signatures 63 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 Ida-West - Ida-West Energy Company, a subsidiary of IDACORP, Inc. 2023 Settlement Stipulation - The settlement stipulation for Idaho Power's 2023 Idaho general rate case IDEQ - Idaho Department of Environmental Quality ADITC - Accumulated Deferred Investment Tax Credits IERCo - Idaho Energy Resources Co., a subsidiary of Idaho Power Company AFUDC - Allowance for Funds Used During Construction IFS - IDACORP Financial Services, Inc., a subsidiary of IDACORP, Inc. AOCI - Accumulated Other Comprehensive Income IPUC - Idaho Public Utilities Commission APCU - Annual power cost update IRP - Integrated Resource Plan ASU - Accounting Standards Update Jim Bridger plant - Jim Bridger power plant B2H - Boardman-to-Hemingway, a planned 300-mile, high-voltage transmission line 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 CAA - Clean Air Act Moody's - Moody's Investors Service CPCN - Certificate of Public Convenience and Necessity MW - Megawatt CWA - Clean Water Act MWh - Megawatt-hour EIS - Environmental Impact Statement NAV - Net asset value EPA - U.S. Environmental Protection Agency NEPA - National Environmental Policy Act ESA - Endangered Species Act O&M - Operations and Maintenance 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 Com

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS IDACORP, Inc. Condensed Consolidated Statements of Income (unaudited) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in thousands, except per share amounts) (in thousands, except per share amounts) Operating Revenues: Electric utility revenues $ 449,819 $ 412,727 $ 898,118 $ 842,065 Other 1,220 1,111 1,857 1,432 Total operating revenues 451,039 413,838 899,975 843,497 Operating Expenses: Electric utility: Purchased power 95,383 91,460 207,282 262,554 Fuel expense 22,699 31,113 114,940 120,194 Power cost adjustment 59,156 49,629 81,519 ( 1,708 ) Other operations and maintenance 110,903 97,123 216,733 189,164 Energy efficiency programs 7,126 6,552 11,416 11,767 Depreciation 54,732 47,108 108,745 92,499 Other electric utility operating expenses, net ( 2,981 ) 7,846 5,027 16,871 Total electric utility operating expenses 347,018 330,831 745,662 691,341 Other 752 713 1,448 1,758 Total operating expenses 347,770 331,544 747,110 693,099 Operating Income 103,269 82,294 152,865 150,398 Nonoperating (Income) Expense: Allowance for equity funds used during construction ( 13,279 ) ( 11,173 ) ( 24,431 ) ( 21,081 ) Earnings of unconsolidated equity-method investments ( 1,277 ) ( 2,739 ) ( 1,902 ) ( 5,192 ) Interest on long-term debt 33,308 28,579 66,616 53,547 Other interest 6,075 4,609 11,542 9,363 Allowance for borrowed funds used during construction ( 6,920 ) ( 5,161 ) ( 12,879 ) ( 9,389 ) Other income, net ( 12,545 ) ( 8,816 ) ( 26,710 ) ( 16,964 ) Total nonoperating expense, net 5,362 5,299 12,236 10,284 Income Before Income Taxes 97,907 76,995 140,629 140,114 Income Tax Expense 8,063 8,131 2,517 15,226 Net Income 89,844 68,864 138,112 124,888 Income attributable to noncontrolling interests ( 324 ) ( 290 ) ( 419 ) ( 216 ) Net Income Attributable to IDACORP, Inc. $ 89,520 $ 68,574 $ 137,693 $ 124,672 Weighted Average Common Shares Outstanding - Basic 52,170 50,725 51,467 50,

View Full Filing

View this 10-Q filing on SEC EDGAR