IDACORP Inc. Files Q3 2024 Results

TL;DR

IDACORP Q3 2024 filing out. Check financials for Idaho Power.

AI Summary

IDACORP INC. filed its quarterly report for the period ending September 30, 2024. The company, which includes Idaho Power Company, operates in the electric services sector. Key financial and operational data for the third quarter and year-to-date periods of 2024 and 2023 are presented.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details for IDACORP Inc. and its subsidiary Idaho Power Company, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Players & Entities

• IDACORP INC (company) — Filer of the 10-Q report
• IDAHO POWER CO (company) — Subsidiary of IDACORP INC.
• 20240930 (date) — End of the reporting period
• 20241031 (date) — Filing date

FAQ

Filing Documents

• ida-20240930.htm (10-Q) — 1964KB
• ida93024ex151.htm (EX-15.1) — 3KB
• ida93024ex152.htm (EX-15.2) — 3KB
• ida93024ex311.htm (EX-31.1) — 10KB
• ida93024ex312.htm (EX-31.2) — 11KB
• ida93024ex313.htm (EX-31.3) — 10KB
• ida93024ex314.htm (EX-31.4) — 11KB
• ida93024ex321.htm (EX-32.1) — 4KB
• ida93024ex322.htm (EX-32.2) — 4KB
• ida93024ex323.htm (EX-32.3) — 4KB
• ida93024ex324.htm (EX-32.4) — 4KB
• ida93024ex951-minesafety.htm (EX-95.1) — 19KB
• 0001057877-24-000047.txt ( ) — 9503KB
• ida-20240930.xsd (EX-101.SCH) — 57KB
• ida-20240930_cal.xml (EX-101.CAL) — 81KB
• ida-20240930_def.xml (EX-101.DEF) — 320KB
• ida-20240930_lab.xml (EX-101.LAB) — 711KB
• ida-20240930_pre.xml (EX-101.PRE) — 534KB
• ida-20240930_htm.xml (XML) — 1454KB

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 60

Item 3. Quantitative and Qualitative Disclosures About Market Risk 60

Controls and Procedures 61

Item 4. Controls and Procedures 61

Other Information

Part II. Other Information

Legal Proceedings 63

Item 1. Legal Proceedings 63

Risk Factors 63

Item 1A. Risk Factors 63

Unregistered Sales of Equity Securities and Use of Proceeds 63

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 63

Defaults Upon Senior Securities 63

Item 3. Defaults Upon Senior Securities 63

Mine Safety Disclosures 63

Item 4. Mine Safety Disclosures 63

Other Information 63

Item 5. Other Information 63

Exhibits 64

Item 6. Exhibits 64 Signatures 65 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 2024 Idaho Limited-Issue Rate Case - A limited-issue rate case Idaho Power filed with the IPUC in May 2024 IERCo - Idaho Energy Resources Co., a subsidiary of Idaho Power Company 2024 Oregon Settlement Stipulations - Settlement stipulations approved by the OPUC in September 2024 settling Idaho Power's general rate case filed with the OPUC in December 2023 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 APCU - Annual power cost update MD&A - Management's Discussion and Analysis of Financial Condition and Results of Operations ASU - Accounting Standards Update MMBtu - Million British Thermal Units 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 Moody's - Moody's Investors Service BCC - Bridger Coal Company, a jointly-owned investment of IERCo MW - Megawatt CAA - Clean Air Act MWh - Megawatt-hour CPCN - Certificate of Public Convenience and Necessity NAV - Net asset value CWA - Clean Water Act NEPA - National Environmental Policy Act EFSC - Energy Facility Siting Council North Valmy plant - Idaho Power's jointly-own

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS IDACORP, Inc. Condensed Consolidated Statements of Income (unaudited) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (in thousands, except per share amounts) (in thousands, except per share amounts) Operating Revenues: Electric utility revenues $ 527,487 $ 509,635 $ 1,425,606 $ 1,351,700 Other 1,040 1,271 2,896 2,703 Total operating revenues 528,527 510,906 1,428,502 1,354,403 Operating Expenses: Electric utility: Purchased power 114,578 142,851 321,860 405,404 Fuel expense 73,471 71,723 188,411 191,917 Power cost adjustment 20,779 5,899 102,297 4,191 Other operations and maintenance 116,168 95,824 332,900 284,988 Energy efficiency programs 5,283 10,498 16,699 22,265 Depreciation 56,388 50,832 165,133 143,331 Other electric utility operating expenses, net 7,453 6,297 12,482 23,169 Total electric utility operating expenses 394,120 383,924 1,139,782 1,075,265 Other 698 694 2,145 2,453 Total operating expenses 394,818 384,618 1,141,927 1,077,718 Operating Income 133,709 126,288 286,575 276,685 Nonoperating (Income) Expense: Allowance for equity funds used during construction ( 15,179 ) ( 11,044 ) ( 39,610 ) ( 32,125 ) Earnings of unconsolidated equity-method investments ( 1,978 ) ( 4,195 ) ( 3,880 ) ( 9,387 ) Interest on long-term debt 35,432 29,361 102,048 82,908 Other interest 6,353 5,572 17,895 14,935 Allowance for borrowed funds used during construction ( 7,639 ) ( 4,903 ) ( 20,518 ) ( 14,291 ) Other income, net ( 13,478 ) ( 7,924 ) ( 40,188 ) ( 24,890 ) Total nonoperating expense, net 3,511 6,867 15,747 17,150 Income Before Income Taxes 130,198 119,421 270,828 259,535 Income Tax Expense 16,358 13,774 18,876 29,000 Net Income 113,840 105,647 251,952 230,535 Income attributable to noncontrolling interests ( 235 ) ( 383 ) ( 654 ) ( 599 ) Net Income Attributable to IDACORP, Inc. $ 113,605 $ 105,264 $ 251,298 $ 229,936 Weighted Average Common Shares Outstan

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