Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2024 | Oct. 25, 2024 | |
Document Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-14465 | |
Entity Registrant Name | IDACORP, Inc. | |
Entity Tax Identification Number | 82-0505802 | |
Entity Address, Address Line One | 1221 W. Idaho Street | |
Entity Address, City or Town | Boise, | |
Entity Address, State or Province | ID | |
Entity Address, Postal Zip Code | 83702-5627 | |
City Area Code | (208) | |
Local Phone Number | 388-2200 | |
Entity Current Reporting Status | Yes | |
Entity Incorporation, State or Country Code | ID | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | IDA | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 53,269,814 | |
Entity Central Index Key | 0001057877 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Information, Former Legal or Registered Name | None | |
Idaho Power Company | ||
Document Information | ||
Entity File Number | 1-3198 | |
Entity Registrant Name | Idaho Power Company | |
Entity Tax Identification Number | 82-0130980 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,150,812 | |
Entity Central Index Key | 0000049648 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income Statement - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
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: | ||||
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 outstanding - basic (in shares) | 53,386 | 50,726 | 52,112 | 50,713 |
Weighted-average common shares outstanding - diluted (in shares) | 53,485 | 50,805 | 52,179 | 50,762 |
Earnings Per Share of Common Stock: | ||||
Earnings attributable to IDACORP, Inc. - basic (in dollars per share) | $ 2.13 | $ 2.08 | $ 4.82 | $ 4.53 |
Earnings attributable to IDACORP, Inc. - diluted (in dollars per share) | $ 2.12 | $ 2.07 | $ 4.82 | $ 4.53 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 113,840 | $ 105,647 | $ 251,952 | $ 230,535 |
Other Comprehensive Income: | ||||
Unfunded pension liability adjustment, net of tax of $99, $51, $296, and $153, respectively | 285 | 146 | 853 | 439 |
Total Comprehensive Income | 114,125 | 105,793 | 252,805 | 230,974 |
Income attributable to noncontrolling interests | (235) | (383) | (654) | (599) |
Comprehensive Income Attributable to IDACORP, Inc. | $ 113,890 | $ 105,410 | $ 252,151 | $ 230,375 |
Consolidated Balance Sheets Sta
Consolidated Balance Sheets Statement - USD ($) $ in Thousands | Sep. 30, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 427,950 | $ 327,429 |
Receivables: | ||
Customer | 152,452 | 107,256 |
Other | 21,563 | 44,661 |
Income taxes receivable | 0 | 24,574 |
Accrued unbilled revenues | 93,131 | 90,521 |
Materials and supplies (at average cost) | 179,693 | 140,515 |
Fuel stock (at average cost) | 39,873 | 19,952 |
Prepayments | 28,831 | 22,840 |
Current regulatory assets | 89,823 | 226,235 |
Other | 42 | 71 |
Total current assets | 1,033,358 | 1,004,054 |
Investments | 161,612 | 163,971 |
Property, Plant and Equipment: | ||
Utility plant in service | 7,669,083 | 7,291,532 |
Accumulated provision for depreciation | (2,673,078) | (2,557,744) |
Utility plant in service - net | 4,996,005 | 4,733,788 |
Construction work in progress | 1,302,148 | 985,502 |
Utility plant held for future use | 9,878 | 9,511 |
Other property, net of accumulated depreciation | 13,478 | 16,429 |
Property, plant and equipment - net | 6,321,509 | 5,745,230 |
Other Assets: | ||
Company-owned life insurance | 89,210 | 82,038 |
Regulatory assets | 1,435,335 | 1,426,815 |
Other | 64,094 | 53,810 |
Total other assets | 1,588,639 | 1,562,663 |
Total assets | 9,105,118 | 8,475,918 |
Current Liabilities: | ||
Current maturities of long-term debt | 69,685 | 49,800 |
Accounts payable | 241,186 | 308,504 |
Taxes accrued | 38,281 | 6,854 |
Interest accrued | 32,935 | 38,292 |
Accrued compensation | 60,555 | 64,645 |
Current regulatory liabilities | 8,642 | 7,952 |
Advances from customers | 101,766 | 104,297 |
Other | 53,134 | 53,732 |
Total current liabilities | 606,184 | 634,076 |
Other Liabilities: | ||
Deferred Income Tax | 863,783 | 882,724 |
Regulatory liabilities | 888,699 | 874,601 |
Pension and other postretirement benefits | 230,579 | 233,965 |
Other | 184,352 | 160,019 |
Total other liabilities | 2,167,413 | 2,151,309 |
Long-Term Debt | 3,053,948 | 2,775,790 |
Commitments and Contingencies | ||
Equity: | ||
Common stock | 1,127,743 | 888,615 |
Retained earnings | 2,158,333 | 2,036,138 |
Accumulated other comprehensive loss | (16,331) | (17,184) |
Total shareholders’ equity | 3,269,745 | 2,907,569 |
Noncontrolling interests | 7,828 | 7,174 |
Total equity | 3,277,573 | 2,914,743 |
Total | $ 9,105,118 | $ 8,475,918 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2024 | Sep. 30, 2023 | |
Operating Activities: | ||
Net income | $ 251,952 | $ 230,535 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 168,607 | 146,645 |
Deferred income taxes and investment tax credits | (34,699) | 300 |
Changes in regulatory assets and liabilities | 124,549 | 1,585 |
Pension and postretirement benefit plan expense | 34,359 | 20,390 |
Contributions to pension and postretirement benefit plans | (23,967) | (54,388) |
Earnings of unconsolidated equity-method investments | (3,880) | (9,387) |
Distributions from equity-method investments | 3,950 | 1,250 |
Allowance for equity funds used during construction | (39,610) | (32,125) |
Other non-cash adjustments to net income, net | 4,629 | 6,115 |
Change in: | ||
Accounts receivable and unbilled revenues | 658 | (10,691) |
Prepayments | (7,931) | (2,669) |
Materials, supplies, and fuel stock | (59,105) | (45,343) |
Accounts and wages payable | (33,044) | (116,417) |
Taxes accrued/receivable | 56,001 | 41,174 |
Other assets and liabilities | 15,513 | (14,943) |
Net cash provided by operating activities | 457,982 | 162,031 |
Investing Activities: | ||
Additions to utility plant, net | (823,969) | (427,211) |
Payments received from transmission project joint funding partners | 58,750 | 14,920 |
Other | 8,805 | 410 |
Net cash used in investing activities | (756,414) | (411,881) |
Financing Activities: | ||
Issuance of long-term debt | 300,000 | 872,000 |
Discount on issuance of long-term debt | (186) | (7,006) |
Retirement of long-term debt | 0 | (225,000) |
Dividends on common stock | (129,152) | (120,578) |
Issuance of Common Stock | 234,672 | 0 |
Tax withholdings on net settlements of share-based awards | (3,782) | (3,274) |
Other | (2,599) | 1,620 |
Net cash provided by financing activities | 398,953 | 517,762 |
Net increase in cash and cash equivalents | 100,521 | 267,912 |
Cash and cash equivalents at beginning of the period | 327,429 | 177,577 |
Cash and cash equivalents at end of the period | 427,950 | 445,489 |
Supplemental Disclosure of Cash Flow Information: | ||
Income taxes | 8,830 | 1,900 |
Cash paid for interest (net of amount capitalized) | 88,391 | 82,614 |
Non-cash investing activities: | ||
Additions to property, plant and equipment in accounts payable | $ 144,232 | $ 127,076 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning balance at Dec. 31, 2022 | $ 882,189 | $ 1,937,972 | $ (12,922) | $ 7,376 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Issued During Period, Value, New Issues | 0 | ||||
Share-based compensation expense | 7,224 | ||||
Tax withholdings on net settlements of share-based awards | (3,274) | ||||
Other | 104 | ||||
Net Income Attributable to IDACORP, Inc. | $ 229,936 | 229,936 | |||
Common stock dividends | (120,779) | ||||
Unfunded pension liability adjustment (net of tax) | 439 | 439 | |||
Income attributable to noncontrolling interests | (599) | 599 | |||
Ending balance at Sep. 30, 2023 | 2,928,864 | 886,243 | 2,047,129 | (12,483) | 7,975 |
Beginning balance at Jun. 30, 2023 | 884,309 | 1,982,083 | (12,629) | 7,592 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Issued During Period, Value, New Issues | 0 | ||||
Share-based compensation expense | 1,920 | ||||
Tax withholdings on net settlements of share-based awards | (19) | ||||
Other | 33 | ||||
Net Income Attributable to IDACORP, Inc. | 105,264 | 105,264 | |||
Common stock dividends | (40,218) | ||||
Unfunded pension liability adjustment (net of tax) | 146 | 146 | |||
Income attributable to noncontrolling interests | (383) | 383 | |||
Ending balance at Sep. 30, 2023 | 2,928,864 | 886,243 | 2,047,129 | (12,483) | 7,975 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Total IDACORP, Inc. shareholders’ equity | 2,920,889 | ||||
Total IDACORP, Inc. shareholders’ equity | 2,907,569 | ||||
Beginning balance at Dec. 31, 2023 | 2,914,743 | 888,615 | 2,036,138 | (17,184) | 7,174 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Issued During Period, Value, New Issues | 234,672 | ||||
Share-based compensation expense | 8,280 | ||||
Tax withholdings on net settlements of share-based awards | (3,782) | ||||
Other | (42) | ||||
Net Income Attributable to IDACORP, Inc. | 251,298 | 251,298 | |||
Common stock dividends | (129,103) | ||||
Unfunded pension liability adjustment (net of tax) | 853 | 853 | |||
Income attributable to noncontrolling interests | (654) | 654 | |||
Ending balance at Sep. 30, 2024 | 3,277,573 | 1,127,743 | 2,158,333 | (16,331) | 7,828 |
Beginning balance at Jun. 30, 2024 | 1,123,745 | 2,089,185 | (16,616) | 7,593 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Issued During Period, Value, New Issues | 1,494 | ||||
Share-based compensation expense | 2,709 | ||||
Tax withholdings on net settlements of share-based awards | (88) | ||||
Other | (117) | ||||
Net Income Attributable to IDACORP, Inc. | 113,605 | 113,605 | |||
Common stock dividends | (44,457) | ||||
Unfunded pension liability adjustment (net of tax) | 285 | 285 | |||
Income attributable to noncontrolling interests | (235) | 235 | |||
Ending balance at Sep. 30, 2024 | 3,277,573 | $ 1,127,743 | $ 2,158,333 | $ (16,331) | $ 7,828 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Total IDACORP, Inc. shareholders’ equity | $ 3,269,745 |
Idaho Power Company Consolidate
Idaho Power Company Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Regulated Operating Revenue | ||||
Electric utility revenues | $ 527,487 | $ 509,635 | $ 1,425,606 | $ 1,351,700 |
Operating Expenses [Abstract] | ||||
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 |
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 Attributable to IDACORP, Inc. | 113,605 | 105,264 | 251,298 | 229,936 |
Idaho Power Company | ||||
Regulated Operating Revenue | ||||
Electric utility revenues | 527,487 | 509,635 | 1,425,606 | 1,351,700 |
Operating Expenses [Abstract] | ||||
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 |
Operating Income | 133,367 | 125,711 | 285,824 | 276,435 |
Nonoperating (Income) Expense: | ||||
Allowance for equity funds used during construction | (15,179) | (11,044) | (39,610) | (32,125) |
Earnings of unconsolidated equity-method investments | (841) | (3,007) | (1,936) | (7,402) |
Interest on long-term debt | 35,432 | 29,361 | 102,048 | 82,908 |
Other interest | 6,268 | 5,491 | 17,645 | 14,693 |
Allowance for borrowed funds used during construction | (7,639) | (4,903) | (20,518) | (14,291) |
Other income, net | (12,207) | (7,588) | (37,469) | (23,434) |
Total nonoperating expense, net | 5,834 | 8,310 | 20,160 | 20,349 |
Income Before Income Taxes | 127,533 | 117,401 | 265,664 | 256,086 |
Income Tax Expense | 16,444 | 14,379 | 19,885 | 30,274 |
Net Income Attributable to IDACORP, Inc. | $ 111,089 | $ 103,022 | $ 245,779 | $ 225,812 |
Idaho Power Company Consolida_2
Idaho Power Company Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Net income | $ 113,840 | $ 105,647 | $ 251,952 | $ 230,535 |
Other Comprehensive Income: | ||||
Unfunded pension liability adjustment, net of tax of $99, $51, $296, and $153, respectively | 285 | 146 | 853 | 439 |
Total Comprehensive Income | 114,125 | 105,793 | 252,805 | 230,974 |
Idaho Power Company | ||||
Net income | 111,089 | 103,022 | 245,779 | 225,812 |
Other Comprehensive Income: | ||||
Unfunded pension liability adjustment, net of tax of $99, $51, $296, and $153, respectively | 285 | 146 | 853 | 439 |
Total Comprehensive Income | $ 111,374 | $ 103,168 | $ 246,632 | $ 226,251 |
Idaho Power Company Consolida_3
Idaho Power Company Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 427,950 | $ 327,429 |
Receivables [Abstract] | ||
Customer | 152,452 | 107,256 |
Other | 21,563 | 44,661 |
Income taxes receivable | 0 | 24,574 |
Accrued unbilled revenues | 93,131 | 90,521 |
Materials and supplies (at average cost) | 179,693 | 140,515 |
Fuel stock (at average cost) | 39,873 | 19,952 |
Prepayments | 28,831 | 22,840 |
Current regulatory assets | 89,823 | 226,235 |
Other | 42 | 71 |
Total current assets | 1,033,358 | 1,004,054 |
Investments | 161,612 | 163,971 |
Property, Plant and Equipment [Abstract] | ||
Utility plant in service | 7,669,083 | 7,291,532 |
Public Utilities, Property, Plant and Equipment, Accumulated Depreciation | (2,673,078) | (2,557,744) |
Utility plant in service - net | 4,996,005 | 4,733,788 |
Construction work in progress | 1,302,148 | 985,502 |
Utility plant held for future use | 9,878 | 9,511 |
Other property, net of accumulated depreciation | 13,478 | 16,429 |
Property, plant and equipment - net | 6,321,509 | 5,745,230 |
Other Assets: | ||
Company-owned life insurance | 89,210 | 82,038 |
Regulatory assets | 1,435,335 | 1,426,815 |
Other | 64,094 | 53,810 |
Total other assets | 1,588,639 | 1,562,663 |
Total assets | 9,105,118 | 8,475,918 |
Current Liabilities: | ||
Current maturities of long-term debt | 69,685 | 49,800 |
Accounts payable | 241,186 | 308,504 |
Taxes accrued | 38,281 | 6,854 |
Interest accrued | 32,935 | 38,292 |
Accrued compensation | 60,555 | 64,645 |
Current regulatory liabilities | 8,642 | 7,952 |
Advances from customers | 101,766 | 104,297 |
Other | 53,134 | 53,732 |
Total current liabilities | 606,184 | 634,076 |
Other Liabilities [Abstract] | ||
Deferred Income Tax | 863,783 | 882,724 |
Regulatory liabilities | 888,699 | 874,601 |
Pension and other postretirement benefits | 230,579 | 233,965 |
Other | 184,352 | 160,019 |
Total other liabilities | 2,167,413 | 2,151,309 |
Long-Term Debt | 3,053,948 | 2,775,790 |
Commitments and Contingencies | ||
Equity [Abstract] | ||
Common stock | 1,127,743 | 888,615 |
Retained earnings | 2,158,333 | 2,036,138 |
Accumulated other comprehensive loss | (16,331) | (17,184) |
Total shareholders’ equity | 3,269,745 | 2,907,569 |
Total | 9,105,118 | 8,475,918 |
Idaho Power Company | ||
Current Assets: | ||
Cash and cash equivalents | 356,699 | 271,791 |
Receivables [Abstract] | ||
Customer | 152,452 | 107,256 |
Other | 21,051 | 44,335 |
Income taxes receivable | 0 | 22,926 |
Accrued unbilled revenues | 93,131 | 90,521 |
Materials and supplies (at average cost) | 179,693 | 140,515 |
Fuel stock (at average cost) | 39,873 | 19,952 |
Prepayments | 28,708 | 22,710 |
Current regulatory assets | 89,823 | 226,235 |
Other | 42 | 71 |
Total current assets | 961,472 | 946,312 |
Investments | 90,108 | 93,037 |
Property, Plant and Equipment [Abstract] | ||
Utility plant in service | 7,669,083 | 7,291,532 |
Public Utilities, Property, Plant and Equipment, Accumulated Depreciation | (2,673,078) | (2,557,744) |
Utility plant in service - net | 4,996,005 | 4,733,788 |
Construction work in progress | 1,302,148 | 985,502 |
Utility plant held for future use | 9,878 | 9,511 |
Other property, net of accumulated depreciation | 1,718 | 4,310 |
Property, plant and equipment - net | 6,309,749 | 5,733,111 |
Other Assets: | ||
Company-owned life insurance | 89,210 | 82,038 |
Regulatory assets | 1,435,335 | 1,426,815 |
Other | 52,722 | 42,218 |
Total other assets | 1,577,267 | 1,551,071 |
Total assets | 8,938,596 | 8,323,531 |
Current Liabilities: | ||
Current maturities of long-term debt | 69,685 | 49,800 |
Accounts payable | 240,522 | 307,538 |
Taxes accrued | 46,773 | 6,834 |
Interest accrued | 32,882 | 38,292 |
Accrued compensation | 60,358 | 64,408 |
Current regulatory liabilities | 8,642 | 7,952 |
Advances from customers | 101,766 | 104,297 |
Other | 32,595 | 44,907 |
Total current liabilities | 633,555 | 640,484 |
Other Liabilities [Abstract] | ||
Deferred Income Tax | 861,784 | 881,050 |
Regulatory liabilities | 888,699 | 874,601 |
Pension and other postretirement benefits | 230,579 | 233,965 |
Other | 170,329 | 135,468 |
Total other liabilities | 2,151,391 | 2,125,084 |
Long-Term Debt | 3,053,948 | 2,775,790 |
Commitments and Contingencies | ||
Equity [Abstract] | ||
Common stock | 97,877 | 97,877 |
Premium on capital stock | 912,258 | 712,258 |
Capital stock issuance costs | (2,097) | (2,097) |
Retained earnings | 2,107,995 | 1,991,319 |
Accumulated other comprehensive loss | (16,331) | (17,184) |
Total shareholders’ equity | 3,099,702 | 2,782,173 |
Total | 8,938,596 | 8,323,531 |
Idaho Power Company | Related Party | ||
Current Liabilities: | ||
Accounts Payable, Other | $ 40,332 | $ 16,456 |
Idaho Power Company Consolida_4
Idaho Power Company Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2024 | Sep. 30, 2023 | |
Net income | $ 251,952 | $ 230,535 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 168,607 | 146,645 |
Deferred income taxes and investment tax credits | (34,699) | 300 |
Changes in regulatory assets and liabilities | 124,549 | 1,585 |
Pension and postretirement benefit plan expense | 34,359 | 20,390 |
Contributions to pension and postretirement benefit plans | (23,967) | (54,388) |
Earnings of unconsolidated equity-method investments | (3,880) | (9,387) |
Distributions from equity-method investments | 3,950 | 1,250 |
Allowance for equity funds used during construction | (39,610) | (32,125) |
Other non-cash adjustments to net income, net | 4,629 | 6,115 |
Change in: | ||
Accounts receivable and unbilled revenues | 658 | (10,691) |
Prepayments | (7,931) | (2,669) |
Materials, supplies, and fuel stock | (59,105) | (45,343) |
Accounts and wages payable | (33,044) | (116,417) |
Taxes accrued/receivable | 56,001 | 41,174 |
Other assets and liabilities | 15,513 | (14,943) |
Net cash provided by operating activities | 457,982 | 162,031 |
Investing Activities: | ||
Additions to utility plant, net | (823,969) | (427,211) |
Payments received from transmission project joint funding partners | 58,750 | 14,920 |
Other | 8,805 | 410 |
Net cash used in investing activities | (756,414) | (411,881) |
Financing Activities: | ||
Issuance of long-term debt | 300,000 | 872,000 |
Discount on issuance of long-term debt | (186) | (7,006) |
Retirement of long-term debt | 0 | (225,000) |
Dividends on common stock | (129,152) | (120,578) |
Other | (2,599) | 1,620 |
Net cash provided by financing activities | 398,953 | 517,762 |
Net increase in cash and cash equivalents | 100,521 | 267,912 |
Cash and cash equivalents at beginning of the period | 327,429 | 177,577 |
Cash and cash equivalents at end of the period | 427,950 | 445,489 |
Supplemental Disclosure of Cash Flow Information: | ||
Income taxes | 8,830 | 1,900 |
Cash paid for interest (net of amount capitalized) | 88,391 | 82,614 |
Non-cash investing activities: | ||
Additions to property, plant and equipment in accounts payable | 144,232 | 127,076 |
Idaho Power Company | ||
Net income | 245,779 | 225,812 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 168,150 | 146,203 |
Deferred income taxes and investment tax credits | (39,823) | (1,828) |
Changes in regulatory assets and liabilities | 124,549 | 1,585 |
Pension and postretirement benefit plan expense | 34,322 | 20,373 |
Contributions to pension and postretirement benefit plans | (23,930) | (54,371) |
Earnings of unconsolidated equity-method investments | (1,936) | (7,402) |
Distributions from equity-method investments | 3,100 | 550 |
Allowance for equity funds used during construction | (39,610) | (32,125) |
Other non-cash adjustments to net income, net | (3,843) | (1,056) |
Change in: | ||
Accounts receivable and unbilled revenues | 1,094 | (11,107) |
Prepayments | (7,938) | (2,677) |
Materials, supplies, and fuel stock | (59,105) | (45,343) |
Accounts and wages payable | 4,644 | (156,644) |
Taxes accrued/receivable | 48,753 | 70,947 |
Other assets and liabilities | 15,545 | (14,844) |
Net cash provided by operating activities | 469,751 | 138,073 |
Investing Activities: | ||
Additions to utility plant, net | (823,855) | (427,191) |
Payments received from transmission project joint funding partners | 58,750 | 14,920 |
Other | 11,999 | 9,099 |
Net cash used in investing activities | (753,106) | (403,172) |
Financing Activities: | ||
Issuance of long-term debt | 300,000 | 872,000 |
Discount on issuance of long-term debt | (186) | (7,006) |
Retirement of long-term debt | 0 | (225,000) |
Dividends on common stock | (129,268) | (80,698) |
Capital contribution from parent | 200,000 | 0 |
Other | (2,283) | 1,751 |
Net cash provided by financing activities | 368,263 | 561,047 |
Net increase in cash and cash equivalents | 84,908 | 295,948 |
Cash and cash equivalents at beginning of the period | 271,791 | 108,933 |
Cash and cash equivalents at end of the period | 356,699 | 404,881 |
Supplemental Disclosure of Cash Flow Information: | ||
Income taxes | (15,483) | 15,333 |
Cash paid for interest (net of amount capitalized) | 88,193 | 82,372 |
Non-cash investing activities: | ||
Additions to property, plant and equipment in accounts payable | $ 144,232 | $ 127,076 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Unfunded pension liability adjustment, tax | $ 99 | $ 51 | $ 296 | $ 153 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 3,296 | $ 4,869 |
Allowance for Doubtful Other Receivables, Current | $ 782 | $ 716 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 53,270,000 | 50,615,000 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends, per share (in dollar per share) | $ 0.83 | $ 0.79 | $ 2.49 | $ 2.37 |
Idaho Power Company Statement o
Idaho Power Company Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Unfunded pension liability adjustment, tax | $ (99) | $ (51) | $ (296) | $ (153) |
Idaho Power Company | ||||
Unfunded pension liability adjustment, tax | $ (99) | $ (51) | $ (296) | $ (153) |
Idaho Power company Consolida_5
Idaho Power company Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2024 | Dec. 31, 2023 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 3,296 | $ 4,869 |
Allowance for Doubtful Other Receivables, Current | $ 782 | $ 716 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 53,270,000 | 50,615,000 |
Idaho Power Company | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 3,296 | $ 4,869 |
Allowance for Doubtful Other Receivables, Current | $ 782 | $ 716 |
Common Stock, Par or Stated Value Per Share | $ 2.50 | $ 2.50 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 39,151,000 | 39,151,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 9 Months Ended |
Sep. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This Quarterly Report on Form 10-Q is a combined report of IDACORP and Idaho Power. Therefore, these Notes to the Condensed Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORP’s other operations. Nature of Business IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and 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. 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 PURPA-qualifying hydropower generation projects. Regulation of Utility Operations As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition. IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated entity would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. The effects of applying these regulatory accounting principles to Idaho Power's operations are discussed in more detail in Note 3 - "Regulatory Matters." Financial Statements In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's condensed consolidated balance sheets as of September 30, 2024, condensed consolidated statements of income for the three months and nine months ended September 30, 2024 and 2023, and condensed consolidated cash flows for the nine months ended September 30, 2024 and 2023. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in the 2023 Annual Report. The statements of income for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective balance sheets and statements of income during the period in which such change occurred. Management Estimates Management makes estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions include, among others, those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and the allowance for uncollectible accounts. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates. New and Recently Adopted Accounting Pronouncements Recently Adopted Accounting Pronouncements There have been no recently adopted accounting pronouncements that have had a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU will be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective financial statements, but the companies do not believe adoption of the new standard will have a material impact. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU are required to be applied prospectively and are allowed to be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective financial statements. There have been no other recent accounting pronouncements not yet adopted that are expected to have a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements. |
INCOME TAXES_
INCOME TAXES: | 9 Months Ended |
Sep. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount. Income Tax Expense The following table provides a summary of income tax expense for the nine months ended September 30, 2024 and 2023 (in thousands): IDACORP Idaho Power 2024 2023 2024 2023 Income tax at statutory rates (federal and state) $ 69,543 $ 66,650 $ 68,382 $ 65,916 Excess deferred income tax reversal (7,535) (8,013) (7,535) (8,013) Income tax return adjustments 1,875 (8,227) 1,865 (7,732) Other (1) (22,507) (13,910) (20,327) (12,397) Income tax expense before additional ADITC amortization $ 41,376 $ 36,500 $ 42,385 $ 37,774 Additional ADITC amortization (22,500) (7,500) (22,500) (7,500) Income tax expense $ 18,876 $ 29,000 $ 19,885 $ 30,274 Effective tax rate 7.0 % 11.2 % 7.5 % 11.8 % |
REGULATORY MATTERS_
REGULATORY MATTERS: | 9 Months Ended |
Sep. 30, 2024 | |
Public Utilities, Rate Matters [Abstract] | |
Regulatory Matters | REGULATORY MATTERS Included below is a summary of Idaho Power's most recent general rate cases and base rate changes, as well as other recent or pending notable regulatory matters and proceedings. Idaho and Oregon Rate Cases Idaho Power's current base rates result from the IPUC order described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2023 Annual Report and the September 2024 OPUC order described below related to Idaho Power's general rate case filed with the OPUC in December 2023. In May 2024, Idaho Power filed its 2024 Idaho Limited-Issue Rate Case and proposed rate schedules with the IPUC. The filing requested an increase in annual Idaho jurisdictional revenue of $99.3 million, to become effective January 1, 2025. If approved as filed, this request would result in an overall increase to adjusted base revenue of 7.31 percent. The 2024 Idaho Limited-Issue Rate Case focuses on revenue requirements for approximately $730 million of incremental plant additions as of December 31, 2024, and incremental O&M labor costs. In the 2024 Idaho Limited-Issue Rate Case, Idaho Power did not request any changes to other aspects of the 2023 Settlement Stipulation approved by the IPUC for Idaho Power's 2023 Idaho general rate case. Additionally, the 2024 Idaho Limited-Issue Rate Case application: • applies the overall rate of return approved in the 2023 Settlement Stipulation; • does not seek to adjust any other revenue requirement components such as non-labor O&M expense, net power supply costs, or other revenue; • does not propose changes to any other Idaho regulatory mechanisms, such as the power cost adjustment, fixed cost adjustment, or energy efficiency rider; and • continues to reflect the 2023 Settlement Stipulation amounts for categories other than incremental plant and O&M labor costs. Written testimony from the Staff of the IPUC and intervenors in the 2024 Idaho Limited-Issue Rate Case and Idaho Power's rebuttal testimony are due in November 2024. Technical hearings before the IPUC are scheduled for December 2024. Idaho Power is unable to predict the outcome of the 2024 Idaho Limited-Issue Rate Case. Idaho Power anticipates that new rates, if approved by the IPUC, would become effective on or after January 1, 2025. In December 2023, Idaho Power filed a general rate case with the OPUC. In September 2024, the OPUC issued an order approving the 2024 Oregon Settlement Stipulations, which are settlement stipulations among Idaho Power and intervening parties settling the general rate case. The OPUC order and the 2024 Oregon Settlement Stipulations contain the following significant terms, among other items: • Idaho Power will implement revised tariff schedules designed to increase annual Oregon-jurisdiction revenue by $6.7 million, or 12.14 percent; and • A 9.5 percent Oregon-jurisdiction return on year-end equity and a 7.302 percent Oregon-jurisdiction authorized rate of return based on a 5.104 percent cost of debt and capital structure of 50 percent debt and 50 percent equity, applied to an Oregon-jurisdictional rate base of approximately $188.9 million. Rate changes from the 2024 Oregon Settlement Stipulations became effective on October 15, 2024. The 2024 Oregon Settlement Stipulations do not preclude Idaho Power from filing another general rate case or other limited issue proceeding in Oregon at any time in the future. Idaho ADITC Mechanism The May 2018 Idaho settlement stipulation related to tax reform (2018 Settlement Stipulation) and the 2023 Settlement Stipulation are each described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2023 Annual Report. The 2023 Settlement Stipulation modifies the 2018 Settlement Stipulation in part. The 2023 Settlement Stipulation includes provisions for the accelerated amortization of ADITC to help achieve a minimum 9.12 percent Idaho ROE. Based on its estimate of full-year 2024 Idaho ROE, in the three months and nine months ended September 30, 2024, Idaho Power recorded $2.5 million and $22.5 million, respectively, in additional ADITC amortization under the 2023 Settlement Stipulation. Accordingly, at September 30, 2024, approximately $87.5 million of additional ADITC remained available for future use. Idaho Power recorded zero and $7.5 million, respectively, of additional ADITC amortization during the three months and nine months ended September 30, 2023, based on its then-current estimate of full-year 2023 Idaho ROE. Power Cost Adjustment Mechanisms In both its Idaho and Oregon jurisdictions, Idaho Power's power cost adjustment mechanisms address the volatility of power supply costs and provide for annual adjustments to the rates charged to its retail customers. The power cost adjustment mechanisms compare Idaho Power's actual net power supply costs (primarily fuel and purchased power less wholesale energy sales) against net power supply costs being recovered in Idaho Power's retail rates. Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or credit on the balance sheet for future recovery or refund. The power supply costs deferred primarily result from changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, fuel prices, and the levels of Idaho Power's own generation. In May 2024, the IPUC issued an order approving a $35.7 million net decrease in PCA revenues, effective for the PCA collection period from June 1, 2024, to May 31, 2025. The net decrease in PCA revenues reflects forecasted improved hydropower generation during the April 2024 to March 2025 PCA deferral period. In May 2024, the OPUC approved a settlement stipulation between Idaho Power and intervening parties for its APCU in Oregon. The APCU includes both an October update and a March forecast. The results of the October update are reflected as an update to base rates and the results of the March forecast are reflected as an update to APCU rates. The settlement resulted in an overall rate decrease of $6.9 million effective June 1, 2024. Idaho Fixed Cost Adjustment Mechanism The FCA mechanism, applicable to Idaho residential and small commercial customers, is designed to remove a portion of Idaho Power’s financial disincentive to invest in energy efficiency programs by separating (or decoupling) the recovery of fixed costs from the variable kilowatt-hour charge and linking it instead to a set amount per customer. Under Idaho Power's current rate design, Idaho Power recovers a portion of fixed costs through the variable kilowatt-hour charge, which may result in over-collection or under-collection of fixed costs. To return over-collection to customers or to collect under-collection from customers, the FCA mechanism allows Idaho Power to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power during the year. The IPUC has discretion to cap the annual increase in the FCA recovery at 3 percent of base revenue, with any excess deferred for collection in a subsequent year. In May 2024, the IPUC issued an order approving an $11.7 million increase in recovery from the FCA from $25.1 million to $36.8 million for the 2023 FCA deferral, with new rates effective for the period from June 1, 2024, to May 31, 2025. |
REVENUES_
REVENUES: | 3 Months Ended |
Sep. 30, 2024 | |
Revenues [Abstract] | |
REVENUES: | REVENUES The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three months and nine months ended September 30, 2024 and 2023 (in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Revenue from contracts with customers $ 532,477 $ 496,632 $ 1,393,006 $ 1,267,527 Alternative revenue programs and other revenues (4,990) 13,003 32,600 84,173 Total electric utility operating revenues $ 527,487 $ 509,635 $ 1,425,606 $ 1,351,700 Revenues from Contracts with Customers The following table presents revenues from contracts with customers disaggregated by revenue source for the three months and nine months ended September 30, 2024 and 2023 (in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Retail revenues: Residential (includes $(6,193), $5,583, $(8,982), and $20,170, respectively, related to the FCA) (1) $ 195,291 $ 181,736 $ 525,353 $ 505,158 Commercial (includes $(66), $328, $(158), and $900, respectively, related to the FCA) (1) 112,323 107,971 303,031 283,478 Industrial 71,908 67,522 203,990 181,312 Irrigation 109,861 104,645 191,671 168,358 Deferred revenue related to HCC relicensing AFUDC (2) (2,881) (2,815) (6,913) (6,861) Total retail revenues 486,502 459,059 1,217,132 1,131,445 Less: FCA mechanism revenues (1) 6,259 (5,911) 9,140 (21,070) Wholesale energy sales 6,946 5,065 65,759 50,461 Transmission wheeling-related revenues 19,419 20,090 60,142 61,701 Energy efficiency program revenues 5,283 10,498 16,699 22,265 Other revenues from contracts with customers 8,068 7,831 24,134 22,725 Total revenues from contracts with customers $ 532,477 $ 496,632 $ 1,393,006 $ 1,267,527 (1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers. (2) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to utility plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. Alternative Revenue Programs and Other Revenues While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of an additional regulatory mechanism, the FCA mechanism, which may increase or decrease tariff-based customer rates. The FCA mechanism is described in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service and billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues. Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. For more information on settled electricity swaps, see Note 11 - "Derivative Financial Instruments." The table below presents the FCA mechanism revenues and other revenues for the three months and nine months ended September 30, 2024 and 2023 (in thousands): Three months ended Nine months ended 2024 2023 2024 2023 FCA mechanism revenues $ (6,259) $ 5,911 $ (9,140) $ 21,070 Derivative revenues 1,269 7,092 41,740 63,103 Total alternative revenue programs and other revenues $ (4,990) $ 13,003 $ 32,600 $ 84,173 Receivables and Allowance for Uncollectible Accounts The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the nine months ended September 30, 2024 and 2023 (in thousands): Nine months ended 2024 2023 Balance at beginning of period $ 4,869 $ 5,034 Additions to the allowance 1,744 2,040 Write-offs, net of recoveries (3,317) (2,939) Balance at end of period $ 3,296 $ 4,135 Allowance for uncollectible accounts as a percentage of customer receivables 2.2 % 3.0 % |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2024 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Idaho Power First Mortgage Bonds On August 12, 2024, Idaho Power issued $300 million in aggregate principal amount of 5.20% first mortgage bonds, secured medium-term notes, Series M, maturing on August 15, 2034. Idaho Power's issuance of long-term indebtedness is subject to the approval of the IPUC, OPUC, and WPSC. In February and March 2024, Idaho Power received orders from the IPUC, OPUC, and WPSC authorizing the company to issue and sell from time to time up to $1.2 billion in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders. Authority from the IPUC is effective through December 31, 2026, subject to extensions upon request to the IPUC. The OPUC's and WPSC's orders do not impose a time limitation for issuances, but the OPUC order does impose a number of other conditions, including a requirement that the interest rates for the debt securities or first mortgage bonds fall within either (a) designated spreads over comparable U.S. Treasury rates or (b) a maximum interest rate limit of 8 percent. At September 30, 2024, $900 million remained available for debt issuance under the regulatory orders. |
COMMON STOCK_
COMMON STOCK: | 9 Months Ended |
Sep. 30, 2024 | |
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract] | |
Common Stock | COMMON STOCK IDACORP Common Stock During the nine months ended September 30, 2024, IDACORP issued an aggregate of 2,654,577 shares of common stock using original issuances of shares. IDACORP granted 103,771 restricted stock unit awards to employees and issued 61,997 shares of common stock pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan, including 10,571 shares of common stock issued to members of the board of directors. IDACORP issued 50,138 shares of common stock pursuant to its IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan. Effective January 1, 2024, IDACORP instructed the plan administrator of the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan to use original issuance of common stock from IDACORP, as opposed to market purchases of IDACORP common stock, to acquire shares of IDACORP common stock for the plan. However, IDACORP may determine at any time to resume market purchases of common stock under the plan. As directed by IDACORP, the plan administrator of the Idaho Power Company Employee Savings Plan used market purchases of IDACORP common stock to acquire shares of IDACORP common stock for the plan. At-the-Market Offering Program: On May 20, 2024, IDACORP entered into an Equity Distribution Agreement (EDA) pursuant to which it may issue, offer, and sell, from time to time, up to an aggregate gross sales price of $300 million of shares of its common stock through an at-the-market offering program, which includes the ability to enter into FSAs. During the nine months ended September 30, 2024, IDACORP did not issue common stock, nor did it enter into any FSAs, pursuant to the EDA. Equity Forward Sale Agreements: On November 7, 2023, IDACORP announced a registered public offering of 2,801,724 shares of its common stock at a public offering price of $92.80 per share, for an aggregate amount of $260.0 million. In conjunction with this offering, IDACORP granted the underwriters an option to purchase up to 420,258 additional shares, which was subsequently exercised in full on November 8, 2023, for an additional aggregate amount of $39.0 million. The 3,221,982 shares were sold by IDACORP to the underwriters under FSAs which provide for settlement on dates to be specified at IDACORP’s discretion, the first of which occurred on May 14, 2024. The settlement of the remaining shares under the FSAs is expected to occur on a settlement date or dates on or prior to November 7, 2024. The FSAs will be physically settled with common shares issued by IDACORP, unless IDACORP elects to settle the agreements in net cash or net shares, subject to certain conditions. On a settlement date or dates, if IDACORP elects to physically settle the FSAs, IDACORP will issue shares of common stock to the forward purchaser at the then-applicable forward sale price and receive issuance proceeds at that time. The forward sale price was initially $90.016 per share and is subject to certain adjustments in accordance with the terms of the FSAs through the date of settlement. On May 14, 2024, IDACORP partially settled the FSAs with physical delivery of 2,542,442 shares of common stock to the counterparty in exchange for cash of $230.0 million. At September 30, 2024, IDACORP could have settled the remainder of the FSAs with physical delivery of 679,540 shares of common stock to the counterparty in exchange for cash of $62.0 million. Alternatively, the remainder of the FSAs could have also been settled at September 30, 2024, with delivery of approximately $6.2 million of cash or approximately 62,000 shares of common stock to the counterparty, if IDACORP had elected to net cash or net share settle, respectively. The FSAs have been classified as an equity transaction because they are indexed to IDACORP’s common stock and the other requirements necessary for equity classification are met. As a result of the equity classification, no gain or loss will be recognized within earnings due to subsequent changes in the fair value of the FSAs. Prior to settlement, the potentially issuable shares pursuant to the FSAs will be reflected in IDACORP’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of IDACORP’s common stock used in calculating diluted earnings per share for a reporting period would be increased by the number of shares, if any, that would be issued upon physical settlement of the FSAs, less the number of shares that could be purchased by IDACORP in the market with the proceeds received from issuance (based on the average market price during that reporting period). Share dilution occurs when the average market price of IDACORP’s stock during the reporting period is higher than the then-applicable forward sale price as of the end of the reporting period. For the three months and nine months ended September 30, 2024, approximately 59,000 and 54,000 incremental shares, respectively, were included in the calculation of diluted earnings per share related to the securities under the FSAs. See Note 7 - "Earnings Per Share" for additional information concerning IDACORP's diluted earnings per share. Idaho Power Common Stock During the nine months ended September 30, 2024, IDACORP contributed $200 million of additional capital to Idaho Power. No additional shares of Idaho Power common stock were issued. Restrictions on Dividends Idaho Power’s ability to pay dividends on its common stock held by IDACORP and IDACORP’s ability to pay dividends on its common stock are limited to the extent payment of such dividends would violate the covenants in their respective credit facilities or Idaho Power’s Statement of Policy and Code of Conduct. A covenant under IDACORP’s credit facility and Idaho Power’s credit facility requires IDACORP and Idaho Power to maintain leverage ratios of consolidated indebtedness to consolidated total capitalization, as defined therein, of no more than 65 percent at the end of each fiscal quarter. At September 30, 2024, the leverage ratios for IDACORP and Idaho Power were 49 percent and 50 percent, respectively. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.6 billion and $1.4 billion, respectively, at September 30, 2024. There are additional facility covenants, subject to exceptions, that prohibit or restrict the sale or disposition of property without consent and any agreements restricting dividend payments to IDACORP and Idaho Power from any material subsidiary. At September 30, 2024, IDACORP and Idaho Power were in compliance with those covenants. Idaho Power’s Statement of Policy and Code of Conduct relating to transactions between and among Idaho Power, IDACORP, and other affiliates, which was approved by the IPUC in April 2008, provides that Idaho Power will not pay any dividends to IDACORP that will reduce Idaho Power’s common equity capital below 35 percent of its total adjusted capital without IPUC approval. At September 30, 2024, Idaho Power's common equity capital was 50 percent of its total adjusted capital. Further, Idaho Power must obtain approval from the OPUC before it can directly or indirectly loan funds or issue notes or give credit on its books to IDACORP. Idaho Power’s articles of incorporation contain restrictions on the payment of dividends on its common stock if preferred stock dividends are in arrears. As of the date of this report, Idaho Power has no preferred stock outstanding. In addition to contractual restrictions on the amount and payment of dividends, the Federal Power Act prohibits the payment of dividends from "capital accounts." The term "capital account" is undefined in the Federal Power Act or its regulations, but Idaho Power does not believe the restriction would limit Idaho Power's ability to pay dividends out of current year earnings or retained earnings. |
EARNINGS PER SHARE_
EARNINGS PER SHARE: | 9 Months Ended |
Sep. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three months and nine months ended September 30, 2024 and 2023 (in thousands, except for per share amounts). Three months ended Nine months ended 2024 2023 2024 2023 Numerator: Net income attributable to IDACORP, Inc. $ 113,605 $ 105,264 $ 251,298 $ 229,936 Denominator: Weighted-average common shares outstanding - basic 53,386 50,726 52,112 50,713 Effect of dilutive securities (1) 99 79 67 49 Weighted-average common shares outstanding - diluted 53,485 50,805 52,179 50,762 Basic earnings per share $ 2.13 $ 2.08 $ 4.82 $ 4.53 Diluted earnings per share $ 2.12 $ 2.07 $ 4.82 $ 4.53 (1) The effect of dilutive securities amount includes approximately 59 thousand and 54 thousand incremental shares related to FSAs for the three months and nine months ended September 30, 2024, respectively. See Note 6 - "Common Stock" for additional information concerning IDACORP's FSAs. |
COMMITMENTS_
COMMITMENTS: | 9 Months Ended |
Sep. 30, 2024 | |
Disclosure Text Block Supplement [Abstract] | |
COMMITMENTS | COMMITMENTS Purchase Obligations During the nine months ended September 30, 2024, Idaho Power entered into: • three agreements in January, February, and September 2024 to replace expiring power purchase agreements with PURPA-qualifying hydropower and cogeneration facilities, which increased Idaho Power's contractual purchase obligations by approximately $54.8 million over the 5- to 20-year terms of the contracts; • an energy and capacity market purchase agreement with an energy marketer giving Idaho Power the right to acquire 200 MW on a daily basis during summer months, subject to regulatory approval, which increased Idaho Power's contractual purchase obligations by approximately $84.3 million over the 5-year term of the contract commencing in June 2026; • an agreement in July 2024 to acquire and own 200 MW of battery storage assets, which increased Idaho Power's contractual purchase obligations by approximately $156.8 million. The battery storage assets are scheduled to be online in the spring of 2026. During the nine months ended September 30, 2024, Idaho Power made payments of $33.3 million related to this obligation; and • a firm transportation capacity agreement in September 2024 with a natural gas transporter, which increased Idaho Power's contractual purchase obligations by approximately $185.2 million over the 18-year term of the contract commencing in November 2024. Concurrently with this agreement, Idaho Power extended the term of several existing firm transportation capacity agreements with the natural gas transporter, which increased Idaho Power's contractual purchase obligations by approximately $31.2 million over the 6-year term of the extensions commencing in May 2031. In October 2024, Idaho Power entered into one new non-PURPA-qualifying solar facility power purchase agreement with a scheduled online date of December 2027, the output of which Idaho Power plans to sell to a customer under its Clean Energy Your Way program, and one new non-PURPA-qualifying wind facility power purchase agreement with a scheduled online date of June 2027. Also, in October 2024, Idaho Power entered into a commitment to acquire and own a 300 MW wind facility, with milestone payments due through its expected completion in June 2027. The agreements signed in October 2024 collectively increased Idaho Power's contractual purchase obligations by approximately $3.1 billion over the 3- to 35-year terms of the contracts. The wind facility agreements are subject to counterparty board approval. Except as disclosed in this Note 8, during the nine months ended September 30, 2024, IDACORP's and Idaho Power's contractual obligations, outside the ordinary course of business, did not change materially from the amounts disclosed in the notes to the consolidated financial statements in the 2023 Annual Report. Guarantees Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality (WDEQ), was $47.6 million at September 30, 2024, representing IERCo's one-third share of BCC's total reclamation obligation of $142.9 million. BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At September 30, 2024, the value of BCC's reclamation trust fund exceeded WDEQ's guarantee requirement for the total reclamation obligation. BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal sales to the Jim Bridger plant. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal. IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of September 30, 2024, management believe the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective condensed consolidated balance sheets with respect to these indemnification obligations. |
CONTINGENCIES_
CONTINGENCIES: | 9 Months Ended |
Sep. 30, 2024 | |
Loss Contingency [Abstract] | |
Contingencies | IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted. IDACORP and Idaho Power are parties to legal claims and legal, tax, and regulatory actions and proceedings in the ordinary course of business and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable. In connection with its utility operations, Idaho Power is subject to claims by individuals, entities, and governmental agencies for damages for alleged personal injury, property damage, and economic losses, relating to the company’s provision of electric service, the operation of its power supply, transmission, and distribution facilities, and other aspects of its business. Some of those claims relate to electrical contacts, service quality, property damage, and wildfires. In recent years, utilities in the western United States have been subject to significant liability for personal injury, loss of life, property damage, trespass, and economic losses, and in some cases, punitive damages and criminal charges, associated with wildfires that originated from utility property, most commonly transmission and distribution lines. Idaho Power has also regularly received claims by governmental agencies and private landowners for damages for fires allegedly originating from Idaho Power’s transmission and distribution system. As of the date of this report, the companies believe that resolution of existing claims will not have a material adverse effect on their respective condensed consolidated financial statements. Idaho Power actively monitors any pending or potential environmental regulations and executive orders related to environmental matters that may have a significant impact on its future operations. Given uncertainties regarding the outcome, timing, and compliance plans for these environmental matters, Idaho Power is unable to estimate the financial impact of any such regulations and orders. |
BENEFIT PLANS_
BENEFIT PLANS: | 9 Months Ended |
Sep. 30, 2024 | |
Retirement Benefits, Description [Abstract] | |
Benefit Plans | BENEFIT PLANS Idaho Power has a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit plans for certain senior management employees called the SMSP. Idaho Power also has a nonqualified defined benefit pension plan for directors that was frozen in 2002. Remaining vested benefits from that plan are included with the SMSP in the disclosures below. The benefits under the pension plan are based on years of service and the employee’s final average earnings. Idaho Power also maintains a defined benefit postretirement benefit plan (consisting of health care and death benefits) that covers all employees who were enrolled in the active-employee group plan at the time of retirement as well as their spouses and qualifying dependents. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended September 30, 2024 and 2023 (in thousands). Pension Plan SMSP Postretirement Total 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ 9,127 $ 6,549 $ 262 $ 153 $ 175 $ 165 $ 9,564 $ 6,867 Interest cost 13,549 13,149 1,333 1,331 706 745 15,588 15,225 Expected return on plan assets (16,240) (15,303) — — (457) (412) (16,697) (15,715) Amortization of prior service cost 1,156 2 55 54 387 416 1,598 472 Amortization of net loss — — 329 143 (374) (310) (45) (167) Net periodic benefit cost 7,592 4,397 1,979 1,681 437 604 10,008 6,682 Regulatory deferral of net periodic benefit cost (1) (7,269) (4,223) — — — — (7,269) (4,223) Previously deferred pension costs recognized (1) 8,796 4,288 — — — — 8,796 4,288 Net periodic benefit cost recognized for financial reporting (1)(2) $ 9,119 $ 4,462 $ 1,979 $ 1,681 $ 437 $ 604 $ 11,535 $ 6,747 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. (2) Of total net periodic benefit cost recognized for financial reporting, $9.4 million and $5.1 million, respectively, were recognized in "Other operations and maintenance" and $2.1 million and $1.7 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended September 30, 2024 and 2023. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the nine months ended September 30, 2024 and 2023 (in thousands). Pension Plan SMSP Postretirement Total 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ 25,494 $ 22,705 $ 788 $ 459 $ 524 $ 494 $ 26,806 $ 23,658 Interest cost 39,136 38,458 3,999 3,992 2,118 2,235 45,253 44,685 Expected return on plan assets (49,900) (46,171) — — (1,373) (1,238) (51,273) (47,409) Amortization of prior service cost 1,280 5 165 164 1,161 1,249 2,606 1,418 Amortization of net loss — — 984 428 (1,121) (928) (137) (500) Net periodic benefit cost 16,010 14,997 5,936 5,043 1,309 1,812 23,255 21,852 Regulatory deferral of net periodic benefit cost (1) (15,320) (14,344) — — — — (15,320) (14,344) Previously deferred pension costs recognized (1) 26,387 12,865 — — — — 26,387 12,865 Net periodic benefit cost recognized for financial reporting (1)(2) $ 27,077 $ 13,518 $ 5,936 $ 5,043 $ 1,309 $ 1,812 $ 34,322 $ 20,373 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. (2) Of total net periodic benefit cost recognized for financial reporting, $28.2 million and $15.5 million, respectively, were recognized in "Other operations and maintenance" and $6.1 million and $4.9 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the nine months ended September 30, 2024 and 2023. Idaho Power has no minimum contribution requirement to its defined benefit pension plan in 2024, and during the nine months ended September 30, 2024, Idaho Power contributed $20 million in a continued effort to balance the regulatory collection of these expenditures with the amount and timing of contributions, as well as to mitigate the cost of being in an underfunded position. The primary impact of pension contributions is on the timing of cash flows, as the timing of cost recovery lags behind contributions. Idaho Power also has an Employee Savings Plan that complies with Section 401(k) of the Internal Revenue Code and covers substantially all employees. Idaho Power matches specified percentages of employee contributions to the Employee Savings Plan. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS: | 9 Months Ended |
Sep. 30, 2024 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Commodity Price Risk Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop. All of Idaho Power's derivative instruments have been entered into for the purpose of securing energy resources for future periods or economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table that follows. The table below presents the gains and losses on derivatives not designated as hedging instruments for the three months and nine months ended September 30, 2024 and 2023 (in thousands): Gain/(Loss) on Derivatives Recognized in Income (1) Location of Realized Gain/(Loss) on Derivatives Recognized in Income Three months ended Nine months ended 2024 2023 2024 2023 Financial swaps Operating revenues $ 954 $ 253 $ 4,575 $ 4,216 Financial swaps Purchased power (3,786) (8,541) (4,311) (8,647) Financial swaps Fuel expense (18,359) (7,932) (43,544) 4,182 Forward contracts Operating revenues — — 1,278 1,710 Forward contracts Purchased power (1,454) (1,454) (3,135) (3,504) Forward contracts Fuel expense (335) (202) (556) (641) (1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other O&M expense. See Note 12 - "Fair Value Measurements" for additional information concerning the determination of fair value for Idaho Power’s assets and liabilities from price risk management activities. Credit Risk At September 30, 2024, Idaho Power did not have material credit risk exposure from financial instruments, including derivatives. Idaho Power monitors credit risk exposure through reviews of counterparty credit quality, corporate-wide counterparty credit exposure, and corporate-wide counterparty concentration levels. Idaho Power manages these risks by establishing credit and concentration limits on transactions with counterparties and requiring contractual guarantees, cash deposits, bonds, or letters of credit from counterparties or their affiliates, as deemed necessary. Idaho Power’s physical power contracts are commonly under WSPP, Inc. agreements, physical gas contracts are usually under North American Energy Standards Board contracts, and financial transactions are usually under International Swaps and Derivatives Association, Inc. contracts. These contracts typically contain adequate assurance clauses requiring collateralization if a counterparty has debt that is downgraded below investment grade by at least one rating agency. Credit-Contingent Features Certain of Idaho Power's derivative instruments contain provisions that require Idaho Power's unsecured debt to maintain an investment grade credit rating from Moody's and Standard & Poor's Ratings Services. If Idaho Power's unsecured debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position at September 30, 2024, was $19.7 million. As of September 30, 2024, Idaho Power posted $24.9 million of cash collateral related to its derivative instruments. If the credit-risk-related contingent features underlying these agreements had been triggered on September 30, 2024, Idaho Power would have been required to pay or post collateral to its counterparties up to an additional $9.3 million to cover open liability positions as well as completed transactions that have not yet been paid. Derivative Instrument Summary The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at September 30, 2024, and December 31, 2023 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities September 30, 2024 Current: Financial swaps Other current assets $ 609 $ (567) $ 42 $ 567 $ (567) $ — Financial swaps Other current liabilities 3,391 (3,391) — 15,784 (14,553) (1) 1,231 Long-term: Financial swaps Other liabilities 1,203 (1,203) — 3,306 (3,261) (2) 45 Total $ 5,203 $ (5,161) $ 42 $ 19,657 $ (18,381) $ 1,276 December 31, 2023 Current: Financial swaps Other current assets $ 241 $ (169) $ 72 $ 169 $ (169) $ — Financial swaps Other current liabilities 1,476 (1,476) — 41,977 (38,045) (3) 3,932 Forward contracts Other current liabilities — — — 2,000 — 2,000 Long-term: Financial swaps Other assets 106 (89) 17 89 (89) — Financial swaps Other liabilities 376 (376) — 2,123 (2,123) (4) — Total $ 2,199 $ (2,110) $ 89 $ 46,358 $ (40,426) $ 5,932 (1) Current liability derivative amounts offset include $11.2 million of collateral receivable at September 30, 2024. (2) Long-term liability derivative amounts offset include $2.1 million of collateral receivable at September 30, 2024. (3) Current liability derivative amounts offset include $36.6 million of collateral receivable at December 31, 2023. (4) Long-term liability derivative amounts offset include $1.7 million of collateral receivable at December 31, 2023. The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at September 30, 2024 and 2023 (in thousands of units): September 30, Commodity Units 2024 2023 Electricity purchases MWh 220 434 Electricity sales MWh 16 — Natural gas purchases MMBtu 30,133 27,283 |
FAIR VALUE MEASUREMENTS_
FAIR VALUE MEASUREMENTS: | 9 Months Ended |
Sep. 30, 2024 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. • Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. IDACORP and Idaho Power Level 2 inputs for derivative instruments are based on quoted market prices adjusted for location using corroborated, observable market data or using quoted price which may be in non-active markets. • Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. There were no transfers between levels or material changes in valuation techniques or inputs during the nine months ended September 30, 2024. Certain instruments have been valued using NAV as a practical expedient. The NAV is generally not published and publicly available, nor are these instruments traded on an exchange. Instruments valued using NAV as a practical expedient are included in the fair value disclosures below; however, in accordance with GAAP are not classified within the fair value hierarchy levels. The following table presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2024, and December 31, 2023 (in thousands). September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds and commercial paper IDACORP (1) $ 36,684 $ — $ — $ 36,684 $ 32,472 $ — $ — $ 32,472 Idaho Power 300,120 — — 300,120 230,600 — — 230,600 Derivatives 42 — — 42 89 — — 89 Equity securities 34,925 — — 34,925 37,320 — — 37,320 IDACORP assets measured at NAV (not subject to hierarchy disclosure) (1) — — — 4,211 — — — 3,751 Liabilities: Derivatives 1,276 — — 1,276 3,932 2,000 — 5,932 (1) Holding company only. Does not include amounts held by Idaho Power. Idaho Power’s derivatives are contracts entered into as part of its management of loads and resources. Electricity swap derivatives are valued on the Intercontinental Exchange (ICE) with quoted prices in an active market. Electricity forward contract derivatives are valued using a blend of two electricity exchanges, adjusted for location basis, as specified in the forward contract. Natural gas and diesel derivatives are valued using New York Mercantile Exchange (NYMEX) and ICE pricing, adjusted for location basis, which are also quoted under NYMEX and ICE pricing. Equity securities at Idaho Power consist of employee-directed investments related to an executive deferred compensation plan and actively traded money market and exchange traded funds related to the SMSP. The investments are measured using quoted prices in active markets and are held in a rabbi trust. The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value as of September 30, 2024, and December 31, 2023, using available market information and appropriate valuation methodologies (in thousands). September 30, 2024 December 31, 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value IDACORP Assets: Notes receivable (1) $ 3,038 $ 3,038 $ 3,038 $ 3,038 Held-to-maturity securities (1)(2) 32,269 30,156 31,639 28,341 Liabilities: Long-term debt (including current portion) (1) 3,123,633 3,022,690 2,825,590 2,684,278 Idaho Power Assets: Held-to-maturity securities (1)(2) $ 32,269 $ 30,156 $ 31,639 $ 28,341 Liabilities: Long-term debt (including current portion) (1) 3,123,633 3,022,690 2,825,590 2,684,278 (1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 12 - "Fair Value Measurements." (2) All held-to-maturity securities are carried at amortized cost and were in a gross unrealized holding loss position totaling $2.1 million and $3.3 million as of September 30, 2024, and December 31, 2023, respectively. Substantially all of these debt securities mature between 2027 and 2038. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect payment defaults or delinquencies and had not recorded an allowance for credit losses for these securities as of September 30, 2024, and December 31, 2023. Notes receivable are related to Ida-West and are valued based on unobservable inputs, including forecasted cash flows, which are partially based on expected hydropower conditions. Held-to-maturity securities are held in a rabbi trust and are generally valued using quoted prices, which may be in non-active markets. Long-term debt is not traded on an exchange and is valued using quoted rates for similar debt in active markets. Carrying values for cash and cash equivalents, deposits, customer and other receivables, notes payable, accounts payable, interest accrued, and taxes accrued approximate fair value. |
SEGMENT INFORMATION_
SEGMENT INFORMATION: | 9 Months Ended |
Sep. 30, 2024 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the power supply, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated investment. IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the "All Other" category in the table below. This category consists of IFS’s investments in affordable housing and other real estate tax credit projects, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses. The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands). Utility All Eliminations Consolidated Three months ended September 30, 2024: Revenues $ 527,487 $ 1,040 $ — $ 528,527 Net income attributable to IDACORP, Inc. 111,089 2,516 — 113,605 Total assets as of September 30, 2024 8,938,596 273,445 (106,923) 9,105,118 Three months ended September 30, 2023: Revenues $ 509,635 $ 1,271 $ — $ 510,906 Net income attributable to IDACORP, Inc. 103,022 2,242 — 105,264 Nine months ended September 30, 2024: Revenues $ 1,425,606 $ 2,896 $ — $ 1,428,502 Net income attributable to IDACORP, Inc. 245,779 5,519 — 251,298 Nine months ended September 30, 2023: Revenues $ 1,351,700 $ 2,703 $ — $ 1,354,403 Net income attributable to IDACORP, Inc. 225,812 4,124 — 229,936 |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes) | 9 Months Ended |
Sep. 30, 2024 | |
Statement of Comprehensive Income [Abstract] | |
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME The table below presents changes in components of AOCI, net of tax, during the three months and nine months ended September 30, 2024 and 2023 (in thousands). Items in parentheses indicate charges to AOCI. Defined Benefit Pension Items Defined Benefit Pension Items Three months ended Nine months ended 2024 2023 2024 2023 Balance at beginning of period $ (16,616) $ (12,629) $ (17,184) $ (12,922) Amounts reclassified out of AOCI 285 146 853 439 Balance at end of period $ (16,331) $ (12,483) $ (16,331) $ (12,483) The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three months and nine months ended September 30, 2024 and 2023 (in thousands). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Details About AOCI Three months ended Nine months ended 2024 2023 2024 2023 Amortization of defined benefit pension items (1) Prior service cost $ 55 $ 54 $ 165 $ 164 Net loss 329 143 984 428 Total before tax 384 197 1,149 592 Tax benefit (2) (99) (51) (296) (153) Total reclassification for the period, net of tax $ 285 $ 146 $ 853 $ 439 (1) Amortization of these items is included in IDACORP's condensed consolidated statements of income in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net. (2) The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power. |
CHANGES IN IDAHO POWER RETAINED
CHANGES IN IDAHO POWER RETAINED EARNINGS (Notes) | 9 Months Ended |
Sep. 30, 2024 | |
Changes in Idaho Power Retained Earnings [Abstract] | |
CHANGES IN IDAHO POWER RETAINED EARNINGS | CHANGES IN IDAHO POWER RETAINED EARNINGS The table below presents changes in Idaho Power retained earnings during the three months and nine months ended September 30, 2024 and 2023 (in thousands). Three months ended Nine months ended 2024 2023 2024 2023 Balance at beginning of period $ 2,041,364 $ 1,918,759 $ 1,991,319 $ 1,836,547 Net income 111,089 103,022 245,779 225,812 Dividends to parent (44,458) (40,218) (129,103) (80,796) Balance at end of period $ 2,107,995 $ 1,981,563 $ 2,107,995 $ 1,981,563 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income Attributable to IDACORP, Inc. | $ 113,605 | $ 105,264 | $ 251,298 | $ 229,936 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization, Consolidation, Presentation, and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2024 | |
Accounting Policies [Abstract] | |
Nature of Business | IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and 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. |
Regulation of Utility Operations | As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition. |
Financial Statements | In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's condensed consolidated balance sheets as of September 30, 2024, condensed consolidated statements of income for the three months and nine months ended September 30, 2024 and 2023, and condensed consolidated cash flows for the nine months ended September 30, 2024 and 2023. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in the 2023 Annual Report. The statements of income for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective balance sheets and statements of income during the period in which such change occurred. |
Management Estimates | Management makes estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions include, among others, those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and the allowance for uncollectible accounts. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates. |
New and Recently Adopted Accounting Pronouncements | New and Recently Adopted Accounting Pronouncements Recently Adopted Accounting Pronouncements There have been no recently adopted accounting pronouncements that have had a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU will be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective financial statements, but the companies do not believe adoption of the new standard will have a material impact. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU are required to be applied prospectively and are allowed to be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective financial statements. There have been no other recent accounting pronouncements not yet adopted that are expected to have a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements. |
Income Tax | In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount. |
Revenue Recognition | The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service and billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues. Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. |
Forward Sale Agreement, Policy | The FSAs have been classified as an equity transaction because they are indexed to IDACORP’s common stock and the other requirements necessary for equity classification are met. As a result of the equity classification, no gain or loss will be recognized within earnings due to subsequent changes in the fair value of the FSAs. |
Earnings Per Share, Policy | Prior to settlement, the potentially issuable shares pursuant to the FSAs will be reflected in IDACORP’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of IDACORP’s common stock used in calculating diluted earnings per share for a reporting period would be increased by the number of shares, if any, that would be issued upon physical settlement of the FSAs, less the number of shares that could be purchased by IDACORP in the market with the proceeds received from issuance (based on the average market price during that reporting period). Share dilution occurs when the average market price of IDACORP’s stock during the reporting period is higher than the then-applicable forward sale price as of the end of the reporting period. |
Commitments and Contingencies, Policy | IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted. |
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block] | Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop. |
Derivatives, Reporting of Derivative Activity | Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other O&M expense. |
Fair Value of Financial Instruments | IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: • Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. • Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. IDACORP and Idaho Power Level 2 inputs for derivative instruments are based on quoted market prices adjusted for location using corroborated, observable market data or using quoted price which may be in non-active markets. • Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. |
Segment Reporting | IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the power supply, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated investment. IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the "All Other" category in the table below. This category consists of IFS’s investments in affordable housing and other real estate tax credit projects, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses. |
INCOME TAXES_ Level 3 (Tables)
INCOME TAXES: Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The following table provides a summary of income tax expense for the nine months ended September 30, 2024 and 2023 (in thousands): IDACORP Idaho Power 2024 2023 2024 2023 Income tax at statutory rates (federal and state) $ 69,543 $ 66,650 $ 68,382 $ 65,916 Excess deferred income tax reversal (7,535) (8,013) (7,535) (8,013) Income tax return adjustments 1,875 (8,227) 1,865 (7,732) Other (1) (22,507) (13,910) (20,327) (12,397) Income tax expense before additional ADITC amortization $ 41,376 $ 36,500 $ 42,385 $ 37,774 Additional ADITC amortization (22,500) (7,500) (22,500) (7,500) Income tax expense $ 18,876 $ 29,000 $ 19,885 $ 30,274 Effective tax rate 7.0 % 11.2 % 7.5 % 11.8 % |
REVENUES_ Electric utility oper
REVENUES: Electric utility operating revenues (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Revenues [Abstract] | |
Electric utility operating revenues [Table Text Block] | The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three months and nine months ended September 30, 2024 and 2023 (in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Revenue from contracts with customers $ 532,477 $ 496,632 $ 1,393,006 $ 1,267,527 Alternative revenue programs and other revenues (4,990) 13,003 32,600 84,173 Total electric utility operating revenues $ 527,487 $ 509,635 $ 1,425,606 $ 1,351,700 |
Disaggregation of Revenue [Table Text Block] | The following table presents revenues from contracts with customers disaggregated by revenue source for the three months and nine months ended September 30, 2024 and 2023 (in thousands): Three months ended Nine months ended 2024 2023 2024 2023 Retail revenues: Residential (includes $(6,193), $5,583, $(8,982), and $20,170, respectively, related to the FCA) (1) $ 195,291 $ 181,736 $ 525,353 $ 505,158 Commercial (includes $(66), $328, $(158), and $900, respectively, related to the FCA) (1) 112,323 107,971 303,031 283,478 Industrial 71,908 67,522 203,990 181,312 Irrigation 109,861 104,645 191,671 168,358 Deferred revenue related to HCC relicensing AFUDC (2) (2,881) (2,815) (6,913) (6,861) Total retail revenues 486,502 459,059 1,217,132 1,131,445 Less: FCA mechanism revenues (1) 6,259 (5,911) 9,140 (21,070) Wholesale energy sales 6,946 5,065 65,759 50,461 Transmission wheeling-related revenues 19,419 20,090 60,142 61,701 Energy efficiency program revenues 5,283 10,498 16,699 22,265 Other revenues from contracts with customers 8,068 7,831 24,134 22,725 Total revenues from contracts with customers $ 532,477 $ 496,632 $ 1,393,006 $ 1,267,527 (1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers. (2) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to utility plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. |
Alternative revenue programs and other revenues [Table Text Block] | The table below presents the FCA mechanism revenues and other revenues for the three months and nine months ended September 30, 2024 and 2023 (in thousands): Three months ended Nine months ended 2024 2023 2024 2023 FCA mechanism revenues $ (6,259) $ 5,911 $ (9,140) $ 21,070 Derivative revenues 1,269 7,092 41,740 63,103 Total alternative revenue programs and other revenues $ (4,990) $ 13,003 $ 32,600 $ 84,173 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Receivables and Allowance for Uncollectible Accounts The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the nine months ended September 30, 2024 and 2023 (in thousands): Nine months ended 2024 2023 Balance at beginning of period $ 4,869 $ 5,034 Additions to the allowance 1,744 2,040 Write-offs, net of recoveries (3,317) (2,939) Balance at end of period $ 3,296 $ 4,135 Allowance for uncollectible accounts as a percentage of customer receivables 2.2 % 3.0 % |
EARNINGS PER SHARE_ Level 3 (Ta
EARNINGS PER SHARE: Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method | The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three months and nine months ended September 30, 2024 and 2023 (in thousands, except for per share amounts). Three months ended Nine months ended 2024 2023 2024 2023 Numerator: Net income attributable to IDACORP, Inc. $ 113,605 $ 105,264 $ 251,298 $ 229,936 Denominator: Weighted-average common shares outstanding - basic 53,386 50,726 52,112 50,713 Effect of dilutive securities (1) 99 79 67 49 Weighted-average common shares outstanding - diluted 53,485 50,805 52,179 50,762 Basic earnings per share $ 2.13 $ 2.08 $ 4.82 $ 4.53 Diluted earnings per share $ 2.12 $ 2.07 $ 4.82 $ 4.53 (1) The effect of dilutive securities amount includes approximately 59 thousand and 54 thousand incremental shares related to FSAs for the three months and nine months ended September 30, 2024, respectively. See Note 6 - "Common Stock" for additional information concerning IDACORP's FSAs. |
BENEFIT PLANS_ Level 3 (Tables)
BENEFIT PLANS: Level 3 (Tables) | 3 Months Ended |
Sep. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended September 30, 2024 and 2023 (in thousands). Pension Plan SMSP Postretirement Total 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ 9,127 $ 6,549 $ 262 $ 153 $ 175 $ 165 $ 9,564 $ 6,867 Interest cost 13,549 13,149 1,333 1,331 706 745 15,588 15,225 Expected return on plan assets (16,240) (15,303) — — (457) (412) (16,697) (15,715) Amortization of prior service cost 1,156 2 55 54 387 416 1,598 472 Amortization of net loss — — 329 143 (374) (310) (45) (167) Net periodic benefit cost 7,592 4,397 1,979 1,681 437 604 10,008 6,682 Regulatory deferral of net periodic benefit cost (1) (7,269) (4,223) — — — — (7,269) (4,223) Previously deferred pension costs recognized (1) 8,796 4,288 — — — — 8,796 4,288 Net periodic benefit cost recognized for financial reporting (1)(2) $ 9,119 $ 4,462 $ 1,979 $ 1,681 $ 437 $ 604 $ 11,535 $ 6,747 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. (2) Of total net periodic benefit cost recognized for financial reporting, $9.4 million and $5.1 million, respectively, were recognized in "Other operations and maintenance" and $2.1 million and $1.7 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended September 30, 2024 and 2023. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the nine months ended September 30, 2024 and 2023 (in thousands). Pension Plan SMSP Postretirement Total 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ 25,494 $ 22,705 $ 788 $ 459 $ 524 $ 494 $ 26,806 $ 23,658 Interest cost 39,136 38,458 3,999 3,992 2,118 2,235 45,253 44,685 Expected return on plan assets (49,900) (46,171) — — (1,373) (1,238) (51,273) (47,409) Amortization of prior service cost 1,280 5 165 164 1,161 1,249 2,606 1,418 Amortization of net loss — — 984 428 (1,121) (928) (137) (500) Net periodic benefit cost 16,010 14,997 5,936 5,043 1,309 1,812 23,255 21,852 Regulatory deferral of net periodic benefit cost (1) (15,320) (14,344) — — — — (15,320) (14,344) Previously deferred pension costs recognized (1) 26,387 12,865 — — — — 26,387 12,865 Net periodic benefit cost recognized for financial reporting (1)(2) $ 27,077 $ 13,518 $ 5,936 $ 5,043 $ 1,309 $ 1,812 $ 34,322 $ 20,373 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates. (2) Of total net periodic benefit cost recognized for financial reporting, $28.2 million and $15.5 million, respectively, were recognized in "Other operations and maintenance" and $6.1 million and $4.9 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the nine months ended September 30, 2024 and 2023. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS: Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below presents the gains and losses on derivatives not designated as hedging instruments for the three months and nine months ended September 30, 2024 and 2023 (in thousands): Gain/(Loss) on Derivatives Recognized in Income (1) Location of Realized Gain/(Loss) on Derivatives Recognized in Income Three months ended Nine months ended 2024 2023 2024 2023 Financial swaps Operating revenues $ 954 $ 253 $ 4,575 $ 4,216 Financial swaps Purchased power (3,786) (8,541) (4,311) (8,647) Financial swaps Fuel expense (18,359) (7,932) (43,544) 4,182 Forward contracts Operating revenues — — 1,278 1,710 Forward contracts Purchased power (1,454) (1,454) (3,135) (3,504) Forward contracts Fuel expense (335) (202) (556) (641) (1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at September 30, 2024, and December 31, 2023 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location Gross Fair Value Amounts Offset Net Assets Gross Fair Value Amounts Offset Net Liabilities September 30, 2024 Current: Financial swaps Other current assets $ 609 $ (567) $ 42 $ 567 $ (567) $ — Financial swaps Other current liabilities 3,391 (3,391) — 15,784 (14,553) (1) 1,231 Long-term: Financial swaps Other liabilities 1,203 (1,203) — 3,306 (3,261) (2) 45 Total $ 5,203 $ (5,161) $ 42 $ 19,657 $ (18,381) $ 1,276 December 31, 2023 Current: Financial swaps Other current assets $ 241 $ (169) $ 72 $ 169 $ (169) $ — Financial swaps Other current liabilities 1,476 (1,476) — 41,977 (38,045) (3) 3,932 Forward contracts Other current liabilities — — — 2,000 — 2,000 Long-term: Financial swaps Other assets 106 (89) 17 89 (89) — Financial swaps Other liabilities 376 (376) — 2,123 (2,123) (4) — Total $ 2,199 $ (2,110) $ 89 $ 46,358 $ (40,426) $ 5,932 (1) Current liability derivative amounts offset include $11.2 million of collateral receivable at September 30, 2024. (2) Long-term liability derivative amounts offset include $2.1 million of collateral receivable at September 30, 2024. (3) Current liability derivative amounts offset include $36.6 million of collateral receivable at December 31, 2023. (4) Long-term liability derivative amounts offset include $1.7 million of collateral receivable at December 31, 2023. |
Schedule of Derivative Instruments | The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at September 30, 2024 and 2023 (in thousands of units): September 30, Commodity Units 2024 2023 Electricity purchases MWh 220 434 Electricity sales MWh 16 — Natural gas purchases MMBtu 30,133 27,283 |
FAIR VALUE MEASUREMENTS_ Level
FAIR VALUE MEASUREMENTS: Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2024, and December 31, 2023 (in thousands). September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds and commercial paper IDACORP (1) $ 36,684 $ — $ — $ 36,684 $ 32,472 $ — $ — $ 32,472 Idaho Power 300,120 — — 300,120 230,600 — — 230,600 Derivatives 42 — — 42 89 — — 89 Equity securities 34,925 — — 34,925 37,320 — — 37,320 IDACORP assets measured at NAV (not subject to hierarchy disclosure) (1) — — — 4,211 — — — 3,751 Liabilities: Derivatives 1,276 — — 1,276 3,932 2,000 — 5,932 (1) Holding company only. Does not include amounts held by Idaho Power. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value as of September 30, 2024, and December 31, 2023, using available market information and appropriate valuation methodologies (in thousands). September 30, 2024 December 31, 2023 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value IDACORP Assets: Notes receivable (1) $ 3,038 $ 3,038 $ 3,038 $ 3,038 Held-to-maturity securities (1)(2) 32,269 30,156 31,639 28,341 Liabilities: Long-term debt (including current portion) (1) 3,123,633 3,022,690 2,825,590 2,684,278 Idaho Power Assets: Held-to-maturity securities (1)(2) $ 32,269 $ 30,156 $ 31,639 $ 28,341 Liabilities: Long-term debt (including current portion) (1) 3,123,633 3,022,690 2,825,590 2,684,278 (1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 12 - "Fair Value Measurements." (2) All held-to-maturity securities are carried at amortized cost and were in a gross unrealized holding loss position totaling $2.1 million and $3.3 million as of September 30, 2024, and December 31, 2023, respectively. Substantially all of these debt securities mature between 2027 and 2038. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect payment defaults or delinquencies and had not recorded an allowance for credit losses for these securities as of September 30, 2024, and December 31, 2023. |
SEGMENT INFORMATION_ Level 3 (T
SEGMENT INFORMATION: Level 3 (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands). Utility All Eliminations Consolidated Three months ended September 30, 2024: Revenues $ 527,487 $ 1,040 $ — $ 528,527 Net income attributable to IDACORP, Inc. 111,089 2,516 — 113,605 Total assets as of September 30, 2024 8,938,596 273,445 (106,923) 9,105,118 Three months ended September 30, 2023: Revenues $ 509,635 $ 1,271 $ — $ 510,906 Net income attributable to IDACORP, Inc. 103,022 2,242 — 105,264 Nine months ended September 30, 2024: Revenues $ 1,425,606 $ 2,896 $ — $ 1,428,502 Net income attributable to IDACORP, Inc. 245,779 5,519 — 251,298 Nine months ended September 30, 2023: Revenues $ 1,351,700 $ 2,703 $ — $ 1,354,403 Net income attributable to IDACORP, Inc. 225,812 4,124 — 229,936 |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The table below presents changes in components of AOCI, net of tax, during the three months and nine months ended September 30, 2024 and 2023 (in thousands). Items in parentheses indicate charges to AOCI. Defined Benefit Pension Items Defined Benefit Pension Items Three months ended Nine months ended 2024 2023 2024 2023 Balance at beginning of period $ (16,616) $ (12,629) $ (17,184) $ (12,922) Amounts reclassified out of AOCI 285 146 853 439 Balance at end of period $ (16,331) $ (12,483) $ (16,331) $ (12,483) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three months and nine months ended September 30, 2024 and 2023 (in thousands). Items in parentheses indicate increases to net income. Amount Reclassified from AOCI Details About AOCI Three months ended Nine months ended 2024 2023 2024 2023 Amortization of defined benefit pension items (1) Prior service cost $ 55 $ 54 $ 165 $ 164 Net loss 329 143 984 428 Total before tax 384 197 1,149 592 Tax benefit (2) (99) (51) (296) (153) Total reclassification for the period, net of tax $ 285 $ 146 $ 853 $ 439 (1) Amortization of these items is included in IDACORP's condensed consolidated statements of income in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net. (2) The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power. |
CHANGES IN IDAHO POWER RETAIN_2
CHANGES IN IDAHO POWER RETAINED EARNINGS (Tables) | 9 Months Ended |
Sep. 30, 2024 | |
Changes in Idaho Power Retained Earnings [Abstract] | |
Changes in Idaho Power Retained Earnings Table | Three months ended Nine months ended 2024 2023 2024 2023 Balance at beginning of period $ 2,041,364 $ 1,918,759 $ 1,991,319 $ 1,836,547 Net income 111,089 103,022 245,779 225,812 Dividends to parent (44,458) (40,218) (129,103) (80,796) Balance at end of period $ 2,107,995 $ 1,981,563 $ 2,107,995 $ 1,981,563 |
INCOME TAXES_ Level 4 (Details)
INCOME TAXES: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | ||
Income Tax Expense [Line Items] | |||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 69,543 | $ 66,650 | |||
Excess deferred income tax reversal | (7,535) | (8,013) | |||
Income tax return adjustments | 1,875 | (8,227) | |||
Other | [1] | (22,507) | (13,910) | ||
Income tax expense before additional ADITC amortization | 41,376 | 36,500 | |||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (22,500) | (7,500) | |||
Income Tax Expense | $ 16,358 | $ 13,774 | $ 18,876 | $ 29,000 | |
Effective tax rate | 7% | 11.20% | |||
Idaho Power Company | |||||
Income Tax Expense [Line Items] | |||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 68,382 | $ 65,916 | |||
Excess deferred income tax reversal | (7,535) | (8,013) | |||
Income tax return adjustments | 1,865 | (7,732) | |||
Other | [1] | (20,327) | (12,397) | ||
Income tax expense before additional ADITC amortization | 42,385 | 37,774 | |||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (22,500) | (7,500) | |||
Income Tax Expense | $ 16,444 | $ 14,379 | $ 19,885 | $ 30,274 | |
Effective tax rate | 7.50% | 11.80% | |||
[1]"Other" primarily consists of the net tax effect of Idaho Power's regulatory flow-through tax adjustments. |
REGULATORY MATTERS_ Level 4 (De
REGULATORY MATTERS: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Oct. 15, 2024 | Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | Dec. 31, 2025 | May 31, 2025 | Jan. 01, 2025 | Jun. 01, 2024 | Jan. 01, 2024 | Jun. 01, 2023 | |
Settlement Stipulation - Investment Tax Credits and Idaho Sharing Mechanism | |||||||||||
Regulatory Matters | |||||||||||
Additional accumulated deferred investment tax credits (ADITC) amortization | $ 2,500 | $ 0 | $ 22,500 | $ 7,500 | |||||||
Investment Tax Credits, Remains Available | $ 87,500 | $ 87,500 | |||||||||
Idaho fixed cost adjustment mechanism | |||||||||||
Regulatory Matters | |||||||||||
Percentage cap on the FCA adjustment | 3% | 3% | |||||||||
Idaho Jurisdiction Fixed Cost Adjustment | |||||||||||
Regulatory Matters | |||||||||||
Annual fixed cost adjustment mechanism deferral | $ 36,800 | $ 25,100 | |||||||||
Oregon jurisdiction | |||||||||||
Regulatory Matters | |||||||||||
Annual Power Cost Update | $ 6,900 | ||||||||||
Subsequent Event | Idaho Power Cost Adjustment | |||||||||||
Regulatory Matters | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ (35,700) | ||||||||||
Subsequent Event | Idaho Power Fixed Cost Adjustment | |||||||||||
Regulatory Matters | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ (11,700) | ||||||||||
IDAHO | 2023 Settlement Stipulation | |||||||||||
Regulatory Matters | |||||||||||
Minimum authorized return on equity | 9.12% | ||||||||||
IDAHO | Subsequent Event | Idaho Power Company | limited-issue rate case revenue increase requested | |||||||||||
Regulatory Matters | |||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 99,300 | ||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 7.31% | ||||||||||
Incremental plant additions | $ 730,000 | ||||||||||
OREGON | Subsequent Event | 2023 Rate Case | |||||||||||
Regulatory Matters | |||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ (6,700) | ||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 12.14% | ||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.50% | ||||||||||
OREGON | Subsequent Event | 2023 Rate Case | Cost of Debt Capital Structure [Domain] | |||||||||||
Regulatory Matters | |||||||||||
Approved Rate of Return | 5.104% | ||||||||||
OREGON | Subsequent Event | 2023 Rate Case | Cost of Capital and Capital Structure | |||||||||||
Regulatory Matters | |||||||||||
Total Retail Rate Base | $ 188,900 | ||||||||||
Approved Rate of Return | 7.302% |
REVENUES_ Electric utility op_2
REVENUES: Electric utility operating revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Revenues [Abstract] | ||||
Revenue from contracts with customers | $ 532,477 | $ 496,632 | $ 1,393,006 | $ 1,267,527 |
Alternative revenue programs and other revenues | (4,990) | 13,003 | 32,600 | 84,173 |
Electric utility revenues | $ 527,487 | $ 509,635 | $ 1,425,606 | $ 1,351,700 |
REVENUES_ (Details)
REVENUES: (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | $ 532,477 | $ 496,632 | $ 1,393,006 | $ 1,267,527 | |
Alternative revenue programs and other revenues | (4,990) | 13,003 | 32,600 | 84,173 | |
Retail revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 486,502 | 459,059 | 1,217,132 | 1,131,445 | |
Idaho fixed cost adjustment mechanism | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | [1] | 6,259 | (5,911) | 9,140 | (21,070) |
Alternative revenue programs and other revenues | (6,259) | 5,911 | (9,140) | 21,070 | |
Wholesale energy sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 6,946 | 5,065 | 65,759 | 50,461 | |
Transmission Service Agreement | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 19,419 | 20,090 | 60,142 | 61,701 | |
Energy efficiency program revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 5,283 | 10,498 | 16,699 | 22,265 | |
Other revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 8,068 | 7,831 | 24,134 | 22,725 | |
Derivative revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Alternative revenue programs and other revenues | 1,269 | 7,092 | 41,740 | 63,103 | |
Residential Retail Revenue | Retail revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | [1] | 195,291 | 181,736 | 525,353 | 505,158 |
Residential Retail Revenue | Idaho fixed cost adjustment mechanism | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | (6,193) | 5,583 | (8,982) | 20,170 | |
Commercial Retail Revenue | Retail revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | [1] | 112,323 | 107,971 | 303,031 | 283,478 |
Commercial Retail Revenue | Idaho fixed cost adjustment mechanism | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | (66) | 328 | (158) | 900 | |
Industrial Retail Revenue | Retail revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 71,908 | 67,522 | 203,990 | 181,312 | |
Irrigation Retail Revenue | Retail revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 109,861 | 104,645 | 191,671 | 168,358 | |
Deferred revenue-AFUDC | Retail revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | [2] | (2,881) | (2,815) | (6,913) | (6,861) |
IPUC authorized AFUDC Collection HCC Relicensing - Gross | Idaho Power Company | Hells Canyon Complex | |||||
Disaggregation of Revenue [Line Items] | |||||
Regulatory liabilities | $ (8,800) | $ (8,800) | $ (8,800) | $ (8,800) | |
[1]The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.[2]The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to utility plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service. |
REVENUES_ Receivables and Allow
REVENUES: Receivables and Allowance for Uncollectible Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2024 | Sep. 30, 2023 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 4,869 | $ 5,034 |
Additions to the allowance | 1,744 | 2,040 |
Write-offs, net of recoveries | (3,317) | (2,939) |
Balance at end of period | $ 3,296 | $ 4,135 |
Allowance for uncollectible accounts as a percentage of customer receivables | 2.20% | 3% |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Aug. 12, 2024 | Mar. 14, 2024 |
First Mortgage Bonds 5.20 Series Due 2034 [Domain] | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | $ 300,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | ||
Idaho Power Company | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate limit | 8% | ||
Idaho Power Company | Public Utility Commisions - Idaho, Oregon, and Washington | |||
Debt Instrument [Line Items] | |||
Indenture, Unused Borrowing Capacity, Amount | $ 900,000 | $ 1,200,000 |
COMMON STOCK_ Level 4 (Details)
COMMON STOCK: Level 4 (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2024 USD ($) shares | Sep. 30, 2024 USD ($) shares | Dec. 31, 2023 USD ($) $ / shares shares | |
Idaho Power Company | |||
Shareholders' equity | |||
Ratio of Indebtedness to Net Capital | 0.50 | 0.50 | |
Dividend Distribution Restriction Amount | $ | $ 1,400,000 | $ 1,400,000 | |
Dividend Distribution Restriction Threshold | 0.35 | 0.35 | |
Ratio of total Capital to total capital and long-term debt | 0.50 | 0.50 | |
Preferred Stock, Shares Outstanding | 0 | 0 | |
Proceeds from Contributed Capital | $ | $ 200,000 | ||
Stock Issued During Period, Shares, New Issues | 0 | ||
IDACORP | |||
Shareholders' equity | |||
Maximum leverage ratio requirement | 0.65 | 0.65 | |
Ratio of Indebtedness to Net Capital | 0.49 | 0.49 | |
Dividend Distribution Restriction Amount | $ | $ 1,600,000 | $ 1,600,000 | |
Stock Issued During Period, Shares, New Issues | 2,654,577 | ||
IDACORP | Dividend Reinvestment and Stock Purchase Plan | |||
Shareholders' equity | |||
Stock Issued During Period, Shares, New Issues | 50,138 | ||
IDACORP | Directors | |||
Shareholders' equity | |||
Stock Issued During Period, Shares, New Issues | 10,571 | ||
IDACORP | Performance Shares | |||
Shareholders' equity | |||
Restricted Stock Unit Awards to Employees | 103,771 | ||
Stock Issued During Period, Shares, New Issues | 61,997 | ||
IDACORP | At-the-Market Offering Program | |||
Shareholders' equity | |||
At-the-Market Offering Program, Maximum Value Of Shares To Be Issued | $ | $ 300,000 | ||
Stock Issued During Period, Shares, New Issues | 0 | ||
IDACORP | Forward Sale Agreements | |||
Shareholders' equity | |||
Registered Public Offering, Initial Common Shares Offered | 2,801,724 | ||
Registered Public Offering, Initial Common Shares Offered, Greenshoe | 420,258 | ||
Registered Public Offering, Initial Common Shares Offered, Total | 3,221,982 | ||
Registered Public Offering, Price Per Share | $ / shares | $ 92.80 | ||
Registered Public Offering, Issuance Amount | $ | $ 260,000 | ||
Registered Public Offering, Issuance Amount, Greenshoe | $ | $ 39,000 | ||
Initial Forward Sale Price, Per Share | $ / shares | $ 90.016 | ||
Registered Public Offering, Common Shares Settled | 2,542,442 | ||
Registered Public Offering, Settled Amount | $ | $ 230,000 | ||
Common Shares To Deliver To Settle Forward Sales Agreement, Gross | 679,540 | 679,540 | |
Cash To Be Received On Settlement Of Forward Sale Agreement | $ | $ 62,000 | $ 62,000 | |
Cash To Deliver To Settle Forward Sales Agreement, Net | $ | $ 6,200 | $ 6,200 | |
Common Shares To Deliver To Settle Forward Sales Agreement, Net | 62,000 | 62,000 | |
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 59,000 | 54,000 |
EARNINGS PER SHARE_ Level 4 (De
EARNINGS PER SHARE: Level 4 (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | ||
Numerator: | |||||
Net Income Attributable to IDACORP, Inc. | $ 113,605 | $ 105,264 | $ 251,298 | $ 229,936 | |
Denominator: | |||||
Weighted-average common shares outstanding - basic | 53,386 | 50,726 | 52,112 | 50,713 | |
Effect of dilutive securities | [1] | 99 | 79 | 67 | 49 |
Weighted-average common shares outstanding - diluted | 53,485 | 50,805 | 52,179 | 50,762 | |
Earnings attributable to IDACORP, Inc. - basic (in dollars per share) | $ 2.13 | $ 2.08 | $ 4.82 | $ 4.53 | |
Earnings attributable to IDACORP, Inc. - diluted (in dollars per share) | $ 2.12 | $ 2.07 | $ 4.82 | $ 4.53 | |
[1]The effect of dilutive securities amount includes approximately 59 thousand and 54 thousand incremental shares related to FSAs for the three months and nine months ended September 30, 2024, respectively. See Note 6 - "Common Stock" for additional information concerning IDACORP's FSAs |
COMMITMENTS_ Level 4 (Details)
COMMITMENTS: Level 4 (Details) $ in Thousands | 9 Months Ended | 36 Months Ended | 420 Months Ended | |
Sep. 30, 2024 USD ($) MWh | May 31, 2030 | May 31, 2062 | Jun. 30, 2027 USD ($) MWh | |
Idaho Power Company | ||||
Guarantor Obligations | ||||
IERCo guarantee of BCC reclamation obligation | $ 47,600 | |||
Idaho Power Company | Contract to Acquire Transporation Capacity | ||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||||
Increase of Long-term Purchase Obligations, PURPA | 185,200 | |||
Idaho Power Company | Extended Contract to Acquire Transporation Capacity | ||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||||
Increase of Long-term Purchase Obligations, PURPA | $ 31,200 | |||
Idaho Power Company | Contracts To Acquire And Own Battery Storage Assets Commitment | ||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||||
Nameplate Capacity | MWh | 200 | |||
Increase of Long-term Purchase Obligations, PURPA | $ 156,800 | |||
Payments to Acquire Productive Assets | 33,300 | |||
Idaho Power Company | Cogeneration And Power Production Purchase Commitment Member | ||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||||
Increase of Long-term Purchase Obligations, PURPA | $ 54,800 | |||
Idaho Power Company | Cogeneration And Power Production Purchase Commitment Member | Minimum | ||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||||
Long-term Purchase Commitment, Period | 5 years | |||
Idaho Power Company | Contract to Acquire Energy And Capacity | ||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||||
Long-term Purchase Commitment, Period | 5 years | |||
Nameplate Capacity | MWh | 200 | |||
Increase of Long-term Purchase Obligations, PURPA | $ 84,300 | |||
Idaho Power Company | Contract to Acquire Transporation Capacity | ||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||||
Long-term Purchase Commitment, Period | 18 years | |||
Idaho Power Company | Extended Contract to Acquire Transporation Capacity | ||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||||
Long-term Purchase Commitment, Period | 6 years | |||
Idaho Power Company | Hydrogeneration Power Production Purchase Commitment | Maximum | ||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||||
Long-term Purchase Commitment, Period | 20 years | |||
Idaho Power Company | Contracts To Acquire And Own Wind Facility Assets Commitment | Subsequent Event | ||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||||
Nameplate Capacity | MWh | 300 | |||
Increase of Long-term Purchase Obligations, PURPA | $ 3,100,000 | |||
Idaho Power Company | Contracts To Acquire And Own Wind Facility Assets Commitment | Minimum | Subsequent Event | ||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||||
Long-term Purchase Commitment, Period | 3 years | |||
Idaho Power Company | Contracts To Acquire And Own Wind Facility Assets Commitment | Maximum | Subsequent Event | ||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ||||
Long-term Purchase Commitment, Period | 35 years | |||
Bridger Coal Company | ||||
Guarantor Obligations | ||||
IERCo guarantee of BCC reclamation obligation | $ 142,900 |
BENEFIT PLANS_ Level 4 (Details
BENEFIT PLANS: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | ||
Defined Benefit Plan Disclosure | |||||
Service cost | $ 9,564 | $ 6,867 | $ 26,806 | $ 23,658 | |
Interest cost | 15,588 | 15,225 | 45,253 | 44,685 | |
Expected return on plan assets | (16,697) | (15,715) | (51,273) | (47,409) | |
Amortization of prior service cost | 1,598 | 472 | 2,606 | 1,418 | |
Amortization of net loss | (45) | (167) | (137) | (500) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 10,008 | 6,682 | 23,255 | 21,852 | |
Regulatory deferral of net periodic benefit cost | [1] | (7,269) | (4,223) | (15,320) | (14,344) |
IPUC Authorized recovered pension cost | [1] | 8,796 | 4,288 | 26,387 | 12,865 |
Net periodic benefit cost recognized for financial reporting | [1],[2] | 11,535 | 6,747 | 34,322 | 20,373 |
Net Periodic Benefit cost recognize in Other operations and maintenance | 9,400 | 5,100 | 28,200 | 15,500 | |
Net Periodic Benefit cost recognized in other expense, net | 2,100 | 1,700 | 6,100 | 4,900 | |
Pension Plan | |||||
Defined Benefit Plan Disclosure | |||||
Service cost | 9,127 | 6,549 | 25,494 | 22,705 | |
Interest cost | 13,549 | 13,149 | 39,136 | 38,458 | |
Expected return on plan assets | (16,240) | (15,303) | (49,900) | (46,171) | |
Amortization of prior service cost | 1,156 | 2 | 1,280 | 5 | |
Amortization of net loss | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 7,592 | 4,397 | 16,010 | 14,997 | |
Regulatory deferral of net periodic benefit cost | [1] | (7,269) | (4,223) | (15,320) | (14,344) |
IPUC Authorized recovered pension cost | [1] | 8,796 | 4,288 | 26,387 | 12,865 |
Net periodic benefit cost recognized for financial reporting | [1],[2] | 9,119 | 4,462 | 27,077 | 13,518 |
Pension Plan | Idaho Power Company | |||||
Defined Benefit Plan Disclosure | |||||
Defined Benefit Plan, Contributions by Employer | 20,000 | ||||
Senior Management Security Plan | |||||
Defined Benefit Plan Disclosure | |||||
Service cost | 262 | 153 | 788 | 459 | |
Interest cost | 1,333 | 1,331 | 3,999 | 3,992 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization of prior service cost | 55 | 54 | 165 | 164 | |
Amortization of net loss | 329 | 143 | 984 | 428 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1,979 | 1,681 | 5,936 | 5,043 | |
Net periodic benefit cost recognized for financial reporting | 1,979 | 1,681 | 5,936 | 5,043 | |
Postretirement Benefits Plan | |||||
Defined Benefit Plan Disclosure | |||||
Service cost | 175 | 165 | 524 | 494 | |
Interest cost | 706 | 745 | 2,118 | 2,235 | |
Expected return on plan assets | (457) | (412) | (1,373) | (1,238) | |
Amortization of prior service cost | 387 | 416 | 1,161 | 1,249 | |
Amortization of net loss | (374) | (310) | (1,121) | (928) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 437 | 604 | 1,309 | 1,812 | |
Net periodic benefit cost recognized for financial reporting | $ 437 | $ 604 | $ 1,309 | $ 1,812 | |
[1]Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates.[2]Of total net periodic benefit cost recognized for financial reporting, $9.4 million and $5.1 million, respectively, were recognized in "Other operations and maintenance" and $2.1 million and $1.7 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended September 30, 2024 and 2023. |
Derivative Instruments Gains (L
Derivative Instruments Gains (Loss) on Derivatives Recognized in Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | ||
Financial Swaps | Operating revenues | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | $ 954 | $ 253 | $ 4,575 | $ 4,216 |
Financial Swaps | Purchased power | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | (3,786) | (8,541) | (4,311) | (8,647) |
Financial Swaps | Operating Expense | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | (18,359) | (7,932) | (43,544) | 4,182 |
Forward contracts | Operating revenues | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | 0 | 0 | 1,278 | 1,710 |
Forward contracts | Purchased power | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | (1,454) | (1,454) | (3,135) | (3,504) |
Forward contracts | Operating Expense | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | [1] | $ (335) | $ (202) | $ (556) | $ (641) |
[1] Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities. |
Derivative Instruments Fair Val
Derivative Instruments Fair Value and Offsets Table (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Dec. 31, 2023 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $ 5,203 | $ 2,199 | ||
Derivative Asset, Fair Value, Gross Liability | (5,161) | (2,110) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 42 | 89 | ||
Derivative Liability, Fair Value, Gross Liability | 19,657 | 46,358 | ||
Derivative Liability, Fair Value, Gross Asset | (18,381) | (40,426) | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1,276 | 5,932 | ||
Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | 11,200 | 36,600 | ||
Other Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | 2,100 | 1,700 | ||
Financial Swaps | Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 609 | 241 | ||
Derivative Asset, Fair Value, Gross Liability | (567) | (169) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 42 | 72 | ||
Derivative Liability, Fair Value, Gross Liability | 567 | 169 | ||
Derivative Liability, Fair Value, Gross Asset | (567) | (169) | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Financial Swaps | Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 3,391 | 1,476 | ||
Derivative Asset, Fair Value, Gross Liability | (3,391) | (1,476) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 15,784 | 41,977 | ||
Derivative Liability, Fair Value, Gross Asset | (14,553) | [1] | (38,045) | [2] |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1,231 | 3,932 | ||
Financial Swaps | Other Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 106 | |||
Derivative Asset, Fair Value, Gross Liability | (89) | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 17 | |||
Derivative Liability, Fair Value, Gross Liability | 89 | |||
Derivative Liability, Fair Value, Gross Asset | (89) | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | |||
Financial Swaps | Other Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1,203 | 376 | ||
Derivative Asset, Fair Value, Gross Liability | (1,203) | (376) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 3,306 | 2,123 | ||
Derivative Liability, Fair Value, Gross Asset | (3,261) | [3] | (2,123) | [4] |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 45 | 0 | ||
Forward contracts | Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Derivative Asset, Fair Value, Gross Liability | 0 | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |||
Derivative Liability, Fair Value, Gross Liability | 2,000 | |||
Derivative Liability, Fair Value, Gross Asset | 0 | |||
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 2,000 | |||
[1]Current liability derivative amounts offset include $11.2 million of collateral receivable at September 30, 2024.[2]Current liability derivative amounts offset include $36.6 million of collateral receivable at December 31, 2023.[3]Long-term liability derivative amounts offset include $2.1 million of collateral receivable at September 30, 2024.[4]Long-term liability derivative amounts offset include $1.7 million of collateral receivable at December 31, 2023 |
Derivative Commodities and Disc
Derivative Commodities and Disclosures (Details) MWh in Thousands, MMBTU in Thousands | Sep. 30, 2024 MWh MMBTU | Sep. 30, 2023 MWh MMBTU |
Electricity (MWh) | Long | ||
Derivative | ||
Derivative, Number of Instruments Held | 220 | 434 |
Electricity (MWh) | Short | ||
Derivative | ||
Derivative, Number of Instruments Held | 16 | 0 |
Natural Gas (MMBTU) | Long | ||
Derivative | ||
Derivative, Number of Instruments Held | MMBTU | 30,133 | 27,283 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS: - Narrative (Details) $ in Millions | Sep. 30, 2024 USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives in a net liability position | $ 19.7 |
Collateral Already Posted, Aggregate Fair Value | 24.9 |
Additional Collateral, Aggregate Fair Value | $ 9.3 |
FAIR VALUE MEASUREMENTS_ Leve_2
FAIR VALUE MEASUREMENTS: Level 4 (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | $ 36,684 | $ 32,472 |
Derivative Assets | 42 | 89 | |
Equity Securities, FV-NI | 34,925 | 37,320 | |
Derivative Liabilities | 1,276 | 5,932 | |
Idaho Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 300,120 | 230,600 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 36,684 | 32,472 |
Derivative Assets | 42 | 89 | |
Equity Securities, FV-NI | 34,925 | 37,320 | |
Assets, Fair Value Disclosure | [1] | 0 | 0 |
Derivative Liabilities | 1,276 | 3,932 | |
Fair Value, Inputs, Level 1 [Member] | Idaho Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 300,120 | 230,600 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 0 | 0 |
Derivative Assets | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Assets, Fair Value Disclosure | [1] | 0 | 0 |
Derivative Liabilities | 0 | 2,000 | |
Fair Value, Inputs, Level 2 [Member] | Idaho Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 0 | 0 |
Derivative Assets | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Assets, Fair Value Disclosure | [1] | 0 | 0 |
Derivative Liabilities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Idaho Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | 0 | 0 | |
Fair Value Measured at Net Asset Value Per Share | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | [1] | $ 4,211 | $ 3,751 |
[1]Holding company only. Does not include amounts held by Idaho Power. |
FAIR VALUE MEASUREMENTS_ Fair V
FAIR VALUE MEASUREMENTS: Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Dec. 31, 2023 | |
Corporate Fixed-Income And Asset-Backed Debt Securities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | $ 2,100 | $ 3,300 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | [1] | 3,038 | 3,038 |
Held-to-maturity securities | [1],[2] | 32,269 | 31,639 |
Long-term debt | [1] | 3,123,633 | 2,825,590 |
Carrying Amount | Idaho Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held-to-maturity securities | [1],[2] | 32,269 | 31,639 |
Long-term debt | [1] | 3,123,633 | 2,825,590 |
Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | [1] | 3,038 | 3,038 |
Held-to-maturity securities | [1],[2] | 30,156 | 28,341 |
Long-term debt | [1] | 3,022,690 | 2,684,278 |
Estimated Fair Value | Idaho Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held-to-maturity securities | [1],[2] | 30,156 | 28,341 |
Long-term debt | [1] | $ 3,022,690 | $ 2,684,278 |
[1] (1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 12 - "Fair Value Measurements." (2) All held-to-maturity securities are carried at amortized cost and were in a gross unrealized holding loss position totaling $2.1 million and $3.3 million as of September 30, 2024, and December 31, 2023, respectively. Substantially all of these debt securities mature between 2027 and 2038. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect payment defaults or delinquencies and had not recorded an allowance for credit losses for these securities as of September 30, 2024, and December 31, 2023. |
SEGMENT INFORMATION_ Level 4 (D
SEGMENT INFORMATION: Level 4 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting Information | |||||
Total operating revenues | $ 528,527 | $ 510,906 | $ 1,428,502 | $ 1,354,403 | |
Net Income Attributable to IDACORP, Inc. | 113,605 | 105,264 | 251,298 | 229,936 | |
Total assets | 9,105,118 | 9,105,118 | $ 8,475,918 | ||
Eliminations | |||||
Segment Reporting Information | |||||
Total operating revenues | 0 | 0 | 0 | 0 | |
Net Income Attributable to IDACORP, Inc. | 0 | 0 | 0 | 0 | |
Total assets | (106,923) | (106,923) | |||
Utility Operations | |||||
Segment Reporting Information | |||||
Net Income Attributable to IDACORP, Inc. | 245,779 | 225,812 | |||
Utility Operations | Operating Segments | |||||
Segment Reporting Information | |||||
Total operating revenues | 527,487 | 509,635 | 1,425,606 | 1,351,700 | |
Net Income Attributable to IDACORP, Inc. | 111,089 | 103,022 | |||
Total assets | 8,938,596 | 8,938,596 | |||
All Other | Operating Segments | |||||
Segment Reporting Information | |||||
Total operating revenues | 1,040 | 1,271 | 2,896 | 2,703 | |
Net Income Attributable to IDACORP, Inc. | 2,516 | $ 2,242 | 5,519 | $ 4,124 | |
Total assets | $ 273,445 | $ 273,445 |
CHANGES IN ACCUMULATED OTHER _3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | ||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
AOCI - Beginning Balance | $ (17,184) | ||||
Reclassifications | $ 285 | $ 146 | 853 | $ 439 | |
AOCI - Ending Balance | (16,331) | (16,331) | |||
Reclassification out of Accumulated Other Comprehensive Income | |||||
Amortization of prior service cost | [1] | 55 | 54 | 165 | 164 |
Amortization of net loss | [1] | 329 | 143 | 984 | 428 |
Total reclassification, before tax - pension and postretirement benefits | 384 | 197 | 1,149 | 592 | |
Tax benefit | [2] | (99) | (51) | (296) | (153) |
Reclassifications | 285 | 146 | 853 | 439 | |
Accumulated Defined Benefit Pension Items | |||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
AOCI - Beginning Balance | (16,616) | (12,629) | (17,184) | (12,922) | |
Reclassifications | 285 | 146 | 853 | 439 | |
AOCI - Ending Balance | (16,331) | (12,483) | (16,331) | (12,483) | |
Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassifications | $ 285 | $ 146 | $ 853 | $ 439 | |
[1]Amortization of these items is included in IDACORP's condensed consolidated statements of income in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net.[2]The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power. |
CHANGES IN IDAHO POWER RETAIN_3
CHANGES IN IDAHO POWER RETAINED EARNINGS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023 | |
Retained Earnings Roll Forward [Roll Forward] | ||||
Balance at beginning of period | $ 2,036,138 | |||
Net Income Attributable to IDACORP, Inc. | $ 113,605 | $ 105,264 | 251,298 | $ 229,936 |
Balance at end of period | 2,158,333 | 2,158,333 | ||
Idaho Power Company | ||||
Retained Earnings Roll Forward [Roll Forward] | ||||
Balance at beginning of period | 2,041,364 | 1,918,759 | 1,991,319 | 1,836,547 |
Net Income Attributable to IDACORP, Inc. | 111,089 | 103,022 | 245,779 | 225,812 |
Dividends | (44,458) | (40,218) | (129,103) | (80,796) |
Balance at end of period | $ 2,107,995 | $ 1,981,563 | $ 2,107,995 | $ 1,981,563 |