IDACORP : First Quarter 2025 Investor Slides
IDA
Published on 05/01/2025 at 08:35
1st Quarter 2025
May 1, 2025
Lisa Grow
IDACORP President
& Chief Executive Officer
Brian Buckham IDACORP Senior Vice President, Chief Financial Officer & Treasurer
Amy Shaw IDACORP Vice President of Finance, Compliance & Risk
John Wonderlich IDACORP Investor Relations Manager
Three months
ended March 31
2025
2024
Net income (thousands)
$ 59,647
$ 48,173
Weighted average common shares outstanding - diluted (thousands)
54,126
50,792
Diluted earnings per share
$ 1.10
$ 0.95
Idaho Power Customer Growth
2.6%
660,000
(Year-over-year)
650,000
640,000
630,000
620,000
610,000
600,000
2021 2022 2023 2024 Twelve Months
2025
Ended March 31, 2025
6
2025 IRP Load Growth Projections
2025 IRP Load Forecast(1)vs. Prior IRPs
5-Year Forecasted Annual
Growth Rate
20-Year Forecasted Annual
Growth Rate
Retail Sales (Billed MWh)
Annual Peak (Peak Demand)
Retail Sales (Billed MWh)
Annual Peak (Peak Demand)
2025 IRP
8.3%
5.1%
2.7%
1.9%
2023 IRP
5.5%
3.7%
2.1%
1.8%
2021 IRP
2.6%
2.1%
1.4%
1.4%
(1) Included in the above table are the load forecast assumptions the company anticipates using in the 2025 IRP as of May 1, 2025.
Year
Owned
Contracted
CEYW(2)
2023
120 MW BESS
None
40 MW Solar
2024
96 MW BESS
100 MW Solar
None
2025
80 MW BESS
150 MW BESS
200 MW Solar
2026
250 MW BESS
200 MW Market Purchase
125 MW Solar
2027
300 MW
Wind
300 MW Wind; 100 MW Solar;
100 MW BESS
320 MW Solar
2028
Final shortlist acknowledged by OPUC March of 2025
2029
Final shortlist expected to be published in Q3 2025
(1)Distribution site battery storage is excluded.
(2)Clean Energy Your Way program (or similar).
Boardman-to-Hemingway
Expected to break ground in 2025
OPUC, IPUC, and WPSC granted respective certificates of public
convenience and necessity
Idaho Power's interest in Boardman-to-Hemingway is ~45%
Long-term transmission service commitment to Bonneville Power Administration's customers across southern Idaho included in agreement
In-service date expected no earlier than 2027
Southwest Intertie Project - North
Construction expected to begin as early as 2025 and take approximately two years to complete
IPC agreed to purchase ~11% of the line upon the in-service date
IPC entered into a capacity entitlement agreement for an additional
~11% of the capacity commencing upon the in-service date
Gateway West
Multi-segment project, with some PacifiCorp segments completed
Idaho Power and PacifiCorp are coordinating construction and
segment allocations in Idaho
Idaho - Senate Bill SB 1183 was signed into law in April 2025
The law provides further clarity as it relates to utility wildfire liability, while ensuring utilities operate in a manner that reduces wildfire risk.
Requires electric utilities to develop wildfire mitigation plans and submit them to the Idaho Public Utilities Commission for approval.
A Commission-approved plan establishes a clear standard of care in operations, maintenance, repair, and upgrades.
Establishes a statutory wildfire-related liability standard.
Compliments the long-standing legal framework in Idaho based on negligence and caps on liability.
In any civil action where wildfire damages are sought, the Act imposes a rebuttable presumption that the utility was not negligent if, with respect to the cause of the fire, the utility reasonably implemented the Commission-approved wildfire mitigation plan.
Makes it easier for utilities to reduce wildfire risk.
Permits electric utilities, upon certain conditions, to access privately-owned land or easements or rights-of-way on land owned by the state, a federal agency, or a tribal government for purposes of performing work in accordance with their approved wildfire mitigation plans. Electric utilities may inspect, repair, or upgrade their assets, infrastructure, or facilities and are protected from trespass liability with respect to such access.
IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted)
Net Income - For the Three Months Ended March 31, 2024
$ 48.2
Increase (decrease) in Idaho Power net income:
Retail revenues per megawatt-hour (MWh), net of power cost adjustment mechanisms
$ 11.3
Customer growth, net of associated power supply costs and power cost adjustment mechanisms
7.3
Usage per retail customer, net of associated power supply costs and power cost adjustment mechanisms and fixed cost adjustment mechanisms
(2.1)
Other operations and maintenance (O&M) expenses
(7.2)
Depreciation Expense
(5.8)
Other changes in operating revenues and expenses, net
1.9
Increase in Idaho Power operating income
5.4
Non-operating expense, net
(2.2)
Additional accumulated deferred investment tax credits (ADITC) amortization
6.8
Income tax expense, excluding additional ADITC amortization
0.8
Total increase in Idaho Power net income
10.8
Other IDACORP changes (net of tax)
0.6
Net Income - For the Three Months Ended March 31, 2025
$ 59.6
2025 - 2029
$1,500
$1,400
$1,300
$1,200
$1,100
$1,000
$ Millions
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
2025 2026 2027 2028 2029
~$1,127M per year
average forecast
~103%
increase
~$554M actual per year average, previous 5 years
(1)As of February 20, 2025. This graphic is a representation of the 5-year capital expenditures forecast. See IDACORP's 2024 Form 10-K for a summary of project types included in the 5-year forecast.
$0.7B
$4.6B
$10.5
$10.0
$9.5
$0.5B
$9.0
$8.5
Rate Base in $ Billions
$8.0
$2.1B
$0.7B
$7.5
$7.0
$1.7B
~$5.1B
$6.5
$6.0
$5.5
$1.2B
$0.4B(2)
$5.0
$4.5
$4.0
$3.5
2024 2025 2026 2027 2028 2029
2024 2025 -2029 HCC Construction work in progress (CWIP) estimated year-end balance
As of February 20, 2025. If the net balances of Idaho Power's capital additions and retirements since the Idaho limited scope rate case and its forecasted capital additions and retirements were approved by its regulators to be included in base rates, Idaho Power's total system rate base could reach approximately $9.7 billion by the end of 2029, the year through which Idaho Power currently forecasts capital expenditures. Idaho Power's 2024 Idaho limited scope rate case provided for a return on a rate base of about $4.4 billion (system total), which excludes net rate base on coal-related assets related to North Valmy and Jim Bridger plants of approximately $0.2 billion which are included through regulatory mechanisms. The 2024 rate base amounts are adjusted in this graphic over time to reflect the ultimate decline in net rate base of coal-related assets. Coal-related rate base is expected to be fully collected by the end of 2028 and 2030, respectively, through separate regulatory orders.
Hells Canyon Complex (HCC) relicensing costs becoming eligible for rate base is subject to the Federal Energy Regulatory Commission's granting of a new operating license. Estimated to be approximately $0.4 billion of rate base for illustration purposes. As of February 20, 2025, Idaho Power believed that the HCC license would be issued as early as 2026; however, as of May 1, 2025, Idaho Power believes that the license won't be issued until 2027 or later.
IDACORP Cash Flows
(millions)
Three Months Ended March 31
2025 2024
Net Cash Provided by Operating Activities
$ 124.3
$ 109.7
Liquidity
(millions)
As of March 31, 2025 IDACORP(1)Idaho Power
Net balance available(2)
$ 100.0
$ 400.0
IDACORP Equity Financing
(millions)
Remaining as of
March 31, 2025
Executed To-Date
Settled To-Date
At-the-Market Offering Program(3)
$ 155.5
$ 144.5
-
(1) Holding company only.
(2) IDACORP's and Idaho Power's respective $100 million and $400 million revolving credit facilities, expiring in December 2029, net of commercial paper outstanding and amounts identified for other use. As of March 31, 2025, there was no commercial paper outstanding or amounts identified for other use.
(3) IDACORP entered into an Equity Distribution Agreement (EDA) on May 20, 2024, 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 three months ended March 31, 2025, IDACORP did not issue common stock pursuant to the EDA. During the three months ended March 31, 2025, IDACORP executed FSAs under its ATM offering program with various counterparties who borrowed and sold 452,256 shares of IDACORP's common stock at an aggregate gross sales price of $52.2 million. IDACORP has a remaining aggregate gross sales price of up to $155.5 million in shares of its common stock available for issuance through the ATM offering program.
2025 - 2029
$ Millions
Net Cash
Dividends
Equity Content
Issued Repaid Capital
from
Operations
------------------------Equity ------------------------
----------------------Debt ----------------------
Expenditures(2)
(1) As of February 20, 2025. Financings plans are for illustrative purposes only and are subject to change.
(2) Forecast capital expenditures include allowance for borrowed funds used during construction.
Current(1)
Previous(2)
IDACORP Earnings Guidance (per diluted share)
No Change
$ 5.65 - $ 5.85
Idaho Power Additional Amortization of ADITC (millions)
No Change
$ 60 - $ 77
Idaho Power O&M Expense (millions)
No Change
$ 465 - $ 475
Idaho Power Capital Expenditures, Excluding Allowance for Funds Used During Construction (millions)
No Change
$ 1,000 - $ 1,100
Idaho Power Hydropower Generation (millions megawatt-hours)
7.0 - 8.5
6.5 - 8.5
As May 1, 2025. Assumes normal weather and normal power supply expenses through the end of 2025.
As of February 20, 2025, the date of filing IDACORP's and Idaho Power's Annual Report on Form 10-K for the year ended December 31, 2024.
Investors & Analysts
John R. Wonderlich
Investor Relations Manager
(208) 388-5413
Media
Jordan Rodriguez
Corporate Communications
(208) 388-2460
Disclaimer
Idacorp Inc. published this content on May 01, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2025 at 12:34 UTC.