IDACORP INC
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
IDA$146.55-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001057877-25-000067
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001057877-25-000082
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 241 previous paragraphs and 247 current paragraphs.
122 unchanged; 107 reworded; 14 added; 10 removed; 2 previous and 4 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
•In September 2025, IDACORP's board of directors approved an increase in the regular quarterly cash dividend on IDACORP's common stock from $0.86 per share to $0.88 per share, as a part of a 193 percent increase in quarterly dividends over the last fourteen years.
Current report
◦Idaho Power filed a CPCN request with the IPUC for a 167 MW expansion of the existing Bennett Mountain natural gas generation facility, with an expected in-service date in 2028.
Current report
•In September 2025, Idaho Power and the developer of the 600 MW Jackalope Wind project terminated the agreements for the project due to permitting delays and uncertainty around federal land use policies. Accordingly, Idaho Power filed a petition with the IPUC to withdraw the CPCN and approval of the PPA for the project that had previously been approved in June 2025. Idaho Power is pursuing alternative capacity and energy resources to meet the power generation deficit resulting from the termination of these agreements.
Current report
Net Income - Third Quarter 2025
Current report
The decrease in income tax expense for the third quarter of 2025, compared with the third quarter of 2024, was primarily due to income tax return adjustments for state taxes and plant-related flow-through items.
Current report
Customer growth increased operating income by $19.6 million in the first nine months of 2025 compared with the first nine months of 2024. Overall, usage per retail customer, net of associated power supply costs and power cost adjustment and FCA mechanisms, was relatively flat in the first nine months of 2025 compared with the first nine months of 2024.
Current report
•Usage: Lower usage (on a per customer basis), in all customer classes decreased retail revenues by $12.9 million in the third quarter of 2025 compared with the same period of 2024, primarily due to weather variations that caused lower usage per customer. Greater precipitation and more moderate temperatures in Idaho Power's service area during the third quarter of 2025 led agricultural irrigation customers to use less energy per customer to operate irrigation pumps and residential and commercial customers to use less energy per customer for cooling purposes compared with the same period in 2024. During the first nine months of 2025, usage in all customer classes was relatively flat, compared with the same period of 2024.
Current report
Other O&M Expenses: Other O&M expenses increased $4.2 million and $22.5 million in the third quarter and first nine months of 2025, respectively, compared with the same periods of 2024. These increases were primarily driven by inflationary pressures on labor-related costs, professional services, an increase in wildfire mitigation program and related insurance expenses, as well as higher variable employee compensation based on the expected achievement level of performance-based metrics.
Current report
◦the changes in accounts and wages payable decreased operating cash flows by $17 million for Idaho Power, which was primarily due to intercompany tax payments; and
Current report
•submitted an application to the IPUC for a CPCN for an expansion of generating capacity at the existing Bennett Mountain power plant of up to 167 MW of natural gas-fueled generation in 2028.
Current report
Open Access Transmission Tariff Posting
Current report
In September 2025, Idaho Power filed an application with the IPUC for a CPCN for the expansion of Idaho Power's existing Bennett Mountain power plant to include the addition of a natural gas-fueled facility providing up to 167 MW of generation to meet an identified capacity deficit in 2028, as well as confirmation and approval by the IPUC of Idaho Power's accrual of AFUDC in connection with the expansion. As of the date of this report, the case remains pending.
Current report
Invasive Species Management
Current report
Quagga mussels are an invasive species that were first detected in the Snake River system in 2023 in the mid-Snake River near Twin Falls, Idaho, in Idaho Power's service area. Quagga mussel infestations can clog and damage irrigation, hydropower, and water delivery facilities and increase the costs to maintain such facilities. The Idaho State Department of Agriculture (ISDA) treated the affected area in 2023 and 2024 with a copper-based, EPA-approved treatment. ISDA sampling in 2025 detected the continued presence of quagga mussels. As a result, the ISDA performed additional treatments in September and October 2025 in an effort to eradicate quagga mussels in the affected area. As of the date of this report, Idaho Power cannot predict the extent to which the additional treatments will be successful in eradicating quagga mussels from the Snake River or the potential increase in other O&M expenses related to quagga mussel mitigation efforts. If a quagga mussel infestation occurs, it may result in increased other O&M costs for mitigation efforts and other adverse impacts for Idaho Power's operation of its hydropower facilities in any infested areas.
Removed paragraphs (10)
Previous report
◦the IPUC approved Idaho Power's application for approval of a 35-year PPA with Jackalope Wind, LLC and for a CPCN for the Jackalope Wind Project, which could be online as early as 2027 if certain conditions are satisfied, and provide a combined capacity of 600 MW of generation.
Previous report
Net Income - Second Quarter 2025
Previous report
Customer growth increased operating income by $11.8 million in the first six months of 2025 compared with the first six months of 2024. Usage per retail customer, net of associated power supply costs and power cost adjustment and FCA mechanisms, increased operating income by $4.6 million in the first six months of 2025 compared with the first six months of 2024. Irrigation usage per customer increased most significantly, as lower precipitation in the first six months of 2025 compared with the first six months of 2024 led irrigation customers to use more energy for operating irrigation pumps. An increase in the deferral of residential and small commercial customer revenues through the FCA mechanism negatively affected retail revenues by $2.3 million.
Previous report
Total other O&M expenses in the first six months of 2025 were $18.2 million higher than the first six months of 2024. This increase was primarily driven by higher variable employee costs based on the expected achievement level of performance-based targets, as well as inflationary pressures on labor-related costs, professional services, and an increase in wildfire mitigation program and related insurance expenses. In addition, a decrease in grant funding received for maintenance work in the first six months of 2025 increased other O&M expenses as compared to the first six months of 2024.
Previous report
•Usage: Higher usage (on a per customer basis), primarily related to irrigation customers, increased retail revenues by $11.7 million and $12.2 million in the second quarter and first six months of 2025 compared with the same periods of 2024. Drier summer weather in June 2025 led to a 15 percent increase in energy usage per irrigation customer to operate irrigation pumps during the second quarter of 2025 compared with the same period in 2024. Also, residential usage per customer increased, but the increase was offset by a decrease in industrial usage per customer.
Previous report
Other O&M Expenses: Other O&M expenses increased $11.1 million and $18.2 million in the second quarter and first six months of 2025, respectively, compared with the same periods of 2024, primarily driven by an increase in wildfire mitigation program and related insurance expenses, higher variable employee costs based on the expected achievement level of performance-based targets, as well as inflationary pressures on labor-related costs, professional services, and software costs. In addition, a decrease in grant funding received for maintenance work in the first six months of 2025 increased other O&M expenses as compared to the first six months of 2024.
Previous report
•a contract to purchase and own a 300 MW wind facility;
Previous report
•a PPA for 300 MW of output from a planned third-party wind facility with a 35-year term; and
Previous report
The permitting phase of the B2H project was subject to federal review and approval by various federal agencies. Federal agency records of decision have been received and all lawsuits challenging the federal rights-of-way have been resolved.
Previous report
Brisbie, LLC (Brisbie) Data Center and Clean Energy Your Way Special Contract: In May 2023, the IPUC approved a special contract (Brisbie Special Contract) between Idaho Power and a large load customer, Brisbie, a wholly-owned subsidiary of Meta Platforms, Inc., for service to a new enterprise data center. The Brisbie Special Contract allows Idaho Power to procure enough renewable resources to provide Brisbie with 100 percent renewable energy on an annual basis for Brisbie's facility. In November 2024, Idaho Power filed for IPUC approval of a PPA for Brisbie with a 320 MW solar project to be online as early as December 2027. Idaho Power will assign the cost and renewable attributes of the energy from the solar facility to Brisbie in accordance with the Brisbie Special Contract. In April 2025, the IPUC approved the PPA.
Reworded paragraphs (107)
Previous wording
•Idaho Power continues to focus on timely recovery of costs and earning a reasonable return on investment. In May 2025, Idaho Power filed a general rate case in Idaho, requesting $199.1 million in additional Idaho-jurisdiction annual revenues. This filing is more fully described in Note 3 - "Regulatory Matters" to the condensed consolidated financial statements included in this report. The IPUC's decision in this matter is pending.
Current wording
•Idaho Power continues to focus on timely recovery of costs and earning a reasonable return on investment. In October 2025, Idaho Power reached a settlement stipulation with the IPUC Staff and certain other parties in the Idaho general rate case it filed in May 2025, providing for $110.0 million in additional Idaho-jurisdiction annual revenues, among other items. The settlement stipulation is more fully described in Note 3 - "Regulatory Matters" to the condensed consolidated financial statements included in this report. The IPUC's decision in this matter is pending.
Previous wording
•Idaho Power continues to experience and forecast positive customer growth in its service area. During the first six months of 2025, Idaho Power's customer count grew by over 7,500 customers and for the twelve months ended June 30, 2025, the customer growth rate was 2.5 percent.
Current wording
•Idaho Power continues to experience and forecast positive customer growth in its service area. During the first nine months of 2025, Idaho Power's customer count grew by over 11,500 customers and for the twelve months ended September 30, 2025, the customer growth rate was 2.3 percent.
Previous wording
◦an agreement to purchase the output of a 100MW solar facility, coupled with a 100 MW battery energy storage agreement, with a scheduled online date of June 2027; and
Current wording
◦an agreement to purchase the output of a 100 MW solar facility, coupled with a 100 MW battery energy storage agreement, with a scheduled online date of June 2027;
Previous wording
◦an agreement to acquire an ownership interest in 250 MW and for rights to an additional 250 MW of northbound capacity on SWIP-N, a planned 285-mile high-voltage transmission line.
Current wording
◦an agreement to acquire an ownership interest in 250 MW and for rights to an additional 250 MW of northbound capacity on SWIP-N, a planned 285-mile high-voltage transmission line; and
Previous wording
•During the second quarter of 2025, several key projects achieved notable milestones, underscoring significant progress towards Idaho Power addressing peak capacity and energy needs in 2025 and beyond:
Current wording
•So far in 2025, several key projects achieved notable milestones, underscoring significant progress towards Idaho Power addressing peak capacity and energy needs in 2025 and beyond:
Previous wording
◦construction began on the B2H transmission line, with an expected in-service date of late-2027;
Current wording
◦commenced construction on the B2H transmission line, with an expected in-service date of late 2027;
Previous wording
◦80 MW of company-owned battery storage facilities came on-line; and
Current wording
◦80 MW of company-owned battery storage facilities came on-line, with another 250 MW of company-owned battery storage commencing construction; and
Previous wording
•In June 2025, Idaho Power filed with the Idaho and Oregon public utility commission its 2025 IRP, its forecast of load and resources for the next 20 years, including the preferred portfolio of resources necessary to meet predicted demands.
Current wording
•In June 2025, Idaho Power filed with the Idaho and Oregon public utility commissions its 2025 IRP, its forecast of load and resources for the next 20 years, including the preferred portfolio of resources necessary to meet predicted demands.
Previous wording
The following is a summary of Idaho Power's net income, net income attributable to IDACORP, and IDACORP's earnings per diluted share for the three months and six months ended June 30, 2025 and 2024 (in thousands, except earnings per share amounts):
Current wording
The following is a summary of Idaho Power's net income, net income attributable to IDACORP, and IDACORP's earnings per diluted share for the three months and nine months ended September 30, 2025 and 2024 (in thousands, except earnings per share amounts):
Previous wording
The table below provides a reconciliation of net income attributable to IDACORP for the three months and six months ended June 30, 2025, from the same periods in 2024 (items are in millions and are before related income tax impact unless otherwise noted):
Current wording
The table below provides a reconciliation of net income attributable to IDACORP for the three months and nine months ended September 30, 2025, from the same periods in 2024 (items are in millions and are before related income tax impact unless otherwise noted):
Previous wording
IDACORP's net income increased $6.3 million for the second quarter of 2025 compared with the second quarter of 2024, due primarily to higher net income at Idaho Power.
Current wording
IDACORP's net income increased $10.8 million for the third quarter of 2025 compared with the third quarter of 2024, due primarily to higher net income at Idaho Power.
Previous wording
A net increase in retail revenues per MWh, net of power cost adjustment mechanisms, increased operating income by $8.8 million in the second quarter of 2025 compared with the second quarter of 2024. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2025, from the outcome of the 2024 Idaho Limited-Issue Rate Case. For more information on the 2024 Idaho Limited-Issue Rate Case, see Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2024 Annual Report.
Current wording
A net increase in retail revenues per MWh, net of power cost adjustment mechanisms, increased operating income by $17.6 million in the third quarter of 2025 compared with the third quarter of 2024. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2025, from the outcome of the 2024 Idaho Limited-Issue Rate Case. For more information on the 2024 Idaho Limited-Issue Rate Case, see Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2024 Annual Report.
Previous wording
Customer growth increased operating income by $6.0 million in the second quarter of 2025 compared with the second quarter of 2024, as the number of Idaho Power customers grew by approximately 16,000, or 2.5 percent, during the twelve months ended June 30, 2025. Usage per retail customer, net of associated power supply costs and power cost adjustment and FCA mechanisms, increased operating income by $5.5 million in the second quarter of 2025 compared with the second quarter of 2024. Irrigation usage per customer increased most significantly, as lower precipitation in the second quarter of 2025 compared with the second quarter of 2024 led irrigation customers to use more energy for operating irrigation pumps.
Current wording
Customer growth increased operating income by $7.8 million in the third quarter of 2025 compared with the third quarter of 2024, as the number of Idaho Power customers grew by approximately 15,000, or 2.3 percent, during the twelve months ended September 30, 2025. Usage per retail customer, net of associated power supply costs and power cost adjustment and FCA mechanisms, decreased operating income by $5.7 million in the third quarter of 2025 compared with the third quarter of 2024. Irrigation usage per customer decreased most significantly, as higher precipitation in the third quarter of 2025 compared with the third quarter of 2024 led irrigation customers to use less energy for operating irrigation pumps.
Previous wording
Depreciation and amortization expense increased $6.4 million in the second quarter of 2025 compared with the second quarter of 2024, due primarily to an increase in plant-in-service. Additionally, the start of operations at a leased battery storage facility in the second quarter of 2025 contributed modestly to the increase through the amortization of a related right-of-use asset.
Current wording
Depreciation and amortization expense increased $8.1 million in the third quarter of 2025 compared with the third quarter of 2024, due primarily to an increase in plant-in-service. Additionally, the start of operations at a leased battery storage facility in the second quarter of 2025 contributed modestly to the increase through the amortization of a related right-of-use asset.
Previous wording
Other changes in operating revenues and expenses, net, decreased operating income by $5.6 million in the second quarter of 2025 compared with the second quarter of 2024, due primarily to the timing of recording and adjusting regulatory accruals and deferrals during the second quarter of 2024 that did not reoccur in 2025. This was partially offset by a decrease in net power supply expenses that were not deferred for future recovery in rates through Idaho Power's power cost adjustment mechanisms, which increased operating income compared with the second quarter of 2024.
Current wording
Other changes in operating revenues and expenses, net, increased operating income by $4.3 million in the third quarter of 2025 compared with the third quarter of 2024, due primarily to a decrease in net power supply expenses that were not deferred for future recovery in rates through Idaho Power's power cost adjustment mechanisms.
Previous wording
Non-operating expense, net, increased $7.0 million in the second quarter of 2025 compared with the second quarter of 2024. Higher long-term debt balances and an increase in transmission customer deposits, on which Idaho Power must pay interest to the customer, led to an increase in interest expense. Interest on a new finance lease also contributed to the increase compared with the second quarter of 2024. This increase was partially offset by an increase in AFUDC in the second quarter of 2025 compared with the second quarter of 2024, as the average construction work in progress balance was higher. In addition, interest income increased due to higher cash and cash equivalent balances in the second quarter of 2025 compared with the second quarter of 2024.
Current wording
Non-operating expense, net, increased $9.8 million in the third quarter of 2025 compared with the third quarter of 2024. Higher long-term debt balances and an increase in transmission customer deposits, on which Idaho Power must pay interest to the customer, led to an increase in interest expense. Interest on a new finance lease also contributed to the increase compared with the third quarter of 2024. This increase was partially offset by an increase in AFUDC in the third quarter of 2025 compared with the third quarter of 2024, as the average construction work in progress balance was higher.
Previous wording
IDACORP's net income increased $17.7 million for the first six months of 2025 compared with the first six months of 2024, due primarily to higher net income at Idaho Power.
Current wording
IDACORP's net income increased $28.6 million for the first nine months of 2025 compared with the first nine months of 2024, due primarily to higher net income at Idaho Power.
Previous wording
The net increase in retail revenues per MWh, net of power cost adjustment mechanisms, increased operating income by $20.3 million in the first six months of 2025 compared with the first six months of 2024. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2025, from the outcome of the 2024 Idaho Limited-Issue Rate Case.
Current wording
The net increase in retail revenues per MWh, net of power cost adjustment mechanisms, increased operating income by $37.2 million in the first nine months of 2025 compared with the first nine months of 2024. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2025, from the outcome of the 2024 Idaho Limited-Issue Rate Case.
Previous wording
Other O&M expenses in the second quarter of 2025 were $11.1 million higher than the second quarter of 2024. This increase was primarily driven by higher variable employee costs based on the expected achievement level of performance-based targets, as well as inflationary pressures on labor-related costs, professional services, and an increase in wildfire mitigation program and related insurance expenses.
Current wording
Total other O&M expenses in the first nine months of 2025 were $22.5 million higher than the first nine months of 2024. This increase was primarily driven by inflationary pressures on labor-related costs, professional services, and an increase in wildfire mitigation program and related insurance expenses, as well as higher variable employee compensation based on the expected achievement level of performance-based metrics.
Previous wording
Depreciation and amortization expense increased $12.2 million for the first half of 2025 compared with the first half of 2024, due primarily to an increase in plant-in-service. Additionally, the start of operations at a leased battery storage facility in the second quarter of 2025 contributed modestly to the increase through the amortization of a related right-of-use asset.
Current wording
Depreciation and amortization expense increased $20.3 million for the first nine months of 2025 compared with the first nine months of 2024, due primarily to an increase in plant-in-service. Additionally, the start of operations at a leased battery storage facility in the second quarter of 2025 contributed modestly to the increase through the amortization of a related right-of-use asset.
Previous wording
Other changes in operating revenues and expenses, net, decreased operating income by $3.7 million in the first six months of 2025 compared with the first six months of 2024, due primarily to the timing of recording and adjusting of regulatory accruals and deferrals during the first half of 2024 that did not reoccur in 2025. This was partially offset by a decrease in net power supply expenses that were not deferred for future recovery in rates through Idaho Power's power cost adjustment mechanisms, which increased operating income compared with the second quarter of 2024.
Current wording
Other changes in operating revenues and expenses, net, increased operating income by $1.1 million in the first nine months of 2025 compared with the first nine months of 2024, due primarily to a decrease in net power supply expenses that were not deferred for future recovery in rates through Idaho Power's power cost adjustment mechanisms, which increased operating income compared with the first nine months of 2024. This was partially offset by the timing of recording and adjusting of regulatory accruals and deferrals during the first nine months of 2024 that did not reoccur in 2025.
Previous wording
Non-operating expense, net, increased $9.1 million in the first six months of 2025 compared with the first six months of 2024. Higher long-term debt balances and an increase in transmission customer deposits, on which Idaho Power must pay interest to the customer, led to an increase in interest expense. Interest on a new finance lease also contributed to the increase compared with the first six months of 2024. This increase was partially offset by an increase in AFUDC in the first six months of 2025 compared with the first six months of 2024, as the average construction work in progress balance was higher. In addition, interest income increased due to higher cash and cash equivalent balances in the first six months of 2025 compared with the first six months of 2024.
Current wording
Non-operating expense, net, increased $19.0 million in the first nine months of 2025 compared with the first nine months of 2024. Higher long-term debt balances and an increase in transmission customer deposits, on which Idaho Power must pay interest to the customer, led to an increase in interest expense. Interest on a new finance lease also contributed to the increase compared with the first nine months of 2024. This increase was partially offset by an increase in AFUDC in the first nine months of 2025 compared with the first nine months of 2024, as the average construction work in progress balance was higher.
Previous wording
The decrease in income tax expense was principally the result of an increase in additional ADITC amortization and variances in flow-through tax adjustments. Based on Idaho Power's current expectations of full-year 2025 financial results, Idaho Power recorded $36.5 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the first six months of 2025, compared with $20.0 million of additional ADITC amortization during the same period in 2024.
Current wording
The decrease in income tax expense for the first nine months of 2025, compared with the first nine months of 2024, was primarily due to income tax return adjustments for state taxes and plant-related flow-through items as well as a $16.5 million increase in additional ADITC amortization. Based on Idaho Power's current expectations of full-year 2025 financial results, Idaho Power recorded $39.0 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the first nine months of 2025, compared with $22.5 million of additional ADITC amortization during the same period in 2024.
Previous wording
IDACORP's and Idaho Power's results of operations and financial condition are affected by a number of factors and trends, and the impact of those factors and trends is discussed in more detail below in this MD&A. To provide context for the discussion elsewhere in this report, some of the more notable factors and trends are as follows:
Current wording
IDACORP's and Idaho Power's results of operations and financial condition are affected by several factors and trends, and the impact of those factors and trends is discussed in more detail below in this MD&A. To provide context for the discussion elsewhere in this report, some of the more notable factors and trends are as follows:
Previous wording
To address the regulatory lag in recovery of costs primarily associated with Idaho Power’s current and anticipated significant infrastructure investments, in May 2025 Idaho Power filed a general rate case in Idaho. Idaho Power expects the processing of a general rate case would span at least seven months before new rates would be in effect.
Current wording
To address the regulatory lag in recovery of costs primarily associated with Idaho Power’s current and anticipated significant infrastructure investments, in May 2025 Idaho Power filed a general rate case in Idaho. In October 2025, Idaho Power, the Staff of the IPUC, and several of the intervening parties filed a settlement stipulation with the IPUC related to the 2025 Idaho general rate case filing. The settlement stipulation is subject to approval by the IPUC. The general rate case filing and the settlement stipulation are described more fully in Note 3 - "Regulatory Matters" to the condensed consolidated financial statements included in this report.
Previous wording
•Economic Conditions and Loads: Economic conditions impact consumer demand for energy, revenues, collectability of accounts, the volume of wholesale energy sales, and the need to construct and improve infrastructure, purchase power, and implement programs to meet customer load demands. In recent years, Idaho Power has seen significant growth in the number of customers in its service area. Over the twelve months ended June 30, 2025, Idaho Power's customer count grew by 2.5 percent. While recessionary or volatile economic conditions could slow the rate of customer growth, Idaho Power expects its number of customers and, to a greater extent its load due to anticipated commercial and industrial customer growth, to increase in the foreseeable future.
Current wording
•Economic Conditions and Loads: Economic conditions impact consumer demand for energy, revenues, collectability of accounts, the volume of wholesale energy sales, and the need to construct and improve infrastructure, purchase power, and implement programs to meet customer load demands. In recent years, Idaho Power has seen significant growth in the number of customers in its service area. Over the twelve months ended September 30, 2025, Idaho Power's customer count grew by 2.3 percent. While recessionary or volatile economic conditions could slow the rate of customer growth, Idaho Power expects its number of customers and, to a greater extent its load due to anticipated commercial and industrial customer growth, to increase in the foreseeable future.
Previous wording
Further, as Idaho Power's hydropower facilities comprise over one-half of Idaho Power's nameplate generation capacity, precipitation levels impact the mix of Idaho Power's generation resources. When hydropower generation decreases, Idaho Power must rely on more expensive generation sources and purchased power. When favorable hydropower generating conditions exist for Idaho Power, they also may exist for other Pacific Northwest hydropower facility operators, lowering regional wholesale market prices and impacting the revenue Idaho Power receives from wholesale energy sales. Much of the adverse or favorable impact of this volatility is addressed through the Idaho and Oregon power cost adjustment mechanisms, which mitigate in large part the impact on earnings. For 2025, Idaho Power expects generation from its hydropower resources to be in the range of 7.0 million to 8.0 million MWh, compared with actual generation of 7.2 million MWh in 2024 and a 30-year average annual total of approximately 7.7 million MWh.
Current wording
Further, as Idaho Power's hydropower facilities comprise over one-half of Idaho Power's nameplate generation capacity, precipitation levels impact the mix of Idaho Power's generation resources. When hydropower generation decreases, Idaho Power must rely on more expensive generation sources and purchased power. When favorable hydropower generating conditions exist for Idaho Power, they also may exist for other Pacific Northwest hydropower facility operators, lowering regional wholesale market prices and impacting the revenue Idaho Power receives from wholesale energy sales. Much of the adverse or favorable impact of this variability is addressed through the Idaho and Oregon power cost adjustment mechanisms, which mitigate in large part the impact on earnings. For 2025, Idaho Power expects generation from its hydropower resources to be in the range of 6.5 million to 7.0 million MWh, compared with actual generation of 7.2 million MWh in 2024 and a 30-year average annual total of approximately 7.7 million MWh.
Previous wording
•Regulatory and Environmental Compliance Costs; Coal Plant Retirements: Idaho Power is subject to extensive federal and state laws, policies, and regulations, as well as regulatory actions and audits by agencies and quasi-governmental agencies, including the FERC, the North American Electric Reliability Corporation, and the Western Electricity Coordinating Council. Compliance with these requirements directly influences Idaho Power's operating environment and affects Idaho Power's operating costs. Moreover, environmental laws and regulations may increase the cost of constructing new facilities, may increase the cost of operating generation plants, may require that Idaho Power install additional pollution control devices at existing generating plants, may result in penalties for non-compliance, even where inadvertent, or may require that Idaho Power curtail or cease operating certain generation plants. Idaho Power expects to spend significant amounts on environmental compliance and controls for the foreseeable future. Due to economic factors in part associated with the costs of compliance with environmental regulation, Idaho Power accelerated the retirement date of its North Valmy plant, ceasing participation in coal-fired operations at one unit in 2019 and planning to cease its participation in coal-fired operations at the remaining unit by year-end 2025. Idaho Power's jointly-owned coal plant in Boardman, Oregon, ceased operations in October 2020. In 2022, the IPUC approved Idaho Power's request to allow the coal-related assets at the Jim Bridger plant to be fully depreciated and recovered by end-of-year 2030. Idaho Power's 2025 IRP identified a preferred resource portfolio and action plan that includes the conversion from coal to natural gas of the two units at the North Valmy plant in 2026 and the remaining two units at the Jim Bridger plant in 2030. Units 1 and 2 at the Jim Bridger plant were successfully converted to natural gas in the second quarter of 2024. In June 2024, Idaho Power executed an agreement with its co-owner to facilitate the planned conversion of the two units at the North Valmy plant from coal to natural gas by mid-2026.
Current wording
•Regulatory and Environmental Compliance Costs; Coal Plant Retirements: Idaho Power is subject to extensive federal and state laws, policies, and regulations, as well as regulatory actions and audits by agencies and quasi-governmental agencies, including the FERC, the North American Electric Reliability Corporation, and the Western Electricity Coordinating Council. Compliance with these requirements directly influences Idaho Power's operating environment and affects Idaho Power's operating costs. Moreover, environmental laws and regulations may increase the cost of constructing new facilities, may increase the cost of operating generation plants, may require that Idaho Power install additional pollution control devices at existing generating plants, may result in penalties for non-compliance, even where inadvertent, or may require that Idaho Power curtail or cease operating certain generation plants. Idaho Power expects to spend significant amounts on environmental compliance and controls for the foreseeable future. Due to economic factors in part associated with the costs of compliance with environmental regulation, Idaho Power accelerated the retirement date of its North Valmy plant, ceasing participation in coal-fired operations at one unit in 2019 and planning to cease coal-fired operations at the remaining unit by year-end 2025. Idaho Power's jointly-owned coal plant in Boardman, Oregon, ceased operations in October 2020. In 2022, the IPUC approved Idaho Power's request to allow the coal-related assets at the Jim Bridger plant to be fully depreciated and recovered by end-of-year 2030. Idaho Power's 2025 IRP identified a preferred resource portfolio and action plan that includes the conversion from coal to natural gas of the two units at the North Valmy plant in 2026 and the remaining two units at the Jim Bridger plant in 2030. Units 1 and 2 at the Jim Bridger plant were converted to natural gas in the second quarter of 2024. In June 2024, Idaho Power executed an agreement with its co-owner to facilitate the planned conversion of the two units at the North Valmy plant from coal to natural gas by mid-2026.
Previous wording
•Water Management and Relicensing of Hydropower Projects: Because of Idaho Power's reliance on stream flow in the Snake River and its tributaries, Idaho Power participates in numerous proceedings and venues that may affect its water rights, seeking to preserve the long-term availability of its rights for its hydropower projects. Also, Idaho Power is involved in renewing its long-term federal licenses for the HCC, its largest hydropower generation source, and for American Falls, its second largest hydropower generation source. Given the number of parties involved, Idaho Power's relicensing costs have been and are expected to continue to be substantial. As of the date of this report, Idaho Power cannot determine the ultimate terms of, and costs associated with, any resulting long-term licenses for the HCC or American Falls hydropower facilities.
Current wording
•Water Management and Relicensing of Hydropower Projects: Because of Idaho Power's reliance on stream flow in the Snake River and its tributaries, Idaho Power participates in numerous proceedings and venues that may affect its water rights, seeking to preserve the long-term availability of its rights for its hydropower projects. Also, Idaho Power is involved in renewing its long-term federal licenses for the HCC, its largest hydropower generation source, and for American Falls, its second largest hydropower capacity resource. Given the number of parties involved, Idaho Power's relicensing costs have been and are expected to continue to be substantial. As of the date of this report, Idaho Power cannot determine the ultimate terms of, and costs associated with, any resulting long-term licenses for the HCC or American Falls hydropower facilities.
Previous wording
•Wildfire Mitigation Efforts: In recent years, the western United States has experienced an increasing number of wildfires of unprecedented severity. A variety of factors have contributed to this trend including increased wildland-urban interfaces, historical land management practices, climate change, and overall wildland and forest health. Idaho Power is taking a proactive approach to wildfire risk in its service area and transmission corridors. Idaho Power has developed and adopted a WMP that outlines actions Idaho Power is taking or is working to implement to reduce wildfire risk and to strengthen the resiliency of its transmission and distribution system to wildfires. Idaho Power's approach to wildfire mitigation includes identifying areas subject to elevated risk; system hardening programs, vegetation management, and field personnel practices to mitigate wildfire risk; incorporating current and forecasted weather and field conditions into operational practices; public safety power shutoff protocols; and evaluating the performance and effectiveness of its approach through metrics and monitoring. Idaho Power has regulatory authorization in both Idaho and Oregon to defer, for potential future amortization, certain actual incremental O&M expenses necessary to implement the WMP. The WMP regulatory deferrals are described in more detail in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2024 Annual Report and the condensed consolidated financial statements included in this report. In July 2025, the Idaho Wildfire Standard of Care Act became effective. Once the IPUC establishes the schedule for submission of WMPs under the Act, Idaho Power plans to file a new Idaho-specific WMP with the IPUC in accordance with that schedule.
Current wording
•Wildfire Mitigation Efforts: In recent years, the western United States has experienced an increasing number of wildfires of unprecedented severity. A variety of factors have contributed to this trend including increased wildland-urban interfaces, historical land management practices, climate change, and overall wildland and forest health. Idaho Power is taking a proactive approach to wildfire risk in its service area and transmission corridors. Idaho Power has developed and adopted a WMP that outlines actions Idaho Power is taking or is working to implement to reduce wildfire risk and to strengthen the resiliency of its transmission and distribution system to wildfires. Idaho Power's approach to wildfire mitigation includes identifying areas subject to elevated risk; system hardening programs, vegetation management, and field personnel practices to mitigate wildfire risk; incorporating current and forecasted weather and field conditions into operational practices; public safety power shutoff protocols; and evaluating the performance and effectiveness of its approach through metrics and monitoring. Idaho Power has regulatory authorization in both Idaho and Oregon to defer, for potential future amortization, certain actual incremental O&M expenses necessary to implement the WMP. The WMP regulatory deferrals are described in more detail in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2024 Annual Report and the condensed consolidated financial statements included in this report. In July 2025, the Idaho Wildfire Standard of Care Act became effective. In October 2025, Idaho Power filed a new WMP with the IPUC in accordance with the Act. As of the date of this report, the IPUC's decision is pending. See "Other Matters - Idaho Wildfire Standard of Care Act" for additional detail.
Previous wording
This section of MD&A takes a closer look at the significant factors that affected IDACORP’s and Idaho Power’s earnings during the three months and six months ended June 30, 2025. In this analysis, the results for the three months and six months ended June 30, 2025, are compared with the same periods in 2024.
Current wording
This section of MD&A takes a closer look at the significant factors that affected IDACORP’s and Idaho Power’s earnings during the three months and nine months ended September 30, 2025. In this analysis, the results for the three months and nine months ended September 30, 2025, are compared with the same periods in 2024.
Previous wording
The table below presents Idaho Power’s energy sales and supply (in thousands of MWh) for the three months and six months ended June 30, 2025 and 2024.
Current wording
The table below presents Idaho Power’s energy sales and supply (in thousands of MWh) for the three months and nine months ended September 30, 2025 and 2024.
Previous wording
Weather-related information for Boise, Idaho, for the three months and six months ended June 30, 2025 and 2024, is presented in the table below. While Boise, Idaho weather conditions are not necessarily representative of weather conditions throughout Idaho Power's service area, the greater Boise area has the majority of Idaho Power's customers and is included for illustrative purposes.
Current wording
Weather-related information for Boise, Idaho, for the three months and nine months ended September 30, 2025 and 2024, is presented in the table below. While Boise, Idaho weather conditions are not necessarily representative of weather conditions throughout Idaho Power's service area, the greater Boise area has the majority of Idaho Power's customers and is included for illustrative purposes.
Previous wording
Sales Volume and Generation: Retail sales volumes increased 5 percent and 4 percent in the second quarter and first six months of 2025, respectively, compared with the same periods in 2024, primarily due to growth in the number of Idaho Power customers and an increase in usage per irrigation customer. The number of Idaho Power customers grew by 2.5 percent over the prior twelve months, and lower precipitation in the second quarter of 2025, compared with the second quarter of 2024, led irrigation customers to operate irrigation pumps more frequently, contributing to the higher volumes. For more information on the changes in sales volume, see the "Operating Revenues" section below in this MD&A.
Current wording
Sales Volume and Generation: Retail sales volumes were flat in the third quarter of 2025 compared with the same period in 2024. This was primarily due to growth in the number of Idaho Power customers, which was mostly offset by a decrease in usage per customer in all customer classes. Greater precipitation and moderate temperatures in Idaho Power's service area during the third quarter of 2025, compared with the third quarter of 2024, led irrigation customers to operate irrigation pumps less. Residential and commercial customers also used less energy per customer for cooling purposes compared to the same period in 2024, contributing to the lower volumes. Retail sales volumes increased 3 percent in the first nine months of 2025 compared with the same period in 2024, primarily due to 2.3 percent growth in the number of Idaho Power customers over the prior twelve months. For more information on the changes in sales volume, see the "Operating Revenues" section below in this MD&A.
Previous wording
Total system generation decreased 3 percent for the second quarter of 2025 compared with the second quarter of 2024, due primarily to lower hydropower generation, offset partially by an increase in steam and natural gas generation. Total system generation increased 2 percent in the first six months of 2025 compared with the same period in 2024, which consists of an increase in steam generation, partially offset by decreased hydropower generation and natural gas generation. For more information on the changes in generation, see the "Operating Expenses" section below in this MD&A.
Current wording
Total system generation decreased 3 percent for the third quarter of 2025 compared with the third quarter of 2024, due primarily to lower hydropower generation and steam generation, offset partially by an increase in natural gas generation. Total system generation increased slightly in the first nine months of 2025 compared with the same period in 2024, which consists of an increase in steam generation, partially offset by decreased hydropower generation and natural gas generation. For more information on the changes in generation, see the "Operating Expenses" section below in this MD&A.
Previous wording
Retail Revenues: The table below presents Idaho Power’s retail revenues (in thousands) and MWh sales volumes (in thousands) for the three months and six months ended June 30, 2025 and 2024, and the number of customers as of June 30, 2025 and 2024.
Current wording
Retail Revenues: The table below presents Idaho Power’s retail revenues (in thousands) and MWh sales volumes (in thousands) for the three months and nine months ended September 30, 2025 and 2024, and the number of customers as of September 30, 2025 and 2024.
Previous wording
(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 approximately $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.
Current wording
(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 approximately $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. Effective October 1, 2025, this amount will increase by $29.7 million annually; refer to Note 3 - "Regulatory Matters."
Previous wording
Retail revenues increased $11.8 million and $24.8 million during the second quarter and first six months of 2025, respectively, compared with the same periods in 2024. The factors affecting retail revenues during the periods are discussed below.
Current wording
Retail revenues decreased $8.6 million during the third quarter of 2025, compared with the same period in 2024. Retail revenues increased $16.2 million during the first nine months of 2025, compared with the same period in 2024. The factors affecting retail revenues during the periods are discussed below.
Previous wording
•Rates: Customer rates, excluding revenues related to power cost adjustment mechanisms, increased retail revenues by $8.8 million and $20.3 million, respectively, for the three months and six months ended June 30, 2025, compared with the same periods in 2024, due primarily to an overall increase in Idaho base rates, effective January 1, 2025, from the outcome of the 2024 Idaho Limited-Issue Rate Case. Customer rates also include the collection from customers of amounts related to the power cost adjustment mechanisms, which decreased revenues by $15.1 million and $23.4 million, in the second quarter and first six months of 2025, respectively, compared with the same periods of 2024. The amount collected from customers in rates under the power cost adjustment mechanisms has relatively little effect on operating income as a corresponding amount is recorded as expense in the same period it is collected through rates.
Current wording
•Rates: Customer rates, excluding revenues related to power cost adjustment mechanisms, increased retail revenues by $17.6 million and $37.2 million, respectively, for the three months and nine months ended September 30, 2025, compared with the same periods in 2024, due primarily to an overall increase in Idaho base rates, effective January 1, 2025, from the outcome of the 2024 Idaho Limited-Issue Rate Case. Customer rates also include the collection from customers of amounts related to the power cost adjustment mechanisms, which decreased revenues by $27.7 million and $51.2 million, in the third quarter and first nine months of 2025, respectively, compared with the same periods of 2024. The amount collected from customers in rates under the power cost adjustment mechanisms has relatively little effect on operating income as a corresponding amount is recorded as expense in the same period it is collected through rates.
Previous wording
•Customers: Customer growth of 2.5 percent during the twelve months ended June 30, 2025, increased retail revenues by $7.2 million and $18.0 million in the second quarter and first six months of 2025, respectively, compared with the same periods of 2024.
Current wording
•Customers: Customer growth of 2.3 percent during the twelve months ended September 30, 2025, increased retail revenues by $12.4 million and $30.4 million in the third quarter and first nine months of 2025, respectively, compared with the same periods of 2024.
Showing the first 40 of 107 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
◦an agreement to purchase the output of an 80 MW solar facility, with a scheduled online date of June 2027.
Current report — wording carried from elsewhere
Other O&M expenses in the third quarter of 2025 were $4.2 million higher than the third quarter of 2024. This increase was primarily driven by inflationary pressures on labor-related costs, professional services, and an increase in wildfire mitigation program and related insurance expenses.
Current report — wording carried from elsewhere
Investing cash outflows were partially offset in 2025 and 2024 by reimbursements from a B2H project joint permitting participant relating to a portion of the permitting expenditures.
Current report — wording carried from elsewhere
In September 2025, Idaho Power filed an application with the IPUC for an order (1) approving the 25-year PPA with Blacks Creek Energy Center, LLC supplying 80 MW of output to Idaho Power and (2) acknowledging that the resulting expenses associated with the PPA are prudently incurred for ratemaking purposes. As of the date of this report, the case remains pending.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The decrease in income tax expense was principally the result of an increase in additional ADITC amortization and variances in flow-through tax adjustments. Based on Idaho Power's current expectations of full-year 2025 financial results, Idaho Power recorded $17.2 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the second quarter of 2025, compared with $7.5 million of additional ADITC amortization during the same period in 2024.
Previous report — wording carried elsewhere
Open Access Transmission Tariff Draft Posting