IDACORP INC
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
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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.
Jun 30, 2026 · Filed Jul 30, 2026
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 2026-03-31; filed 2026-04-30.
0001057877-26-000098
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001057877-26-000129
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 210 previous paragraphs and 245 current paragraphs.
109 unchanged; 86 reworded; 43 added; 11 removed; 4 previous and 7 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 (43)
Current report
◦In June, Idaho Power filed an application with the IPUC for an order approving a 20-year PPA with Bluebird Solar Project LLC, supplying up to 200 MW of output to Idaho Power, along with a 20-year energy storage system tolling agreement for 100 MW of dispatchable energy storage capacity. Both are expected to be in-service by June 2028. As of the date of this report, the application remains subject to regulatory approval.
Current report
◦The conversion of unit 2 at the North Valmy power plant from coal to natural gas was completed in June, ending all coal-fired generation at the plant.
Current report
◦Also in June, the Hemingway expansion and Boise Bench battery energy storage systems became fully operational, adding 250 MW of energy storage.
Current report
◦Construction commenced in June on SWIP-N, a 285-mile high voltage transmission line, with an expected in-service date in 2028.
Current report
◦In July, Idaho Power began stringing transmission line wire on B2H and continues to expect an in-service date for B2H in late 2027.
Current report
Net Income - Second Quarter 2026
Current report
Customer growth, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, increased operating income by $4.5 million in the second quarter of 2026 compared with the second quarter of 2025, as the number of Idaho Power customers grew by approximately 15,000, or 2.3 percent, during the twelve months ended June 30, 2026. Usage per retail customer, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, was relatively consistent in the second quarter of 2026 compared with the second quarter of 2025, as a 2 percent decrease in usage per residential customer was mostly offset by an increase in usage per customer for irrigation customers. A decrease in the deferral of residential and small commercial customer revenues through the FCA mechanism positively affected retail revenues by $2.7 million.
Current report
Retail revenues from large contract customers, net of associated power supply costs and the PCA mechanism, increased operating income by $6.5 million in the second quarter of 2026 compared with the second quarter of 2025. This benefit was primarily due to an increase in usage per large contract customer, the overall increase in Idaho base rates effective January 1, 2026, and the addition of one new large contract effective June 1, 2026.
Current report
Net Income - Year-To-Date 2026
Current report
The net increase in retail revenues per MWh, excluding large contract customers, and net of power cost adjustment mechanisms, increased operating income by $44 million in the first six months of 2026 compared with the first six months of 2025. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2026, from the outcome of the 2025 Settlement Stipulation.
Current report
Retail revenues from large contract customers, net of associated power supply costs and the PCA mechanism, increased operating income by $8.9 million in the first six months of 2026 compared with the first six months of 2025. This change was primarily due to an increase in usage per large contract customer, the overall increase in Idaho base rates effective January 1, 2026, and the addition of one new large contract effective June 1, 2026.
Current report
Depreciation and amortization expense increased $10.9 million for the first half of 2026 compared with the first half of 2025, due primarily to an increase in plant-in-service.
Current report
Non-operating expense, net, increased $4.6 million in the first six months of 2026 compared with the first six months of 2025. Higher long-term debt balances led to an increase in interest expense. This increase was partially offset by an increase in AFUDC in the first six months of 2026 compared with the first six months of 2025, as the average construction work in progress balance was higher. In addition, interest income decreased due to lower cash and cash equivalent balances in the first six months of 2026 compared with the first six months of 2025.
Current report
Total system generation decreased 20 percent for the second quarter of 2026, compared with the second quarter of 2025, due primarily to lower hydropower generation and natural gas generation, partially offset by an increase in jointly-owned thermal generation. Total system generation decreased 21 percent in the first six months of 2026 compared with the same period in
Current report
•Rates: Customer rates, excluding revenues related to large contract customers, and power cost adjustment mechanisms, increased retail revenues by $27.5 million and $44.0 million, respectively, for the three months and six months ended
Current report
•Large Contract Customers: Retail revenues from large contract customers increased $9.7 million and $11.8 million during the second quarter and first six months of 2026, respectively, compared with the same periods of 2025. The increases were primarily due to an increase in usage per large contract customer, the overall increase in Idaho base rates effective January 1, 2026, and the addition of one new large contract effective June 1, 2026.
Current report
Purchased power expense increased $1.7 million, or 2 percent, in the second quarter of 2026 compared with the second quarter of 2025, due to a 9 percent increase in MWh purchased to meet load, offset partially by lower market prices. Purchased power expense decreased $7.4 million, or 5 percent, in the first six months of 2026, compared with the same period of 2025, due to lower wholesale energy market prices in the region.
Current report
Other O&M Expenses: Other O&M expenses increased $11.7 million and $24.8 million in the second quarter and first six months of 2026, respectively, compared with the same periods of 2025. This increase was primarily the result of previously deferred costs related to the conversion of generating units at the Jim Bridger plant from coal to natural gas, much of which is recovered in customer rates and reflected in revenues pursuant to the 2025 Settlement Stipulation. The amortization of previously deferred wildfire mitigation program expenses, which are also recovered in customer rates and reflected in revenues for both the Idaho and Oregon jurisdictions, also contributed to the increases from the second quarter and first six months of 2025.
Current report
•IDACORP's executed FSAs under its 2026 ATM, which may be physically settled with common stock in exchange for net proceeds, which as of July 24, 2026, would have been approximately $262 million;
Current report
•IDACORP's FSAs, executed outside of its ATMs, which may be physically settled with common stock in exchange for net proceeds, which as of July 24, 2026, would have been approximately $299 million; and
Current report
In March 2026, IDACORP executed FSAs under its 2024 ATM with various counterparties at an aggregate gross sales price of $155 million. In addition, IDACORP settled FSAs under its 2024 ATM, resulting in cash proceeds of $52 million.
Current report
In May 2026, IDACORP executed FSAs under its 2026 ATM with various counterparties at an aggregate gross sales price of $149 million. In addition, IDACORP partially settled an FSA executed outside of its ATMs, resulting in cash proceeds of $75 million.
Current report
In June 2026, IDACORP executed an additional FSA under its 2026 ATM with a counterparty at an aggregate gross sales price of $113 million.
Current report
In July 2026, IDACORP settled FSAs executed outside of its ATMs, resulting in cash proceeds of $187 million.
Current report
◦the changes in prepayments decreased operating cash flow by $20 million for IDACORP and Idaho Power, which was primarily due to the timing of energy trading transactions, IT contracts, and insurance prepayments; and
Current report
Idaho Power uses a formula rate for transmission service provided under its OATT, which provides that transmission rates will be updated annually based primarily on financial and operational data that Idaho Power files with the FERC. The existing OATT rate in effect from October 1, 2025 to September 30, 2026, is $34.13 per kilowatt-year (kW-year) based on a net annual transmission revenue requirement of $148.3 million. In May 2026, Idaho Power publicly posted its 2026 draft transmission rate, reflecting a transmission rate of $35.40 per kW-year, to be effective for the period from October 1, 2026 to September 30, 2027. A kW-year is a unit of electrical capacity equivalent to 1 kilowatt of power used for 8,760 hours. Idaho Power's 2026 draft rate was based on a net annual transmission revenue requirement of $162.6 million.
Current report
In June 2026, Idaho Power filed an application with the IPUC for an order approving the 20-year PPA with Bluebird Solar Project LLC supplying up to 200 MW of output to Idaho Power and the 20-year energy storage system tolling agreement for 100 MW of dispatchable energy storage capacity. Both are expected to be in-service by June 2028. As of the date of this report, the case remains pending.
Current report
Large Contract Customer Rate Proceedings
Current report
In June 2026, Idaho Power filed an application with the IPUC for approval of a large contract for electric service for Chobani, LLC, at the Chobani food production facility located in Twin Falls, Idaho. As of the date of this report, the IPUC's decision is pending.
Current report
Oregon Sale Regulatory Applications
Current report
In May 2026, Idaho Power and OTEC jointly filed an application with the OPUC to approve the Oregon Sale and its related territory allocation agreement. In June 2026, Idaho Power filed an application with the IPUC to approve the Oregon Sale and its related transition framework and agreement for supply of power and energy. In July 2026, Idaho Power filed an application with the FERC under Section 203 of the Federal Power Act to approve Idaho Power's sale of certain transmission assets to OTEC as part of the Oregon Sale. As of the date of this report, each of the cases remains pending.
Current report
National Environmental Policy Act Matters
Current report
In June 2026, the EPA published a proposed rule that amends its procedures for implementing NEPA. For actions where the EPA is the NEPA lead agency, the proposed changes would create hard deadlines and page limits aimed at faster reviews, narrow the scope of analysis to reasonably foreseeable effects, expand the use of categorical exclusions, and allow sponsors
Current report
(such as Idaho Power) to prepare NEPA documents themselves and pay fees to accelerate review timelines. If adopted as proposed, the rule could reduce the time required to develop future Idaho Power generation and transmission projects.
Current report
Clean Air Act Matters
Current report
Revisions to New Source Review: In May 2026, the EPA proposed revisions to the new source review (NSR) air permitting regulations to allow construction of non-emitting components or structures before issuance of an NSR air permit for a new major stationary source or major modification of an existing major stationary source. If adopted as proposed and subsequently implemented by the Idaho Department of Environmental Quality, the rule could reduce the time required for Idaho Power to bring new natural gas-fueled generation resources online.
Current report
Endangered Species Act Matters
Current report
In July 2026, the U.S. Fish and Wildlife Service and the National Marine Fisheries Service finalized a rule that rescinded the definition of "harm" under the ESA in their respective regulations. The rescission of the definition of harm may have the effect of reducing the applicability of the ESA for some Idaho Power projects, however, as of the date of this report, Idaho Power is unable to estimate the impact on Idaho Power of the rule.
Current report
Land Use Matters
Current report
In May 2026, the current presidential administration issued an executive order to rescind two prior executive orders that impact off-road vehicle use on federally managed lands. While the order may ultimately result in changes to Idaho Power’s access to federally managed lands, any impact is uncertain until the applicable federal agencies have issued and finalized rules and regulations to implement the order.
Showing the first 40 of 43 passages. Open the source sections for the rest.
Removed paragraphs (11)
Previous report
Net Income - First Quarter 2026
Previous report
Purchased power expense decreased $9.0 million during the first quarter of 2026 compared with the same period of 2025, primarily due to a 12 percent decrease in MWh purchased.
Previous report
•IDACORP's FSAs, independent of the ATM offering program, which may be physically settled with common stock in exchange for net proceeds, which as of April 24, 2026, would have been approximately $561 million; and
Previous report
The proceeds from these issuances of common stock and first mortgage bonds are expected to be used for general corporate purposes, including funding Idaho Power's capital projects.
Previous report
◦the changes in other assets and liabilities decreased operating cash flows by $15 million for IDACORP and Idaho Power. This decrease was primarily related to the timing of refundable transmission network upgrade deposits and accrued interest.
Previous report
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. In March 2026, the IPUC approved the PPA and deemed the resulting expenses associated with the PPA prudently incurred.
Previous report
In February 2026, Idaho Power filed an application with the IPUC to approve an all-source RFP to procure resources for Idaho Power's anticipated energy and capacity needs as early as 2031 and into 2032. In April 2026, the IPUC approved the application with certain modifications from Idaho Power's initial application.
Previous report
Large Customer Rate Proceedings
Previous report
Current and future environmental laws and regulations could significantly increase the cost of operating fossil fuel-fired generation plants and constructing new generation and transmission facilities, in large part through the substantial cost of permitting activities and the required installation of additional pollution control devices. In many parts of the United States, some higher-cost, high-emission coal-fired plants have ceased operation or the plant owners have announced a near-term cessation of operation or conversion to natural gas, as the cost of compliance makes coal plants uneconomical to operate. The decision to end coal-fired operations at Idaho Power’s jointly-owned gas-fired generating plant in Valmy, Nevada was based in part on the economics of continuing coal-fired generation at the plant. Beyond increasing costs generally, these environmental laws and regulations could affect IDACORP's and Idaho Power's results of operations and financial condition if the costs associated with these environmental requirements and early plant retirements cannot be fully recovered in rates on a timely basis.
Previous report
Idaho's Wildfire Standard of Care Act
Previous report
In April 2025, Idaho enacted the Wildfire Standard of Care Act (Idaho Code § 61-1801 through 1808), which became effective in July 2025. The Act requires Idaho electric public utilities to prepare WMPs annually to mitigate wildfire risk, submit the plans to the IPUC for review and approval, and implement the plans upon IPUC approval. An electric utility's WMP approved by the IPUC establishes the utility's duty to its shareholders and the public with respect to wildfire risk. Idaho Power filed its WMP with the IPUC in October 2025, and in April 2026, the IPUC approved the WMP.
Reworded paragraphs (86)
Previous wording
•So far in 2026, Idaho Power achieved notable milestones for several key projects, underscoring significant progress towards addressing peak capacity and energy needs in 2027 and beyond:
Current wording
•So far in 2026, Idaho Power has taken important actions and several key projects achieved notable milestones, underscoring significant progress towards addressing Idaho Power's growing capacity and energy needs in 2026 and beyond:
Previous wording
◦In March, Idaho Power filed a CPCN request with the IPUC for a 222 MW natural gas-fueled facility, with an expected in-service date in 2029 and a 430 MW natural gas-fueled facility, with an expected in-service date in 2030. As of the date of this report, both requests are pending IPUC approval.
Current wording
◦In March, Idaho Power filed a CPCN request for a 222 MW natural gas-fueled facility, with an expected in-service date in 2029, and for a 430 MW natural gas-fueled facility, with an expected in-service date in 2030. As of the date of this report, the CPCN request remains subject to regulatory approval.
Previous wording
◦In March, the IPUC approved Idaho Power's CPCN request for 167 MW of natural gas-fueled generating capacity next to the existing Bennett Mountain power plant, with an expected in-service date in 2028.
Current wording
◦Also in March, the IPUC approved Idaho Power's agreement to purchase the output of an 80 MW solar facility, with a scheduled online date of June 2027, and Idaho Power's CPCN request for 167 MW of natural gas-fueled generating capacity next to the existing Bennett Mountain power plant, with an expected in-service date in 2028. Construction commenced at the Bennett Mountain power plant in May 2026.
Previous wording
◦In April, Idaho Power, jointly with co-owner PacifiCorp, filed a CPCN request for Segment E-8 for the GWW transmission line, which would create up to 2,000 MW of additional transmission capacity and the ability to interconnect new generation resources across Idaho.
Current wording
◦In April, Idaho Power, jointly with co-owner PacifiCorp, filed a CPCN request for Segment E-8 for the GWW transmission line, with an expected in-service date for the entire segment in 2030 or later. As of the date of this report, the CPCN request remains subject to regulatory approval.
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 (in thousands of dollars and shares, 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 (in thousands of dollars or shares, except earnings per share amounts):
Previous wording
The table below provides a reconciliation of net income attributable to IDACORP for the three months ended March 31, 2026, from the same period in 2025 (items are in millions of dollars 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 six months ended June 30, 2026, from the same periods in 2025 (items are in millions of dollars and are before related income tax impact unless otherwise noted):
Previous wording
IDACORP's net income increased $8.4 million for the first quarter of 2026 compared with the first quarter of 2025, due primarily to higher net income at Idaho Power.
Current wording
IDACORP's net income increased $6.8 million for the second quarter of 2026 compared with the second quarter of 2025, 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 $18.0 million in the first quarter of 2026 compared with the first quarter of 2025. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2026, from the outcome of the 2025 Settlement Stipulation. For more information on the 2025 Settlement Stipulation, see Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report.
Current wording
The net increase in retail revenues per MWh, excluding large contract customers, and net of power cost adjustment mechanisms, increased operating income by $27.5 million in the second quarter of 2026 compared with the second quarter of 2025. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2026, from the outcome of the 2025 Settlement Stipulation. For more information on the 2025 Settlement Stipulation, see Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report.
Previous wording
Other O&M expenses in the first quarter of 2026 were $13.1 million higher than the first quarter of 2025. This increase was primarily the result of increased wildfire mitigation program expenses and the amortization of previously deferred costs related to the conversion of generating units at the Jim Bridger plant from coal to natural gas, much of which is recovered in customer rates and reflected in revenues pursuant to the 2025 Settlement Stipulation.
Current wording
Other O&M expenses in the second quarter of 2026 were $11.7 million higher than the second quarter of 2025. This increase was primarily the result of previously deferred costs related to the conversion of generating units at the Jim Bridger plant from coal to natural gas, much of which is recovered in customer rates and reflected in revenues pursuant to the 2025 Settlement Stipulation. The amortization of previously deferred wildfire mitigation program expenses, which are also recovered in customer rates and reflected in revenues for both the Idaho and Oregon jurisdictions, also contributed to the increase from the second quarter of 2025.
Previous wording
Depreciation and amortization expense increased $5.7 million in the first quarter of 2026 compared with the first quarter of 2025, 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 $5.2 million in the second quarter of 2026 compared with the second quarter of 2025, due primarily to an increase in plant-in-service.
Previous wording
Other changes in operating revenues and expenses, net, increased operating income by $13.6 million in the first quarter of 2026 compared with the first quarter of 2025, due primarily to a decrease in net power supply expenses that were not accrued for future refund in rates through Idaho Power's power cost adjustment mechanisms. Also contributing to the increase in other changes in operating revenues and expenses, net, was a decrease in property tax expense due to property tax legislative changes in Idaho.
Current wording
Other changes in operating revenues and expenses, net, increased operating income by $6.3 million in the second quarter of 2026 compared with the second quarter of 2025, due primarily to a decrease in net power supply expenses that were not accrued for future refund in rates through Idaho Power's power cost adjustment mechanisms. Also contributing to the increase in other changes in operating revenues and expenses, net, was a decrease in property tax expense due to property tax legislative changes in Idaho.
Previous wording
Non-operating expense, net, increased $4.1 million in the first quarter of 2026 compared with the first quarter of 2025. Higher long-term debt balances led to an increase in interest expense, while lower interest-bearing cash investments led to a decrease in interest income. Interest expense recorded on a new finance lease also contributed to the increase compared with the first quarter of 2025. This increase was partially offset by an increase in AFUDC in the first quarter of 2026 compared with the first quarter of 2025, as the average construction work in progress balance was higher.
Current wording
Non-operating expense, net, increased $0.5 million in the second quarter of 2026 compared with the second quarter of 2025. Higher long-term debt balances led to an increase in interest expense, while lower interest-bearing cash investments led to a decrease in interest income. This increase was mostly offset by an increase in AFUDC in the second quarter of 2026 compared with the second quarter of 2025, as the average construction work in progress balance was higher.
Previous wording
The increase in income tax expense for the first quarter of 2026, compared with the first quarter of 2025, was primarily due to a decrease in additional ADITC amortization under the Idaho regulatory settlement stipulation. Based on Idaho Power's current expectations of full-year 2026 financial results, Idaho Power recorded $6.3 million of additional ADITC amortization during the first quarter of 2026, compared with $19.3 million of additional ADITC amortization during the same period in 2025.
Current wording
The increase in income tax expense for the second quarter of 2026, compared with the second quarter of 2025, was primarily due to a decrease in additional ADITC amortization under the Idaho regulatory settlement stipulation and an increase in pre-tax income. Based on Idaho Power's current expectations of full-year 2026 financial results, Idaho Power recorded no additional ADITC amortization during the second quarter of 2026, compared with $17.2 million of additional ADITC amortization during the second quarter of 2025.
Previous wording
Customer growth increased operating income by $5.0 million in the first quarter of 2026 compared with the first quarter of 2025, as the number of Idaho Power customers grew by approximately 15,000, or 2.3 percent, during the twelve months ended March 31, 2026. Usage per retail customer, net of associated power supply costs and power cost adjustment mechanisms, decreased operating income by $10.7 million in the first quarter of 2026 compared with the first quarter of 2025. Usage per residential and commercial customers decreased most significantly, as more moderate temperatures in the first quarter of 2026 compared with the first quarter of 2025 led these customers to use less energy for heating purposes. These decreases were partially offset by increases in usage per irrigation and industrial customers, as lower precipitation in the first quarter of 2026 compared with the first quarter of 2025 led irrigation customers to use more energy for operating irrigation pumps, and a large load industrial customer increased energy use as it ramped up operation of its facility. An increase in the deferral of residential and small commercial customer revenues through the FCA mechanism positively affected retail revenues by $19.1 million.
Current wording
Customer growth, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, increased operating income by $8.2 million in the first six months of 2026 compared with the first six months of 2025. Usage per retail customer, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, decreased operating income by $12.4 million in the first six months of 2026 compared with the first six months of 2025. Residential usage per customer decreased most significantly, as more moderate temperatures in the first six months of 2026 compared with the first six months of 2025 led residential customers to use less energy for heating and cooling purposes. A decrease in the deferral of residential and small commercial customer revenues through the FCA mechanism positively affected retail revenues by $21.8 million.
Previous wording
Other O&M Expenses: Other O&M expenses in the first quarter of 2026 were $13.1 million higher than the first quarter of 2025. This increase was primarily driven by increases in wildfire mitigation program expenses and the amortization of previously deferred costs related to the conversion from coal to natural gas at the Jim Bridger plant, both of which are now being collected in base rates.
Current wording
Other O&M expenses in the first six months of 2026 were $24.8 million higher than the first six months of 2025. This increase was primarily the result of previously deferred costs related to the conversion of generating units at the Jim Bridger plant from coal to natural gas, much of which is recovered in customer rates and reflected in revenues pursuant to the 2025 Settlement Stipulation. The amortization of previously deferred wildfire mitigation program expenses, which are also recovered in customer rates and reflected in revenues for both the Idaho and Oregon jurisdictions, also contributed to the increase from the first six months of 2025.
Previous wording
•Rate Base Growth and Infrastructure Investment: The rates established by the IPUC, OPUC, and FERC are determined with the intent to provide an opportunity for Idaho Power to recover authorized operating expenses and depreciation and earn a reasonable return on “rate base.” Rate base is generally determined by reference to the original cost (net of accumulated depreciation) of utility plant in service and certain other assets, subject to various adjustments for deferred income taxes and other items. Over time, rate base is increased by additions to utility plant in service and reduced by depreciation of utility plant and write-offs as authorized by the IPUC and OPUC. Idaho Power is pursuing significant enhancements to its utility infrastructure in an effort to maintain system reliability, ensure an adequate supply of electricity, and provide service to new customers, including major ongoing transmission projects such as the B2H, GWW, and SWIP-N projects. To help meet future peak capacity and energy needs, Idaho Power is planning to construct three new natural gas-fired generating facilities with planned generation capacities of 167 MW, 222 MW, and 430 MW, and expected in-service dates in 2028, 2029, and 2030, respectively. Idaho Power's existing hydropower and thermal generation facilities also require continuing upgrades and equipment replacement, and the company continues a significant relicensing effort for the HCC, its largest hydropower generation resource. Idaho Power intends to pursue timely inclusion of completed capital projects into rate base as part of a future general rate case or other appropriate regulatory proceeding, but the company incurs the cash requirements of constructing and the costs of financing those resources before they are in rates and customer revenues.
Current wording
•Rate Base Growth and Infrastructure Investment: The rates established by the IPUC, OPUC, and FERC are determined with the intent to provide an opportunity for Idaho Power to recover authorized operating expenses and depreciation and earn a reasonable return on “rate base.” Rate base is generally determined by reference to the original cost (net of accumulated depreciation) of utility plant in service and certain other assets, subject to various adjustments for deferred income taxes and other items. Over time, rate base is increased by additions to utility plant in service and reduced by depreciation of utility plant and write-offs as authorized by the IPUC and OPUC. Idaho Power is pursuing significant enhancements to its utility infrastructure in an effort to maintain system reliability, ensure an adequate supply of electricity, and provide service to new customers, including major ongoing transmission projects such as the
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 March 31, 2026, 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. This was visible during the first quarter of 2026, with an increase in industrial loads over the prior year's first quarter driven by the ramp-up in electric service by a new large load customer. Idaho Power expects this customer, together with other large-load industrial customers, to ramp up operations further during the remainder of 2026 and for the next several years. Idaho Power is in the process of discussing and negotiating terms, conditions, and pricing of potential service agreements with several additional large load customers.
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 June 30, 2026, 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. This was visible during the second quarter of 2026, with an increase in industrial loads and revenues over the prior year's second quarter driven by the ramp-up in electric service and in revenues by two large load customers. Idaho Power expects these customers, together with other large load industrial customers, to ramp up operations further during the remainder of 2026 and for the next several years. Idaho Power is in the process of discussing and negotiating terms, conditions, and pricing of potential service agreements with several additional large load customers.
Previous wording
Idaho Power's 2025 IRP assumed a forecasted annual growth in retail MWh sales of 8.3 percent and a forecasted annual growth in peak-hour demand of 5.1 percent over the upcoming 5-year period. For more information on the 2025 IRP, refer to "Resource Planning" in Item 1 - "Business" of the 2025 Annual Report. Customer growth has contributed to increases in peak loads experienced in recent years. For example, Idaho Power's highest all-time winter peak demand of 2,719 MW occurred on January 16, 2024, and on July 22, 2024, Idaho Power reached a new all-time summer peak demand of 3,793 MW. Idaho Power believes that existing and sustained growth in customers, load, and peak demand for electricity, the obligation to maintain a safe and reliable system, along with changes in the regional transmission markets that have constrained the availability of transmission outside Idaho Power’s service area to import energy during peak load periods, require Idaho Power to increase its investment in capacity resources, transmission, and distribution infrastructure. For more information on Idaho Power's system investments and resource procurements, see "Liquidity and Capital Resources" in this MD&A. Idaho Power has begun preparation of its 2027 IRP and expects to prepare an updated load forecast during 2026 as the basis for the 2027 IRP, which Idaho Power expects to file in the summer of 2027.
Current wording
Idaho Power's 2025 IRP assumed a forecasted annual growth in retail MWh sales of 8.3 percent and a forecasted annual growth in peak-hour demand of 5.1 percent over the upcoming 5-year period. For more information on the 2025 IRP, refer to "Resource Planning" in Item 1 - "Business" of the 2025 Annual Report. Customer growth has contributed to increases in peak loads experienced in recent years. For example, Idaho Power's highest all-time winter peak demand of 2,719 MW occurred on January 16, 2024, and on July 22, 2024, Idaho Power reached a new all-time summer peak demand of 3,793 MW. Idaho Power believes that existing and sustained growth in customers, load, and demand for electricity, the obligation to maintain a safe and reliable system, along with changes in the regional transmission markets that have constrained the availability of transmission outside Idaho Power’s service area to import energy during peak load periods, require Idaho Power to increase its investment in capacity resources, transmission, and distribution infrastructure. For more information on Idaho Power's system investments and resource procurements, see "Liquidity and Capital Resources" in this MD&A. Idaho Power has begun preparation of its 2027 IRP and expects to prepare an updated load forecast during 2026 as the basis for the 2027 IRP, which Idaho Power expects to file in the summer of 2027.
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 variability is addressed through the Idaho and Oregon power cost adjustment mechanisms, which mitigate in large part the impact on earnings. For 2026, as of the date of this report, Idaho Power expects generation from its hydropower resources to be in the range of 5.5 million to 7.0 million MWh, compared with actual generation of 7.0 million MWh in 2025 and a 20-year average annual total of approximately 7.3 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 2026, as of the date of this report, Idaho Power expects generation from its hydropower resources to be in the range of 5.5 million to 6.5 million MWh, compared with actual generation of 7.0 million MWh in 2025 and a 20-year average annual total of approximately 7.3 million MWh.
Previous wording
•Wildfire Mitigation Efforts: In recent years, the western United States has experienced severe wildfires. 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 conditions. Idaho Power is taking a proactive approach to wildfire risk in its service area and transmission corridors. Several years ago, Idaho Power 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, and Idaho Power has refined that WMP over time. 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 2025 Annual Report and the condensed consolidated financial statements included in this report. In October 2025, Idaho Power filed a new WMP with the IPUC in accordance with Idaho's new Wildfire Standard of Care Act, and in April 2026, the IPUC issued an order approving the WMP. See "Other Matters - Idaho Wildfire Standard of Care Act" for additional details.
Current wording
•Wildfire Mitigation Efforts: In recent years, the western United States has experienced severe wildfires. 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 conditions. Idaho Power is taking a proactive approach to wildfire risk in its service area and transmission corridors. Several years ago, Idaho Power 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, and Idaho Power has refined that WMP over time. 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 2025 Annual Report and the condensed consolidated financial statements included in this report. In October 2025, Idaho Power filed a new WMP with the IPUC in accordance with Idaho's new Wildfire Standard of Care Act, and in April 2026, the IPUC issued an order approving the WMP. In December 2025, Idaho Power filed its 2026-2028 WMP with the OPUC, and in June 2026, the OPUC issued an order approving the WMP. See "Other Matters - Idaho Wildfire Standard of Care Act" included in the 2025 Annual Report, for additional details.
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 ended March 31, 2026. In this analysis, the results for the three months ended March 31, 2026, are compared with the same period in 2025.
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 six months ended June 30, 2026. In this analysis, the results for the three months and six months ended June 30, 2026, are compared with the same periods in 2025.
Previous wording
Sales Volume and Generation: Retail sales volumes decreased 3 percent in the first quarter of 2026 compared with the same period in 2025, primarily due to more moderate temperatures, which reduced the amount of energy per customer used for heating. The decrease in usage per customer was partially offset by customer growth as the number of Idaho Power's customers grew by 2.3 percent over the prior twelve months. 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: Total energy sales volumes decreased 8 percent and 14 percent for the second quarter and first six months of 2026, respectively, compared with the same periods in 2025. The decrease in total energy sales volumes was primarily due to lower wholesale energy sales and lower energy sales bundled with renewable energy credits, offset partially by the increase in retail sales volumes. Retail sales volumes increased 3 percent for the second quarter of 2026 compared with the second quarter in 2025, primarily due to customer growth as the number of Idaho Power's customers grew by 2.3 percent over the prior twelve months. Retail sales volumes were relatively consistent in the first six months of 2026, compared with the same period in 2025, as the customer growth was mostly offset by lower usage per customer from more moderate weather in the first few months of 2026. For more information on the changes in sales volumes, see the "Operating Revenues" section below in this MD&A.
Previous wording
Total system generation decreased 23 percent for the first quarter of 2026 compared with the first quarter of 2025, due primarily to lower hydropower generation and jointly-owned thermal generation. For more information on the changes in generation, see the "Operating Expenses" section below in this MD&A.
Current wording
2025, due to lower hydropower generation, jointly-owned thermal 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 increased $6.5 million during the first quarter of 2026, compared with the same period in 2025. The factors affecting retail revenues during the periods are discussed below.
Current wording
Retail revenues increased $33.1 million and $39.6 million during the second quarter and first six months of 2026, respectively, compared with the same periods in 2025. 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 $18.0 million for the three months ended March 31, 2026, compared with the same period in 2025, due primarily to an overall increase in Idaho base rates, effective January 1, 2026, from the outcome of the 2025 Settlement Stipulation. Customer rates also include the collection from customers of amounts related to the power cost adjustment mechanisms, which decreased revenues by $20.6 million in the first quarter of 2026 compared with the same period of 2025. 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
June 30, 2026, compared with the same periods in 2025. This was due primarily to an overall increase in Idaho base rates, effective January 1, 2026, from the outcome of the 2025 Settlement Stipulation. Customer rates also include the collection from customers of amounts related to the power cost adjustment mechanisms, which decreased revenues by $13.1 million and $30.9 million in the second quarter and first six months of 2026, respectively, compared with the same periods of 2025. 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 2.3 percent during the twelve months ended March 31, 2026, increased retail revenues by $7.5 million in the first quarter of 2026 compared with the same period of 2025.
Current wording
•Customers: Customer growth of 2.3 percent during the twelve months ended June 30, 2026, increased retail revenues, excluding large contract customers, by $6.3 million and $11.5 million in the second quarter and first six months of 2026, respectively, compared with the same periods of 2025.
Previous wording
•Usage: Lower usage (on a per customer basis), in some customer classes, decreased retail revenues by $17.5 million in the first quarter of 2026 compared with the same period of 2025, primarily due to weather variations. Usage per residential and commercial customers decreased most significantly, as more moderate temperatures in the first quarter of 2026 compared with the first quarter of 2025 led these customers to use less energy for heating purposes. These decreases were partially offset by increases in usage per irrigation and industrial customers, as lower precipitation in the first quarter of 2026 compared with the first quarter of 2025 led irrigation customers to use more energy for operating irrigation pumps, and a large load industrial customer increased energy use as it ramped up operation of its facility.
Current wording
•Usage: Usage (on a per customer basis), excluding large contract customers, was relatively consistent in the second quarter of 2026, compared with the second quarter of 2025, as a 2 percent decrease in usage per residential customer was offset by an increase in usage per customer for irrigation customers and changes in customer mix. Lower usage per customer decreased retail revenues by $18.6 million in the first six months of 2026, compared with the same period of 2025, primarily due to weather variations. Usage per residential and commercial customers decreased most significantly, as more moderate temperatures in the first half of 2026 compared with the first half of 2025 led these customers to use less energy for heating and cooling purposes. These decreases were partially offset by increases in usage per irrigation and industrial customers, as distribution of rainfall in May and June of 2026 compared with the same months of 2025 led irrigation customers to use more energy for operating irrigation pumps.
Previous wording
•FCA Mechanism: A decrease in the deferral of residential and small commercial customer revenues through the FCA mechanism positively affected retail revenues by $19.1 million.
Current wording
•FCA Mechanism: A decrease in the deferral of residential and small commercial customer revenues through the FCA mechanism positively affected retail revenues by $2.7 million and $21.8 million in the second quarter and first six months of 2026, respectively, compared with the same periods of 2025.
Previous wording
Wholesale Energy Sales: Wholesale energy sales consist primarily of long-term sales contracts, opportunity sales of surplus system energy, and sales into the energy imbalance market in the western United States, and do not include derivative transactions. The table below presents Idaho Power’s wholesale energy sales (in thousands of dollars and MWh, except for revenue per MWh amounts).
Current wording
Wholesale Energy Sales: Wholesale energy sales consist primarily of long-term sales contracts, opportunity sales of surplus system energy, and sales into the energy imbalance market in the western United States, and do not include derivative transactions. The table below presents Idaho Power’s wholesale energy sales (in thousands of dollars or MWh, except for revenue per MWh amounts).
Previous wording
In the first quarter of 2026, wholesale energy revenues decreased $14.7 million compared with the same period of 2025, due primarily to a decrease in wholesale energy volumes sold, partially due to milder winter weather resulting in lower demand in the regional energy market. Lower prices in the energy imbalance market led to less trading activity, which also contributed to the decrease in wholesale energy volumes sold. The financial impacts of fluctuations in wholesale energy sales are largely mitigated by Idaho Power's Idaho and Oregon power cost adjustment mechanisms, which are described below in this section of the MD&A under "Power Cost Adjustment Mechanisms."
Current wording
In the second quarter and first six months of 2026, wholesale energy revenues decreased $11.8 million and $26.6 million, respectively, compared with the same periods of 2025, due primarily to a decrease in wholesale energy volumes sold, partially due to milder winter and spring weather resulting in lower demand in the regional energy market. Lower prices in the energy imbalance market led to less trading activity, which also contributed to the decrease in wholesale energy volumes sold. The financial impacts of fluctuations in wholesale energy sales are largely mitigated by Idaho Power's Idaho and Oregon power cost adjustment mechanisms, which are described below in this section of the MD&A under "Power Cost Adjustment Mechanisms."
Previous wording
Purchased Power: The table below presents Idaho Power’s purchased power expenses and volumes (in thousands of dollars and MWh, except for per MWh amounts).
Current wording
Purchased Power: The table below presents Idaho Power’s purchased power expenses and volumes (in thousands of dollars or MWh, except for per MWh amounts).
Previous wording
Fuel Expense: The table below presents Idaho Power’s fuel expenses and thermal generation (in thousands of dollars and MWh, except for per MWh amounts).
Current wording
Fuel Expense: The table below presents Idaho Power’s fuel expenses and thermal generation (in thousands of dollars or MWh, except for per MWh amounts).
Previous wording
Fuel expense decreased $5.7 million, or 8 percent, in the first quarter of 2026 compared with the same period of 2025, primarily due to a 37 percent decrease in jointly-owned thermal generation, partially offset by an 11 percent increase in the total average cost per MWh from all sources.
Current wording
Fuel expense decreased $6.5 million, or 19 percent, and $12.2 million, or 12 percent, in the second quarter and first six months of 2026, respectively, compared with the same periods of 2025. The decrease in fuel expense in the second quarter of 2026 compared with the second quarter of 2025 was primarily due to a 10 percent decrease in the total average cost per MWh from all sources and a 19 percent decrease in natural gas generation, partially offset by a 6 percent increase in jointly-owned thermal generation. The decrease in fuel expense in the first six months of 2026 compared with the same period of 2025 was primarily due to a 14 percent decrease in total MWh generated from jointly-owned thermal and natural gas facilities, partially offset by a 2 percent increase in the total average cost per MWh from all sources.
Previous wording
Included in fuel expense are losses and gains on settled financial gas hedges entered into in accordance with Idaho Power's energy risk management policy. For the first quarters of 2026 and 2025, losses on financial gas hedges of $26.5 million and $12.2 million, respectively, increased natural gas fuel expense. Most of these realized hedging losses are passed on to customers through the power cost adjustment mechanisms described below.
Current wording
Included in fuel expense are losses and gains on settled financial gas hedges entered into in accordance with Idaho Power's energy risk management policy. For the second quarters and first six months of 2026 and 2025, losses on financial gas hedges of $1.1 million and $0.5 million, and $27.6 million and $12.7 million, respectively, increased natural gas fuel expense. Most of these realized hedging losses are passed on to customers through the power cost adjustment mechanisms described below.
Previous wording
Power Cost Adjustment Mechanisms: Idaho Power's power supply costs (primarily purchased power and fuel expense, less wholesale energy sales) can vary significantly from year to year. Variability of power supply costs arises from factors such as weather conditions, wholesale market prices, volumes of power purchased and sold in the wholesale markets, Idaho Power's hydropower and thermal generation volumes and fuel costs, generation plant availability, and retail loads. To address the variability of power supply costs, Idaho Power's power cost adjustment mechanisms in the Idaho and Oregon jurisdictions allow Idaho Power to recover from customers, or refund to customers, most of the fluctuations in power supply costs. In the Idaho jurisdiction, the PCA includes a cost or benefit sharing ratio that allocates the deviations in net power supply expenses between customers (95 percent) and Idaho Power (5 percent), with the exception of PURPA power purchases, export credit mechanisms, a battery storage lease, and demand response program incentives, which are allocated 100 percent to customers. The Idaho deferral period, or PCA year, runs from April 1 through March 31. Amounts deferred or accrued during the PCA year are primarily recovered or refunded during the subsequent June 1 through May 31 period. Because of the power cost adjustment mechanisms, the primary financial impact of power supply cost variations is that cash is paid out but recovery from customers does not occur until a future period, or cash that is collected is refunded to customers in a future period, resulting in fluctuations in operating cash flows from year to year.
Current wording
Power Cost Adjustment Mechanisms: Idaho Power's power supply costs (primarily purchased power and fuel expense, less wholesale energy sales) can vary significantly from year to year. Variability of power supply costs arises from factors such as weather conditions, wholesale market prices, volumes of power purchased and sold in the wholesale markets, Idaho Power's hydropower and thermal generation volumes and fuel costs, generation plant availability, and retail loads. To address the variability of power supply costs, Idaho Power's power cost adjustment mechanisms in the Idaho and Oregon jurisdictions allow Idaho Power to recover from customers, or refund to customers, most of the fluctuations in power supply costs. In the Idaho jurisdiction, the PCA includes a cost or benefit sharing ratio that allocates the deviations in net power supply expenses between customers (95 percent) and Idaho Power (5 percent), with the exception of PURPA power purchases, export credit mechanisms, capital lease payments associated with battery energy storage systems, and demand response program incentives, which are allocated 100 percent to customers. The Idaho deferral period, or PCA year, runs from April 1 through March 31. Amounts deferred or accrued during the PCA year are primarily recovered or refunded during the subsequent June 1 through May 31 period. Because of the power cost adjustment mechanisms, the primary financial impact of power supply cost variations is that cash is paid out but recovery from customers does not occur until a future period, or cash that is collected is refunded to customers in a future period, resulting in fluctuations in operating cash flows from year to year.
Previous wording
The power supply accruals (deferrals) represent the portion of the power supply cost fluctuations accrued (deferred) under the power cost adjustment mechanisms. When actual power supply costs are lower than the amount forecasted in power cost adjustment rates, most of the difference is accrued as an increase to a regulatory liability or decrease to a regulatory asset. When actual power supply costs are higher than the amount forecasted in power cost adjustment rates, most of the difference is deferred as an increase to a regulatory asset or decrease to a regulatory liability. During the first quarter of 2026, lower purchased power and fuel costs led to lower actual power supply costs compared with the forecasted amount, which resulted in an accrual of power supply costs by the mechanism. The amortization of the prior year’s balances represents the offset to the amounts being collected or refunded in the current power cost adjustment year that were deferred or accrued in the prior PCA year (the balancing adjustment component of the power cost adjustment mechanism).
Current wording
The power supply accruals (deferrals) represent the portion of the power supply cost fluctuations accrued (deferred) under the power cost adjustment mechanisms. When actual power supply costs are lower than the amount forecasted in power cost adjustment rates, most of the difference is accrued as an increase to a regulatory liability or decrease to a regulatory asset. When actual power supply costs are higher than the amount forecasted in power cost adjustment rates, most of the difference is deferred as an increase to a regulatory asset or decrease to a regulatory liability. During the second quarter and first six months of 2026, lower purchased power and fuel costs led to lower actual power supply costs compared with the forecasted amount, which resulted in an accrual of power supply costs by the mechanism. The amortization of the prior year’s balances represents the offset to the amounts being collected or refunded in the current power cost adjustment year that were deferred or accrued in the prior PCA year (the balancing adjustment component of the power cost adjustment mechanism).
Previous wording
IDACORP's and Idaho Power's income tax expense increased $12.9 million and $13.6 million, respectively, for the three months ended March 31, 2026, when compared with the same period in 2025, primarily due to decreased ADITC amortization from the regulatory mechanism described in Note 3 – “Regulatory Matters” to the condensed consolidated financial statements included in this report, and in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report. For information relating to IDACORP's and Idaho Power's computation of income tax expense, see Note 2 - "Income Taxes" to the condensed consolidated financial statements included in this report.
Current wording
IDACORP's and Idaho Power's income tax expense increased $33.8 million and $35.2 million, respectively, for the six months ended June 30, 2026, when compared with the same period in 2025, primarily due to decreased ADITC amortization from the regulatory mechanism described in Note 3 – “Regulatory Matters” to the condensed consolidated financial statements included in this report, and in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2025 Annual Report. Higher pre-tax income also contributed to the increase in income tax expense in the first six months of 2026, compared with the same period in 2025. For information relating to IDACORP's and Idaho Power's computation of income tax expense, see Note 2 - "Income Taxes" to the condensed consolidated financial statements included in this report.
Previous wording
•IDACORP's executed FSAs under its ATM offering program, which may be physically settled with common stock in exchange for net proceeds, which as of April 24, 2026, would have been approximately $154 million;
Current wording
•IDACORP's executed FSAs under its 2024 ATM, which may be physically settled with common stock in exchange for net proceeds, which as of July 24, 2026, would have been approximately $154 million;
Previous wording
•Idaho Power's shelf registration statement filed with the SEC on February 21, 2025, which may be used for the issuance of first mortgage bonds and other debt securities; $150 million remains available for issuance pursuant to state regulatory authority.
Current wording
•Idaho Power's shelf registration statement filed with the SEC on February 21, 2025, which may be used for the issuance of first mortgage bonds and other debt securities; $1.5 billion is available for issuance pursuant to state regulatory authority.
Previous wording
IDACORP uses original issuances of shares for the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan and also intends to potentially use original issuances for share purchases within the Idaho Power Company Employee Savings Plan beginning in the second quarter of 2026. IDACORP may discontinue using original issuances of shares for these plans at any time.
Current wording
IDACORP uses original issuances of shares for the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan. Effective July 1, 2026, IDACORP began using original issuances for share purchases within the Idaho Power Company Employee Savings Plan. IDACORP may discontinue using original issuances of shares for these plans at any time.
Showing the first 40 of 86 pairs. Open the source sections for the rest.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
IDACORP's net income increased $15.2 million for the first six months of 2026 compared with the first six months of 2025, due primarily to higher net income at Idaho Power.
Current report — wording carried from elsewhere
Other changes in operating revenues and expenses, net, increased operating income by $22.0 million in the first six months of 2026 compared with the first six months of 2025, due primarily to a decrease in net power supply expenses that were not accrued for future refund in rates through Idaho Power's power cost adjustment mechanisms. Also contributing to the increase in other changes in operating revenues and expenses, net, was a decrease in property tax expense due to property tax legislative changes in Idaho.
Current report — wording carried from elsewhere
The increase in income tax expense was principally the result of a decrease in additional ADITC amortization and higher pre-tax income. Based on Idaho Power's current expectations of full-year 2026 financial results, Idaho Power recorded $6.3 million of additional ADITC amortization under its Idaho regulatory settlement stipulation during the first six months of 2026, compared with $36.5 million of additional ADITC amortization during the same period in 2025.
Current report — wording carried from elsewhere
B2H, GWW, and SWIP-N projects. To help meet growing capacity and energy needs, Idaho Power is planning to construct three new natural gas-fired generating facilities with planned generation capacities of 167 MW, 222 MW, and 430 MW, and expected in-service dates in 2028, 2029, and 2030, respectively. Idaho Power also has RFPs outstanding for resources beyond those years. Idaho Power's existing hydropower and thermal generation facilities also require continuing upgrades and equipment replacement, and the company continues a significant relicensing effort for the HCC, its largest hydropower generation resource. Idaho Power intends to pursue timely inclusion of completed capital projects into rate base as part of a future general rate case or other appropriate regulatory proceeding, but the company incurs the cash requirements of constructing and the costs of financing those resources before they are in rates and customer revenues.
Current report — wording carried from elsewhere
Open Access Transmission Tariff Draft Posting
Current report — wording carried from elsewhere
Resource Conservation and Recovery Act Matters
Current report — wording carried from elsewhere
In April 2026, the EPA published proposed rules to amend several provisions of the federal regulations governing the disposal of coal ash, also known as coal combustion residuals or CCR. The proposed rules are subject to public comment and remain pending as of the date of this report. If adopted as proposed, the proposed rules could simplify certain CCR requirements applicable to Idaho Power's jointly-owned facilities. However, given uncertainties regarding the proposed rule, Idaho Power is unable to estimate the impact on Idaho Power of the proposed rules.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
◦In March, the IPUC approved Idaho Power's agreement to purchase the output of an 80 MW solar facility, with a scheduled online date of June 2027.
Previous report — wording carried elsewhere
Matters" to the consolidated financial statements included in the 2025 Annual Report for additional information relating to the 2025 Settlement Stipulation, 2024 Idaho Limited-Issue Rate Case, 2023 Idaho general rate case, and Oregon general rate case.
Previous report — wording carried elsewhere
In September 2025, Idaho Power filed an application with the IPUC for a CPCN for 167 MW of natural gas-fueled generating capacity next to the existing Bennett Mountain power plant to meet an identified capacity deficit in 2028, as well as confirmation and approval by the IPUC of accrued AFUDC in connection with the project prior to the issuance of the CPCN. In March 2026, the IPUC approved the application.
Previous report — wording carried elsewhere
In February 2026, the EPA finalized the following: