Idacorp Inc

Latest Results (25.12.2024):

Net Income - Third Quarter 2024

IDACORP Inc. reported a net income of $113.6 million for the third quarter of 2024, an increase from $105.3 million in the same quarter of 2023. This growth was primarily driven by higher net income at Idaho Power, attributed to increased retail revenues per megawatt-hour and customer growth. The increase in retail revenues was largely due to an overall increase in Idaho base rates effective January 1, 2024, as per the 2023 Settlement Stipulation.

Customer Growth Impact

Idaho Power experienced significant customer growth, which contributed $7.4 million to the operating income in the third quarter of 2024 compared to the same period in 2023. The number of Idaho Power customers grew by approximately 16,500, or 2.6%, over the twelve months ending September 30, 2024. This growth was a key factor in the increased operating income for the quarter.

Operating Expenses and Depreciation

Total other operations and maintenance (O&M) expenses increased by $20.3 million in the third quarter of 2024 compared to the third quarter of 2023. This rise was partially due to increased pension-related expenses and wildfire mitigation program costs. Additionally, depreciation expense rose by $5.6 million, primarily due to an increase in plant-in-service.

Non-Operating Expenses

Non-operating expenses decreased by $2.4 million in the third quarter of 2024 compared to the same period in 2023. This decrease was due to higher allowance for funds used during construction (AFUDC) and increased interest income, which were partially offset by higher interest expenses on long-term debt.

Full-Year Earnings Guidance

IDACORP Inc. has increased the lower end of its full-year 2024 earnings guidance to a range of $5.35 to $5.45 per diluted share. This adjustment reflects the company's expectations of additional tax credits and assumes normal weather conditions and power supply expenses for the remainder of the year.