IDACORP(IDA) - 2024 Q3 - Quarterly Report

Financial Performance - Net income for the three months ended September 30, 2024, was $113,840,000, compared to$105,647,000 for the same period in 2023, representing an increase of approximately 2.3%[22] - Total comprehensive income for the nine months ended September 30, 2024, was $252,805,000, up from$230,974,000 in 2023, indicating a growth of about 9.4%[22] - Comprehensive income attributable to IDACORP, Inc. for the three months ended September 30, 2024, was $113,890,000, compared to$105,410,000 in 2023, marking an increase of approximately 5.0%[22] - The company reported a net income of $251,952,000 for the nine months ended September 30, 2024, compared to$230,535,000 for the same period in 2023, which is an increase of about 9.3%[22] - Net income for the three months ended September 30, 2024, was $111,089,000, up from$103,022,000 in the same period last year, representing a growth of 7.4%[39] - The company reported a total comprehensive income of $111,374,000 for the three months ended September 30, 2024, compared to$103,168,000 for the same period in 2023, indicating a growth of 7.5%[39] - Net income for Idaho Power Company increased to $245,779,000 in September 2024, up from$225,812,000 in September 2023, representing an increase of approximately 8.7%[47] - Net income attributable to IDACORP for Q3 2024 was $113.6 million, an increase of$8.3 million compared to Q3 2023[165] - Net income attributable to IDACORP for the first nine months of 2024 was $251.3 million, an increase of$21.4 million compared to the same period in 2023[175] Revenue and Sales Growth - Operating revenues for the three months ended September 30, 2024, were $527,487,000, an increase of 3.8$509,635,000 for the same period in 2023[36] - For the three months ended September 30, 2024, Idaho Power recorded $532.5 million in revenue from contracts with customers, up from$496.6 million in the same period of 2023, representing a 7.2% increase[76] - The total electric utility operating revenues for the nine months ended September 30, 2024, reached $1.426 billion, compared to$1.352 billion for the same period in 2023, marking a 5.5% increase[76] - Retail revenues for the third quarter of 2024 reached $486.5 million, up from$459.1 million in the same quarter of 2023, marking an increase of $27.4 million[208] - Retail revenues for the first nine months of 2024 totaled$1,217.1 million, an increase of $85.7 million compared to$1,131.4 million in the same period of 2023[210] Assets and Liabilities - Cash and cash equivalents increased to $427,950,000 from$327,429,000, representing a 30.6% increase year-over-year[32] - Total current assets rose to $1,033,358,000 from$1,004,054,000, marking a 2.9% increase[25] - Total liabilities increased to $5,827,597,000 from$5,426,385,000, indicating a rise of 7.4%[28] - Total equity increased to $3,277,573,000 from$2,914,743,000, reflecting a growth of 12.5%[29] - Long-term debt increased to $3,053,948,000 as of September 30, 2024, compared to$2,775,790,000 at the end of the previous year[44] - Total liabilities as of September 30, 2024, were $5,838,894,000, up from$5,415,655,000 as of December 31, 2023[44] - The carrying value of long-term debt, including the current portion, was $3,123,633,000 as of September 30, 2024, with an estimated fair value of$3,022,690,000[135] Capital Expenditures and Investments - Additions to property, plant, and equipment totaled $823,969,000, compared to$427,211,000 in the prior year, indicating a substantial increase in capital expenditures[32] - Idaho Power entered into agreements for the acquisition of 200 MW of new battery storage assets, expected to be in service by June 2026[164] - Capital expenditures estimates for Idaho Power from 2024 to 2028 have increased to a range of $5.4 billion to$6.1 billion to meet growing demand[163] Regulatory and Strategic Initiatives - The company is actively pursuing regulatory filings and capital expenditures to enhance its operational capabilities and financial performance[13] - Future outlook includes potential impacts from economic conditions, regulatory changes, and operational challenges that may affect financial performance[13] - The company is focused on strategic goals related to infrastructure projects and regulatory cost recovery mechanisms to ensure sustainable growth[13] - Idaho Power filed a 2024 Idaho Limited-Issue Rate Case requesting an increase in annual Idaho jurisdictional revenue of $99.3 million, which would result in an overall increase of 7.31$25.1 million to $36.8 million for the 2023 FCA deferral, effective from June 1, 2024, to May 31, 2025[75] Customer Growth and Demand - Idaho Power's customer count grew by over 12,500 customers, resulting in a 2.6$3,100,000 in September 2024 from $550,000 in September 2023[47] - Idaho Power's net periodic benefit cost for the pension plan increased to$9.119 million in Q3 2024 from $4.462 million in Q3 2023, reflecting a significant rise of 104.7$34.322 million, compared to $20.373 million for the same period in 2023, indicating a year-over-year increase of 68.5$20 million to its defined benefit pension plan during the nine months ended September 30, 2024, with no minimum contribution requirement for 2024[111]