IDACORP(US:IDA)2023-05-04 12:04Financial Performance - For the three months ended March 31, 2023, IDACORP reported operating revenues of $429.659 million, a 24.9% increase from $344.288 million in the same period of 2022[19]. - Electric utility revenues were $429.338 million, up from $343.921 million, reflecting a significant rise in demand and pricing[19]. - Net income attributable to IDACORP, Inc. for Q1 2023 was $56.098 million, compared to $46.260 million in Q1 2022, representing a 21.5% year-over-year growth[19]. - Earnings per share (EPS) for the first quarter of 2023 was $1.11, an increase from $0.91 in the same quarter of the previous year[19]. - Total comprehensive income for Q1 2023 was $56.244 million, compared to $47.097 million in Q1 2022, indicating a strong performance in overall financial health[21]. - Net income for the three months ended March 31, 2023, was $55,710,000, an increase from $46,214,000 in the same period of 2022, marking a 20.5% growth[34]. - Net income attributable to IDACORP, Inc. rose to $56,098,000 in Q1 2023, up from $46,260,000 in Q1 2022, reflecting a 21.1% increase[86]. - Basic and diluted earnings per share for Q1 2023 were both $1.11, compared to $0.91 in Q1 2022, marking a 22% increase[86]. Operating Expenses - Total operating expenses increased to $361.556 million from $283.620 million, primarily driven by higher purchased power costs of $171.093 million, which more than doubled from $85.424 million[19]. - The company’s total operating expenses for the three months ended March 31, 2023, were $360,511,000, compared to $282,759,000 in the same period of 2022, reflecting a 27.5% increase[34]. - The company experienced a significant increase in fuel expenses, which rose to $89.080 million from $45.702 million year-over-year[19]. - Total purchased power expenses rose by $85.7 million to $171.1 million in Q1 2023, largely due to elevated wholesale energy prices[185]. - Fuel expenses increased by $43.4 million, or 95%, to $89.1 million in Q1 2023, driven by higher natural gas prices and increased generation[188]. Assets and Liabilities - Total current assets increased to $990,933,000 as of March 31, 2023, up from $693,653,000 at December 31, 2022, representing a 42.9% increase[24]. - Total liabilities increased to $5,048,535,000 as of March 31, 2023, compared to $4,728,643,000 at December 31, 2022, indicating a 6.8% increase[27]. - Long-term debt rose to $2,483,051,000 as of March 31, 2023, up from $2,194,145,000 at the end of 2022, representing a 13.2% increase[27]. - Total equity increased to $2,830,357,000 as of March 31, 2023, compared to $2,814,615,000 at December 31, 2022, a growth of 0.6%[27]. - Total assets as of March 31, 2023, amounted to $7,878,892,000, up from $7,706,000,000 as of December 31, 2022, indicating a growth of approximately 2.2%[125]. Cash Flow - The company reported a net cash used in investing activities of $109,156,000 for the three months ended March 31, 2023, compared to $98,287,000 in the same period of 2022[30]. - IDACORP and Idaho Power's operating cash outflows for Q1 2023 were $90 million and $93 million, respectively, representing a decrease of $183 million and $184 million compared to the same period in 2022[204]. - The companies' net investing cash outflows for Q1 2023 were $109 million, primarily for utility infrastructure construction to address aging plant and equipment[205]. - IDACORP and Idaho Power's net financing cash inflows for Q1 2023 were $380 million and $423 million, respectively, supporting capital investment and operational needs[208]. Customer Growth and Revenue - The number of Idaho Power customers grew by approximately 13,500, or 2.2%, over the twelve months ended March 31, 2023[150]. - Retail revenues increased by $34.9 million to $330.7 million in Q1 2023 compared to Q1 2022, driven by higher customer rates and growth[177]. - Average customer rates contributed an increase of $8.5 million, while power cost adjustment mechanisms added $21.6 million to revenues in Q1 2023[178]. - Wholesale energy revenues surged by $27.2 million to $30.2 million in Q1 2023, primarily due to increased volumes sold and higher average prices[181]. Regulatory and Future Outlook - The company continues to face challenges related to regulatory decisions and economic conditions that may impact future performance and capital expenditures[15]. - Idaho Power anticipates future filings with the IPUC for periodic adjustments to rates to align revenue collections with actual revenue requirements[68]. - The company plans to file a general rate case in Idaho as early as June 2023, with a subsequent filing in Oregon likely in 2024[162]. - Idaho Power expects to invest over $600 million from 2023 to 2027 on resource additions to address projected energy and capacity deficits[161]. Energy Generation and Resources - Idaho Power's total energy sales increased to 4,251 thousand MWh in Q1 2023, up from 4,024 thousand MWh in Q1 2022, representing a growth of 5.6%[166]. - Hydropower generation for 2023 is projected to be between 6.0 to 7.5 million MWh, compared to 5.3 million MWh in 2022, and a 30-year average of 7.7 million MWh[162]. - Idaho Power's coal generation decreased from 819 thousand MWh in Q1 2022 to 427 thousand MWh in Q1 2023, reflecting a shift towards cleaner energy sources[166]. - The company has adopted a Wildfire Mitigation Plan to reduce wildfire risk and strengthen the resiliency of its transmission and distribution systems[166].