IDACORP(US:IDA)2021-07-29 11:38Financial Performance - For the three months ended June 30, 2021, total operating revenues increased to $360.074 million, up from $318.766 million in the same period of 2020, representing a growth of approximately 12.9%[19] - Electric utility revenues for the six months ended June 30, 2021, were $674.625 million, compared to $608.154 million for the same period in 2020, reflecting an increase of about 10.9%[19] - Net income attributable to IDACORP, Inc. for the three months ended June 30, 2021, was $70.023 million, compared to $60.389 million in the same period of 2020, marking an increase of approximately 11.9%[19] - Earnings per share (EPS) attributable to IDACORP, Inc. for the second quarter of 2021 was $1.38, up from $1.19 in the same quarter of 2020, indicating a growth of about 16.1%[19] - Total comprehensive income attributable to IDACORP, Inc. for the six months ended June 30, 2021, was $116,526,000, up from $99,373,000 in 2020, representing a 17.3% increase[21] - Net income for the six months ended June 30, 2021, was $113,191,000, representing a 18% increase compared to $95,700,000 for the same period in 2020[35] - The company reported a total comprehensive income of $69,658,000 for the three months ended June 30, 2021, compared to $59,670,000 for the same period in 2020, reflecting a 17% increase[37] - Net income attributable to IDACORP, Inc. for the six months ended June 30, 2021, was $114,854,000, compared to $97,879,000 in 2020, reflecting a 17% increase[86] Operating Expenses - Total electric utility operating expenses for the six months ended June 30, 2021, were $521.445 million, compared to $477.589 million for the same period in 2020, an increase of approximately 9.2%[19] - Purchased power costs for the three months ended June 30, 2021, rose to $96.116 million, compared to $61.774 million in the same period of 2020, reflecting an increase of about 55.5%[19] - Total operating expenses for the three months ended June 30, 2021, were $267,155,000, an increase of 12% from $238,814,000 in the prior year[35] - Other operations and maintenance expenses increased by $5.3 million in Q2 2021, mainly due to maintenance project timing and higher labor-related costs[152] Cash Flow and Assets - Cash and cash equivalents at the end of the period were $259,965,000, a decrease from $275,116,000 at the beginning of the period[29] - Net cash provided by operating activities for the six months ended June 30, 2021, was $167,195,000, compared to $128,613,000 for the same period in 2020, reflecting a 30.0% increase[29] - Total current assets increased to $672,979,000 as of June 30, 2021, from $642,401,000 as of December 31, 2020, marking a 4.9% growth[24] - The total assets of the company as of June 30, 2021, were $7,006,991,000, compared to $6,906,110,000 as of December 31, 2020[43] Liabilities and Equity - Total liabilities increased to $4,256,351,000 as of June 30, 2021, from $4,228,844,000 as of December 31, 2020, indicating a 0.6% rise[26] - The company's retained earnings as of June 30, 2021, were $1,776,986,000, up from $1,734,103,000 at the end of 2020, a growth of 2.5%[26] - Total equity at the end of the period was $2,613,107,000, an increase from $2,566,456,000 at the end of 2020, representing a 1.8% rise[26] Customer Growth and Demand - The customer count for Idaho Power grew by over 8,500 customers in the first six months of 2021, resulting in a customer growth rate of 2.9%[145] - A new all-time system peak demand of 3,751 MW was set on June 30, 2021, surpassing the previous high of 3,422 MW set on July 7, 2017[145] - Retail energy sales increased by 14% in Q2 2021 and 8% in the first six months compared to the same periods in 2020, driven by warmer and drier weather[169] Regulatory and Environmental Initiatives - The company is committed to providing 100-percent clean energy to its customers by 2045 as part of its environmental initiatives[145] - Idaho Power's Wildfire Mitigation Plan (WMP) has been authorized by the IPUC to defer certain expenses for future amortization[164] - The company is actively monitoring various pending environmental regulations that may significantly impact future operations and compliance costs, although specific financial impacts remain uncertain[91] Capital Expenditures and Investments - Idaho Power anticipates total capital expenditures of approximately $2.0 billion over the five-year period from 2021 through 2025[145] - The company projects spending approximately $47 million in wildfire mitigation-related operations and maintenance and roughly $35 million in system-hardening capital expenditures over the next five years[72] Pension and Employee Benefits - Idaho Power's net periodic benefit cost for the pension plan increased to $15.665 million in Q2 2021 from $13.208 million in Q2 2020, reflecting a year-over-year increase of approximately 18.6%[94] - The company reported a service cost of $27.101 million for the pension plan in the first half of 2021, up from $21.493 million in the same period of 2020, representing an increase of approximately 26.3%[97] Tax and Regulatory Accounting - For the six months ended June 30, 2021, IDACORP's income tax expense increased to $16.156 million from $10.821 million in 2020, reflecting an effective tax rate of 12.3% compared to 9.9% in the prior year[59] - The effective tax rate for Idaho Power was reported at 13.3% for the six months ended June 30, 2021, compared to 10.8% in the same period of 2020[59] Derivative Instruments and Financial Risk - Idaho Power's derivative instruments are primarily used for economically hedging forecasted purchases and sales, with no instruments designated as cash flow hedges[102] - As of June 30, 2021, Idaho Power did not have material credit risk exposure from financial instruments, including derivatives, and manages risks through established credit limits and collateral requirements[107]