IDACORP, Inc. Announces Third Quarter 2025 Results, Increases Earnings Guidance Range

Core Insights - IDACORP, Inc. reported a net income of $124.4 million for Q3 2025, an increase from $113.6 million in Q3 2024, translating to earnings of $2.26 per diluted share compared to $2.12 per diluted share in the previous year [1][6][4] Financial Performance - The increase in net income for Q3 2025 was primarily driven by higher retail revenues and customer growth, which contributed $17.6 million and $7.8 million to operating income, respectively [7][8] - The total net income for the first nine months of 2025 was $279.9 million, up from $251.3 million in the same period of 2024 [4][14] - IDACORP has increased its full-year 2025 earnings guidance to a range of $5.80 to $5.90 per diluted share, reflecting the utilization of additional tax credits [3][22] Operational Highlights - Customer growth was noted at approximately 15,000 new customers, representing a 2.3% increase year-over-year [8] - The company reached a settlement regarding its Idaho general rate case, pending approval from the Idaho Public Utilities Commission [2] Expense Analysis - Other operations and maintenance expenses rose by $4.2 million in Q3 2025, primarily due to inflationary pressures and increased wildfire mitigation costs [9] - Depreciation and amortization expenses increased by $8.1 million, attributed to a rise in plant-in-service and the operation of a new battery storage facility [10] Revenue Drivers - The increase in retail revenues per megawatt-hour (MWh) was a significant factor in the improved financial results, driven by an overall increase in Idaho base rates effective January 1, 2025 [7][15] - Other changes in operating revenues and expenses contributed an additional $4.3 million to operating income due to a decrease in net power supply expenses [11] Future Outlook - The earnings guidance for 2025 incorporates expectations of normal weather conditions and power supply expenses for the remainder of the year [3][22] - The company anticipates utilizing between $50 million and $60 million in additional tax credits under Idaho's regulatory mechanism in 2025 [3][22]