IDACORP, Inc. (IDA) SEC Filings & Earnings Calls

Regulatory cost recovery risk

“decisions or actions by the Idaho and Oregon public utilities commissions and the FERC that impact Idaho Power's ability to recover costs and earn a return on investment” · word for word

Supply chain and tariff risk

“expenses and risks associated with capital expenditures and contractual obligations for, and the permitting and construction of, utility infrastructure projects that Idaho Power may be unable to complete, are delayed, have cost increases due to tariffs, supply chain constraints, or other factors” · word for word

Load growth uncertainty

“the rapid addition of new industrial customer load, uncertainty of forecasted power usage ramp rates or volumes, and the volatility and timing of that new load demand and revenues, resulting in increased risks of power demand potentially exceeding available supply and revenue, cash flow, and earnings volatility” · word for word

O&M expenses increased $11.7M due to coal-to-gas conversion costs and wildfire mitigation amortization.

“Other O&M expenses in Q2 2026 were $11.7 million higher than Q2 2025.”

Potential dilution from equity offering, though forward sale agreements may delay impact.

“Up to $600M in common stock may be sold, diluting existing shareholders.”

Regulatory cost recovery risk

“decisions or actions by the Idaho and Oregon public utilities commissions and the FERC that impact Idaho Power's ability to recover costs and earn a return on investment” · word for word

Supply chain and tariff risk for infrastructure projects

“expenses and risks associated with capital expenditures and contractual obligations for, and the permitting and construction of, utility infrastructure projects that Idaho Power may be unable to complete, are delayed, have cost increases due to tariffs, supply chain constraints, or other factors” · word for word

Load growth volatility risk

“the rapid addition of new industrial customer load, uncertainty of forecasted power usage ramp rates or volumes, and the volatility and timing of that new load demand, resulting in increased risks of power demand potentially exceeding available supply and of revenue, cash flow, and earnings volatility” · word for word

Hydrological variability risk

“variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities and power supply costs” · word for word

Wildfire liability risk

“abnormal or severe weather conditions , wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation, repair costs, service interruptions, public safety power shutoffs and de-energization, liability for damage caused by utility property” · word for word

Regulatory Lag

“the regulatory lag associated with delayed collection on the depreciation and financing costs on those assets through customer rates was a notable factor for consideration” · word for word

Interest Rate Sensitivity

“increased depreciation and interest expense from continued elevated capital expenditures for infrastructure development” · word for word

Hydrological risk

“Variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities and power supply costs.” · word for word

Regulatory risk

“decisions or actions by the Idaho and Oregon public utilities commissions and the FERC that impact Idaho Power's ability to recover costs and earn a return on investment” · word for word

Wildfire risk

“abnormal or severe weather conditions, wildfires, droughts, earthquakes, and other natural phenomena and natural disasters” · word for word

Weather dependency; warmer temperatures reduced heating usage in Q4.

“Usage per retail customer decreased due to warmer temperatures.”

Regulatory risk; reliance on tax credit mechanism and rate case outcomes.

“Expectation that Idaho Power will use less than $30 million of additional tax credits.” · word for word

Regulatory approval secured; wildfire mitigation cost deferral allowed through 2027.

“continued deferral of certain wildfire mitigation related costs” · word for word

Cancellation of 300MW wind project due to permitting delays and federal land use policy uncertainty.

“Idaho Power and developer terminated the 300 MW wind project agreement due to permitting delays and uncertainty around federal land use policies.”

Hydropower generation below average

“For 2025, Idaho Power expects generation from its hydropower resources to be in the range of 6.5 million to 7.0 million MWh, compared with actual generation of 7.2 million MWh in 2024 and a 30-year average annual total of approximately 7.7 million MWh.” · word for word

Wildfire liability and mitigation costs

“an increase in wildfire mitigation program and related insurance expenses” · word for word

Regulatory lag in cost recovery

“To address the regulatory lag in recovery of costs primarily associated with Idaho Power’s current and anticipated significant infrastructure investments, in May 2025 Idaho Power filed a general rate case in Idaho.” · word for word

Project termination risk

“In September 2025, Idaho Power and the developer of the 600 MW Jackalope Wind project terminated the agreements for the project due to permitting delays and uncertainty around federal land use policies.” · word for word

Inflationary pressure on O&M costs

“Other O&M expenses... $4.2 million higher... driven by inflationary pressures on labor-related costs, professional services, and an increase in wildfire mitigation program and related insurance expenses.”

Regulatory approval risk; settlement may be denied or modified by IPUC.

“If the IPUC were to deny the Settlement Stipulation or materially change its terms, no party would be bound.” · word for word