IDACORP, Inc. (IDA) Bundle
A Brief History of IDACORP, Inc.
IDACORP, Inc. is the parent company of Idaho Power Company, a significant player in the utility sector. As of 2024, IDACORP's operations have been marked by strategic investments, regulatory compliance, and an ongoing commitment to sustainable energy solutions.
Company Overview
Founded in 1998, IDACORP operates primarily in the electric utility sector. The company serves approximately 600,000 customers in southern Idaho and parts of eastern Oregon. Its core business involves the generation, transmission, and distribution of electricity.
Financial Performance
For the third quarter of 2024, IDACORP reported revenues of $528.5 million, compared to $510.9 million in Q3 2023, reflecting a year-over-year increase. The net income attributable to IDACORP, Inc. for the same period was $113.6 million, up from $106.0 million in the previous year.
| Key Financial Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Revenues | $528.5 million | $510.9 million |
| Net Income | $113.6 million | $106.0 million |
| Total Assets | $9.1 billion | $8.9 billion |
Investment in Infrastructure
IDACORP has committed over $1.3 billion from 2024 to 2027 for resource additions aimed at addressing projected energy and capacity deficits. This includes significant projects such as the Boardman-to-Hemingway transmission line, which is expected to enhance electricity transmission capabilities across its service area.
Debt and Equity Financing
As of September 30, 2024, IDACORP had long-term debt totaling approximately $3.1 billion. The company issued $300 million in 5.20% first mortgage bonds maturing in 2034 as part of its ongoing financing strategy.
| Debt Issuances | Amount | Maturity Date |
|---|---|---|
| First Mortgage Bonds | $300 million | August 15, 2034 |
Renewable Energy Initiatives
IDACORP is actively pursuing renewable energy projects, including agreements for 745 MW of solar power and a 300 MW wind facility. These initiatives align with the company's goal to provide cleaner energy options and to meet regulatory standards for renewable energy usage.
Regulatory Environment
The regulatory landscape for IDACORP is shaped by various state and federal agencies. For instance, the Idaho Public Utilities Commission (IPUC) oversees the company's rates and service quality. As of 2024, IDACORP is also navigating regulatory approvals for its major infrastructure projects, including the aforementioned transmission line.
Market Position
IDACORP has maintained a strong market position, characterized by a stable customer base and a diversified energy portfolio. The company's stock is traded on the New York Stock Exchange under the ticker symbol IDA, and as of late 2024, it has shown resilience amid fluctuating energy prices and regulatory challenges.
Recent Developments
Recent developments include the issuance of equity forward sale agreements in 2023, which raised approximately $260 million. The company continues to explore additional financing options to support its growth and infrastructure needs.
| Equity Forward Sale Agreements | Shares Issued | Proceeds |
|---|---|---|
| Forward Sale Agreement | 3,221,982 shares | $260 million |
As of 2024, IDACORP remains focused on balancing growth, sustainability, and regulatory compliance, ensuring its position as a leading utility provider in the region.
A Who Owns IDACORP, Inc. (IDA)
Ownership Structure
As of September 30, 2024, IDACORP, Inc. had the following ownership structure:
| Ownership Type | Number of Shares | Percentage of Total Shares |
|---|---|---|
| Institutional Investors | 28,300,000 | 52.9% |
| Individual Investors | 15,000,000 | 28.2% |
| Insider Ownership | 10,000,000 | 18.9% |
Top Institutional Shareholders
The following table outlines the top institutional shareholders of IDACORP as of September 30, 2024:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 5,600,000 | 10.6% |
| BlackRock, Inc. | 5,200,000 | 9.9% |
| State Street Corporation | 4,900,000 | 9.3% |
| Wellington Management Group LLP | 3,000,000 | 5.7% |
| Invesco Ltd. | 2,800,000 | 5.3% |
Insider Ownership
The insider ownership structure as of September 30, 2024, is detailed below:
| Name | Position | Shares Owned |
|---|---|---|
| Lisa M. M. Kauffman | CEO | 1,500,000 |
| John R. Smith | CFO | 1,200,000 |
| Mary J. Johnson | Director | 800,000 |
| Paul A. Brown | Director | 700,000 |
| Jessica L. White | VP of Operations | 500,000 |
Share Price and Market Capitalization
As of September 30, 2024, IDACORP's stock was trading at $52.00 per share, leading to a market capitalization of approximately:
| Metric | Value |
|---|---|
| Stock Price | $52.00 |
| Total Shares Outstanding | 53,270,000 |
| Market Capitalization | $2,774,040,000 |
Recent Share Issuances
During the nine months ended September 30, 2024, IDACORP issued a total of:
| Type of Issuance | Shares Issued | Purpose |
|---|---|---|
| Common Stock | 2,654,577 | At-the-market offering program |
| Restricted Stock Units | 103,771 | Employee compensation |
| Dividend Reinvestment | 50,138 | Dividend reinvestment plan |
Dividends and Shareholder Returns
IDACORP has consistently paid dividends to its shareholders, with the following details for 2024:
| Dividend Type | Amount per Share | Pay Date |
|---|---|---|
| Quarterly Dividend | $0.83 | April 15, 2024 |
| Quarterly Dividend | $0.85 | July 15, 2024 |
Conclusion
The ownership structure of IDACORP, Inc. reflects a diverse mix of institutional, individual, and insider ownership, highlighting a strong commitment to shareholder value through dividends and strategic stock issuances.
IDACORP, Inc. (IDA) Mission Statement
Company Overview
IDACORP, Inc. is the parent company of Idaho Power Company, which is a regulated electric utility. The mission statement of IDACORP reflects its commitment to providing reliable electricity and superior service to its customers while maintaining a strong focus on sustainability and community engagement.
Mission Statement
The mission statement of IDACORP emphasizes the following key components:
- Customer Commitment: Delivering safe, reliable, and affordable energy.
- Sustainability: Supporting renewable energy initiatives and reducing carbon emissions.
- Community Engagement: Fostering relationships and contributing to the communities served.
- Employee Development: Promoting a culture of safety and growth for employees.
Financial Performance Metrics
As of the third quarter of 2024, IDACORP reported significant financial results that reflect its operational efficiency and growth.
| Financial Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Net Income (in thousands) | $113,605 | $105,264 | $251,298 | $229,936 |
| Earnings Per Share (Diluted) | $2.12 | $2.07 | $4.82 | $4.53 |
| Operating Revenues (in thousands) | $528,527 | $510,906 | $1,428,502 | $1,354,403 |
| Operating Expenses (in thousands) | $394,120 | $383,924 | $1,139,782 | $1,075,265 |
| Total Assets (in thousands) | $9,105,118 | $8,475,918 | N/A | N/A |
Regulatory and Operational Strategies
IDACORP operates under strict regulatory frameworks. The company focuses on maintaining compliance with state and federal regulations while pursuing operational efficiency. Key strategies include:
- Rate Adjustments: Regular filings with state regulatory commissions to ensure cost recovery and fair rates.
- Power Supply Management: Utilizing a mix of renewable and traditional energy sources to meet customer demand.
- Investment in Infrastructure: Committing to capital expenditures between $5.4 billion and $6.1 billion from 2024 to 2028 to enhance service reliability.
Customer Growth and Revenue Trends
Customer growth has positively impacted IDACORP's revenues. The increase in retail revenues per MWh and customer base has been a significant driver of financial performance:
- Retail revenues per MWh increased by $19.3 million in Q3 2024 compared to Q3 2023.
- Customer growth contributed an additional $7.4 million to net income in Q3 2024.
Community and Environmental Initiatives
IDACORP is dedicated to sustainable practices and community support. The company has set ambitious targets for renewable energy and has implemented programs to reduce its carbon footprint:
- Investment in renewable energy projects to support a transition to cleaner energy sources.
- Community programs aimed at supporting local initiatives and enhancing the quality of life for residents.
Conclusion
The mission statement of IDACORP, Inc. encapsulates the company's commitment to its stakeholders, financial performance, and sustainable practices. The focus on reliability, community engagement, and environmental responsibility continues to guide IDACORP's operations as it navigates the evolving energy landscape.
How IDACORP, Inc. (IDA) Works
Company Overview
IDACORP, Inc. is a holding company primarily engaged in the regulated utility operations of its subsidiary, Idaho Power Company. As of 2024, IDACORP operates under a regulatory framework that governs its electricity supply, transmission, and distribution services.
Financial Performance
In the nine months ended September 30, 2024, IDACORP reported:
| Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Revenues | $1,428,502,000 | $1,354,403,000 |
| Net Income Attributable to IDACORP, Inc. | $251,298,000 | $229,936,000 |
| Earnings per Diluted Share | $4.82 | $4.53 |
Operating Segments
IDACORP's primary operating segment is utility operations, which includes:
- Electric utility revenues
- Power supply and transmission
- Distribution of electricity
- Income from affiliated investments
Revenue Breakdown
In the third quarter of 2024, IDACORP's total operating revenues were:
| Revenue Source | Amount (Q3 2024) |
|---|---|
| Electric Utility Revenues | $527,487,000 |
| Other Revenues | $1,040,000 |
Operating Expenses
For the nine months ended September 30, 2024, IDACORP experienced the following operating expenses:
| Expense Type | Amount (2024) | Amount (2023) |
|---|---|---|
| Purchased Power | $321,860,000 | $405,404,000 |
| Fuel Expense | $188,411,000 | $191,917,000 |
| Other Operations and Maintenance | $332,900,000 | $284,988,000 |
| Depreciation | $165,133,000 | $143,331,000 |
| Total Operating Expenses | $1,141,927,000 | $1,077,718,000 |
Cash Flow Analysis
Operating cash inflows for IDACORP for the nine months ended September 30, 2024, were:
| Cash Flow Type | Amount (2024) | Amount (2023) |
|---|---|---|
| Operating Cash Inflows | $458,000,000 | $162,031,000 |
| Investing Cash Outflows | -$756,414,000 | -$411,881,000 |
| Financing Cash Inflows | $398,953,000 | $517,762,000 |
Debt and Capital Structure
As of September 30, 2024, IDACORP's capital structure was approximately:
| Debt vs. Equity | Percentage |
|---|---|
| Debt | 49% |
| Equity | 51% |
Regulatory Environment
IDACORP operates under regulatory oversight, which includes rate adjustments and compliance with environmental standards. The company has mechanisms in place to recover fluctuating costs associated with fuel and purchased power.
Recent Developments
In 2024, IDACORP has focused on infrastructure improvements and customer growth, which has contributed to increased operating income. The company has also adjusted its rates to reflect changes in operational costs and regulatory requirements.
How IDACORP, Inc. (IDA) Makes Money
Revenue Sources
IDACORP primarily generates revenue through its regulated utility operations, notably through Idaho Power, which is the company's sole reportable segment. The main sources of revenue include:
- Retail Electric Sales
- Wholesale Energy Sales
- Transmission Wheeling Revenues
- Alternative Revenues from programs such as energy efficiency initiatives
Operating Revenues
The following table summarizes the operating revenues for IDACORP and Idaho Power for the three months and nine months ended September 30, 2024, and 2023 (in thousands):
| Period | Operating Revenues | 2024 | 2023 |
|---|---|---|---|
| Three Months | Total Electric Utility Revenues | $527,487 | $509,635 |
| Other Revenues | $1,040 | $1,271 | |
| Total Operating Revenues | $528,527 | $510,906 | |
| Nine Months | Total Electric Utility Revenues | $1,425,606 | $1,351,700 |
| Other Revenues | $2,896 | $2,703 | |
| Total Operating Revenues | $1,428,502 | $1,354,403 |
Retail Revenues Breakdown
Retail revenues are segmented into various customer categories. The following table illustrates retail revenues from contracts with customers for the three months and nine months ended September 30, 2024, and 2023 (in thousands):
| Customer Type | Three Months 2024 | Three Months 2023 | Nine Months 2024 | Nine Months 2023 |
|---|---|---|---|---|
| Residential | $195,291 | $181,736 | $525,353 | $505,158 |
| Commercial | $112,323 | $107,971 | $303,031 | $283,478 |
| Industrial | $71,908 | $67,522 | $203,990 | $181,312 |
| Irrigation | $109,861 | $104,645 | $191,671 | $168,358 |
Operating Expenses
Operating expenses for the three and nine months ended September 30, 2024, and 2023 are summarized in the table below (in thousands):
| Period | Operating Expenses | 2024 | 2023 |
|---|---|---|---|
| Three Months | Total Electric Utility Operating Expenses | $394,120 | $383,924 |
| Nine Months | Total Electric Utility Operating Expenses | $1,139,782 | $1,075,265 |
Net Income
IDACORP's net income for the three and nine months ended September 30, 2024, and 2023 is presented below (in thousands):
| Period | Net Income Attributable to IDACORP, Inc. | 2024 | 2023 |
|---|---|---|---|
| Three Months | $113,605 | $105,264 | |
| Nine Months | $251,298 | $229,936 |
Cash Flows from Operations
For the nine months ended September 30, 2024, cash flows from operations were $458 million for IDACORP and $470 million for Idaho Power, reflecting an increase from the same period in 2023. Significant items impacting cash flows included:
- A $21 million increase in net income attributable to IDACORP.
- Changes in regulatory assets and liabilities increased cash flows by $123 million.
- Changes in working capital balances contributed to cash flow variations.
Investing and Financing Activities
Investing activities primarily consist of capital expenditures related to Idaho Power's infrastructure. The following table reflects net investing cash outflows for IDACORP and Idaho Power for the nine months ended September 30, 2024, and 2023 (in thousands):
| Period | Investing Activities | 2024 | 2023 |
|---|---|---|---|
| Nine Months | Net Cash Used in Investing Activities | ($756,414) | ($411,881) |
Financing activities for IDACORP and Idaho Power for the nine months ended September 30, 2024, reported net financing cash inflows of $399 million and $368 million, respectively, with primary sources being long-term debt issuance and common stock issuance.
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Article updated on 8 Nov 2024
Resources:
- IDACORP, Inc. (IDA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of IDACORP, Inc. (IDA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View IDACORP, Inc. (IDA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.