IDACORP, Inc. (IDA) Bundle
An Overview of IDACORP, Inc. (IDA)
General Summary of IDACORP, Inc. (IDA)
IDACORP, Inc. is a holding company primarily engaged in the utility sector through its subsidiary, Idaho Power Company. Established in 1998, IDACORP has a rich history of providing electric power services to customers in Idaho and parts of Oregon. The company operates within a regulated environment, focusing on the generation, transmission, and distribution of electricity. Its diverse energy mix includes hydroelectric, natural gas, and renewable sources.
As of 2024, IDACORP's total sales reached approximately $1.43 billion, showcasing a notable increase from previous years, driven primarily by a growing customer base and increased energy demand.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024, IDACORP reported revenues of $528.5 million, compared to $510.9 million in the same quarter of 2023. For the first nine months of 2024, the company's revenues totaled $1.43 billion, a significant increase from $1.35 billion in the same period of 2023.
Net income attributable to IDACORP for the third quarter of 2024 was $113.6 million, up from $105.3 million year-over-year. For the nine-month period, net income rose to $251.3 million from $229.9 million in the previous year.
The company experienced increased operating income due to higher retail revenues per megawatt-hour (MWh), which rose by $44 million for the first nine months of 2024, attributed to an overall increase in Idaho base rates effective January 1, 2024.
| Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Revenues | $528.5 million | $510.9 million | $1.43 billion | $1.35 billion |
| Net Income | $113.6 million | $105.3 million | $251.3 million | $229.9 million |
Introduction to IDACORP as a Leader in the Industry
IDACORP, through Idaho Power, is recognized as one of the leading companies in the utility industry. The company has consistently focused on operational efficiency and customer service, which have been critical to its growth. With a customer base exceeding 600,000 across Idaho and Oregon, IDACORP is committed to sustainable practices and investing in renewable energy sources.
As of 2024, Idaho Power's total assets amounted to approximately $9.1 billion, reflecting its strong market position and capacity for growth. The company's strategic initiatives and regulatory compliance have positioned it favorably within the energy sector, making it a key player in meeting the energy needs of its service areas.
Mission Statement of IDACORP, Inc. (IDA)
Mission Statement of IDACORP, Inc. (IDA)
IDACORP, Inc. is committed to delivering energy solutions that enhance the quality of life in the communities it serves. The company's mission statement is a crucial framework guiding its operational strategies and long-term goals. This mission emphasizes reliability, sustainability, and customer service, reflecting IDACORP's commitment to its stakeholders, including customers, employees, and shareholders.
Core Component 1: Reliability
Reliability is a cornerstone of IDACORP's mission statement. The company strives to provide consistent and dependable energy services to its customers. As of September 30, 2024, IDACORP reported operating revenues of $1.43 billion for the first nine months of the year, reflecting a significant increase from $1.35 billion in the same period in 2023. This growth is indicative of the company's ability to meet customer demand effectively.
In 2024, IDACORP's utility operations demonstrated a high level of reliability with an average customer outage duration of approximately 90 minutes, well below the industry average of 120 minutes. This achievement underscores IDACORP's commitment to maintaining infrastructure and investing in technology to enhance service delivery.
Core Component 2: Sustainability
Sustainability is integral to IDACORP's mission. The company has committed to reducing its carbon footprint by transitioning to cleaner energy sources. In 2024, IDACORP allocated $756 million towards capital expenditures, primarily focused on renewable energy projects. This investment is part of a broader strategy to increase the share of renewable energy in its generation mix to 50% by 2030.
IDACORP's sustainability initiatives also include the implementation of energy efficiency programs that have led to a reduction of approximately 200,000 tons of CO2 emissions annually. These efforts are aligned with the company's goal to support environmental stewardship while providing affordable energy solutions.
Core Component 3: Customer Service
Customer service is a fundamental aspect of IDACORP's mission statement. The company places a strong emphasis on ensuring customer satisfaction and engagement. In 2024, IDACORP reported a customer satisfaction score of 87%, which is above the national average of 80% for utility companies. This score reflects the company's ongoing commitment to enhancing the customer experience through improved service delivery and responsiveness.
IDACORP has also launched several initiatives aimed at increasing customer engagement, including the introduction of a mobile app that allows customers to monitor their energy usage in real-time and receive alerts about outages or service disruptions. This approach not only fosters transparency but also empowers customers to make informed decisions about their energy consumption.
| Financial Metrics | 2024 (YTD) | 2023 (YTD) |
|---|---|---|
| Operating Revenues | $1.43 billion | $1.35 billion |
| Net Income Attributable to IDACORP | $251.3 million | $229.9 million |
| Customer Satisfaction Score | 87% | Not Specified |
| Capital Expenditures | $756 million | $411 million |
| Carbon Emissions Reduced | 200,000 tons | Not Specified |
Vision Statement of IDACORP, Inc. (IDA)
Vision Statement Overview
The vision statement of IDACORP, Inc. (IDA) emphasizes a commitment to excellence in energy delivery, environmental stewardship, and community engagement. This vision is critical as IDACORP aims to meet the growing energy demands while ensuring sustainability and reliability in its services.
Commitment to Sustainability
IDACORP's vision encapsulates a strong commitment to sustainability, focusing on reducing carbon emissions and integrating renewable energy sources. As of 2024, the company has set a target to achieve a 50% reduction in greenhouse gas emissions by 2030, relative to 2020 levels. This aligns with broader industry trends toward cleaner energy.
| Year | Greenhouse Gas Emissions Reduction Target | Percentage of Renewable Energy in Portfolio |
|---|---|---|
| 2020 | Baseline Year | 30% |
| 2024 | 50% Reduction Target | 45% |
| 2030 | 50% Reduction | 70% |
Customer-Centric Approach
The vision underscores a customer-centric approach, aiming to enhance customer satisfaction and engagement. In 2024, IDACORP reported a customer satisfaction rating of 87%, reflecting improvements in service delivery and responsiveness. The company plans to implement advanced metering infrastructure to provide customers with more control over their energy usage.
| Metric | 2023 | 2024 |
|---|---|---|
| Customer Satisfaction Rating (%) | 83% | 87% |
| Number of Smart Meters Installed | 100,000 | 150,000 |
Community Engagement and Development
IDACORP's vision includes a strong focus on community engagement, with initiatives aimed at supporting local economies and education. In 2024, the company invested $2 million in community development projects, including educational programs and renewable energy projects in underserved areas.
| Initiative | Investment (in millions) | Impact |
|---|---|---|
| Community Development Projects | $2.0 | Support for local economies |
| Educational Programs | $1.2 | Enhanced educational opportunities |
Technological Innovation
The vision also emphasizes technological innovation, with IDACORP investing significantly in smart grid technology and energy efficiency improvements. In 2024, the company allocated $300 million towards technology upgrades aimed at enhancing operational efficiency and reliability.
| Investment Area | 2023 | 2024 |
|---|---|---|
| Smart Grid Technology Investment (in millions) | $150 | $300 |
| Energy Efficiency Programs (in millions) | $50 | $80 |
Financial Performance and Growth
The financial performance of IDACORP reflects its vision of sustainable growth and innovation. For the first nine months of 2024, IDACORP reported a net income of $251.3 million, an increase from $229.9 million in the same period of 2023. This growth is attributed to increased retail revenues and operational efficiencies.
| Metric | 2023 (9 Months) | 2024 (9 Months) |
|---|---|---|
| Net Income (in millions) | $229.9 | $251.3 |
| Operating Revenues (in millions) | $1,351.7 | $1,425.6 |
Core Values of IDACORP, Inc. (IDA)
Integrity
The core value of integrity at IDACORP, Inc. emphasizes honesty, transparency, and accountability in all operations. This commitment is demonstrated through rigorous compliance with regulatory requirements and ethical standards.
In 2024, IDACORP maintained a strong focus on ethical governance, reflected in its adherence to the 2023 Settlement Stipulation, which ensures fair pricing and cost recovery for its customers. This stipulation allows for an increase in retail revenues per MWh, which positively impacted operating income by approximately $44 million in the first nine months of 2024 compared to the same period in 2023.
Customer Focus
IDACORP prioritizes customer satisfaction and engagement, recognizing its role as a utility provider. The company has implemented various customer service initiatives to enhance user experience.
For instance, customer growth contributed an additional $17.1 million to operating income in the first nine months of 2024. Furthermore, IDACORP launched energy efficiency programs aimed at reducing customer energy costs, which saw a decrease in expenses related to these programs, highlighting their effectiveness.
Environmental Stewardship
IDACORP demonstrates a strong commitment to environmental stewardship through sustainable practices and investments in renewable energy sources.
In 2024, the company allocated approximately $22 million towards wildfire mitigation programs and related insurance expenses. Additionally, IDACORP entered into agreements to acquire 200 MW of battery storage assets and expanded its renewable energy portfolio, increasing contractual purchase obligations by about $156.8 million.
Community Engagement
IDACORP is dedicated to supporting the communities it serves through various initiatives and partnerships.
In 2024, the company contributed $200 million in additional capital to Idaho Power, which directly supports community infrastructure and development projects. The company also engages in local programs to promote energy conservation and education, reinforcing its commitment to community welfare.
Excellence
Excellence is a foundational value at IDACORP, driving the company to achieve operational effectiveness and superior service delivery.
IDACORP’s operational performance has been robust, with a net income attributable to IDACORP, Inc. of $251.3 million for the first nine months of 2024, reflecting a significant increase from $229.9 million in the same period of 2023. The company’s focus on continuous improvement is evident in its strategic investments and enhancements to utility infrastructure, which totaled $823.9 million during the same timeframe.
| Core Value | Initiatives | Financial Impact |
|---|---|---|
| Integrity | Compliance with regulatory standards | Increased operating income by $44 million |
| Customer Focus | Energy efficiency programs | Customer growth added $17.1 million |
| Environmental Stewardship | Wildfire mitigation and renewable energy investments | $22 million for wildfire programs; $156.8 million for battery storage |
| Community Engagement | Capital contributions to infrastructure | $200 million to Idaho Power |
| Excellence | Operational effectiveness and infrastructure investments | Net income of $251.3 million |
IDACORP, Inc. (IDA) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
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.