olivLaw · US equity research
IDACORP, Inc. IDA
Electric Services · SIC 4911 · Vertical: Electric Services (SIC 4911)
IDACORP is a holding company whose main operating subsidiary is Idaho Power, a regulated electric utility serving customers in Idaho and Oregon. The company is now in a phase of heavy investment in generation and transmission capacity, supported by steady customer growth, and its whole strategy rests on timely recovery of costs through tariffs approved by regulators.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, IDACORP, Inc. (IDA) stock was 147.48 USD (+1.63% on the day), with market capitalisation 8.7 bn USD, P/E 25.0 on diluted EPS of 5.90 USD over the last 12 months, dividend yield 2.39%, beta 0.17, 52-week range 124.73–154.55 USD. Latest reported quarter (Q3 2026): revenue of 614.8 m USD (+16.8% YoY), net income of 160.2 m USD (+28.8% YoY), diluted EPS 2.73 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 69.9
- strong (55–70)
- Bollinger (20, 2)
- 132.24 – 147.74
- in the upper half of the band · %B 0.98 · band width 11.1%
- SMA 50 / 200
- 135.98 / 141.03
- mixed trend
- MACD (12, 26, 9)
- 3.02 / 2.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.0% | −1.1% | +13.1 pp | — |
| 3 months | +3.0% | −0.5% | +3.4 pp | — |
| 6 months | +2.4% | +4.4% | −2.0 pp | — |
| Year to date | +16.5% | +12.3% | +4.2 pp | — |
| 1 year | +13.8% | +13.5% | +0.3 pp | −2.5% |
| 3 years | +46.4% | +76.4% | −30.0 pp | +40.8% |
| 5 years | +40.3% | +63.7% | −23.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 442.6 m | 532.5 m | 375.9 m | 411.1 m | 449.3 m | 526.4 m | 360.1 m | 614.8 m |
| Operating income | 103.3 m | 133.7 m | 41.3 m | 54.9 m | 100.6 m | 144.8 m | 53.7 m | 178.7 m |
| Depreciation & amortisation | 55.9 m ≈ | 57.6 m ≈ | 59.5 m | 60.8 m | 62.7 m ≈ | 66.7 m ≈ | 68.1 m | — |
| Interest expense | 32.5 m | 34.1 m | 36.4 m | 37.0 m | 42.5 m | 44.9 m | 43.8 m | 49.5 m |
| Pre-tax income | 97.9 m | 130.2 m | 34.2 m | 47.2 m | 89.4 m | 132.3 m | 41.5 m | 163.4 m |
| Income tax | 8.1 m | 16.4 m | -3.8 m | -12.5 m | -6.7 m | 7.7 m | -2.3 m | 3.0 m |
| Net income | 89.5 m | 113.6 m | 37.9 m | 59.6 m | 95.8 m | 124.4 m | 43.6 m | 160.2 m |
| Diluted EPS | 1.71 | 2.12 | 0.70 ≈ | 1.10 | 1.76 | 2.26 | 0.78 ≈ | 2.73 |
| Operating cash flow | 146.4 m ≈ | 201.9 m ≈ | 136.4 m | 124.3 m | 176.9 m ≈ | 162.8 m ≈ | 137.8 m | — |
| Capex | 345.9 m ≈ | 218.1 m ≈ | 185.3 m | 201.3 m | 333.3 m ≈ | 290.7 m ≈ | 354.0 m | — |
| Dividends paid | 42.1 m ≈ | 44.3 m ≈ | 47.4 m | 46.9 m | 46.5 m ≈ | 46.5 m ≈ | 48.5 m | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 97 percentile of its own 37-quarter history (min 16.4, median 20.6, max 26.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.6 bn | 1.6 bn | 1.8 bn | 1.7 bn |
| Revenue YoY | −0.6% | −2.0% | +0.1% | +7.5% | +12.7% | +5.2% | +7.9% | −1.2% |
| Net income | 226.8 m | 232.9 m | 237.4 m | 245.6 m | 259.0 m | 261.2 m | 289.2 m | 323.5 m |
| Net income YoY | +6.8% | +2.7% | +2.0% | +3.4% | +5.5% | +0.9% | +10.7% | +11.9% |
| Diluted EPS | 4.49 | 4.61 | 4.69 | 4.85 | 5.11 | 5.14 | 5.50 | 5.90 |
| Diluted EPS YoY | +6.7% | +2.7% | +1.7% | +3.4% | +5.4% | +0.6% | +7.0% | +7.3% |
| net % | 17.3% | 18.1% | 18.5% | 17.8% | 16.6% | 15.9% | 16.3% | 18.5% |
| Free cash flow | 213.8 m | 87.9 m | 77.2 m | 63.3 m | -81.3 m | -344.1 m | -414.9 m | -577.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 215.7 m USD
- Financial debt
- 3.4 bn USD
- Net debt
- 3.2 bn USD
- Equity
- 3.6 bn USD
- Total assets
- 10.2 bn USD
- Debt / equity
- 0.96x
- Current ratio
- 0.93x
- ROE
- 9.4%
- ROA
- 3.3%
- FCF margin
- -33.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.4 bn | 1.6 bn | 1.6 bn | 1.8 bn | 1.7 bn | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 309.5 m | 329.7 m | 327.2 m | 313.5 m | 327.8 m | 354.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 175.9 m | 179.4 m | 173.6 m | 199.9 m | 228.1 m | 258.4 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 485.5 m ≈ | 509.1 m ≈ | 500.7 m ≈ | 513.4 m ≈ | 555.9 m ≈ | 612.4 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 87.4 m | 86.7 m | 89.4 m | 116.5 m | 135.9 m | 168.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 266.7 m | 282.8 m | 297.4 m | 289.2 m | 305.0 m | 310.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 28.7 m | 36.9 m | 37.8 m | 27.3 m | 15.1 m | -13.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 237.4 m | 245.6 m | 259.0 m | 261.2 m | 289.2 m | 323.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 4.69 | 4.85 | 5.11 | 5.14 | 5.50 | 5.90 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 50.6 m | 50.6 m | 50.7 m | 50.8 m | 52.6 m | 54.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | 2.72 | 2.88 | 3.04 | 3.20 | 3.35 | 3.46 | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 275.1 m | 215.2 m | 177.6 m | 327.4 m | 368.9 m | 215.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 72.8 m | 78.8 m | 114.2 m | 107.3 m | 114.8 m | 97.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 642.4 m | 595.9 m | 693.7 m | 1.0 bn | 988.5 m | 833.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 4.7 bn | 4.9 bn | 5.2 bn | 5.7 bn | 6.5 bn | — | SEC (XBRL)· 20 Feb 2025verified |
| Total assets | 7.1 bn | 7.2 bn | 7.5 bn | 8.5 bn | 9.2 bn | 10.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 120.6 m | 146.0 m | 292.7 m | 308.5 m | 307.1 m | 344.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 0 | 0 | 0 | 49.8 m | 19.9 m | 116.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 2.0 bn | 2.0 bn | 2.2 bn | 2.8 bn | 3.1 bn | 3.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 287.6 m | 325.6 m | 548.6 m | 634.1 m | 700.8 m | 897.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 2.6 bn | 2.7 bn | 2.8 bn | 2.9 bn | 3.3 bn | 3.6 bn | SEC (XBRL)· 19 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 388.1 m | 363.3 m | 351.3 m | 267.0 m | 594.4 m | 601.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 310.9 m | 300.0 m | 432.6 m | 611.1 m | 1.0 bn | 1.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 77.2 m ≈ | 63.3 m ≈ | -81.3 m ≈ | -344.1 m ≈ | -414.9 m ≈ | -577.5 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -347.3 m | -273.7 m | -424.3 m | -589.9 m | -917.7 m | -1.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 17.0 m | -149.5 m | 35.3 m | 472.8 m | 364.7 m | 273.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 137.8 m | 146.1 m | 154.3 m | 163.5 m | 176.6 m | 188.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 4.6 m | 3.0 m | 3.1 m | 3.3 m | 3.8 m | 3.3 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation30
- Returns40
- Quality73
- Balance sheet40
- Growth53
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 45.47 – 152.32 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Dividend discount (DDM)45.47 – 61.15 (Mid 52.15)
- Peers: EV/EBITDA52.38 – 103.20 (Mid 82.44)23 companies used · median multiple 11.8x · quartiles 9.3x – 13.5xAEP, AQN, BKH, CEG, CNP, CWEN, D, EIX, ELLO, ENLT, ES, ETR, HE, NEE, NRG, OTTR, PNW, POR, SO, SPRU, TVC, TXNM, VST
- Peers: P/E126.24 – 152.32 (Mid 137.05)17 companies used · median multiple 21.6x · quartiles 19.9x – 24.0xAEP, AQN, BKH, CEG, CNP, D, ES, ETR, FE, NEE, NRG, OTTR, PNW, POR, PPL, SO, VST
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.9% | 54 (vs peers) | 6% |
| Net margin · Quality | 20.5% | 91 (vs peers) | 6% |
| Revenue CAGR 3Y · Growth | 3.9% | 59 (on a fixed band) | 6% |
| EPS CAGR 3Y · Growth | 4.9% | 49 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 5.1x | 45 (vs peers) | 13% |
| Interest coverage · Balance sheet | 2.4x | 26 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.2x | 60 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 23.2x | 43 (vs peers) | 13% |
| EV/EBITDA · Valuation | 17.1x | 15 (vs peers) | 11% |
| Dividend yield · Returns | 2.4% | 22 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 59.7% | 84 (on a fixed band) | 6% |
Score groups
- Balance sheet40/100 · 3/3 factors with a value
- Growth53/100 · 2/2 factors with a value
- Quality73/100 · 2/2 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation30/100 · 2/2 factors with a value
Memo
IDACORP, Inc. (IDA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.7 bn USD in 2025; YoY growth -1.2%; net margin 20.5%; ROE 9.9%; net debt/EBITDA 5.1x.
The estimated value range is 52.38–103.20 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 82.44 USD, the price of 147.48 USD leaves a potential of -44.1% (value / price − 1) and a margin of safety of -78.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 20.5%
- Payout ratio (EPS): 59.7%
What contradicts it
- Interest coverage: 2.4x
- EV/EBITDA: 17.1x
- Dividend yield: 2.4%
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Electric Services (SIC 4911) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEENextera Energy Inc | 184.4 bn | 22.5 | 15.6% | 31.5% | +9.8% | +3% / +51% |
| SOSouthern Co | 105.0 bn | 23.9 | 11.3% | 14.5% | +10.6% | +2% / +31% |
| PAMPampa Energy Inc. | 88.2 bn | 141.0 | 21.8% | 33.0% | +8.3% | −28% / +38% |
| CEGConstellation Energy Corporation | 87.1 bn | 24.0 | 15.3% | 11.1% | +8.3% | −33% / +103% |
| AEPAmerican Electric Power Company, Inc. | 70.3 bn | 19.0 | 12.8% | 16.9% | +10.9% | +4% / +62% |
| DDominion Energy, Inc | 61.3 bn | 20.6 | 10.5% | 16.9% | +14.2% | +11% / +54% |
| ETREntergy Corp | 51.2 bn | 28.4 | 11.1% | 13.6% | +9.0% | +15% / +121% |
| VSTVistra Operations Company LLC | 40.4 bn | 19.9 | 43.1% | 11.6% | +3.0% | −33% / +240% |
| FEFirstenergy Corp | 27.3 bn | 25.7 | 8.4% | 6.9% | +12.0% | −1% / +28% |
| PPLPPL Corp | 26.9 bn | 21.8 | 8.3% | 13.1% | +6.9% | −3% / +37% |
| CNPCenterpoint Energy Inc | 26.8 bn | 25.2 | 9.6% | 11.4% | +8.3% | +3% / +45% |
| ESEversource Energy | 26.5 bn | 18.2 | 9.1% | 10.4% | +13.8% | +5% / +19% |
| EIXEdison International | 23.7 bn | 6.5 | 20.8% | 19.6% | +9.8% | +4% / −8% |
| NRGNRG Energy, Inc | 17.5 bn | 21.6 | 23.8% | 2.6% | +9.2% | −51% / +74% |
| TLNTalen Energy Corporation | 14.2 bn | — | -16.7% | -6.4% | +22.0% | −17% / +470% |
| PNWPinnacle West Capital Corporation | 12.8 bn | 19.8 | 9.1% | 11.7% | +4.2% | +16% / +41% |
| ENLTEnlight Renewable Energy Ltd. | 8.9 bn | 67.7 | 9.2% | 27.0% | +29.3% | +69% / +293% |
| IDAIDACORP, Inc. | 8.7 bn | 23.2 | 9.9% | 20.5% | −1.2% | +14% / +46% |
| BEPBrookfield Renewable Partners L.P. | 8.5 bn | — | -1.9% | -1.1% | +9.0% | +8% / +25% |
| CWENClearway Energy, Inc. | 7.3 bn | 72.6 | 1.8% | 6.4% | +4.2% | −2% / +43% |
| TXNMTXNM Energy, Inc. | 6.5 bn | 41.1 | 5.5% | 7.5% | +9.9% | +0% / +41% |
| BKHBlack Hills Corporation | 6.4 bn | 21.3 | 7.9% | 13.0% | +8.6% | +14% / +63% |
| PORPortland General Electric Company | 5.5 bn | 19.7 | 6.6% | 7.7% | +4.0% | −9% / +12% |
| OKLOOklo Inc. | 4.1 bn | — | -7.7% | — | unavailable | −76% / +114% |
| OTTROtter Tail Corporation | 3.5 bn | 20.0 | 9.4% | 13.6% | −2.3% | +2% / +10% |
1- and 3-year price returns: for IDA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 86.64 Total return -39% · Per year -39% | 153.22 Total return 7% · Per year 7% | 230.85 Total return 60% · Per year 60% |
| 3 years | 83.06 Total return -38% · Per year -15% | 165.37 Total return 20% · Per year 6% | 273.72 Total return 96% · Per year 25% |
| 5 years | 79.62 Total return -36% · Per year -9% | 178.49 Total return 35% · Per year 6% | 324.55 Total return 139% · Per year 19% |
- Exit P/E± 41.34
- Net margin± 28.94
- Annual revenue growth± 23.90
- Annual dilution± 2.43
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
IDACORP is a holding company whose main operating subsidiary is Idaho Power, a regulated electric utility serving customers in Idaho and Oregon. The company is now in a phase of heavy investment in generation and transmission capacity, supported by steady customer growth, and its whole strategy rests on timely recovery of costs through tariffs approved by regulators 12.
SWOT
Strengths
- The company benefits from a regulatory framework that grants an exclusive service area and a predictable revenue stream from approved tariffs 1. Reliability and customer satisfaction are reported at high levels 1.
- Power cost and FCA adjustment mechanisms soften the profit impact of price and usage swings, although they do not remove the cash flow effect 1.
- The company reports a consistent record of net income growth over recent years, showing steady execution 1.
Weaknesses
- Reliance on hydropower makes output vary sharply from year to year with snowpack and reservoir conditions, which can require costlier purchases 1.
- The gap between investment and cost recovery in rates creates pressure on liquidity and financing costs 1.
- Average residential usage per customer has a long-term downward tendency, which limits sales growth 1.
Opportunities
- New large industrial contracts and population growth in the service area could support revenue and use of existing infrastructure 23.
- Storage and transmission projects under construction could expand the regulated asset base and generation capacity 2.
- Selling the Oregon distribution business could simplify the structure if approved by the authorities 1.
Risks
- Rate regulation riskhigh
Idaho and Oregon commissions may approve insufficient rates or delay cost recovery, which could affect profitability 1. The company's history includes recovery being denied or deferred 1.
- Energy cost volatilitymedium
Swings in hydrology and in gas and coal prices can raise purchase costs, and the adjustment mechanisms do not fully cover the cash flow effect 1.
- Major project execution riskhigh
Transmission and generation projects must finish on time and on budget, and delays or overruns could create unrecovered costs 12.
- Climate and extreme event riskmedium
Storms, droughts, fires and heat waves can damage facilities and cause extended outages with added costs 1.
- Oregon transaction risklow
The sale of Oregon distribution assets depends on approvals from the OPUC, IPUC and FERC, and failure to obtain them could change the company's plans 1.
Investment thesis
What would need to be true (bull case)
- If customer growth and large industrial contracts persist, revenue and infrastructure use could keep rising 23.
- Recognition of higher 2026 tariffs and recovery mechanisms could support profit growth over the medium term 23.
- A large investment plan, if recovered through rates, could expand the regulated asset base and earnings in later years 1.
What would break the thesis
- If regulators do not approve the rates needed, the recovery gap could pressure liquidity and financing costs 1.
- Variable hydropower output and volatile energy prices could raise costs and compress margins in a poor year 1.
- Declining usage per customer and growing customer-owned generation could limit long-term revenue growth 1.
What to watch
- Commission decisions on CPCN requests for new gas plants and transmission projects2026-2027
- Full-year 2026 earnings guidance and actual quarterly resultsQ3 2026
- Completion of the sale of Oregon distribution assets2027
- In-service of the B2H transmission line and storage projectslate 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Idaho Power supplies electricity to about 664000 retail customers in southern Idaho and eastern Oregon, across a service area of roughly 24000 square miles 1. Its revenue comes mainly from electricity sales to retail customers and from wholesale sales and transmission, with prices set by the Idaho and Oregon commissions and by FERC 1. The company runs a mix of hydropower, gas-fired plants and shares in coal plants, and total electric utility operating revenues were 1.809609 billion USD in fiscal 2025 1.
Segments
Retail sales
Sales to residential, commercial, industrial and irrigation customers are the main revenue source, with a summer peak tied to irrigation and cooling demand 1. Consumption is shaped by weather, customer-owned solar and energy efficiency 1.
Market context
The service area is one of the faster-growing in the western US, and the customer count rose 2.3 percent over the twelve months to June 30, 2026 2. As a regulated utility with an exclusive service area, Idaho Power faces limited direct competition, though pressure comes from natural gas and customer generation 1.
Trends
- Customer and industrial load growthtailwind
Steady customer additions and new large contracts support sales volumes and revenue 23. If new load does not arrive at the forecast pace, the company could be left with costly surplus infrastructure 1.
- Heavy infrastructure investmentmixed
The 2026-2030 capital plan is very large and supports growth of the regulated asset base, but it requires substantial financing and timely cost recovery 1. Recovery delays could pressure cash flows 1.
- Higher Idaho base ratestailwind
Higher base rates effective January 1 2026, under the 2025 settlement, supported profitability in the second quarter of 2026 23. Whether this continues depends on future regulatory decisions, which are not assured 1.
- Lower per-customer usage and weatherheadwind
Average residential usage per customer has declined over the long term, and milder temperatures reduce seasonal sales 12. Adjustment mechanisms offset part of this effect but not all of it 1.
Competitive position
Idaho Power operates as a regulated monopoly in its service area, and competition comes mainly from natural gas suppliers for heating and from customer-owned distributed generation such as rooftop solar 1. In wholesale and transmission markets it competes with other regional participants, and in some areas municipal utilities may form and take over distribution 1.
- Natural gas providers
Compete with Idaho Power for space heating, water heating and appliances, which can reduce electricity sales 1.
- Customer-owned distributed generation
Rooftop solar and other self-generation can reduce grid consumption and pressure sold volumes 1.
- Municipal utilities and separate entities
Certain areas may choose to form municipal utilities, which would require obtaining the distribution infrastructure in those areas 1.
- Western wholesale market participants
The company buys and sells power in regional markets, where it competes with other operators for resources and prices 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report21 May 2026Shareholder vote
- Current report15 May 2026Material agreement · Financial statements and exhibits
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Proxy statement02 Apr 2026
- Current report19 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / IDACORP, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / IDACORP, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / IDACORP, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.