IDA changes
Pick any two versions below to diff them.
- Price
- $138.30 → $138.59(+0.2%)
- Next earnings
- 2026-10-30 → 2026-10-29
- Next earnings is estimate
- Yes → No
- Thesis
- The market prices IDACORP for the cost of its large building plan and for the risk of wildfires in the West. Idaho Power plans to spend $1.3 billion to $1.5 billion on capital projects in 2026 alone, for new transmission lines, batteries and three gas plants due in 2028 to 2030. It funds part of this plan with new shares: it sold or agreed to sell $418.0 million of shares in the first half of 2026 through forward sale agreements, and it has a $600 million at-the-market program. New shares lower growth in earnings per share. Regulators must also add each project to rates, and Idaho Power earns less until they do. In the West, utilities face large claims when their equipment starts a wildfire. For the gap to close, three things must be true. EPS must reach the 2026 guidance of $6.30 to $6.45 with less than $15 million of extra tax credits. Large contract customers and customer growth must keep raising revenue. Idaho Power must get timely rate increases for its new projects in its next general rate cases in Idaho and Oregon. The Q3 2026 report, expected about on October 3029, 2026, and the 2027 guidance in February 2027 are the next tests. The gap is small and can close over the next two to four quarters if results stay on plan. The main reason it may not close is a large wildfire or a rate case decision that lowers allowed returns.
- Checkpoints
- Oct 3029, 2026 (estimate): Q3 2026 earnings: guidance and tax credit use. Pending. Watch: 2026 EPS guidance of $6.30 to $6.45 kept or raised with less than $15 million of extra tax credits passes; a guidance cut or more tax credit use fails. Feb 2027 (estimate): 2026 results and the 2027 guidance. Pending. Watch: 2027 EPS guidance above the 2026 result, with a clear plan for the next rate cases, passes; flat EPS guidance because of new shares fails.