IDA changes

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View the full Oct 31, 2026 version

Price: $138.30 → $145.38(+5.1%)
Next earnings: Oct 29, 2026 → Jan 29, 2027
Next earnings is estimate: No → Yes
About: IDACORP is the holding company of Idaho Power, a regulated electric utility based in Boise, Idaho. Idaho Power serves more than 670,000 customers in a 24,000-square-mile area in southern Idaho and eastern Oregon. It owns 17 hydropower projects, which give it low-cost power, and it also owns gas-fired plants, shares of coal and gas plants, batteries and transmission lines. Its customer count grew about removed: 2.3% added: 2.2% in the 12 months to removed: June added: September 30, 2026, and it serves large industrial customers that each need more than 20 MW under individual contracts that regulators approve. Regulators in Idaho and Oregon set its rates, and the Federal Energy Regulatory Commission sets its transmission rates. IDACORP also has two small businesses: IDACORP Financial invests in affordable housing tax credits, and Ida-West Energy runs small hydropower plants.
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: added: in the first nine months of 2026, it removed: sold or agreed to sell removed: $418.0 added: 4.9 million removed: of shares removed: in the first half of 2026 added: for $689.0 million through forward sale removed: agreements, added: agreements under its at-the-market programs, and it removed: has a $600 million at-the-market program. added: can settle them later. 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 added: raised 2026 guidance of removed: $6.30 added: $6.40 to removed: $6.45 added: $6.50 with less than removed: $15 added: $10 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 removed: Q3 added: Q4 2026 report removed: on October 29, 2026, and added: with the 2027 removed: guidance added: guidance, expected in removed: February 2027 are added: early 2027, is the next removed: tests. added: test. 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.
Risks: Idaho Power's service area includes forests and rangeland. If its equipment starts a wildfire, it can face large claims. It has a wildfire mitigation plan and recovers part of its costs in rates. The building plan needs new debt and new shares. added: At September 30, 2026, IDACORP removed: sold $418.0 million of shares through added: had forward sale agreements removed: in the first half added: for 4.9 million shares, about 8% of removed: 2026. added: its diluted shares, for about $684.5 million. More shares or higher interest rates can lower EPS growth. Idaho Power must ask regulators to add new projects to rates. Delays or lower allowed returns in its next rate cases can lower earnings. Hydropower output depends on snow and water. A dry year lowers low-cost hydropower and raises power costs, although power cost adjustment mechanisms recover most of the difference.
Balance sheet: Cash: removed: $84M added: $188M Debt: removed: $3.8B added: $3.9B Net debt: $3.7B Debt due within 12 months: removed: $116M added: $0.0M IDACORP funds Idaho Power's building plan with long-term debt, new shares and cash from operations. removed: Debt is added: At September 30, 2026, long-term debt removed: of $3,678 million added: was $3,865 million, and removed: current maturities added: no debt was due within one year. In the first nine months of removed: $116 million at June 30, 2026. added: 2026, Idaho Power issued removed: $350 added: $550 million of removed: long-term debt in the first removed: half added: mortgage bonds and repaid $116 million of removed: 2026. added: maturing bonds. Cash and cash equivalents were removed: $84 added: $188 million. Under the credit facilities of IDACORP and Idaho Power, debt must stay at no more than 65% of total capitalization, and removed: the added: both ratios were removed: 53% and 52%. added: 51%. In the first removed: half added: nine months of 2026, IDACORP received removed: $129 added: $318 million from new removed: shares, and added: shares. At September 30, 2026, it removed: had added: could settle forward sale agreements removed: outstanding for removed: later settlement, the first on March 31, 2027. added: 4.9 million shares and receive about $684.5 million. Total equity was removed: $3.8 added: $4.08 billion against removed: $10.9 added: $11.37 billion of total assets. Dividends on common stock were removed: $98 added: $149 million in the first removed: half added: nine months of 2026. Idaho Power added: agreed in February 2026 to sell its Oregon distribution business and some Oregon transmission assets for a base price of $154 million, and it expects added: the sale to close within 12 months, subject to regulatory approvals. Idaho Power expects capital expenditures of $1.3 billion to $1.5 billion in 2026, excluding AFUDC. As of removed: Jun added: Sep 30, 2026.
Checkpoints: Oct 29, 2026: Q3 2026 earnings: guidance and tax credit use. removed: Pending. added: Passed. 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. removed: Feb added: Outcome: Q3 EPS rose to $2.73, and IDACORP raised its 2026 EPS guidance to $6.40 to $6.50 with less than $10 million of extra tax credits. Jan 29, 2027 (estimate): added: Q4 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.
Recent events: added: Oct 29, 2026: IDACORP reported Q3 2026 results. EPS rose to $2.73 from $2.26 a year earlier, because of higher Idaho base rates, customer growth of 2.2% and higher revenue from large contract customers. Idaho Power recorded no extra tax credits in the quarter. IDACORP raised its 2026 EPS guidance to $6.40 to $6.50, with less than $10 million of extra tax credits. In August 2026, Idaho Power issued $200 million of first mortgage bonds due 2055. Jul 30, 2026: IDACORP reported Q2 2026 results. EPS rose to $1.79 from $1.76 a year earlier, because of higher Idaho base rates from January 1, 2026, customer growth and higher revenue from large contract customers. Idaho Power recorded no extra tax credits in the quarter. IDACORP raised the low end of its 2026 EPS guidance to $6.30 to $6.45. Idaho Power added 250 MW of batteries in June 2026, and a new large contract customer started on June 1, 2026. May 15, 2026: IDACORP started a new at-the-market program to sell up to $600 million of common shares, including through forward sale agreements. At June 30, 2026, $337.4 million of capacity was left. Apr 30, 2026: IDACORP reported Q1 2026 results. EPS was $1.21. Jan 1, 2026: New Idaho base rates took effect under the settlement of Idaho Power's 2025 general rate case, which the Idaho Public Utilities Commission approved in December 2025.