- Company name
- IDACORP
- Sector
- Electric utility
- 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 2.2% in the 12 months to 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: in the first nine months of 2026, it agreed to sell 4.9 million shares for $689.0 million through forward sale agreements under its at-the-market programs, and it 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 raised 2026 guidance of $6.40 to $6.50 with less than $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 Q4 2026 report with the 2027 guidance, expected in early 2027, is the next 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. At September 30, 2026, IDACORP had forward sale agreements for 4.9 million shares, about 8% of 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: $188M
Debt: $3.9B
Net debt: $3.7B
Debt due within 12 months: $0.0M
IDACORP funds Idaho Power's building plan with long-term debt, new shares and cash from operations. At September 30, 2026, long-term debt was $3,865 million, and no debt was due within one year. In the first nine months of 2026, Idaho Power issued $550 million of first mortgage bonds and repaid $116 million of maturing bonds. Cash and cash equivalents were $188 million. Under the credit facilities of IDACORP and Idaho Power, debt must stay at no more than 65% of total capitalization, and both ratios were 51%. In the first nine months of 2026, IDACORP received $318 million from new shares. At September 30, 2026, it could settle forward sale agreements for 4.9 million shares and receive about $684.5 million. Total equity was $4.08 billion against $11.37 billion of total assets. Dividends on common stock were $149 million in the first nine months of 2026. Idaho Power 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 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 Sep 30, 2026.
- Checkpoints
- Oct 29, 2026: Q3 2026 earnings: guidance and tax credit use. 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. 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): 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
- 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.
Oct 15, 2026: IDACORP settled some of its forward sale agreements from May 2025 and received $111 million in cash. If it settled the rest by delivering shares, it would receive about $187 million more. These agreements end on November 9, 2026.
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.