IDA · IDACORP, Inc.

IDACORP's first quarter 2026 results showed net income of $68.0 million ($1.21 per diluted share), a $8.4 million increase from $59.6 million ($1.10 per share) in Q1 2025, primarily due to higher net income at subsidiary Idaho Power. Key drivers included an $18.0 million boost from higher retail revenues per MWh net of power cost adjustments, stemming from Idaho base rate increases effective January 1, 2026, under the 2025 Settlement Stipulation, and $5.0 million from customer growth of 15,000 (2.3%). These were offset by a $10.7 million decline from lower usage per retail customer due to milder weather reducing heating demand, though partially countered by higher irrigation and industrial usage. Idaho fixed cost adjustment revenues added $19.1 million, but higher O&M expenses ($13.1 million, driven by wildfire mitigation and Jim Bridger conversions), depreciation ($5.7 million), and non-operating expenses ($4.1 million) pressured results. Reduced additional ADITC amortization ($6.3 million vs. $19.3 million prior year) also contributed to the net gain. Management, led by CEO Lisa Grow, highlighted strong execution amid growth, with 250 MW batteries online in 2026 and progress on transmission projects like Boardman-to-Hemingway (in-service late 2027). The company reaffirmed 2026 EPS guidance of $6.25-$6.45, assuming normal weather and power costs, with Idaho Power O&M at $525-$535 million and capex $1,300-$1,500 million excluding AFUDC. This signals confidence in sustained growth from customer additions and rate recovery mechanisms, while focusing on reliability and affordability.