IDACORP's Q1 2025: Key Contradictions in Wildfire Mitigation, Regulatory Strategy, and Capital Plans

Wildfire mitigation plans and legislation, regulatory lag and rate case timing, capital trackers and regulatory lag, wildfire mitigation plans and legislation, and rate case and regulatory lag are the key contradictions discussed in IDACORP's latest 2025Q1 earnings call, impacting investor trust and stock price volatility.



Financial Performance:
- IDACORP reported diluted earnings per share of $1.10 for Q1 2025, compared to $0.95 in the same period last year.
- The increase was driven by higher retail revenues from a rate case increase, customer growth, and incremental tax credits.

Customer Growth and Business Expansion:
- IDACORP's customer base grew by 2.6% since the previous year's first quarter, with a 2.9% increase for residential customers.
- This growth was supported by new customer investments in food processing and warehousing sectors, such as Chobani's $500 million expansion.

Earnings Guidance and Hydropower Forecast:
- IDACORP reaffirmed its full-year diluted earnings per share guidance range of $5.65 to $5.85 for 2025.
- The guidance includes expectations of between $60 million and $77 million of additional tax credit amortization and assumes normal weather conditions.

Capital Expenditure and Infrastructure Investments:
- IDACORP plans to spend $5.6 billion on CapEx over the next 5 years, double the amount spent in the previous 5 years.
- The increased spending reflects ongoing infrastructure projects to support customer growth and meet regulatory requirements, such as transmission projects like Boardman to Hemingway.