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- **Revenue Growth**: 2.3% customer growth driven by manufacturing and tech sectors, with Micron fabs and new large load projects.
- **Project Shift**: 600MW Jackalope wind project canceled; 167MW gas plant expansion approved, targeting 2028 in-service.
- **Financial Strength**: Full-year EPS raised to $5.80-$5.90, supported by $464M operating cash flow and $10B+ total assets.
- **Regulatory Momentum**: Idaho Commission approves ADITC adjustments and wildfire mitigation plan, enhancing financial and operational resilience.

**【CEO Summary Section】**
- **Customer Growth**: 2.3% year-over-year growth in customers, driven by manufacturing, food processing, and technology sectors. Micron's fabs and new large load projects highlight Idaho's advanced manufacturing expansion.
- **Affordability Commitment**: Residential rates remain 20%-30% below the national average, with conservative forecasting for new large loads.
- **Infrastructure Progress**: Boardman-to-Hemingway transmission line towers completed; Bennett Mountain gas plant pre-permit issued, targeting 2028 in-service date.
- **Wildfire Mitigation**: Filed first wildfire mitigation plan under new state law, emphasizing system hardening and risk reduction.

**【CFO Financial Commentary】**
- **Q3 Financials**: Net income increased $10.8 million, driven by rate changes and customer growth. O&M expenses rose $4.2 million due to inflation and wildfire mitigation.
- **Earnings Guidance**: Full-year EPS raised to $5.80-$5.90, reflecting strong operational performance and reduced ADITC amortization estimate ($50M-$60M vs. prior $60M-$70M).
- **Capital Spending**: QIP balance at $1.6B, total assets exceed $10B. Hells Canyon AFUDC pre-collection approved, adding $30M annual cash flow.
- **Liquidity**: Operating cash flow $464M YTD, supporting growth and regulatory compliance.

**【Q&A Key Highlights】**
- **Jackalope Wind Cancellation**: 600MW project terminated due to policy changes; exploring short-term market purchases, natural gas, and battery storage alternatives.
- **Gas Plant Investment**: 167MW Bennett Mountain expansion pre-permit issued; gas resources seen as cost-effective for peak demand.
- **Customer Growth Trends**: Manufacturing and agricultural loads offset slower residential growth; 8.3% annual load growth expected through 2030.
- **Regulatory Support**: Idaho Commission approves ADITC mechanism adjustments, maintaining financial health and affordability balance.
- **Credit Metrics**: QIP balance $1.6B, no immediate equity needs due to delayed gas plant payments and regulatory support.

IDACORP, Inc. (IDA) Q3 2025 Earnings Call Transcript

- **EPS guidance raised**: Full-year EPS range updated to $5.70-$5.85, driven by $60M-$77M tax credit usage.
- **Customer growth surge**: 2.5% YoY customer expansion, including Micron's second 500MW fab and 3,800MW pipeline of prospective loads.
- **Gas infrastructure pivot**: 167MW gas plant in 2029 RFP shortlist as alternative to delayed wind projects.
- **Rate case focus**: $199M rate increase request includes new mechanism to reduce regulatory lag from $1.4B construction work in progress.

**【Management Opening Remarks】**
- Q2 2025 diluted EPS: $1.76 (vs. $1.71 in Q2 2024), driven by $17.2M additional tax credit amortization under Idaho regulatory mechanism.
- Full-year EPS guidance raised to $5.70-$5.85 (from $5.65-$5.85), reflecting strong operational results and $60M-$77M additional tax credit usage.

**【CEO Customer Growth & Infrastructure Update】**
- Customer base grew 2.5% YoY, with 2.7% residential growth. Notable expansions include Micron's second 500MW fab, ValorC3 data center expansion, and Tesla's 6 new EV charging stations.
- 3,800MW pipeline of prospective loads exceeds current peak demand, with potential incremental growth into the 2030s.
- Major infrastructure projects: Boardman-to-Hemingway transmission line (groundbreaking in June), 80MW battery project online, and 150MW energy storage agreement.
- 2025 IRP recommends 150MW gas-fired resources for flexibility; Jackalope Wind project at risk due to federal regulatory hurdles.

**【CFO Financial Results & Capital Allocation】**
- Q2 net income up $6.3M YoY, driven by:
  - +$8.8M from rate increase and customer growth
  - +$6M from customer usage (49% higher cooling degree days)
  - +$17.2M tax credit amortization
- O&M expenses +$11.1M due to labor, wildfire mitigation, and insurance costs.
- $575M follow-on equity offering to support $1B-$1.1B 2025 CapEx plan.
- Idaho rate case requests $199M rate increase, 51% equity ratio, and new depreciation/interest tracking mechanism to reduce regulatory lag.

**【Q&A Highlights】**
- **Pipeline visibility**: 3,800MW pipeline not included in 2025 IRP load forecast of 8.3% (2025-2030). Future IRPs likely to show higher growth rates.
- **Gas vs. renewables tradeoff**: Regulatory delays in wind projects may accelerate gas plant development (e.g., 167MW Idaho Power-owned gas plant in 2029 RFP shortlist).
- **Irrigation demand sensitivity**: 15% YoY increase in irrigation sales due to dry weather, but no mechanism to pass-through irrigation-related costs.
- **Regulatory timeline**: Idaho PUC procedural schedule for rate case expected in coming weeks, with new rates effective Jan 2026.

IDACORP, Inc. (IDA) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: 2.6% customer base expansion driven by $725M+ new industrial investments (Chobani, Tractor Supply).
- **Infrastructure Expansion**: 80MW battery & 600MW wind projects on track; $5.6B 5-year capex to support 8.3% annual sales growth.
- **Financial Strength**: Q1 net income +11.4M, 50/50 debt-equity target maintained with $400M debt issuance.
- **Risk Mitigation**: New wildfire liability protections; tariff monitoring for battery projects.
- **Future Outlook**: 2029-2030 dispatchable resources needed; 12.5% 5-year rate base growth expected.

**【CEO Business Overview】**
- **Customer Growth**: 2.6% year-over-year increase in customer base, driven by 2.9% residential growth. Key investments include Chobani's $500M expansion (50% production increase) and Tractor Supply's $225M distribution center.
- **Energy Infrastructure Expansion**: 
  - 80MW battery project and 150MW storage agreement set to operationalize in 2025.
  - 600MW Jackalope wind project (300MW owned) awaiting regulatory approval.
  - Transmission projects (Boardman-Hemingway, Swift North) targeting 2027-2029 in-service dates.
- **Regulatory & Risk Management**: 
  - Filing for 2026 rate case to recover $5.6B 5-year capex, including $30M AFUDC for Health Canyon relicensing.
  - Wildfire mitigation plan enhanced with new state standard of care legislation.

**【CFO Financial Highlights】**
- **Q1 2025 Results**: 
  - Net income up $11.4M YoY, driven by rate case increases, customer growth, and tax credit amortization.
  - O&M expenses +5.8% due to wildfire mitigation (+$3M) and reduced grants.
  - CapEx execution accelerated: $1.4B spent YTD, with $1B+ annualized for first time.
- **Financial Strategy**: 
  - Target 50/50 debt-equity ratio; $400M debt issuance in Q1, $90M equity issuance pending.
  - 5-year rate base CAGR of 12.5%, supported by $5.6B capex plan.

**【Q&A Key Takeaways】**
- **Wildfire Legislation**: No immediate changes to mitigation plans, but new state standard of care provides legal clarity.
- **Rate Case Mechanisms**: Exploring capital trackers and multi-year recovery mechanisms to reduce regulatory lag.
- **Future Resource Needs**: Dispatchable resources expected in 2029-2030, with potential for additional projects based on load growth.
- **Tariff Impact**: Monitoring battery storage tariffs, but in-process projects constrained by system needs.
- **Customer Pipeline**: Steady flow of interconnection inquiries, with 7.25M+ sq.ft. of new industrial space under development.

IDACORP (IDA)-1 May 25-2025 Q1 Earnings call transcript

- **Record Growth**: 17th consecutive year of earnings growth with 2024 EPS of $5.50, up 7.4% YoY. 
- **Robust Customer Expansion**: 2.6% customer growth driven by Idaho's 4.5% GDP forecast and major projects with Meta, Micron, and Perpetua. 
- **CapEx Surge**: $5.6B 5-year CapEx plan (2025-2029), doubling prior 5-year average, funded by 50-50 debt-equity mix. 
- **Regulatory Support**: 3.7% Idaho rate increase and 12.14% Oregon increase offset costs, with 2025 EPS guidance of $5.65-$5.85. 
- **Transmission Expansion**: Boardman to Hemingway construction begins 2027; SWIP North 11% ownership stake finalized. 


**【CEO Summary Section】**
- IDACORP achieved 17 consecutive years of earnings growth, with diluted EPS of $5.50 in 2024, up from $5.14 in 2023. 
- Customer growth remained strong at 2.6%, driven by Idaho's expanding economy (forecasted 4.5% GDP growth in 2025). 
- Major projects with Meta and Micron are on track, with one additional large load project signed and others under discussion. 
- Regulatory approvals included a 3.7% rate increase in Idaho and 12.14% increase in Oregon, supporting infrastructure investments. 
- Load growth forecast for 2025-2029 is 8.3% annually, driven by industrial and commercial demand. 

**【CFO Financial Commentary】**
- 2024 net income increased by $28 million, driven by rate changes and customer growth. 
- Total other O&M expenses rose $61.1 million, primarily due to wildfire mitigation ($30M) and pension costs ($18M). 
- CapEx forecast for 2025-2029 is $5.6 billion, doubling the previous 5-year average. 
- Debt-equity ratio target remains 50-50, with $1.4 billion in equity and $2.2 billion in debt needed over 5 years. 
- 2025 EPS guidance is $5.65-$5.85, assuming $60M-$77M of additional tax credit amortization. 

**【Q&A Key Highlights】**
- **ADITC Replenishment**: May explore adding credits via rate case or separate filing, with $77M remaining in current mechanism. 
- **Credit Metrics**: FFO to debt ratio near 17% (Moody's) and 14.5% (S&P), expected to hover near downgrade thresholds in 2025. 
- **Regulatory Strategy**: Exploring period-end rate base and capital trackers to reduce regulatory lag. 
- **Transmission Projects**: Boardman to Hemingway construction expected to begin in 2027; SWIP North ownership agreement finalized for 11% stake. 
- **Load Growth Drivers**: Data centers, mining (Perpetua Resources), and manufacturing dominate new load inquiries. 
- **Weather Impact**: 2024 saw 37% higher cooling degree days, moderating power supply costs but increasing usage. 


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