IDACORP's Q2 2025 Earnings: Unpacking Key Contradictions on Wildfire Liability, Load Growth, and Tax Credits

Wildfire liability and legal protections, load growth and IRP forecasting, tax credits and earnings outlook, executive orders and generation mix plans, irrigation load impact are the key contradictions discussed in IDACORP's latest 2025Q2 earnings call.



Earnings and Revenue Growth:
- IDACORP's diluted earnings per share were $1.76 for Q2 2025, up from $1.71 in Q2 2024.
- The increase was driven by strong operational results in Q2, including higher retail revenues, customer growth, and incremental tax credits.

Customer Growth and Load Forecasts:
- Idaho Power's customer base grew by 2.5% since last year's second quarter, with residential customers increasing by 2.7%.
- The company expects significant new customer investments in various sectors, which could lead to incremental load growth well into the 2030s.

Infrastructure and Resource Investments:
- IDACORP broke ground on the Boardman-to-Hemingway transmission line and brought a battery project online.
- The company is preparing for increased load growth by advancing projects that enhance infrastructure and resources.

Financial Position and Equity Financing:
- IDACORP's equity forward transactions are expected to fund its equity needs into 2027, maintaining a 50-50 debt-to-equity ratio.
- The company has not taken down any equity shares to date, allowing flexibility for future investment in infrastructure projects.

Regulatory and Rate Case Developments:
- IDACORP filed a general rate case in Idaho, seeking an overall rate increase of approximately $199 million for Idaho customers.
- The company is requesting a 51% equity ratio, a 10.4% ROE, and additional ADITCs to address regulatory lag and support ongoing investments.