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What factors drove the changes in IDACORP's revenue and profit?

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

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Income (Loss) from Associates

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Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Income Tax Expense

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Net Income

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Net Income Attributable to Owners of the Company

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Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

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IDA

IDA fundamentals

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