IDACORP(NYSE) IDA

IDACORP keeps the lights on for over 664,000 customers in Idaho and Oregon. The company makes, moves, and sells electricity to homes, farms, and big businesses. It relies on a mix of water, gas, and coal to power the region.

Where the Energy Comes From

• Hydropower: Electricity generated from 17 plants on the Snake River and its tributaries; accounted for 52% of total system generation in 2025.
• Natural Gas-Fired Plants: Power from three company-owned Idaho facilities and converted coal units; made up 27% of total system generation in 2025.
• Jointly-Owned Thermal Plants: Coal and gas-fired steam generation from the Jim Bridger and North Valmy facilities; provided 21% of total system generation in 2025.
• Transmission Services: Moving electricity across 4,843 miles of high-voltage lines for retail and wholesale customers.
• Energy Efficiency Programs: Tools and incentives that help customers use less power during peak summer and winter seasons.

A Shifting Power Grid

• Completed the conversion of units 1 and 2 at the Jim Bridger plant from coal to natural gas in early 2024.
• Terminated a purchase agreement with a 300-megawatt non-PURPA wind project in September 2025.
• Applied for a certificate to build 167 megawatts of new gas-fueled capacity next to the Bennett Mountain plant in September 2025.
• Entered a definitive agreement in February 2026 to sell Oregon distribution and transmission assets to Oregon Trail Electric Consumers Cooperative.

What Makes IDACORP Different

The company operates a massive hydropower system that provides a low-cost, renewable energy foundation for its customers. It balances this with a growing network of battery storage and gas plants to maintain reliability as regional demand for power increases.

The Recent Financial Record

• Net income rose to $43.6 million in Q4 2025, a 15% increase from the $37.9 million reported in Q4 2024.
• Operating income reached $70.8 million in Q4 2025, up 71% from $41.3 million in Q4 2024.
• Total electric utility operating revenues were $1.8 billion for the full year 2025, down slightly from $1.82 billion in 2024.
• Free cash flow was negative $216 million in Q4 2025 compared to negative $49 million in Q4 2024 as infrastructure investments increased.

Evolution of the Business

IDACORP is transitioning away from coal-fired generation toward a mix of natural gas, storage, and expanded transmission projects. This shift allows the company to meet rising industrial demand while managing the variable nature of its core hydropower resources.