IDACORP INC, 10-Q filed on 8/1/2024
Quarterly Report
v3.24.2.u1
Cover - shares
 6 Months Ended
Jun. 30, 2024
Jul. 26, 2024
Document Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 1-14465  
Entity Registrant Name IDACORP, Inc.  
Entity Tax Identification Number 82-0505802  
Entity Address, Address Line One 1221 W. Idaho Street  
Entity Address, City or Town Boise,  
Entity Address, State or Province ID  
Entity Address, Postal Zip Code 83702-5627  
City Area Code (208)  
Local Phone Number 388-2200  
Entity Current Reporting Status Yes  
Entity Incorporation, State or Country Code ID  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Title of 12(b) Security Common Stock  
Trading Symbol IDA  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   53,253,924
Entity Central Index Key 0001057877  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Entity Information, Former Legal or Registered Name None  
Idaho Power Company    
Document Information    
Entity File Number 1-3198  
Entity Registrant Name Idaho Power Company  
Entity Tax Identification Number 82-0130980  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   39,150,812
Entity Central Index Key 0000049648  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.24.2.u1
Consolidated Statements of Income Statement - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Operating Revenues:        
Electric utility revenues $ 449,819 $ 412,727 $ 898,118 $ 842,065
Other 1,220 1,111 1,857 1,432
Total operating revenues 451,039 413,838 899,975 843,497
Operating Expenses:        
Purchased power 95,383 91,460 207,282 262,554
Fuel expense 22,699 31,113 114,940 120,194
Power cost adjustment 59,156 49,629 81,519 (1,708)
Other operations and maintenance 110,903 97,123 216,733 189,164
Energy efficiency programs 7,126 6,552 11,416 11,767
Depreciation 54,732 47,108 108,745 92,499
Other electric utility operating expenses, net (2,981) 7,846 5,027 16,871
Total electric utility operating expenses 347,018 330,831 745,662 691,341
Other 752 713 1,448 1,758
Total operating expenses 347,770 331,544 747,110 693,099
Operating Income 103,269 82,294 152,865 150,398
Nonoperating (Income) Expense:        
Allowance for equity funds used during construction (13,279) (11,173) (24,431) (21,081)
Earnings of unconsolidated equity-method investments (1,277) (2,739) (1,902) (5,192)
Interest on long-term debt 33,308 28,579 66,616 53,547
Other interest 6,075 4,609 11,542 9,363
Allowance for borrowed funds used during construction (6,920) (5,161) (12,879) (9,389)
Other income, net (12,545) (8,816) (26,710) (16,964)
Total nonoperating expense, net 5,362 5,299 12,236 10,284
Income Before Income Taxes 97,907 76,995 140,629 140,114
Income Tax Expense 8,063 8,131 2,517 15,226
Net Income 89,844 68,864 138,112 124,888
Income attributable to noncontrolling interests (324) (290) (419) (216)
Net Income Attributable to IDACORP, Inc. $ 89,520 $ 68,574 $ 137,693 $ 124,672
Weighted-average common shares outstanding - basic (in shares) 52,170 50,725 51,467 50,707
Weighted-average common shares outstanding - diluted (in shares) 52,236 50,758 51,519 50,741
Earnings Per Share of Common Stock:        
Earnings attributable to IDACORP, Inc. - basic (in dollars per share) $ 1.72 $ 1.35 $ 2.68 $ 2.46
Earnings attributable to IDACORP, Inc. - diluted (in dollars per share) $ 1.71 $ 1.35 $ 2.67 $ 2.46
v3.24.2.u1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 89,844 $ 68,864 $ 138,112 $ 124,888
Other Comprehensive Income:        
Unfunded pension liability adjustment, net of tax of $98, $51, $197, and $102, respectively 284 147 568 293
Total Comprehensive Income 90,128 69,011 138,680 125,181
Income attributable to noncontrolling interests (324) (290) (419) (216)
Comprehensive Income Attributable to IDACORP, Inc. $ 89,804 $ 68,721 $ 138,261 $ 124,965
v3.24.2.u1
Consolidated Balance Sheets Statement - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 169,559 $ 327,429
Receivables:    
Customer 132,426 107,256
Other 32,063 44,661
Income taxes receivable 0 24,574
Accrued unbilled revenues 120,783 90,521
Materials and supplies (at average cost) 165,180 140,515
Fuel stock (at average cost) 34,842 19,952
Prepayments 24,397 22,840
Current regulatory assets 135,058 226,235
Other 131 71
Total current assets 814,439 1,004,054
Investments 165,946 163,971
Property, Plant and Equipment:    
Utility plant in service 7,476,066 7,291,532
Accumulated provision for depreciation (2,644,334) (2,557,744)
Utility plant in service - net 4,831,732 4,733,788
Construction work in progress 1,261,405 985,502
Utility plant held for future use 9,883 9,511
Other property, net of accumulated depreciation 13,599 16,429
Property, plant and equipment - net 6,116,619 5,745,230
Other Assets:    
Company-owned life insurance 86,518 82,038
Regulatory assets 1,429,624 1,426,815
Other 63,987 53,810
Total other assets 1,580,129 1,562,663
Total assets 8,677,133 8,475,918
Current Liabilities:    
Current maturities of long-term debt 49,800 49,800
Accounts payable 205,587 308,504
Taxes accrued 19,319 6,854
Interest accrued 37,056 38,292
Accrued compensation 49,775 64,645
Current regulatory liabilities 8,293 7,952
Advances from customers 100,907 104,297
Other 54,895 53,732
Total current liabilities 525,632 634,076
Other Liabilities:    
Deferred Income Tax 866,822 882,724
Regulatory liabilities 882,318 874,601
Pension and other postretirement benefits 243,430 233,965
Other 178,895 160,019
Total other liabilities 2,171,465 2,151,309
Long-Term Debt 2,776,129 2,775,790
Commitments and Contingencies
Equity:    
Common stock 1,123,745 888,615
Retained earnings 2,089,185 2,036,138
Accumulated other comprehensive loss (16,616) (17,184)
Total IDACORP, Inc. shareholders’ equity 3,196,314 2,907,569
Noncontrolling interests 7,593 7,174
Total equity 3,203,907 2,914,743
Total $ 8,677,133 $ 8,475,918
v3.24.2.u1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities:    
Net income $ 138,112 $ 124,888
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 111,037 94,677
Deferred income taxes and investment tax credits (32,353) (15,209)
Changes in regulatory assets and liabilities 84,333 (8,255)
Pension and postretirement benefit plan expense 22,787 13,626
Contributions to pension and postretirement benefit plans (2,616) (13,818)
Earnings of unconsolidated equity-method investments (1,902) (5,192)
Allowance for equity funds used during construction (24,431) (21,081)
Other non-cash adjustments to net income, net 2,896 3,550
Change in:    
Accounts receivable and unbilled revenues (24,211) (28,539)
Prepayments (2,624) (2,762)
Materials, supplies, and fuel stock (39,562) (30,490)
Accounts and wages payable (43,666) (138,469)
Taxes accrued/receivable 37,039 35,809
Other assets and liabilities 31,208 (1,956)
Net cash provided by operating activities 256,047 6,779
Investing Activities:    
Additions to utility plant, net (605,902) (274,167)
Payments received from transmission project joint funding partners 39,912 8,953
Other 7,573 1,415
Net cash used in investing activities (558,417) (263,799)
Financing Activities:    
Issuance of long-term debt 0 522,000
Discount on issuance of long-term debt 0 (3,772)
Retirement of long-term debt 0 (225,000)
Dividends on common stock (84,886) (80,538)
Issuance of Common Stock 233,178 0
Tax withholdings on net settlements of share-based awards (3,694) (3,255)
Other (98) 4,787
Net cash provided by financing activities 144,500 214,222
Net decrease in cash and cash equivalents (157,870) (42,798)
Cash and cash equivalents at beginning of the period 327,429 177,577
Cash and cash equivalents at end of the period 169,559 134,779
Supplemental Disclosure of Cash Flow Information:    
Income taxes 1,510 0
Interest (net of amount capitalized) 55,910 43,927
Non-cash investing activities:    
Additions to property, plant and equipment in accounts payable $ 101,178 $ 137,717
v3.24.2.u1
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Common Stock
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Beginning balance at Dec. 31, 2022   $ 882,189 $ 1,937,972 $ (12,922) $ 7,376
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock Issued During Period, Value, New Issues   0      
Share-based compensation expense   5,304      
Tax withholdings on net settlements of share-based awards   (3,255)      
Other   71      
Retained Earnings          
Net Income Attributable to IDACORP, Inc. $ 124,672   124,672    
Common stock dividends     (80,561)    
Accumulated Other Comprehensive (Loss) Income          
Unfunded pension liability adjustment (net of tax) 293     293  
Noncontrolling Interest [Abstract]          
Net income attributable to noncontrolling interests 216       216
Ending balance at Jun. 30, 2023   884,309 1,982,083 (12,629) 7,592
Beginning balance at Mar. 31, 2023   882,104 1,953,727 (12,776) 7,302
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock Issued During Period, Value, New Issues   0      
Share-based compensation expense   2,167      
Tax withholdings on net settlements of share-based awards   0      
Other   38      
Retained Earnings          
Net Income Attributable to IDACORP, Inc. 68,574   68,574    
Common stock dividends     (40,218)    
Accumulated Other Comprehensive (Loss) Income          
Unfunded pension liability adjustment (net of tax) 147     147  
Noncontrolling Interest [Abstract]          
Net income attributable to noncontrolling interests 290       (290)
Ending balance at Jun. 30, 2023   884,309 1,982,083 (12,629) 7,592
Accumulated Other Comprehensive (Loss) Income          
Total IDACORP, Inc. shareholders’ equity     2,861,355 2,853,763  
Total IDACORP, Inc. shareholders’ equity 2,907,569        
Beginning balance at Dec. 31, 2023 2,914,743 888,615 2,036,138 (17,184) 7,174
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock Issued During Period, Value, New Issues   233,178      
Share-based compensation expense   5,571      
Tax withholdings on net settlements of share-based awards   (3,694)      
Other   75      
Retained Earnings          
Net Income Attributable to IDACORP, Inc. 137,693   137,693    
Common stock dividends     (84,646)    
Accumulated Other Comprehensive (Loss) Income          
Unfunded pension liability adjustment (net of tax) 568     568  
Noncontrolling Interest [Abstract]          
Net income attributable to noncontrolling interests 419       419
Ending balance at Jun. 30, 2024 3,203,907 1,123,745 2,089,185 (16,616) 7,593
Beginning balance at Mar. 31, 2024   890,042 2,042,003 (16,900) 7,269
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock Issued During Period, Value, New Issues   231,566      
Share-based compensation expense   2,097      
Tax withholdings on net settlements of share-based awards   0      
Other   40      
Retained Earnings          
Net Income Attributable to IDACORP, Inc. 89,520   89,520    
Common stock dividends     (42,338)    
Accumulated Other Comprehensive (Loss) Income          
Unfunded pension liability adjustment (net of tax) 284     284  
Noncontrolling Interest [Abstract]          
Net income attributable to noncontrolling interests 324       (324)
Ending balance at Jun. 30, 2024 3,203,907 $ 1,123,745 2,089,185 (16,616) $ 7,593
Accumulated Other Comprehensive (Loss) Income          
Total IDACORP, Inc. shareholders’ equity $ 3,196,314   $ 3,203,907 $ 3,196,314  
v3.24.2.u1
Idaho Power Company Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Regulated Operating Revenue        
Electric utility revenues $ 449,819 $ 412,727 $ 898,118 $ 842,065
Operating Expenses [Abstract]        
Purchased power 95,383 91,460 207,282 262,554
Fuel expense 22,699 31,113 114,940 120,194
Power cost adjustment 59,156 49,629 81,519 (1,708)
Other operations and maintenance 110,903 97,123 216,733 189,164
Energy efficiency programs 7,126 6,552 11,416 11,767
Depreciation 54,732 47,108 108,745 92,499
Other electric utility operating expenses, net (2,981) 7,846 5,027 16,871
Total electric utility operating expenses 347,018 330,831 745,662 691,341
Operating Income 103,269 82,294 152,865 150,398
Nonoperating (Income) Expense:        
Allowance for equity funds used during construction (13,279) (11,173) (24,431) (21,081)
Earnings of unconsolidated equity-method investments (1,277) (2,739) (1,902) (5,192)
Interest on long-term debt 33,308 28,579 66,616 53,547
Other interest 6,075 4,609 11,542 9,363
Allowance for borrowed funds used during construction (6,920) (5,161) (12,879) (9,389)
Other income, net (12,545) (8,816) (26,710) (16,964)
Total nonoperating expense, net 5,362 5,299 12,236 10,284
Income Before Income Taxes 97,907 76,995 140,629 140,114
Income Tax Expense 8,063 8,131 2,517 15,226
Net Income 89,844 68,864 138,112 124,888
Idaho Power Company        
Regulated Operating Revenue        
Electric utility revenues 449,819 412,727 898,118 842,065
Operating Expenses [Abstract]        
Purchased power 95,383 91,460 207,282 262,554
Fuel expense 22,699 31,113 114,940 120,194
Power cost adjustment 59,156 49,629 81,519 (1,708)
Other operations and maintenance 110,903 97,123 216,733 189,164
Energy efficiency programs 7,126 6,552 11,416 11,767
Depreciation 54,732 47,108 108,745 92,499
Other electric utility operating expenses, net (2,981) 7,846 5,027 16,871
Total electric utility operating expenses 347,018 330,831 745,662 691,341
Operating Income 102,801 81,896 152,456 150,724
Nonoperating (Income) Expense:        
Allowance for equity funds used during construction (13,279) (11,173) (24,431) (21,081)
Earnings of unconsolidated equity-method investments (478) (1,923) (1,095) (4,395)
Interest on long-term debt 33,308 28,579 66,616 53,547
Other interest 5,993 4,529 11,377 9,203
Allowance for borrowed funds used during construction (6,920) (5,161) (12,879) (9,389)
Other income, net (11,683) (8,319) (25,263) (15,845)
Total nonoperating expense, net 6,941 6,532 14,325 12,040
Income Before Income Taxes 95,860 75,364 138,131 138,684
Income Tax Expense 8,472 8,284 3,441 15,894
Net Income $ 87,388 $ 67,080 $ 134,690 $ 122,790
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Idaho Power Company Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net income $ 89,844 $ 68,864 $ 138,112 $ 124,888
Other Comprehensive Income:        
Unfunded pension liability adjustment, net of tax of $98, $51, $197, and $102, respectively 284 147 568 293
Total Comprehensive Income 90,128 69,011 138,680 125,181
Idaho Power Company        
Net income 87,388 67,080 134,690 122,790
Other Comprehensive Income:        
Unfunded pension liability adjustment, net of tax of $98, $51, $197, and $102, respectively 284 147 568 293
Total Comprehensive Income $ 87,672 $ 67,227 $ 135,258 $ 123,083
v3.24.2.u1
Idaho Power Company Consolidated Balance Sheet - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 169,559 $ 327,429
Receivables [Abstract]    
Customer 132,426 107,256
Other 32,063 44,661
Income taxes receivable 0 24,574
Accrued unbilled revenues 120,783 90,521
Materials and supplies (at average cost) 165,180 140,515
Fuel stock (at average cost) 34,842 19,952
Prepayments 24,397 22,840
Current regulatory assets 135,058 226,235
Other 131 71
Total current assets 814,439 1,004,054
Investments 165,946 163,971
Property, Plant and Equipment [Abstract]    
Utility plant in service 7,476,066 7,291,532
Public Utilities, Property, Plant and Equipment, Accumulated Depreciation (2,644,334) (2,557,744)
Utility plant in service - net 4,831,732 4,733,788
Construction work in progress 1,261,405 985,502
Utility plant held for future use 9,883 9,511
Other property, net of accumulated depreciation 13,599 16,429
Property, plant and equipment - net 6,116,619 5,745,230
Other Assets:    
Company-owned life insurance 86,518 82,038
Regulatory assets 1,429,624 1,426,815
Other 63,987 53,810
Total other assets 1,580,129 1,562,663
Total assets 8,677,133 8,475,918
Current Liabilities:    
Current maturities of long-term debt 49,800 49,800
Accounts payable 205,587 308,504
Taxes accrued 19,319 6,854
Interest accrued 37,056 38,292
Accrued compensation 49,775 64,645
Current regulatory liabilities 8,293 7,952
Advances from customers 100,907 104,297
Other 54,895 53,732
Total current liabilities 525,632 634,076
Other Liabilities [Abstract]    
Deferred Income Tax 866,822 882,724
Regulatory liabilities 882,318 874,601
Pension and other postretirement benefits 243,430 233,965
Other 178,895 160,019
Total other liabilities 2,171,465 2,151,309
Long-Term Debt 2,776,129 2,775,790
Commitments and Contingencies
Equity [Abstract]    
Common stock 1,123,745 888,615
Retained earnings 2,089,185 2,036,138
Accumulated other comprehensive loss (16,616) (17,184)
Total equity 3,203,907 2,914,743
Total 8,677,133 8,475,918
Idaho Power Company    
Current Assets:    
Cash and cash equivalents 88,111 271,791
Receivables [Abstract]    
Customer 132,426 107,256
Other 31,366 44,335
Income taxes receivable 0 22,926
Accrued unbilled revenues 120,783 90,521
Materials and supplies (at average cost) 165,180 140,515
Fuel stock (at average cost) 34,842 19,952
Prepayments 24,260 22,710
Current regulatory assets 135,058 226,235
Other 131 71
Total current assets 732,157 946,312
Investments 93,307 93,037
Property, Plant and Equipment [Abstract]    
Utility plant in service 7,476,066 7,291,532
Public Utilities, Property, Plant and Equipment, Accumulated Depreciation (2,644,334) (2,557,744)
Utility plant in service - net 4,831,732 4,733,788
Construction work in progress 1,261,405 985,502
Utility plant held for future use 9,883 9,511
Other property, net of accumulated depreciation 1,721 4,310
Property, plant and equipment - net 6,104,741 5,733,111
Other Assets:    
Company-owned life insurance 86,518 82,038
Regulatory assets 1,429,624 1,426,815
Other 52,595 42,218
Total other assets 1,568,737 1,551,071
Total assets 8,498,942 8,323,531
Current Liabilities:    
Current maturities of long-term debt 49,800 49,800
Accounts payable 204,816 307,538
Taxes accrued 40,922 6,834
Interest accrued 37,056 38,292
Accrued compensation 49,602 64,408
Current regulatory liabilities 8,293 7,952
Advances from customers 100,907 104,297
Other 37,644 44,907
Total current liabilities 538,536 640,484
Other Liabilities [Abstract]    
Deferred Income Tax 864,804 881,050
Regulatory liabilities 882,318 874,601
Pension and other postretirement benefits 243,430 233,965
Other 160,939 135,468
Total other liabilities 2,151,491 2,125,084
Long-Term Debt 2,776,129 2,775,790
Commitments and Contingencies
Equity [Abstract]    
Common stock 97,877 97,877
Premium on capital stock 912,258 712,258
Capital stock issuance costs (2,097) (2,097)
Retained earnings 2,041,364 1,991,319
Accumulated other comprehensive loss (16,616) (17,184)
Total equity 3,032,786 2,782,173
Total 8,498,942 8,323,531
Idaho Power Company | Related Party    
Current Liabilities:    
Accounts Payable, Other $ 9,496 $ 16,456
v3.24.2.u1
Idaho Power Company Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Net income $ 138,112 $ 124,888
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 111,037 94,677
Deferred income taxes and investment tax credits (32,353) (15,209)
Changes in regulatory assets and liabilities 84,333 (8,255)
Pension and postretirement benefit plan expense 22,787 13,626
Contributions to pension and postretirement benefit plans (2,616) (13,818)
Earnings of unconsolidated equity-method investments (1,902) (5,192)
Allowance for equity funds used during construction (24,431) (21,081)
Other non-cash adjustments to net income, net 2,896 3,550
Change in:    
Accounts receivable and unbilled revenues (24,211) (28,539)
Prepayments (2,624) (2,762)
Materials, supplies, and fuel stock (39,562) (30,490)
Accounts and wages payable (43,666) (138,469)
Taxes accrued/receivable 37,039 35,809
Other assets and liabilities 31,208 (1,956)
Net cash provided by operating activities 256,047 6,779
Investing Activities:    
Additions to utility plant, net (605,902) (274,167)
Payments received from transmission project joint funding partners 39,912 8,953
Other 7,573 1,415
Net cash used in investing activities (558,417) (263,799)
Financing Activities:    
Issuance of long-term debt 0 522,000
Discount on issuance of long-term debt 0 (3,772)
Retirement of long-term debt 0 (225,000)
Dividends on common stock (84,886) (80,538)
Other (98) 4,787
Net cash provided by financing activities 144,500 214,222
Net decrease in cash and cash equivalents (157,870) (42,798)
Cash and cash equivalents at beginning of the period 327,429 177,577
Cash and cash equivalents at end of the period 169,559 134,779
Supplemental Disclosure of Cash Flow Information:    
Income taxes 1,510 0
Interest (net of amount capitalized) 55,910 43,927
Non-cash investing activities:    
Additions to property, plant and equipment in accounts payable 101,178 137,717
Idaho Power Company    
Net income 134,690 122,790
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 110,733 94,382
Deferred income taxes and investment tax credits (35,984) (18,097)
Changes in regulatory assets and liabilities 84,333 (8,255)
Pension and postretirement benefit plan expense 22,787 13,626
Contributions to pension and postretirement benefit plans (2,616) (13,818)
Earnings of unconsolidated equity-method investments (1,095) (4,395)
Allowance for equity funds used during construction (24,431) (21,081)
Other non-cash adjustments to net income, net (2,808) (1,665)
Change in:    
Accounts receivable and unbilled revenues (23,677) (28,436)
Prepayments (2,617) (2,754)
Materials, supplies, and fuel stock (39,562) (30,490)
Accounts and wages payable (36,565) (136,183)
Taxes accrued/receivable 42,902 36,814
Other assets and liabilities 31,336 (1,837)
Net cash provided by operating activities 257,426 601
Investing Activities:    
Additions to utility plant, net (605,814) (274,162)
Payments received from transmission project joint funding partners 39,912 8,953
Other 9,765 2,665
Net cash used in investing activities (556,137) (262,544)
Financing Activities:    
Issuance of long-term debt 0 522,000
Discount on issuance of long-term debt 0 (3,772)
Retirement of long-term debt 0 (225,000)
Dividends on common stock (84,961) (40,625)
Capital contribution from parent 200,000 0
Other (8) 4,862
Net cash provided by financing activities 115,031 257,465
Net decrease in cash and cash equivalents (183,680) (4,478)
Cash and cash equivalents at beginning of the period 271,791 108,933
Cash and cash equivalents at end of the period 88,111 104,455
Supplemental Disclosure of Cash Flow Information:    
Income taxes (6,522) 0
Interest (net of amount capitalized) 55,745 43,767
Non-cash investing activities:    
Additions to property, plant and equipment in accounts payable $ 101,178 $ 137,717
v3.24.2.u1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Unfunded pension liability adjustment, tax $ 98 $ 51 $ 197 $ 102
v3.24.2.u1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Accounts Receivable, Allowance for Credit Loss, Current $ 3,644 $ 4,869
Allowance for Doubtful Other Receivables, Current $ 682 $ 716
Common Stock, Shares Authorized 120,000,000 120,000,000
Common Stock, Shares, Issued 53,253,000 50,615,000
v3.24.2.u1
Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2022
Jun. 30, 2024
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Common stock dividends, per share (in dollar per share) $ 0.83 $ 0.79 $ 1.66 $ 1.58
v3.24.2.u1
Idaho Power Company Statement of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Unfunded pension liability adjustment, tax $ (98) $ (51) $ (197) $ (102)
Idaho Power Company        
Unfunded pension liability adjustment, tax $ (98) $ (51) $ (197) $ (102)
v3.24.2.u1
Idaho Power company Consolidated Balance Sheet (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current $ 3,644 $ 4,869
Allowance for Doubtful Other Receivables, Current $ 682 $ 716
Common Stock, Shares Authorized 120,000,000 120,000,000
Common Stock, Shares, Issued 53,253,000 50,615,000
Idaho Power Company    
Accounts Receivable, Allowance for Credit Loss, Current $ 3,644 $ 4,869
Allowance for Doubtful Other Receivables, Current $ 682 $ 716
Common Stock, Par or Stated Value Per Share $ 2.50 $ 2.50
Common Stock, Shares Authorized 50,000,000 50,000,000
Common Stock, Shares, Issued 39,151,000 39,151,000
v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
This Quarterly Report on Form 10-Q is a combined report of IDACORP and Idaho Power. Therefore, these Notes to the Condensed Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORP’s other operations.

Nature of Business
 
IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the FERC. Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power.
 
IDACORP’s other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small PURPA-qualifying hydropower generation projects.

Regulation of Utility Operations
 
As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition.

IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated entity would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense. The effects of applying these regulatory accounting principles to Idaho Power's operations are discussed in more detail in Note 3 - "Regulatory Matters."

Financial Statements
 
In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's condensed consolidated balance sheets as of June 30, 2024, condensed consolidated statements of income for the three months and six months ended June 30, 2024 and 2023, and condensed consolidated cash flows for the six months ended June 30, 2024 and 2023. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in the 2023 Annual Report. The statements of income for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective balance sheets and statements of income during the period in which such change occurred.
 
Management Estimates
 
Management makes estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions include, among others, those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates.
New and Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

There have been no recently adopted accounting pronouncements that have had a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU will be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU are required to be applied prospectively and are allowed to be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective financial statements.

There have been no other recent accounting pronouncements not yet adopted that are expected to have a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements.
v3.24.2.u1
INCOME TAXES:
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
 
In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount.

Income Tax Expense

The following table provides a summary of income tax expense for the six months ended June 30, 2024 and 2023 (in thousands): 
 IDACORPIdaho Power
 2024202320242023
Income tax at statutory rates (federal and state)$36,090 $36,010 $35,555 $35,697 
Excess deferred income tax reversal(5,023)(5,342)(5,023)(5,342)
Other(1)
(8,550)(7,942)(7,091)(6,961)
Income tax expense before additional ADITC amortization$22,517 $22,726 $23,441 $23,394 
Additional ADITC amortization(20,000)(7,500)(20,000)(7,500)
Income tax expense$2,517 $15,226 $3,441 $15,894 
Effective tax rate1.8 %10.9 %2.5 %11.5 %
(1) "Other" primarily consists of the net tax effect of Idaho Power's regulatory flow-through tax adjustments.
v3.24.2.u1
REGULATORY MATTERS:
 6 Months Ended
Jun. 30, 2024
Public Utilities, Rate Matters [Abstract]  
Regulatory Matters REGULATORY MATTERS
 
Included below is a summary of Idaho Power's most recent general rate cases and base rate changes, as well as other recent or pending notable regulatory matters and proceedings.

Idaho and Oregon Rate Cases

Idaho Power's current base rates result from the IPUC and OPUC orders described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the 2023 Annual Report.

In May 2024, Idaho Power filed a limited-issue rate case and proposed rate schedules with the IPUC (2024 Idaho Limited-Issue Rate Case). The filing requested an increase in annual Idaho jurisdictional revenue of $99.3 million, to become effective January 1, 2025. If approved as filed, this request would result in an overall increase to adjusted base revenue of 7.31 percent.

The 2024 Idaho Limited-Issue Rate Case focuses on revenue requirements for approximately $730 million of incremental plant additions as of December 31, 2024, and incremental O&M labor costs. In the 2024 Idaho Limited-Issue Rate Case, Idaho Power did not request any changes to other aspects of the 2023 Settlement Stipulation approved by the IPUC for Idaho Power's 2023 Idaho general rate case.

Additionally, the 2024 Idaho Limited-Issue Rate Case:

•applies the overall rate of return approved in the 2023 Settlement Stipulation;
•does not seek to adjust any other revenue requirement components such as non-labor O&M expense, net power supply costs, or other revenue;
•does not propose changes to any other Idaho regulatory mechanisms, such as the power cost adjustment, fixed cost adjustment, or energy efficiency rider; and
•continues to reflect the 2023 Settlement Stipulation amounts for categories other than incremental plant and O&M labor costs.

Idaho Power is unable to predict the outcome of the 2024 Idaho Limited-Issue Rate Case. Idaho Power anticipates that new rates, if approved by the IPUC, would become effective on or after January 1, 2025.

In December 2023, Idaho Power filed a general rate case with the OPUC. The filing was based on a 2024 test year and requested an overall annual rate increase of $10.7 million, or 19.28 percent. The filing requested, among other items, a 10.4 percent authorized return on equity and an approximate $188.9 million Oregon-jurisdiction retail rate base. The $188.9 million of rate base excludes rate base associated with Idaho Power's jointly-owned North Valmy coal facilities, the costs of which are recovered under a separate rate mechanism. In its application, Idaho Power proposed a capitalization structure of 49 percent long-term debt and 51 percent common stock equity. Idaho Power included an average cost of debt of 5.104 percent and an overall cost of capital of 7.807 percent.

In May and June 2024, Idaho Power, the Staff of the OPUC, and certain intervening parties publicly filed three partial settlement stipulations (2024 Oregon Settlement Stipulations) with the OPUC related to Idaho Power's Oregon general rate case filing. The proposed 2024 Oregon Settlement Stipulations contain the following significant terms, among other items:

•an increase of $6.7 million, or 12.14 percent, in total Oregon jurisdictional revenue; and
•a 9.5 percent Oregon-jurisdiction return on year-end equity and a 7.302 percent Oregon-jurisdiction overall rate of return.

The parties to the 2024 Oregon Settlement Stipulations have requested that the OPUC issue an order approving the agreed-upon rates effective October 15, 2024. The 2024 Oregon Settlement Stipulations do not preclude Idaho Power from filing another general rate case or other limited issue proceeding in Oregon at any time in the future. If the OPUC were to deny the 2024 Oregon Settlement Stipulations or materially change their terms, no party would be bound by the terms of the stipulations. As of the date of this report, the OPUC's decision in this matter is pending.

Idaho ADITC Mechanism

The May 2018 Idaho settlement stipulation related to tax reform (2018 Settlement Stipulation) and the 2023 Settlement Stipulation are each described in Note 3 - "Regulatory Matters" to the consolidated financial statements included in the
2023 Annual Report. The 2023 Settlement Stipulation modifies the 2018 Settlement Stipulation in part. The 2023 Settlement Stipulation includes provisions for the accelerated amortization of ADITC to help achieve a minimum 9.12 percent Idaho ROE.

Based on its estimate of full-year 2024 Idaho ROE, in the three and six months ended June 30, 2024, Idaho Power recorded $7.5 million and $20.0 million, respectively, in additional ADITC amortization under the 2023 Settlement Stipulation. Accordingly, at June 30, 2024, approximately $65.1 million of additional ADITC remained available for future use. Idaho Power recorded $3.8 million and $7.5 million of additional ADITC amortization during the three and six months ended June 30, 2023, based on its then-current estimate of full-year 2023 Idaho ROE.

Power Cost Adjustment Mechanisms

In both its Idaho and Oregon jurisdictions, Idaho Power's power cost adjustment mechanisms address the volatility of power supply costs and provide for annual adjustments to the rates charged to its retail customers. The power cost adjustment mechanisms compare Idaho Power's actual net power supply costs (primarily fuel and purchased power less wholesale energy sales) against net power supply costs being recovered in Idaho Power's retail rates. Under the power cost adjustment mechanisms, certain differences between actual net power supply costs incurred by Idaho Power and costs being recovered in retail rates are recorded as a deferred charge or credit on the balance sheet for future recovery or refund. The power supply costs deferred primarily result from changes in contracted power purchase prices and volumes, changes in wholesale market prices and transaction volumes, fuel prices, and the levels of Idaho Power's own generation.

In May 2024, the IPUC issued an order approving a $35.7 million net decrease in PCA revenues, effective for the PCA collection period from June 1, 2024, to May 31, 2025. The net decrease in PCA revenues reflects forecasted improved hydropower generation during the April 2024 to March 2025 PCA deferral period.

In May 2024, the OPUC approved a settlement stipulation between Idaho Power and intervening parties for its annual power cost update (APCU) in Oregon. The APCU includes both an October update and a March forecast. The results of the October update are reflected as an update to base rates and the results of the March forecast are reflected as an update to APCU rates. The settlement resulted in an overall rate decrease of $6.9 million effective June 1, 2024.


Idaho Fixed Cost Adjustment Mechanism

The FCA mechanism, applicable to Idaho residential and small commercial customers, is designed to remove a portion of Idaho Power’s financial disincentive to invest in energy efficiency programs by separating (or decoupling) the recovery of fixed costs from the variable kilowatt-hour charge and linking it instead to a set amount per customer. Under Idaho Power's current rate design, Idaho Power recovers a portion of fixed costs through the variable kilowatt-hour charge, which may result in over-collection or under-collection of fixed costs. To return over-collection to customers or to collect under-collection from customers, the FCA mechanism allows Idaho Power to accrue, or defer, the difference between the authorized fixed-cost recovery amount per customer and the actual fixed costs per customer recovered by Idaho Power during the year. The IPUC has discretion to cap the annual increase in the FCA recovery at 3 percent of base revenue, with any excess deferred for collection in a subsequent year. In May 2024, the IPUC issued an order approving an $11.7 million increase in recovery from the FCA from $25.1 million to $36.8 million for the 2023 FCA deferral, with new rates effective for the period from June 1, 2024 to May 31, 2025.
v3.24.2.u1
REVENUES:
 3 Months Ended
Jun. 30, 2024
Revenues [Abstract]  
REVENUES: REVENUES
 
The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three months and six months ended June 30, 2024 and 2023 (in thousands):
Three months ended
June 30,		Six months ended
June 30,
 2024202320242023
Revenue from contracts with customers$442,631 $385,229 $860,528 $770,895 
Alternative revenue programs and other revenues7,188 27,498 37,590 71,170 
Total electric utility operating revenues$449,819 $412,727 $898,118 $842,065 
Revenues from Contracts with Customers

The following table presents revenues from contracts with customers disaggregated by revenue source for the three months and six months ended June 30, 2024 and 2023 (in thousands):
Three months ended
June 30,		Six months ended
June 30,
 2024202320242023
Retail revenues:
Residential (includes $(2,102), $5,678, $(2,789), and $14,587, respectively, related to the FCA)(1)
$145,763 $134,885 $330,062 $323,422 
Commercial (includes $(38), $296, $(92), and $572, respectively, related to the FCA)(1)
96,012 87,677 190,709 175,507 
Industrial66,876 58,245 132,082 113,789 
Irrigation80,771 62,781 81,809 63,713 
Deferred revenue related to HCC relicensing AFUDC(2)
(1,948)(1,927)(4,031)(4,046)
Total retail revenues387,474 341,661 730,631 672,385 
Less: FCA mechanism revenues(1)
2,140 (5,974)2,881 (15,159)
Wholesale energy sales20,744 15,201 58,813 45,397 
Transmission wheeling-related revenues16,561 20,026 40,723 41,611 
Energy efficiency program revenues7,126 6,552 11,416 11,767 
Other revenues from contracts with customers8,586 7,763 16,064 14,894 
Total revenues from contracts with customers$442,631 $385,229 $860,528 $770,895 
(1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.
(2) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to utility plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service.

Alternative Revenue Programs and Other Revenues

While revenues from contracts with customers make up most of Idaho Power’s revenues, the IPUC has authorized the use of an additional regulatory mechanism, the FCA mechanism, which may increase or decrease tariff-based customer rates. The FCA mechanism is described in Note 3 - "Regulatory Matters." The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service and billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues.

Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income. For more information on settled electricity swaps, see Note 11 - "Derivative Financial Instruments."

The table below presents the FCA mechanism revenues and other revenues for the three months and six months ended June 30, 2024 and 2023 (in thousands):
Three months ended
June 30,		Six months ended
June 30,
 2024202320242023
FCA mechanism revenues$(2,140)$5,974 $(2,881)$15,159 
Derivative revenues9,328 21,524 40,471 56,011 
Total alternative revenue programs and other revenues$7,188 $27,498 $37,590 $71,170 
Receivables and Allowance for Uncollectible Accounts

The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the six months ended June 30, 2024 and 2023 (in thousands):
Six months ended
June 30,
 20242023
Balance at beginning of period$4,869 $5,034 
Additions to the allowance551 739 
Write-offs, net of recoveries(1,776)(1,917)
Balance at end of period$3,644 $3,856 
Allowance for uncollectible accounts as a percentage of customer receivables2.8 %3.3 %
v3.24.2.u1
LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Idaho Power First Mortgage Bonds

Idaho Power's issuance of long-term indebtedness is subject to the approval of the IPUC, OPUC, and WPSC. In February and March 2024, Idaho Power received orders from the IPUC, OPUC, and WPSC authorizing the company to issue and sell from time to time up to $1.2 billion in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders. Authority from the IPUC is effective through December 31, 2026, subject to extensions upon request to the IPUC. The OPUC's and WPSC's orders do not impose a time limitation for issuances, but the OPUC order does impose a number of other conditions, including a requirement that the interest rates for the debt securities or first mortgage bonds fall within either (a) designated spreads over comparable U.S. Treasury rates or (b) a maximum interest rate limit of 8 percent. At June 30, 2024, $1.2 billion remains available for debt issuance under the regulatory orders.
v3.24.2.u1
COMMON STOCK:
 6 Months Ended
Jun. 30, 2024
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]  
Common Stock COMMON STOCK
 
IDACORP Common Stock
 
During the six months ended June 30, 2024, IDACORP issued an aggregate of 2,638,219 shares of common stock using original issuances of shares. IDACORP granted 103,771 restricted stock unit awards to employees and issued 60,856 shares of common stock pursuant to the IDACORP, Inc. 2000 Long-Term Incentive and Compensation Plan, including 10,571 shares of common stock issued to members of the board of directors. IDACORP issued 34,921 shares of common stock pursuant to its IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan.

Effective January 1, 2024, IDACORP instructed the plan administrator of the IDACORP, Inc. Dividend Reinvestment and Stock Purchase Plan to use original issuance of common stock from IDACORP, as opposed to market purchases of IDACORP common stock, to acquire shares of IDACORP common stock for the plan. However, IDACORP may determine at any time to resume market purchases of common stock under the plan. As directed by IDACORP, the plan administrator of the Idaho Power Company Employee Savings Plan used market purchases of IDACORP common stock to acquire shares of IDACORP common stock for the plan.

At-the-Market Offering Program: On May 20, 2024, IDACORP entered into an Equity Distribution Agreement (EDA) pursuant to which it may issue, offer, and sell, from time to time, up to an aggregate gross sales price of $300 million of shares of its common stock through an at-the-market offering program, which includes the ability to enter into FSAs. During the six months ended June 30, 2024, IDACORP did not issue common stock, nor did it enter into any FSAs, pursuant to the EDA.

Equity Forward Sale Agreements: On November 7, 2023, IDACORP announced a registered public offering of 2,801,724 shares of its common stock at a public offering price of $92.80 per share, for an aggregate amount of $260.0 million. In conjunction with this offering, IDACORP granted the underwriters an option to purchase up to 420,258 additional shares, which was subsequently exercised in full on November 8, 2023, for an additional aggregate amount of $39.0 million. The 3,221,982 shares were sold by IDACORP to the underwriters under FSAs which provide for settlement on dates to be specified at IDACORP’s discretion, the first of which occurred on May 14, 2024. The settlement of the remaining shares under the FSAs is expected to occur on a settlement date or dates on or prior to November 7, 2024.
The FSAs will be physically settled with common shares issued by IDACORP, unless IDACORP elects to settle the agreements in net cash or net shares, subject to certain conditions. On a settlement date or dates, if IDACORP elects to physically settle the FSAs, IDACORP will issue shares of common stock to the forward purchaser at the then-applicable forward sale price and receive issuance proceeds at that time. The forward sale price was initially $90.016 per share and is subject to certain adjustments in accordance with the terms of the FSAs through the date of settlement.

On May 14, 2024, IDACORP partially settled the FSAs with physical delivery of 2,542,442 shares of common stock to the counterparty in exchange for cash of $230.0 million. At June 30, 2024, IDACORP could have settled the remainder of the FSAs with physical delivery of 679,540 shares of common stock to the counterparty in exchange for cash of $61.8 million. Alternatively, the remainder of the FSAs could have also been settled at June 30, 2024, with delivery of approximately $2.0 million of cash or approximately 22,000 shares of common stock to the counterparty, if IDACORP had elected to net cash or net share settle, respectively. The FSAs have been classified as an equity transaction because they are indexed to IDACORP’s common stock and the other requirements necessary for equity classification are met. As a result of the equity classification, no gain or loss will be recognized within earnings due to subsequent changes in the fair value of the FSAs.

Prior to settlement, the potentially issuable shares pursuant to the FSAs will be reflected in IDACORP’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of IDACORP’s common stock used in calculating diluted earnings per share for a reporting period would be increased by the number of shares, if any, that would be issued upon physical settlement of the FSAs, less the number of shares that could be purchased by IDACORP in the market with the proceeds received from issuance (based on the average market price during that reporting period). Share dilution occurs when the average market price of IDACORP’s stock during the reporting period is higher than the then-applicable forward sale price as of the end of the reporting period. For the three months and six months ended June 30, 2024, approximately 66,000 and 52,000 incremental shares, respectively, were included in the calculation of diluted earnings per share related to the securities under the FSAs. See Note 7 - "Earnings Per Share" for additional information concerning IDACORP's diluted earnings per share.

Idaho Power Common Stock

During the six months ended June 30, 2024, IDACORP contributed $200 million of additional capital to Idaho Power. No additional shares of Idaho Power common stock were issued.

Restrictions on Dividends

Idaho Power’s ability to pay dividends on its common stock held by IDACORP and IDACORP’s ability to pay dividends on its common stock are limited to the extent payment of such dividends would violate the covenants in their respective credit facilities or Idaho Power’s Code of Business Conduct. A covenant under IDACORP’s credit facility and Idaho Power’s credit facility requires IDACORP and Idaho Power to maintain leverage ratios of consolidated indebtedness to consolidated total capitalization, as defined therein, of no more than 65 percent at the end of each fiscal quarter. At June 30, 2024, the leverage ratios for IDACORP and Idaho Power were 47 percent and 48 percent, respectively. Based on these restrictions, IDACORP’s and Idaho Power’s dividends were limited to $1.7 billion and $1.5 billion, respectively, at June 30, 2024. There are additional facility covenants, subject to exceptions, that prohibit or restrict the sale or disposition of property without consent and any agreements restricting dividend payments to IDACORP and Idaho Power from any material subsidiary. At June 30, 2024, IDACORP and Idaho Power were in compliance with those covenants.

Idaho Power’s Statement of Policy and Code of Conduct relating to transactions between and among Idaho Power, IDACORP, and other affiliates, which was approved by the IPUC in April 2008, provides that Idaho Power will not pay any dividends to IDACORP that will reduce Idaho Power’s common equity capital below 35 percent of its total adjusted capital without IPUC approval. At June 30, 2024, Idaho Power's common equity capital was 52 percent of its total adjusted capital. Further, Idaho Power must obtain approval from the OPUC before it can directly or indirectly loan funds or issue notes or give credit on its books to IDACORP.

Idaho Power’s articles of incorporation contain restrictions on the payment of dividends on its common stock if preferred stock dividends are in arrears. As of the date of this report, Idaho Power has no preferred stock outstanding.

In addition to contractual restrictions on the amount and payment of dividends, the Federal Power Act prohibits the payment of dividends from "capital accounts." The term "capital account" is undefined in the Federal Power Act or its regulations, but Idaho Power does not believe the restriction would limit Idaho Power's ability to pay dividends out of current year earnings or retained earnings.
v3.24.2.u1
EARNINGS PER SHARE:
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three months and six months ended June 30, 2024 and 2023 (in thousands, except for per share amounts).
Three months ended
June 30,		Six months ended
June 30,
 2024202320242023
Numerator:    
Net income attributable to IDACORP, Inc.$89,520 $68,574 $137,693 $124,672 
Denominator:  
Weighted-average common shares outstanding - basic52,170 50,725 51,467 50,707 
Effect of dilutive securities(1)
66 33 52 34 
Weighted-average common shares outstanding - diluted52,236 50,758 51,519 50,741 
Basic earnings per share$1.72 $1.35 $2.68 $2.46 
Diluted earnings per share$1.71 $1.35 $2.67 $2.46 
(1) The effect of dilutive securities amount includes approximately 66 thousand and 52 thousand incremental shares related to FSAs for the three months and six months ended June 30, 2024, respectively. See Note 6 - "Common Stock" for additional information concerning IDACORP's FSAs.
v3.24.2.u1
COMMITMENTS:
 6 Months Ended
Jun. 30, 2024
Disclosure Text Block Supplement [Abstract]  
COMMITMENTS COMMITMENTS
Purchase Obligations

During the six months ended June 30, 2024, Idaho Power entered into:

•two agreements in January and February 2024 to replace expiring PURPA-qualifying hydropower facility power purchase agreements, which increased Idaho Power's contractual purchase obligations by approximately $38.0 million over the 20-year term of the agreements; and
•an energy and capacity market purchase agreement with an energy marketer giving Idaho Power the right to acquire 200 MW on a daily basis during summer months, subject to regulatory approval, which increased Idaho Power's contractual purchase obligations by approximately $84.3 million over the 5-year term of the contract commencing in June 2026.

In July 2024, Idaho Power entered into an agreement to acquire and own 200 MW of battery storage assets, which increased Idaho Power's contractual purchase obligations by approximately $156.8 million over the approximate 2-year term of the contract. Idaho Power applied for a CPCN with the IPUC with respect to 150 MW of these battery storage assets in April 2024. The batteries are scheduled to be online in the spring of 2026.

Except as disclosed in this Note 8, during the six months ended June 30, 2024, IDACORP's and Idaho Power's contractual obligations, outside the ordinary course of business, did not change materially from the amounts disclosed in the notes to the consolidated financial statements in the 2023 Annual Report.

Guarantees

Idaho Power guarantees its portion of reclamation activities and obligations at BCC, of which IERCo owns a one-third interest. This guarantee, which is renewed annually with the Wyoming Department of Environmental Quality (WDEQ), was $47.6 million at June 30, 2024, representing IERCo's one-third share of BCC's total reclamation obligation of $142.9 million. BCC has a reclamation trust fund set aside specifically for the purpose of paying these reclamation costs. At June 30, 2024, the value of BCC's reclamation trust fund exceeded WDEQ's guarantee requirement for the total reclamation obligation. BCC periodically assesses the adequacy of the reclamation trust fund and its estimate of future reclamation costs. To ensure that the reclamation trust fund maintains adequate reserves, BCC has the ability to, and does, add a per-ton surcharge to coal sales, all of which are made to the Jim Bridger plant. Because of the existence of the fund and the ability to apply a per-ton surcharge, the estimated fair value of this guarantee is minimal.

IDACORP and Idaho Power enter into financial agreements and power purchase and sale agreements that include indemnification provisions relating to various forms of claims or liabilities that may arise from the transactions contemplated by these agreements. Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the
overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated. IDACORP and Idaho Power periodically evaluate the likelihood of incurring costs under such indemnities based on their historical experience and the evaluation of the specific indemnities. As of June 30, 2024, management believe the likelihood is remote that IDACORP or Idaho Power would be required to perform under such indemnification provisions or otherwise incur any significant losses with respect to such indemnification obligations. Neither IDACORP nor Idaho Power has recorded any liability on their respective condensed consolidated balance sheets with respect to these indemnification obligations.
v3.24.2.u1
CONTINGENCIES:
 6 Months Ended
Jun. 30, 2024
Loss Contingency [Abstract]  
Contingencies
IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted.

IDACORP and Idaho Power are parties to legal claims and legal, tax, and regulatory actions and proceedings in the ordinary course of business and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable. In connection with its utility operations, Idaho Power is subject to claims by individuals, entities, and governmental agencies for damages for alleged personal injury, property damage, and economic losses, relating to the company’s provision of electric service, the operation of its power supply, transmission, and distribution facilities, and other aspects of its business. Some of those claims relate to electrical contacts, service quality, property damage, and wildfires. In recent years, utilities in the western United States have been subject to significant liability for personal injury, loss of life, property damage, trespass, and economic losses, and in some cases, punitive damages and criminal charges, associated with wildfires that originated from utility property, most commonly transmission and distribution lines. Idaho Power has also regularly received claims by governmental agencies and private landowners for damages for fires allegedly originating from Idaho Power’s transmission and distribution system. As of the date of this report, the companies believe that resolution of existing claims will not have a material adverse effect on their respective condensed consolidated financial statements.

Idaho Power actively monitors any pending or potential environmental regulations and executive orders related to environmental matters that may have a significant impact on its future operations. Given uncertainties regarding the outcome, timing, and compliance plans for these environmental matters, Idaho Power is unable to estimate the financial impact of any such regulations and orders.
v3.24.2.u1
BENEFIT PLANS:
 6 Months Ended
Jun. 30, 2024
Retirement Benefits, Description [Abstract]  
Benefit Plans BENEFIT PLANS
Idaho Power has a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit plans for certain senior management employees called the SMSP. Idaho Power also has a nonqualified defined benefit pension plan for directors that was frozen in 2002. Remaining vested benefits from that plan are included with the SMSP in the disclosures below. The benefits under the pension plan are based on years of service and the employee’s final average earnings. Idaho Power also maintains a defined benefit postretirement benefit plan (consisting of health care and death benefits) that covers all employees who were enrolled in the active-employee group plan at the time of retirement as well as their spouses and
qualifying dependents. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended June 30, 2024 and 2023 (in thousands).
Pension PlanSMSPPostretirement
Benefits		Total
 20242023202420232024202320242023
Service cost$8,183 $8,078 $263 $153 $185 $151 $8,631 $8,382 
Interest cost12,794 12,655 1,333 1,330 721 717 14,848 14,702 
Expected return on plan assets(16,830)(15,434)— — (461)(407)(17,291)(15,841)
Amortization of prior service cost62 1 55 55 387 417 504 473 
Amortization of net loss— — 327 143 (352)(346)(25)(203)
Net periodic benefit cost4,209 5,300 1,978 1,681 480 532 6,667 7,513 
Regulatory deferral of net periodic benefit cost(1)
(4,025)(5,061)— — — — (4,025)(5,061)
Previously deferred pension costs recognized(1)
8,795 4,289 — — — — 8,795 4,289 
Net periodic benefit cost recognized for financial reporting(1)(2)
$8,979 $4,528 $1,978 $1,681 $480 $532 $11,437 $6,741 
 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates.
 (2) Of total net periodic benefit cost recognized for financial reporting, $9.5 million and $5.1 million, respectively, were recognized in "Other operations and maintenance" and $1.9 million and $1.6 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended June 30, 2024 and 2023.
The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the six months ended June 30, 2024 and 2023 (in thousands).
Pension PlanSMSPPostretirement
Benefits		Total
 20242023202420232024202320242023
Service cost$16,367 $16,156 $526 $306 $349 $329 $17,242 $16,791 
Interest cost25,587 25,309 2,666 2,661 1,412 1,490 29,665 29,460 
Expected return on plan assets(33,660)(30,868)— — (916)(826)(34,576)(31,694)
Amortization of prior service cost124 3 110 110 774 833 1,008 946 
Amortization of net loss— — 655 285 (747)(618)(92)(333)
Net periodic benefit cost8,418 10,600 3,957 3,362 872 1,208 13,247 15,170 
Regulatory deferral of net periodic benefit cost(1)
(8,051)(10,121)— — — — (8,051)(10,121)
Previously deferred pension costs recognized(1)
17,591 8,577 — — — — 17,591 8,577 
Net periodic benefit cost recognized for financial reporting(1)(2)
$17,958 $9,056 $3,957 $3,362 $872 $1,208 $22,787 $13,626 
 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates.
 (2) Of total net periodic benefit cost recognized for financial reporting, $18.8 million and $10.4 million, respectively, were recognized in "Other operations and maintenance" and $4 million and $3.2 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the six months ended June 30, 2024 and 2023.

Idaho Power has no minimum contribution requirement to its defined benefit pension plan in 2024, and during the six months ended June 30, 2024, Idaho Power made no contribution. Idaho Power is considering contributing up to $30 million to its defined benefit pension plan during 2024 in a continued effort to balance the regulatory collection of these expenditures with the amount and timing of contributions, as well as to mitigate the cost of being in an underfunded position. The primary impact of pension contributions is on the timing of cash flows, as the timing of cost recovery lags behind contributions.

Idaho Power also has an Employee Savings Plan that complies with Section 401(k) of the Internal Revenue Code and covers substantially all employees. Idaho Power matches specified percentages of employee contributions to the Employee Savings Plan.
v3.24.2.u1
DERIVATIVE FINANCIAL INSTRUMENTS:
 6 Months Ended
Jun. 30, 2024
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
Commodity Price Risk

Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop.

All of Idaho Power's derivative instruments have been entered into for the purpose of securing energy resources for future periods or economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit). These types of transactions are excluded from the offsetting presented in the derivative fair value and offsetting table that follows.

The table below presents the gains and losses on derivatives not designated as hedging instruments for the three months and six months ended June 30, 2024 and 2023 (in thousands):
Gain/(Loss) on Derivatives Recognized in Income(1)
Location of Realized Gain/(Loss) on Derivatives Recognized in IncomeThree months ended
June 30,		Six months ended
June 30,
2024202320242023
Financial swapsOperating revenues$2,609 $5,042 $3,621 $3,963 
Financial swapsPurchased power(1,478)(1,733)(525)(107)
Financial swapsFuel expense(1,127)(11,422)(25,185)12,114 
Forward contractsOperating revenues272 1,075 1,278 1,710 
Forward contractsPurchased power(690)(1,449)(1,681)(2,049)
Forward contractsFuel expense— (19)(221)(439)
(1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities.

Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other O&M expense. See Note 12 - "Fair Value Measurements" for additional information concerning the determination of fair value for Idaho Power’s assets and liabilities from price risk management activities.

Credit Risk

At June 30, 2024, Idaho Power did not have material credit risk exposure from financial instruments, including derivatives. Idaho Power monitors credit risk exposure through reviews of counterparty credit quality, corporate-wide counterparty credit exposure, and corporate-wide counterparty concentration levels. Idaho Power manages these risks by establishing credit and concentration limits on transactions with counterparties and requiring contractual guarantees, cash deposits, or letters of credit from counterparties or their affiliates, as deemed necessary. Idaho Power’s physical power contracts are commonly under WSPP, Inc. agreements, physical gas contracts are usually under North American Energy Standards Board contracts, and financial transactions are usually under International Swaps and Derivatives Association, Inc. contracts. These contracts typically contain adequate assurance clauses requiring collateralization if a counterparty has debt that is downgraded below investment grade by at least one rating agency.
Credit-Contingent Features

Certain of Idaho Power's derivative instruments contain provisions that require Idaho Power's unsecured debt to maintain an investment grade credit rating from Moody's and Standard & Poor's Ratings Services. If Idaho Power's unsecured debt were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position at June 30, 2024, was $25.2 million. As of June 30, 2024, Idaho Power posted $30.9 million of cash collateral related to its derivative instruments. If the credit-risk-related contingent features underlying these agreements had been triggered on June 30, 2024, Idaho Power would have been required to pay or post collateral to its counterparties up to an additional $7.9 million to cover open liability positions as well as completed transactions that have not yet been paid.

Derivative Instrument Summary

The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at June 30, 2024, and December 31, 2023 (in thousands):

Asset DerivativesLiability Derivatives
 Balance Sheet LocationGross Fair ValueAmounts OffsetNet AssetsGross Fair ValueAmounts OffsetNet Liabilities
June 30, 2024
Current:    
Financial swapsOther current assets$131 $— $131 $— $— $— 
Financial swapsOther current liabilities2,116 (2,116)— 22,267 (19,969)
(1)
2,298 
Forward contractsOther current liabilities— — — 1,745 — 1,745 
Long-term:  
Financial swapsOther liabilities614 (614)— 1,140 (944)
(2)
196 
Total $2,861 $(2,730)$131 $25,152 $(20,913)$4,239 
December 31, 2023
Current:  
Financial swapsOther current assets$241 $(169)$72 $169 $(169)$— 
Financial swapsOther current liabilities1,476 (1,476)— 41,977 (38,045)
(3)
3,932 
Forward contractsOther current liabilities— — — 2,000 — 2,000 
Long-term:   
Financial swapsOther assets106 (89)17 89 (89)— 
Financial swapsOther liabilities376 (376)— 2,123 (2,123)
(4)
— 
Total $2,199 $(2,110)$89 $46,358 $(40,426)$5,932 
(1) Current liability derivative amounts offset include $17.9 million of collateral receivable at June 30, 2024.
(2) Long-term liability derivative amounts offset include $331 thousand of collateral receivable at June 30, 2024.
(3) Current liability derivative amounts offset include $36.6 million of collateral receivable at December 31, 2023.
(4) Long-term liability derivative amounts offset include $1.7 million of collateral receivable at December 31, 2023.

The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at June 30, 2024 and 2023 (in thousands of units):
June 30,
CommodityUnits20242023
Electricity purchasesMWh438 792 
Electricity salesMWh57 17 
Natural gas purchasesMMBtu37,185 35,545 
Natural gas salesMMBtu620 310 
v3.24.2.u1
FAIR VALUE MEASUREMENTS:
 6 Months Ended
Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

• Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access.

•   Level 2: Financial assets and liabilities whose values are based on the following:
a) quoted prices for similar assets or liabilities in active markets;
b) quoted prices for identical or similar assets or liabilities in non-active markets;
c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and
d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

IDACORP and Idaho Power Level 2 inputs for derivative instruments are based on quoted market prices adjusted for location using corroborated, observable market data or using quoted price which may be in non-active markets.

•      Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy. There were no transfers between levels or material changes in valuation techniques or inputs during the six months ended June 30, 2024.

Certain instruments have been valued using NAV as a practical expedient. The NAV is generally not published and publicly available, nor are these instruments traded on an exchange. Instruments valued using NAV as a practical expedient are included in the fair value disclosures below; however, in accordance with GAAP are not classified within the fair value hierarchy levels.

The following table presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2024, and December 31, 2023 (in thousands).

June 30, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:    
Money market funds and commercial paper
IDACORP(1)
$30,433 $— $— $30,433 $32,472 $— $— $32,472 
Idaho Power78,476 — — 78,476 230,600 — — 230,600 
Derivatives131 — — 131 89 — — 89 
Equity securities35,947 — — 35,947 37,320 — — 37,320 
IDACORP assets measured at NAV (not subject to hierarchy disclosure)(1)
— — — 4,123 — — — 3,751 
Liabilities:
Derivatives2,494 1,745 — 4,239 3,932 2,000 — 5,932 
 (1) Holding company only. Does not include amounts held by Idaho Power.

Idaho Power’s derivatives are contracts entered into as part of its management of loads and resources. Electricity swap derivatives are valued on the Intercontinental Exchange (ICE) with quoted prices in an active market. Electricity forward contract derivatives are valued using a blend of two electricity exchanges, adjusted for location basis, as specified in the
forward contract. Natural gas and diesel derivatives are valued using New York Mercantile Exchange (NYMEX) and ICE pricing, adjusted for location basis, which are also quoted under NYMEX and ICE pricing. Equity securities at Idaho Power consist of employee-directed investments related to an executive deferred compensation plan and actively traded money market and exchange traded funds related to the SMSP. The investments are measured using quoted prices in active markets and are held in a rabbi trust.

The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value as of June 30, 2024, and December 31, 2023, using available market information and appropriate valuation methodologies (in thousands).
 June 30, 2024December 31, 2023
 Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
IDACORP    
Assets:    
Notes receivable(1)
$3,038 $3,038 $3,038 $3,038 
Held-to-maturity securities(1)(2)
31,687 28,304 31,639 28,341 
Liabilities:    
Long-term debt (including current portion)(1)
2,825,929 2,535,149 2,825,590 2,684,278 
Idaho Power    
Assets:
Held-to-maturity securities(1)(2)
$31,687 $28,304 $31,639 $28,341 
Liabilities:    
Long-term debt (including current portion)(1)
2,825,929 2,535,149 2,825,590 2,684,278 
(1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 12 - "Fair Value Measurements."
(2) All held-to-maturity securities are carried at amortized cost and were in a gross unrealized holding loss position totaling $3.4 million and $3.3 million as of June 30, 2024, and December 31, 2023, respectively. Substantially all of these debt securities mature between 2027 and 2038. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect payment defaults or delinquencies and had not recorded an allowance for credit losses for these securities as of June 30, 2024, and December 31, 2023.

Notes receivable are related to Ida-West and are valued based on unobservable inputs, including forecasted cash flows, which are partially based on expected hydropower conditions. Held-to-maturity securities are held in a rabbi trust and are generally valued using quoted prices, which may be in non-active markets. Long-term debt is not traded on an exchange and is valued using quoted rates for similar debt in active markets. Carrying values for cash and cash equivalents, deposits, customer and other receivables, notes payable, accounts payable, interest accrued, and taxes accrued approximate fair value.
v3.24.2.u1
SEGMENT INFORMATION:
 6 Months Ended
Jun. 30, 2024
Segment Reporting, Measurement Disclosures [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
 
IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the power supply, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated investment.
 
IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the "All Other" category in the table below. This category consists of IFS’s investments in affordable housing and other real estate tax credit projects, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses.
 
The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands). 
Utility
Operations		All
Other		EliminationsConsolidated
Total
Three months ended June 30, 2024:    
Revenues$449,819 $1,220 $— $451,039 
Net income attributable to IDACORP, Inc.87,388 2,132 — 89,520 
Total assets as of June 30, 2024
8,498,942 251,246 (73,055)8,677,133 
Three months ended June 30, 2023:
Revenues$412,727 $1,111 $— $413,838 
Net income attributable to IDACORP, Inc.67,080 1,494 — 68,574 
Six months ended June 30, 2024:
Revenues$898,118 $1,857 $— $899,975 
Net income attributable to IDACORP, Inc.134,690 3,003 — 137,693 
Six months ended June 30, 2023:
Revenues$842,065 $1,432 $— $843,497 
Net income attributable to IDACORP, Inc.122,790 1,882 — 124,672 
v3.24.2.u1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Notes)
 6 Months Ended
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]  
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME
The table below presents changes in components of AOCI, net of tax, during the three months and six months ended June 30, 2024 and 2023 (in thousands). Items in parentheses indicate charges to AOCI.
Defined Benefit Pension ItemsDefined Benefit Pension Items
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Balance at beginning of period$(16,900)$(12,776)$(17,184)$(12,922)
Amounts reclassified out of AOCI284 147 568 293 
Balance at end of period$(16,616)$(12,629)$(16,616)$(12,629)

The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three months and six months ended June 30, 2024 and 2023 (in thousands). Items in parentheses indicate increases to net income.
Amount Reclassified from AOCI
Details About AOCIThree months ended
June 30,		Six months ended
June 30,
2024202320242023
Amortization of defined benefit pension items(1)
Prior service cost$55 $55 $110 $110 
Net loss327 143 655 285 
Total before tax382 198 765 395 
Tax benefit(2)
(98)(51)(197)(102)
Total reclassification for the period, net of tax$284 $147 $568 $293 
(1) Amortization of these items is included in IDACORP's condensed consolidated statements of income in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net.
(2) The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power.
v3.24.2.u1
CHANGES IN IDAHO POWER RETAINED EARNINGS (Notes)
 6 Months Ended
Jun. 30, 2024
Changes in Idaho Power Retained Earnings [Abstract]  
CHANGES IN IDAHO POWER RETAINED EARNINGS CHANGES IN IDAHO POWER RETAINED EARNINGS
The table below presents changes in Idaho Power retained earnings during the three months and six months ended June 30, 2024 and 2023 (in thousands).
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Balance at beginning of period$1,996,313 $1,891,898 $1,991,319 $1,836,547 
Net income87,388 67,080 134,690 122,790 
Dividends to parent(42,337)(40,219)(84,645)(40,578)
Balance at end of period$2,041,364 $1,918,759 $2,041,364 $1,918,759 
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net Income Attributable to IDACORP, Inc. $ 89,520 $ 68,574 $ 137,693 $ 124,672
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization, Consolidation, Presentation, and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Nature of Business
IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the FERC. Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power.
 
IDACORP’s other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small PURPA-qualifying hydropower generation projects.
Regulation of Utility Operations
As a regulated utility, many of Idaho Power's fundamental business decisions are subject to the approval of governmental agencies, including the prices that Idaho Power is authorized to charge for its electric service. These approvals are a critical factor in determining IDACORP's and Idaho Power's results of operations and financial condition.
IDACORP's and Idaho Power's financial statements reflect the effects of the different ratemaking principles followed by the jurisdictions regulating Idaho Power. The application of accounting principles related to regulated operations sometimes results in Idaho Power recording expenses and revenues in a different period than when an unregulated entity would record such expenses and revenues. In these instances, the amounts are deferred or accrued as regulatory assets or regulatory liabilities on the balance sheet. Regulatory assets represent incurred costs that have been deferred because it is probable they will be recovered from customers through future rates. Regulatory liabilities represent obligations to make refunds to customers for previous collections, or represent amounts collected in advance of incurring an expense.
Financial Statements In the opinion of management of IDACORP and Idaho Power, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly each company's condensed consolidated balance sheets as of June 30, 2024, condensed consolidated statements of income for the three months and six months ended June 30, 2024 and 2023, and condensed consolidated cash flows for the six months ended June 30, 2024 and 2023. These adjustments are of a normal and recurring nature. These financial statements do not contain the complete detail or note disclosures concerning accounting policies and other matters that would be included in full-year financial statements and should be read in conjunction with the audited consolidated financial statements included in the 2023 Annual Report. The statements of income for the interim period are not necessarily indicative of the results to be expected for the full year. A change in management's estimates or assumptions could have a material impact on IDACORP's or Idaho Power's respective balance sheets and statements of income during the period in which such change occurred.
Management Estimates
Management makes estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions include, among others, those related to rate regulation, retirement benefits, contingencies, asset impairment, income taxes, unbilled revenues, and bad debt. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates involve judgments with respect to, among other things, future economic factors that are difficult to predict and are beyond management's control. Accordingly, actual results could differ from those estimates.
New and Recently Adopted Accounting Pronouncements
New and Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

There have been no recently adopted accounting pronouncements that have had a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU will be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU are required to be applied prospectively and are allowed to be applied retrospectively. IDACORP and Idaho Power are currently evaluating the impact that adoption of this ASU will have on the notes to their respective financial statements.

There have been no other recent accounting pronouncements not yet adopted that are expected to have a material impact on IDACORP's or Idaho Power's condensed consolidated financial statements.
Income Tax
In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount.
Revenue Recognition The FCA mechanism revenues include only the initial recognition of FCA revenues when they meet the regulator-specified conditions for recognition. Revenue from contracts with customers excludes the portion of the tariff price representing FCA revenues that Idaho Power initially recorded in prior periods when revenues met regulator-specified conditions. When Idaho Power includes those amounts in the price of utility service and billed to customers, Idaho Power records such amounts as recovery of the associated regulatory asset or liability and not as revenues. Derivative revenues include gains from settled electricity swaps and sales of electricity under forward sales contracts that are bundled with renewable energy credits. Related to these forward sales, Idaho Power simultaneously enters into forward purchases of electricity for the same quantity at the same location, which are recorded in purchased power on the condensed consolidated statements of income.
Forward Sale Agreement, Policy The FSAs have been classified as an equity transaction because they are indexed to IDACORP’s common stock and the other requirements necessary for equity classification are met. As a result of the equity classification, no gain or loss will be recognized within earnings due to subsequent changes in the fair value of the FSAs.
Earnings Per Share, Policy Prior to settlement, the potentially issuable shares pursuant to the FSAs will be reflected in IDACORP’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of IDACORP’s common stock used in calculating diluted earnings per share for a reporting period would be increased by the number of shares, if any, that would be issued upon physical settlement of the FSAs, less the number of shares that could be purchased by IDACORP in the market with the proceeds received from issuance (based on the average market price during that reporting period). Share dilution occurs when the average market price of IDACORP’s stock during the reporting period is higher than the then-applicable forward sale price as of the end of the reporting period.
Commitments and Contingencies, Policy
IDACORP and Idaho Power have in the past and expect in the future to become involved in various claims, controversies, disputes, and other contingent matters, some of which involve litigation and regulatory or other contested proceedings. The ultimate resolution and outcome of litigation and regulatory proceedings is inherently difficult to determine, particularly where (a) the remedies or penalties sought are indeterminate, (b) the proceedings are in the early stages or the substantive issues have not been well developed, or (c) the matters involve complex or novel legal theories or a large number of parties. In accordance with applicable accounting guidance, IDACORP and Idaho Power, as applicable, establish an accrual for legal proceedings when those matters proceed to a stage where they present loss contingencies that are both probable and reasonably estimable. If the loss contingency at issue is not both probable and reasonably estimable, IDACORP and Idaho Power do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. As of the date of this report, IDACORP's and Idaho Power's accruals for loss contingencies are not material to their financial statements as a whole; however, future accruals could be material in a given period. IDACORP's and Idaho Power's determination is based on currently available information, and estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty. For matters that affect Idaho Power's operations, Idaho Power intends to seek, to the extent permissible and appropriate, recovery through the ratemaking process of costs incurred, although there is no assurance that such recovery would be granted.
IDACORP and Idaho Power are parties to legal claims and legal, tax, and regulatory actions and proceedings in the ordinary course of business and, as noted above, record an accrual for associated loss contingencies when they are probable and reasonably estimable.
Derivatives, Methods of Accounting, Derivatives Not Designated or Qualifying as Hedges [Policy Text Block]
Idaho Power is exposed to market risk relating to electricity, natural gas, and other fuel commodity prices, all of which are heavily influenced by supply and demand. Market risk may be influenced by market participants’ nonperformance of their contractual obligations and commitments, which affects the supply of or demand for the commodity. Idaho Power uses derivative instruments, such as physical and financial forward contracts, for both electricity and fuel to manage the risks relating to these commodity price exposures. The primary objectives of Idaho Power’s energy purchase and sale activity are to meet the demand of retail electric customers, maintain appropriate physical reserves to ensure reliability, and make economic use of temporary surpluses that may develop.
All of Idaho Power's derivative instruments have been entered into for the purpose of securing energy resources for future periods or economically hedging forecasted purchases and sales, though none of these instruments have been designated as cash flow hedges. Idaho Power offsets fair value amounts recognized on its balance sheet and applies collateral related to derivative instruments executed with the same counterparty under the same master netting agreement. Idaho Power does not offset a counterparty's current derivative contracts with the counterparty's long-term derivative contracts, although Idaho Power's master netting arrangements would allow current and long-term positions to be offset in the event of default. Also, in the event of default, Idaho Power's master netting arrangements would allow for the offsetting of all transactions executed under the master netting arrangement. These types of transactions may include non-derivative instruments, derivatives qualifying for scope exceptions, receivables and payables arising from settled positions, and other forms of non-cash collateral (such as letters of credit).
Derivatives, Reporting of Derivative Activity Settlement gains and losses on electricity swap contracts are recorded on the income statement in operating revenues or purchased power depending on the forecasted position being economically hedged by the derivative contract. Settlement gains and losses on contracts for natural gas are reflected in fuel expense. Settlement gains and losses on diesel derivatives are recorded in other O&M expense.
Fair Value of Financial Instruments
IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

• Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access.

•   Level 2: Financial assets and liabilities whose values are based on the following:
a) quoted prices for similar assets or liabilities in active markets;
b) quoted prices for identical or similar assets or liabilities in non-active markets;
c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and
d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

IDACORP and Idaho Power Level 2 inputs for derivative instruments are based on quoted market prices adjusted for location using corroborated, observable market data or using quoted price which may be in non-active markets.

•      Level 3: Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
IDACORP’s and Idaho Power’s assessment of a particular input's significance to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy.
Segment Reporting
IDACORP’s only reportable segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power’s regulated operations include the power supply, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated investment.
 
IDACORP’s other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the "All Other" category in the table below. This category consists of IFS’s investments in affordable housing and other real estate tax credit projects, Ida-West’s joint venture investments in small hydropower generation projects, and IDACORP’s holding company expenses.
v3.24.2.u1
Organization, Consolidation and Presentation of Financial Statements (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at June 30, 2024, and December 31, 2023 (in thousands):

Asset DerivativesLiability Derivatives
 Balance Sheet LocationGross Fair ValueAmounts OffsetNet AssetsGross Fair ValueAmounts OffsetNet Liabilities
June 30, 2024
Current:    
Financial swapsOther current assets$131 $— $131 $— $— $— 
Financial swapsOther current liabilities2,116 (2,116)— 22,267 (19,969)
(1)
2,298 
Forward contractsOther current liabilities— — — 1,745 — 1,745 
Long-term:  
Financial swapsOther liabilities614 (614)— 1,140 (944)
(2)
196 
Total $2,861 $(2,730)$131 $25,152 $(20,913)$4,239 
December 31, 2023
Current:  
Financial swapsOther current assets$241 $(169)$72 $169 $(169)$— 
Financial swapsOther current liabilities1,476 (1,476)— 41,977 (38,045)
(3)
3,932 
Forward contractsOther current liabilities— — — 2,000 — 2,000 
Long-term:   
Financial swapsOther assets106 (89)17 89 (89)— 
Financial swapsOther liabilities376 (376)— 2,123 (2,123)
(4)
— 
Total $2,199 $(2,110)$89 $46,358 $(40,426)$5,932 
(1) Current liability derivative amounts offset include $17.9 million of collateral receivable at June 30, 2024.
(2) Long-term liability derivative amounts offset include $331 thousand of collateral receivable at June 30, 2024.
(3) Current liability derivative amounts offset include $36.6 million of collateral receivable at December 31, 2023.
(4) Long-term liability derivative amounts offset include $1.7 million of collateral receivable at December 31, 2023.
v3.24.2.u1
INCOME TAXES: Level 3 (Tables)
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The following table provides a summary of income tax expense for the six months ended June 30, 2024 and 2023 (in thousands): 
 IDACORPIdaho Power
 2024202320242023
Income tax at statutory rates (federal and state)$36,090 $36,010 $35,555 $35,697 
Excess deferred income tax reversal(5,023)(5,342)(5,023)(5,342)
Other(1)
(8,550)(7,942)(7,091)(6,961)
Income tax expense before additional ADITC amortization$22,517 $22,726 $23,441 $23,394 
Additional ADITC amortization(20,000)(7,500)(20,000)(7,500)
Income tax expense$2,517 $15,226 $3,441 $15,894 
Effective tax rate1.8 %10.9 %2.5 %11.5 %
(1) "Other" primarily consists of the net tax effect of Idaho Power's regulatory flow-through tax adjustments.
v3.24.2.u1
REVENUES: Electric utility operating revenues (Tables)
 6 Months Ended
Jun. 30, 2024
Revenues [Abstract]  
Electric utility operating revenues [Table Text Block]
The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power for the three months and six months ended June 30, 2024 and 2023 (in thousands):
Three months ended
June 30,		Six months ended
June 30,
 2024202320242023
Revenue from contracts with customers$442,631 $385,229 $860,528 $770,895 
Alternative revenue programs and other revenues7,188 27,498 37,590 71,170 
Total electric utility operating revenues$449,819 $412,727 $898,118 $842,065 
Disaggregation of Revenue [Table Text Block]
The following table presents revenues from contracts with customers disaggregated by revenue source for the three months and six months ended June 30, 2024 and 2023 (in thousands):
Three months ended
June 30,		Six months ended
June 30,
 2024202320242023
Retail revenues:
Residential (includes $(2,102), $5,678, $(2,789), and $14,587, respectively, related to the FCA)(1)
$145,763 $134,885 $330,062 $323,422 
Commercial (includes $(38), $296, $(92), and $572, respectively, related to the FCA)(1)
96,012 87,677 190,709 175,507 
Industrial66,876 58,245 132,082 113,789 
Irrigation80,771 62,781 81,809 63,713 
Deferred revenue related to HCC relicensing AFUDC(2)
(1,948)(1,927)(4,031)(4,046)
Total retail revenues387,474 341,661 730,631 672,385 
Less: FCA mechanism revenues(1)
2,140 (5,974)2,881 (15,159)
Wholesale energy sales20,744 15,201 58,813 45,397 
Transmission wheeling-related revenues16,561 20,026 40,723 41,611 
Energy efficiency program revenues7,126 6,552 11,416 11,767 
Other revenues from contracts with customers8,586 7,763 16,064 14,894 
Total revenues from contracts with customers$442,631 $385,229 $860,528 $770,895 
(1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.
(2) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to utility plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service.
Alternative revenue programs and other revenues [Table Text Block]
The table below presents the FCA mechanism revenues and other revenues for the three months and six months ended June 30, 2024 and 2023 (in thousands):
Three months ended
June 30,		Six months ended
June 30,
 2024202320242023
FCA mechanism revenues$(2,140)$5,974 $(2,881)$15,159 
Derivative revenues9,328 21,524 40,471 56,011 
Total alternative revenue programs and other revenues$7,188 $27,498 $37,590 $71,170 
Accounts Receivable, Allowance for Credit Loss [Table Text Block]
Receivables and Allowance for Uncollectible Accounts

The following table provides a rollforward of the allowance for uncollectible accounts related to customer receivables for the six months ended June 30, 2024 and 2023 (in thousands):
Six months ended
June 30,
 20242023
Balance at beginning of period$4,869 $5,034 
Additions to the allowance551 739 
Write-offs, net of recoveries(1,776)(1,917)
Balance at end of period$3,644 $3,856 
Allowance for uncollectible accounts as a percentage of customer receivables2.8 %3.3 %
v3.24.2.u1
EARNINGS PER SHARE: Level 3 (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method
The table below presents the computation of IDACORP’s basic and diluted earnings per share for the three months and six months ended June 30, 2024 and 2023 (in thousands, except for per share amounts).
Three months ended
June 30,		Six months ended
June 30,
 2024202320242023
Numerator:    
Net income attributable to IDACORP, Inc.$89,520 $68,574 $137,693 $124,672 
Denominator:  
Weighted-average common shares outstanding - basic52,170 50,725 51,467 50,707 
Effect of dilutive securities(1)
66 33 52 34 
Weighted-average common shares outstanding - diluted52,236 50,758 51,519 50,741 
Basic earnings per share$1.72 $1.35 $2.68 $2.46 
Diluted earnings per share$1.71 $1.35 $2.67 $2.46 
(1) The effect of dilutive securities amount includes approximately 66 thousand and 52 thousand incremental shares related to FSAs for the three months and six months ended June 30, 2024, respectively. See Note 6 - "Common Stock" for additional information concerning IDACORP's FSAs.
v3.24.2.u1
BENEFIT PLANS: Level 3 (Tables)
 3 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures [Table Text Block] The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended June 30, 2024 and 2023 (in thousands).
Pension PlanSMSPPostretirement
Benefits		Total
 20242023202420232024202320242023
Service cost$8,183 $8,078 $263 $153 $185 $151 $8,631 $8,382 
Interest cost12,794 12,655 1,333 1,330 721 717 14,848 14,702 
Expected return on plan assets(16,830)(15,434)— — (461)(407)(17,291)(15,841)
Amortization of prior service cost62 1 55 55 387 417 504 473 
Amortization of net loss— — 327 143 (352)(346)(25)(203)
Net periodic benefit cost4,209 5,300 1,978 1,681 480 532 6,667 7,513 
Regulatory deferral of net periodic benefit cost(1)
(4,025)(5,061)— — — — (4,025)(5,061)
Previously deferred pension costs recognized(1)
8,795 4,289 — — — — 8,795 4,289 
Net periodic benefit cost recognized for financial reporting(1)(2)
$8,979 $4,528 $1,978 $1,681 $480 $532 $11,437 $6,741 
 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates.
 (2) Of total net periodic benefit cost recognized for financial reporting, $9.5 million and $5.1 million, respectively, were recognized in "Other operations and maintenance" and $1.9 million and $1.6 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended June 30, 2024 and 2023.
The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the six months ended June 30, 2024 and 2023 (in thousands).
Pension PlanSMSPPostretirement
Benefits		Total
 20242023202420232024202320242023
Service cost$16,367 $16,156 $526 $306 $349 $329 $17,242 $16,791 
Interest cost25,587 25,309 2,666 2,661 1,412 1,490 29,665 29,460 
Expected return on plan assets(33,660)(30,868)— — (916)(826)(34,576)(31,694)
Amortization of prior service cost124 3 110 110 774 833 1,008 946 
Amortization of net loss— — 655 285 (747)(618)(92)(333)
Net periodic benefit cost8,418 10,600 3,957 3,362 872 1,208 13,247 15,170 
Regulatory deferral of net periodic benefit cost(1)
(8,051)(10,121)— — — — (8,051)(10,121)
Previously deferred pension costs recognized(1)
17,591 8,577 — — — — 17,591 8,577 
Net periodic benefit cost recognized for financial reporting(1)(2)
$17,958 $9,056 $3,957 $3,362 $872 $1,208 $22,787 $13,626 
 (1) Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates.
 (2) Of total net periodic benefit cost recognized for financial reporting, $18.8 million and $10.4 million, respectively, were recognized in "Other operations and maintenance" and $4 million and $3.2 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the six months ended June 30, 2024 and 2023.
v3.24.2.u1
DERIVATIVE FINANCIAL INSTRUMENTS: Level 3 (Tables)
 6 Months Ended
Jun. 30, 2024
Summary of Derivative Instruments [Abstract]  
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The table below presents the gains and losses on derivatives not designated as hedging instruments for the three months and six months ended June 30, 2024 and 2023 (in thousands):
Gain/(Loss) on Derivatives Recognized in Income(1)
Location of Realized Gain/(Loss) on Derivatives Recognized in IncomeThree months ended
June 30,		Six months ended
June 30,
2024202320242023
Financial swapsOperating revenues$2,609 $5,042 $3,621 $3,963 
Financial swapsPurchased power(1,478)(1,733)(525)(107)
Financial swapsFuel expense(1,127)(11,422)(25,185)12,114 
Forward contractsOperating revenues272 1,075 1,278 1,710 
Forward contractsPurchased power(690)(1,449)(1,681)(2,049)
Forward contractsFuel expense— (19)(221)(439)
(1) Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below presents the fair values and locations of derivative instruments not designated as hedging instruments recorded on the balance sheets and reconciles the gross amounts of derivatives recognized as assets and as liabilities to the net amounts presented in the balance sheets at June 30, 2024, and December 31, 2023 (in thousands):

Asset DerivativesLiability Derivatives
 Balance Sheet LocationGross Fair ValueAmounts OffsetNet AssetsGross Fair ValueAmounts OffsetNet Liabilities
June 30, 2024
Current:    
Financial swapsOther current assets$131 $— $131 $— $— $— 
Financial swapsOther current liabilities2,116 (2,116)— 22,267 (19,969)
(1)
2,298 
Forward contractsOther current liabilities— — — 1,745 — 1,745 
Long-term:  
Financial swapsOther liabilities614 (614)— 1,140 (944)
(2)
196 
Total $2,861 $(2,730)$131 $25,152 $(20,913)$4,239 
December 31, 2023
Current:  
Financial swapsOther current assets$241 $(169)$72 $169 $(169)$— 
Financial swapsOther current liabilities1,476 (1,476)— 41,977 (38,045)
(3)
3,932 
Forward contractsOther current liabilities— — — 2,000 — 2,000 
Long-term:   
Financial swapsOther assets106 (89)17 89 (89)— 
Financial swapsOther liabilities376 (376)— 2,123 (2,123)
(4)
— 
Total $2,199 $(2,110)$89 $46,358 $(40,426)$5,932 
(1) Current liability derivative amounts offset include $17.9 million of collateral receivable at June 30, 2024.
(2) Long-term liability derivative amounts offset include $331 thousand of collateral receivable at June 30, 2024.
(3) Current liability derivative amounts offset include $36.6 million of collateral receivable at December 31, 2023.
(4) Long-term liability derivative amounts offset include $1.7 million of collateral receivable at December 31, 2023.
Schedule of Derivative Instruments
The table below presents the volumes of derivative commodity forward contracts and swaps outstanding at June 30, 2024 and 2023 (in thousands of units):
June 30,
CommodityUnits20242023
Electricity purchasesMWh438 792 
Electricity salesMWh57 17 
Natural gas purchasesMMBtu37,185 35,545 
Natural gas salesMMBtu620 310 
v3.24.2.u1
FAIR VALUE MEASUREMENTS: Level 3 (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents information about IDACORP’s and Idaho Power’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2024, and December 31, 2023 (in thousands).

June 30, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:    
Money market funds and commercial paper
IDACORP(1)
$30,433 $— $— $30,433 $32,472 $— $— $32,472 
Idaho Power78,476 — — 78,476 230,600 — — 230,600 
Derivatives131 — — 131 89 — — 89 
Equity securities35,947 — — 35,947 37,320 — — 37,320 
IDACORP assets measured at NAV (not subject to hierarchy disclosure)(1)
— — — 4,123 — — — 3,751 
Liabilities:
Derivatives2,494 1,745 — 4,239 3,932 2,000 — 5,932 
 (1) Holding company only. Does not include amounts held by Idaho Power.
Fair Value, by Balance Sheet Grouping [Table Text Block]
The table below presents the carrying value and estimated fair value of financial instruments that are not reported at fair value as of June 30, 2024, and December 31, 2023, using available market information and appropriate valuation methodologies (in thousands).
 June 30, 2024December 31, 2023
 Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
IDACORP    
Assets:    
Notes receivable(1)
$3,038 $3,038 $3,038 $3,038 
Held-to-maturity securities(1)(2)
31,687 28,304 31,639 28,341 
Liabilities:    
Long-term debt (including current portion)(1)
2,825,929 2,535,149 2,825,590 2,684,278 
Idaho Power    
Assets:
Held-to-maturity securities(1)(2)
$31,687 $28,304 $31,639 $28,341 
Liabilities:    
Long-term debt (including current portion)(1)
2,825,929 2,535,149 2,825,590 2,684,278 
(1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 12 - "Fair Value Measurements."
(2) All held-to-maturity securities are carried at amortized cost and were in a gross unrealized holding loss position totaling $3.4 million and $3.3 million as of June 30, 2024, and December 31, 2023, respectively. Substantially all of these debt securities mature between 2027 and 2038. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect payment defaults or delinquencies and had not recorded an allowance for credit losses for these securities as of June 30, 2024, and December 31, 2023.
v3.24.2.u1
SEGMENT INFORMATION: Level 3 (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Information [Abstract]  
Schedule of Segment Reporting Information, by Segment
The table below summarizes the segment information for IDACORP’s utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands). 
Utility
Operations		All
Other		EliminationsConsolidated
Total
Three months ended June 30, 2024:    
Revenues$449,819 $1,220 $— $451,039 
Net income attributable to IDACORP, Inc.87,388 2,132 — 89,520 
Total assets as of June 30, 2024
8,498,942 251,246 (73,055)8,677,133 
Three months ended June 30, 2023:
Revenues$412,727 $1,111 $— $413,838 
Net income attributable to IDACORP, Inc.67,080 1,494 — 68,574 
Six months ended June 30, 2024:
Revenues$898,118 $1,857 $— $899,975 
Net income attributable to IDACORP, Inc.134,690 3,003 — 137,693 
Six months ended June 30, 2023:
Revenues$842,065 $1,432 $— $843,497 
Net income attributable to IDACORP, Inc.122,790 1,882 — 124,672 
v3.24.2.u1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 6 Months Ended
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The table below presents changes in components of AOCI, net of tax, during the three months and six months ended June 30, 2024 and 2023 (in thousands). Items in parentheses indicate charges to AOCI.
Defined Benefit Pension ItemsDefined Benefit Pension Items
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Balance at beginning of period$(16,900)$(12,776)$(17,184)$(12,922)
Amounts reclassified out of AOCI284 147 568 293 
Balance at end of period$(16,616)$(12,629)$(16,616)$(12,629)
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
The table below presents amounts reclassified out of components of AOCI and the income statement location of those amounts reclassified during the three months and six months ended June 30, 2024 and 2023 (in thousands). Items in parentheses indicate increases to net income.
Amount Reclassified from AOCI
Details About AOCIThree months ended
June 30,		Six months ended
June 30,
2024202320242023
Amortization of defined benefit pension items(1)
Prior service cost$55 $55 $110 $110 
Net loss327 143 655 285 
Total before tax382 198 765 395 
Tax benefit(2)
(98)(51)(197)(102)
Total reclassification for the period, net of tax$284 $147 $568 $293 
(1) Amortization of these items is included in IDACORP's condensed consolidated statements of income in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net.
(2) The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power.
v3.24.2.u1
CHANGES IN IDAHO POWER RETAINED EARNINGS (Tables)
 6 Months Ended
Jun. 30, 2024
Changes in Idaho Power Retained Earnings [Abstract]  
Changes in Idaho Power Retained Earnings Table
Three months ended
June 30,		Six months ended
June 30,
2024202320242023
Balance at beginning of period$1,996,313 $1,891,898 $1,991,319 $1,836,547 
Net income87,388 67,080 134,690 122,790 
Dividends to parent(42,337)(40,219)(84,645)(40,578)
Balance at end of period$2,041,364 $1,918,759 $2,041,364 $1,918,759 
v3.24.2.u1
INCOME TAXES: Level 4 (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Expense [Line Items]        
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount     $ 36,090 $ 36,010
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount     (20,000) (7,500)
Excess deferred income tax reversal     (5,023) (5,342)
Other [1]     (8,550) (7,942)
Income Tax Expense $ 8,063 $ 8,131 $ 2,517 $ 15,226
Effective tax rate     1.80% 10.90%
Income tax expense before additional ADITC amortization     $ 22,517 $ 22,726
Idaho Power Company        
Income Tax Expense [Line Items]        
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount     35,555 35,697
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount     (20,000) (7,500)
Excess deferred income tax reversal     (5,023) (5,342)
Other [1]     (7,091) (6,961)
Income Tax Expense $ 8,472 $ 8,284 $ 3,441 $ 15,894
Effective tax rate     2.50% 11.50%
Income tax expense before additional ADITC amortization     $ 23,441 $ 23,394
[1] "Other" primarily consists of the net tax effect of Idaho Power's regulatory flow-through tax adjustments.
v3.24.2.u1
REGULATORY MATTERS: Level 4 (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Oct. 15, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2025
May 31, 2025
Jan. 01, 2025
Jun. 01, 2024
Jun. 01, 2023
Jun. 01, 2022
Jun. 01, 2020
May 31, 2018
Settlement Stipulation - Investment Tax Credits and Idaho Sharing Mechanism                          
Regulatory Matters                          
Additional accumulated deferred investment tax credits (ADITC) amortization   $ 7.5 $ 3.8 $ 20.0 $ 7.5                
Investment Tax Credits, Remains Available   $ 65.1   $ 65.1                  
Idaho fixed cost adjustment mechanism                          
Regulatory Matters                          
Percentage cap on the FCA adjustment                       3.00%  
Idaho Jurisdiction Fixed Cost Adjustment                          
Regulatory Matters                          
Annual fixed cost adjustment mechanism deferral                   $ 36.8 $ 25.1    
Oregon jurisdiction                          
Regulatory Matters                          
Annual Power Cost Update                 $ 6.9        
Subsequent Event | Idaho Power Cost Adjustment                          
Regulatory Matters                          
Public Utilities, Approved Rate Increase (Decrease), Amount             $ (35.7)            
Subsequent Event | Idaho Power Fixed Cost Adjustment                          
Regulatory Matters                          
Public Utilities, Approved Rate Increase (Decrease), Amount             $ 11.7            
IDAHO | 2023 Settlement Stipulation                          
Regulatory Matters                          
Minimum authorized return on equity                         9.12%
IDAHO | Subsequent Event | Idaho Power Company | limited-issue rate case revenue increase requested                          
Regulatory Matters                          
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount           $ 99.3              
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage           7.31%              
IDAHO | Subsequent Event | Idaho Power Company | Incremental plant additions and O&M labor costs                          
Regulatory Matters                          
Incremental plant additions               $ 730.0          
OREGON | Subsequent Event | Idaho Power Company                          
Regulatory Matters                          
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount $ 10.7                        
Public Utilities, Requested Return on Equity, Percentage 10.40%                        
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage 19.28%                        
OREGON | Subsequent Event | Idaho Power Company | Cost of Capital and Capital Structure                          
Regulatory Matters                          
Requested Rate of Return 7.807%                        
Total Retail Rate Base $ 188.9                        
OREGON | Subsequent Event | 2023 Rate Case                          
Regulatory Matters                          
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount $ 6.7                        
Public Utilities, Requested Return on Equity, Percentage 9.50%                        
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage 12.14%                        
OREGON | Subsequent Event | 2023 Rate Case | Cost of Capital and Capital Structure                          
Regulatory Matters                          
Public Utilities, Requested Rate Increase (Decrease), Percentage 7.302%                        
v3.24.2.u1
REVENUES: Electric utility operating revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues [Abstract]        
Revenue from contracts with customers $ 442,631 $ 385,229 $ 860,528 $ 770,895
Alternative revenue programs and other revenues 7,188 27,498 37,590 71,170
Electric utility revenues $ 449,819 $ 412,727 $ 898,118 $ 842,065
v3.24.2.u1
REVENUES: (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers $ 442,631 $ 385,229 $ 860,528 $ 770,895
Alternative revenue programs and other revenues 7,188 27,498 37,590 71,170
Retail revenues        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers 387,474 341,661 730,631 672,385
Idaho fixed cost adjustment mechanism        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers [1] 2,140 (5,974) 2,881 (15,159)
Alternative revenue programs and other revenues (2,140) 5,974 (2,881) 15,159
Wholesale energy sales        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers 20,744 15,201 58,813 45,397
Transmission Service Agreement        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers 16,561 20,026 40,723 41,611
Energy efficiency program revenues        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers 7,126 6,552 11,416 11,767
Other revenues        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers 8,586 7,763 16,064 14,894
Derivative revenues        
Disaggregation of Revenue [Line Items]        
Alternative revenue programs and other revenues 9,328 21,524 40,471 56,011
Residential Retail Revenue | Retail revenues        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers [1] 145,763 134,885 330,062 323,422
Residential Retail Revenue | Idaho fixed cost adjustment mechanism        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers (2,102) 5,678 (2,789) 14,587
Commercial Retail Revenue | Retail revenues        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers [1] 96,012 87,677 190,709 175,507
Commercial Retail Revenue | Idaho fixed cost adjustment mechanism        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers (38) 296 (92) 572
Industrial Retail Revenue | Retail revenues        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers 66,876 58,245 132,082 113,789
Irrigation Retail Revenue | Retail revenues        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers 80,771 62,781 81,809 63,713
Deferred revenue-AFUDC | Retail revenues        
Disaggregation of Revenue [Line Items]        
Revenue from contracts with customers [2] (1,948) (1,927) (4,031) (4,046)
IPUC authorized AFUDC Collection HCC Relicensing - Gross | Idaho Power Company | Hells Canyon Complex        
Disaggregation of Revenue [Line Items]        
Regulatory liabilities $ (8,800) $ (8,800) $ (8,800) $ (8,800)
[1] The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers.
[2] The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process, even though the relicensing process is not yet complete and the costs have not been moved to utility plant in service. Idaho Power is collecting $8.8 million annually in the Idaho jurisdiction but is deferring revenue recognition of the amounts collected until the license is issued and the accumulated license costs approved for recovery are placed in service.
v3.24.2.u1
REVENUES: Receivables and Allowance for Uncollectible Accounts (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period $ 4,869 $ 5,034
Additions to the allowance 551 739
Write-offs, net of recoveries (1,776) (1,917)
Balance at end of period $ 3,644 $ 3,856
Allowance for uncollectible accounts as a percentage of customer receivables 2.80% 3.30%
v3.24.2.u1
LONG-TERM DEBT (Details) - Idaho Power Company
$ in Millions
Jun. 30, 2024
USD ($)
Debt Instrument [Line Items]  
Debt instrument interest rate limit 8.00%
Indenture, Unused Borrowing Capacity, Amount $ 1,200
Public Utility Commisions - Idaho, Oregon, and Washington  
Debt Instrument [Line Items]  
Indenture, Unused Borrowing Capacity, Amount $ 1,200
v3.24.2.u1
COMMON STOCK: Level 4 (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
shares
Jun. 30, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Idaho Power Company      
Shareholders' equity      
Ratio of Indebtedness to Net Capital 0.48 0.48  
Dividend Distribution Restriction Amount | $ $ 1,500,000 $ 1,500,000  
Dividend Distribution Restriction Threshold 0.35 0.35  
Ratio of total Capital to total capital and long-term debt 0.52 0.52  
Preferred Stock, Shares Outstanding 0 0  
Proceeds from Contributed Capital | $   $ 200,000  
Stock Issued During Period, Shares, New Issues   0  
IDACORP      
Shareholders' equity      
Maximum leverage ratio requirement 0.65 0.65  
Ratio of Indebtedness to Net Capital 0.47 0.47  
Dividend Distribution Restriction Amount | $ $ 1,700,000 $ 1,700,000  
Stock Issued During Period, Shares, New Issues   2,638,219  
IDACORP | Dividend Reinvestment and Stock Purchase Plan      
Shareholders' equity      
Stock Issued During Period, Shares, New Issues   34,921  
IDACORP | Directors      
Shareholders' equity      
Stock Issued During Period, Shares, New Issues   10,571  
IDACORP | Performance Shares      
Shareholders' equity      
Restricted Stock Unit Awards to Employees   103,771  
Stock Issued During Period, Shares, New Issues   60,856  
IDACORP | At-the-Market Offering Program      
Shareholders' equity      
At-the-Market Offering Program, Maximum Value Of Shares To Be Issued | $   $ 300,000  
Stock Issued During Period, Shares, New Issues   0  
IDACORP | Forward Sale Agreements      
Shareholders' equity      
Registered Public Offering, Initial Common Shares Offered     2,801,724
Registered Public Offering, Initial Common Shares Offered, Greenshoe     420,258
Registered Public Offering, Initial Common Shares Offered, Total     3,221,982
Registered Public Offering, Price Per Share | $ / shares     $ 92.80
Registered Public Offering, Issuance Amount | $     $ 260,000
Registered Public Offering, Issuance Amount, Greenshoe | $     $ 39,000
Initial Forward Sale Price, Per Share | $ / shares     $ 90.016
Registered Public Offering, Common Shares Settled   2,542,442  
Registered Public Offering, Settled Amount | $   $ 230,000  
Common Shares To Deliver To Settle Forward Sales Agreement, Gross 679,540 679,540  
Cash To Be Received On Settlement Of Forward Sale Agreement | $ $ 61,800 $ 61,800  
Cash To Deliver To Settle Forward Sales Agreement, Net | $ $ 2,000 $ 2,000  
Common Shares To Deliver To Settle Forward Sales Agreement, Net 22,000 22,000  
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements 66,000 52,000  
v3.24.2.u1
EARNINGS PER SHARE: Level 4 (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Numerator:        
Net Income Attributable to IDACORP, Inc. $ 89,520 $ 68,574 $ 137,693 $ 124,672
Denominator:        
Weighted-average common shares outstanding - basic 52,170 50,725 51,467 50,707
Effect of dilutive securities [1] 66 33 52 34
Weighted-average common shares outstanding - diluted 52,236 50,758 51,519 50,741
Earnings attributable to IDACORP, Inc. - basic (in dollars per share) $ 1.72 $ 1.35 $ 2.68 $ 2.46
Earnings attributable to IDACORP, Inc. - diluted (in dollars per share) $ 1.71 $ 1.35 $ 2.67 $ 2.46
[1] The effect of dilutive securities amount includes approximately 66 thousand and 52 thousand incremental shares related to FSAs for the three months and six months ended June 30, 2024, respectively. See Note 6 - "Common Stock" for additional information concerning IDACORP's FSAs
v3.24.2.u1
COMMITMENTS: Level 4 (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
MWh
Idaho Power Company  
Guarantor Obligations  
IERCo guarantee of BCC reclamation obligation $ 47,600
Idaho Power Company | Contracts To Acquire And Own Battery Storage Assets Commitment  
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]  
Long-term Purchase Commitment, Period 2 years
Nameplate Capacity | MWh 200
Increase of Long-term Purchase Obligations, PURPA $ 156,800
Idaho Power Company | Cogeneration And Power Production Purchase Commitment Member  
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]  
Long-term Purchase Commitment, Period 20 years
Increase of Long-term Purchase Obligations, PURPA $ 38,000
Idaho Power Company | Contract to Acquire Energy And Capacity  
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract]  
Long-term Purchase Commitment, Period 5 years
Nameplate Capacity | MWh 200
Increase of Long-term Purchase Obligations, PURPA $ 84,300
Bridger Coal Company  
Guarantor Obligations  
IERCo guarantee of BCC reclamation obligation $ 142,900
v3.24.2.u1
BENEFIT PLANS: Level 4 (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Defined Benefit Plan Disclosure        
Service cost $ 8,631 $ 8,382 $ 17,242 $ 16,791
Interest cost 14,848 14,702 29,665 29,460
Expected return on plan assets (17,291) (15,841) (34,576) (31,694)
Amortization of prior service cost 504 473 1,008 946
Amortization of net loss (25) (203) (92) (333)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 6,667 7,513 13,247 15,170
Regulatory deferral of net periodic benefit cost [1] (4,025) (5,061) (8,051) (10,121)
IPUC Authorized recovered pension cost [1] 8,795 4,289 17,591 8,577
Net periodic benefit cost recognized for financial reporting [1],[2] 11,437 6,741 22,787 13,626
Net Periodic Benefit cost recognize in Other operations and maintenance 9,500 5,100 18,800 10,400
Net Periodic Benefit cost recognized in other expense, net 1,900 1,600 4,000 3,200
Pension Plan        
Defined Benefit Plan Disclosure        
Service cost 8,183 8,078 16,367 16,156
Interest cost 12,794 12,655 25,587 25,309
Expected return on plan assets (16,830) (15,434) (33,660) (30,868)
Amortization of prior service cost 62 1 124 3
Amortization of net loss 0 0 0 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 4,209 5,300 8,418 10,600
Regulatory deferral of net periodic benefit cost [1] (4,025) (5,061) (8,051) (10,121)
IPUC Authorized recovered pension cost [1] 8,795 4,289 17,591 8,577
Net periodic benefit cost recognized for financial reporting [1],[2] 8,979 4,528 17,958 9,056
Pension Plan | Idaho Power Company        
Defined Benefit Plan Disclosure        
Defined Benefit Plan, Contributions by Employer     0  
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year 30,000   30,000  
Senior Management Security Plan        
Defined Benefit Plan Disclosure        
Service cost 263 153 526 306
Interest cost 1,333 1,330 2,666 2,661
Expected return on plan assets 0 0 0 0
Amortization of prior service cost 55 55 110 110
Amortization of net loss 327 143 655 285
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 1,978 1,681 3,957 3,362
Net periodic benefit cost recognized for financial reporting 1,978 1,681 3,957 3,362
Postretirement Benefits Plan        
Defined Benefit Plan Disclosure        
Service cost 185 151 349 329
Interest cost 721 717 1,412 1,490
Expected return on plan assets (461) (407) (916) (826)
Amortization of prior service cost 387 417 774 833
Amortization of net loss (352) (346) (747) (618)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 480 532 872 1,208
Net periodic benefit cost recognized for financial reporting $ 480 $ 532 $ 872 $ 1,208
[1] Net periodic benefit costs for the pension plan are recognized for financial reporting based upon the authorization of each regulatory jurisdiction in which Idaho Power operates. Under IPUC order, the Idaho portion of net periodic benefit cost is recorded as a regulatory asset and is recognized in the income statement as those costs are recovered through rates.
[2] Of total net periodic benefit cost recognized for financial reporting, $9.5 million and $5.1 million, respectively, were recognized in "Other operations and maintenance" and $1.9 million and $1.6 million, respectively, were recognized in "Other income, net" on the condensed consolidated statements of income of the companies for the three months ended June 30, 2024 and 2023.
v3.24.2.u1
Derivative Instruments Gains (Loss) on Derivatives Recognized in Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Financial Swaps | Operating revenues        
Derivative Instruments, Gain (Loss)        
Derivative, Gain (Loss) on Derivative, Net [1] $ 2,609 $ 5,042 $ 3,621 $ 3,963
Financial Swaps | Purchased power        
Derivative Instruments, Gain (Loss)        
Derivative, Gain (Loss) on Derivative, Net [1] (1,478) (1,733) (525) (107)
Financial Swaps | Operating Expense        
Derivative Instruments, Gain (Loss)        
Derivative, Gain (Loss) on Derivative, Net [1] (1,127) (11,422) (25,185) 12,114
Forward contracts | Operating revenues        
Derivative Instruments, Gain (Loss)        
Derivative, Gain (Loss) on Derivative, Net [1] 272 1,075 1,278 1,710
Forward contracts | Purchased power        
Derivative Instruments, Gain (Loss)        
Derivative, Gain (Loss) on Derivative, Net [1] (690) (1,449) (1,681) (2,049)
Forward contracts | Operating Expense        
Derivative Instruments, Gain (Loss)        
Derivative, Gain (Loss) on Derivative, Net [1] $ 0 $ (19) $ (221) $ (439)
[1] Excludes unrealized gains or losses on derivatives, which are recorded on the balance sheet as regulatory assets or regulatory liabilities.
v3.24.2.u1
Derivative Instruments Fair Value and Offsets Table (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset $ 2,861 $ 2,199
Derivative Asset, Fair Value, Gross Liability (2,730) (2,110)
Derivative Asset, Fair Value, Amount Offset Against Collateral 131 89
Derivative Liability, Fair Value, Gross Liability 25,152 46,358
Derivative Liability, Fair Value, Gross Asset (20,913) (40,426)
Derivative Liability, Fair Value, Amount Offset Against Collateral 4,239 5,932
Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset 17,900 36,600
Other Noncurrent Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset 331 1,700
Financial Swaps | Other Current Assets [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 131 241
Derivative Asset, Fair Value, Gross Liability 0 (169)
Derivative Asset, Fair Value, Amount Offset Against Collateral 131 72
Derivative Liability, Fair Value, Gross Liability 0 169
Derivative Liability, Fair Value, Gross Asset 0 (169)
Derivative Liability, Fair Value, Amount Offset Against Collateral 0 0
Financial Swaps | Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 2,116 1,476
Derivative Asset, Fair Value, Gross Liability (2,116) (1,476)
Derivative Asset, Fair Value, Amount Offset Against Collateral 0 0
Derivative Liability, Fair Value, Gross Liability 22,267 41,977
Derivative Liability, Fair Value, Gross Asset (19,969) [1] (38,045) [2]
Derivative Liability, Fair Value, Amount Offset Against Collateral 2,298 3,932
Financial Swaps | Other Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset   106
Derivative Asset, Fair Value, Gross Liability   (89)
Derivative Asset, Fair Value, Amount Offset Against Collateral   17
Derivative Liability, Fair Value, Gross Liability   89
Derivative Liability, Fair Value, Gross Asset   (89)
Derivative Liability, Fair Value, Amount Offset Against Collateral   0
Financial Swaps | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 614 376
Derivative Asset, Fair Value, Gross Liability (614) (376)
Derivative Asset, Fair Value, Amount Offset Against Collateral 0 0
Derivative Liability, Fair Value, Gross Liability 1,140 2,123
Derivative Liability, Fair Value, Gross Asset (944) [3] (2,123) [4]
Derivative Liability, Fair Value, Amount Offset Against Collateral 196 0
Forward contracts | Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 0 0
Derivative Asset, Fair Value, Gross Liability 0 0
Derivative Asset, Fair Value, Amount Offset Against Collateral 0 0
Derivative Liability, Fair Value, Gross Liability 1,745 2,000
Derivative Liability, Fair Value, Gross Asset 0 0
Derivative Liability, Fair Value, Amount Offset Against Collateral $ 1,745 $ 2,000
[1] Current liability derivative amounts offset include $17.9 million of collateral receivable at June 30, 2024.
[2] Current liability derivative amounts offset include $36.6 million of collateral receivable at December 31, 2023.
[3] Long-term liability derivative amounts offset include $331 thousand of collateral receivable at June 30, 2024.
[4] Long-term liability derivative amounts offset include $1.7 million of collateral receivable at December 31, 2023
v3.24.2.u1
Derivative Commodities and Disclosures (Details)
MWh in Thousands, MMBTU in Thousands
Jun. 30, 2024
MMBTU
MWh
Jun. 30, 2023
MMBTU
MWh
Electricity (MWh) | Long    
Derivative    
Derivative, Number of Instruments Held | MWh 438 792
Electricity (MWh) | Short    
Derivative    
Derivative, Number of Instruments Held | MWh 57 17
Natural Gas (MMBTU) | Long    
Derivative    
Derivative, Number of Instruments Held | MMBTU 37,185 35,545
Natural Gas (MMBTU) | Short    
Derivative    
Derivative, Number of Instruments Held | MMBTU 620 310
v3.24.2.u1
DERIVATIVE FINANCIAL INSTRUMENTS: - Narrative (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives in a net liability position $ 25.2
Collateral Already Posted, Aggregate Fair Value 30.9
Additional Collateral, Aggregate Fair Value $ 7.9
v3.24.2.u1
FAIR VALUE MEASUREMENTS: Level 4 (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds [1] $ 30,433 $ 32,472
Derivative Assets 131 89
Equity Securities, FV-NI 35,947 37,320
Derivative Liabilities 4,239 5,932
Idaho Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds 78,476 230,600
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds [1] 30,433 32,472
Derivative Assets 131 89
Equity Securities, FV-NI 35,947 37,320
Assets, Fair Value Disclosure [1] 0 0
Derivative Liabilities 2,494 3,932
Fair Value, Inputs, Level 1 [Member] | Idaho Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds 78,476 230,600
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds [1] 0 0
Derivative Assets 0 0
Equity Securities, FV-NI 0 0
Assets, Fair Value Disclosure [1] 0 0
Derivative Liabilities 1,745 2,000
Fair Value, Inputs, Level 2 [Member] | Idaho Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds 0 0
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds [1] 0 0
Derivative Assets 0 0
Equity Securities, FV-NI 0 0
Assets, Fair Value Disclosure [1] 0 0
Derivative Liabilities 0 0
Fair Value, Inputs, Level 3 [Member] | Idaho Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Money market funds 0 0
Fair Value Measured at Net Asset Value Per Share    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets, Fair Value Disclosure [1] $ 4,123 $ 3,751
[1] Holding company only. Does not include amounts held by Idaho Power.
v3.24.2.u1
FAIR VALUE MEASUREMENTS: Fair Value, by Balance Sheet Grouping (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Corporate Fixed-Income And Asset-Backed Debt Securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value $ 3,400 $ 3,300
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes Receivable [1] 3,038 3,038
Held-to-maturity securities [1],[2] 31,687 31,639
Long-term debt [1] 2,825,929 2,825,590
Carrying Amount | Idaho Power Company    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities [1],[2] 31,687 31,639
Long-term debt [1] 2,825,929 2,825,590
Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes Receivable [1] 3,038 3,038
Held-to-maturity securities [1],[2] 28,304 28,341
Long-term debt [1] 2,535,149 2,684,278
Estimated Fair Value | Idaho Power Company    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Held-to-maturity securities [1],[2] 28,304 28,341
Long-term debt [1] $ 2,535,149 $ 2,684,278
[1]
(1) Notes receivable are categorized as Level 3 and held-to-maturity securities and long-term debt are categorized as Level 2 of the fair value hierarchy, as defined earlier in this Note 12 - "Fair Value Measurements."
[2]
(2) All held-to-maturity securities are carried at amortized cost and were in a gross unrealized holding loss position totaling $3.4 million and $3.3 million as of June 30, 2024, and December 31, 2023, respectively. Substantially all of these debt securities mature between 2027 and 2038. Based on ongoing credit evaluations of these holdings, Idaho Power does not expect payment defaults or delinquencies and had not recorded an allowance for credit losses for these securities as of June 30, 2024, and December 31, 2023.
v3.24.2.u1
SEGMENT INFORMATION: Level 4 (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Segment Reporting Information          
Total operating revenues $ 451,039 $ 413,838 $ 899,975 $ 843,497  
Net Income Attributable to IDACORP, Inc. 89,520 68,574 137,693 124,672  
Total assets 8,677,133   8,677,133   $ 8,475,918
Eliminations          
Segment Reporting Information          
Total operating revenues 0 0 0 0  
Net Income Attributable to IDACORP, Inc. 0 0 0 0  
Total assets (73,055)   (73,055)    
Utility Operations          
Segment Reporting Information          
Net Income Attributable to IDACORP, Inc.     134,690 122,790  
Utility Operations | Operating Segments          
Segment Reporting Information          
Total operating revenues 449,819 412,727 898,118 842,065  
Net Income Attributable to IDACORP, Inc. 87,388 67,080      
Total assets 8,498,942   8,498,942    
All Other | Operating Segments          
Segment Reporting Information          
Total operating revenues 1,220 1,111 1,857 1,432  
Net Income Attributable to IDACORP, Inc. 2,132 $ 1,494 3,003 $ 1,882  
Total assets $ 251,246   $ 251,246    
v3.24.2.u1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]        
AOCI - Beginning Balance     $ (17,184)  
Reclassifications $ 284 $ 147 568 $ 293
AOCI - Ending Balance (16,616)   (16,616)  
Reclassification out of Accumulated Other Comprehensive Income        
Amortization of prior service cost [1] 55 55 110 110
Amortization of net loss [1] 327 143 655 285
Total reclassification, before tax - pension and postretirement benefits 382 198 765 395
Tax benefit [2] (98) (51) (197) (102)
Reclassifications 284 147 568 293
Accumulated Defined Benefit Pension Items        
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]        
AOCI - Beginning Balance (16,900) (12,776) (17,184) (12,922)
Reclassifications 284 147 568 293
AOCI - Ending Balance (16,616) (12,629) (16,616) (12,629)
Reclassification out of Accumulated Other Comprehensive Income        
Reclassifications $ 284 $ 147 $ 568 $ 293
[1] Amortization of these items is included in IDACORP's condensed consolidated statements of income in other operating expenses and in Idaho Power's condensed consolidated statements of income in other expense, net.
[2] The tax benefit is included in income tax expense in the condensed consolidated statements of income of both IDACORP and Idaho Power.
v3.24.2.u1
CHANGES IN IDAHO POWER RETAINED EARNINGS (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Retained Earnings Roll Forward [Roll Forward]        
Balance at beginning of period     $ 2,036,138  
Net Income Attributable to IDACORP, Inc. $ 89,520 $ 68,574 137,693 $ 124,672
Balance at end of period 2,089,185   2,089,185  
Idaho Power Company        
Retained Earnings Roll Forward [Roll Forward]        
Balance at beginning of period 1,996,313 1,891,898 1,991,319 1,836,547
Net Income Attributable to IDACORP, Inc. 87,388 67,080 134,690 122,790
Dividends (42,337) (40,219) (84,645) (40,578)
Balance at end of period $ 2,041,364 $ 1,918,759 $ 2,041,364 $ 1,918,759