IDACORP, Inc. (IDACORP), through its operating subsidiary, Idaho Power Company (Idaho Power), is an electric utility.
The company engages in the generation, transmission, distribution, sales, 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-own...
IDACORP, Inc. (IDACORP), through its operating subsidiary, Idaho Power Company (Idaho Power), is an electric utility.
The company engages in the generation, transmission, distribution, sales, 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.
IDACORP is subject to the provisions of the Public Utility Holding Company Act of 2005, which provides the Federal Energy Regulatory Commission (FERC) and state utility regulatory commissions with access to books and records, and imposes record retention and reporting requirements on IDACORP. Idaho Power is regulated by the state regulatory commissions of Idaho and Oregon, and by the FERC. Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint-owner of Bridger Coal Company (BCC), which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power. Idaho Power's utility operations constitute nearly all of IDACORP's business operations.
IDACORP’s other notable subsidiaries include IDACORP Financial Services, Inc. (IFS), an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small Public Utility Regulatory Policies Act of 1978 (PURPA)-qualifying hydropower generation projects.
Utility Operations
Idaho Power provided electric utility service to approximately 649,000 retail customers in southern Idaho and eastern Oregon as of December 31, 2024. Approximately 547,000 of these customers are residential. Idaho Power’s principal commercial and industrial customers are involved in food processing, electronics, and general manufacturing, agriculture, health care, government, education, and information technology. Idaho Power also provides irrigation customers with electric utility service to operate irrigation pumps during the agricultural growing season. Idaho Power holds franchises, typically in the form of right-of-way arrangements, in various cities in Idaho and a few cities in Oregon, and holds certificates from the respective public utility regulatory authorities to serve all or a portion of multiple counties in Idaho and a few counties in Oregon. Idaho Power's service covers approximately 24,000 square miles, with an estimated population of 1.4 million.
Idaho Power is under the jurisdiction (as to rates, service, accounting, and other general matters of utility operation) of the Idaho Public Utilities Commission (IPUC), the Public Utility Commission of Oregon (OPUC), and the FERC. The IPUC and OPUC determine the rates that Idaho Power is authorized to charge to its retail customers. Idaho Power is also under the regulatory jurisdiction of the IPUC, the OPUC, and the Wyoming Public Service Commission (WPSC) as to the issuance of debt and equity securities. As a public utility under the Federal Power Act (FPA), Idaho Power has authority to charge market-based rates for wholesale energy sales under its FERC tariff, and to provide transmission services under its Open Access Transmission Tariff (OATT). Additionally, the FERC has jurisdiction over Idaho Power's sales of transmission capacity and wholesale electricity, hydropower project relicensing, and system reliability and security, among other items.
Business Strategy
IDACORP’s business strategy emphasizes Idaho Power as its core business, as Idaho Power's regulated utility operations are the primary driver of IDACORP's operating results. IDACORP’s strategy is focused on various areas: improving Idaho Power's core business and enhancing Idaho Power’s brand.
Revenues
Idaho Power generates revenue primarily through the sale of electricity to retail and wholesale customers, and the provision of transmission service.
Retail Energy Sales: Idaho Power’s retail energy sales typically peak during the summer irrigation and cooling season, with a lower peak during the winter heating season. Approximately 95 percent of Idaho Power’s retail revenue originates from customers located in Idaho, with the remainder originating from customers located in Oregon.
Wholesale Markets: Idaho Power participates in the wholesale energy markets by purchasing power to help meet load demands and selling power that is in excess of load demands. Idaho Power also provides energy transmission services through its OATT.
Power Supply
Idaho Power primarily relies on company-owned hydropower, coal-fired, and gas-fired generation facilities, and long-term PPAs to supply the energy needed to serve customers, and to make power sales into the wholesale markets. In addition to existing generation resources, Idaho Power has agreements to own a 300 MW wind turbine generator power plant located in Sweetwater County, Wyoming, with a planned in-service date in 2027.
Idaho Power’s annual hydropower generation varies depending on water conditions in the Snake River Basin. Idaho Power’s system is dual peaking, with the larger peak demand occurring in the summer. Idaho Power reached its highest all-time system peak demand of 3,793 MW on July 22, 2024. Idaho Power's highest all-time winter peak demand of 2,719 MW occurred on January 16, 2024. During these and other similar heavy load periods, Idaho Power’s system is fully committed to serve load and meet required operating reserves.
Hydropower Generation: Idaho Power operates 17 hydropower projects located on the Snake River and its tributaries. Together, these hydropower facilities provide a total nameplate capacity of 1,818 MW, and have averaged total annual generation of approximately 7.7 million MWh over the last 30 years. The amount of water available for hydropower generation depends on several factors—the amount of snowpack in the mountains upstream of Idaho Power’s hydropower facilities, upstream reservoir storage, springtime precipitation and temperatures, main river and tributary base flows, the condition of the Eastern Snake Plain Aquifer and its spring flow impact, summertime irrigation withdrawals and returns, and upstream reservoir regulation. Idaho Power actively participates in collaborative work groups focused on water management issues in the Snake River Basin, with the intention of preserving the long-term availability of water for use at Idaho Power’s hydropower projects on the Snake River.
In 2024, hydropower generation was 7.2 million MWh.
Idaho Power obtains licenses for its hydropower projects from the FERC, similar to other utilities that operate nonfederal hydropower projects on qualified waterways. The licensing process includes an extensive public review process, and involves numerous natural resource and environmental agencies. Idaho Power is actively pursuing the FERC relicensing of the Hells Canyon Complex (HCC), its largest hydropower generation source; and American Falls, its second largest hydropower resource. Idaho Power also has Oregon licenses for the HCC under the Oregon Hydroelectric Act.
Idaho Power is subject to the provisions of the FPA as a ‘public utility’, and as a ‘licensee’ by virtue of its hydropower operations. As a licensee under Part I of the FPA, Idaho Power and its licensed hydropower projects are subject to conditions described in the FPA and related FERC regulations.
Coal-Fired Generation: Idaho Power co-owns the following coal-fired power plants: Jim Bridger, located in Wyoming, in which Idaho Power has a one-third interest; and North Valmy, located in Nevada, in which Idaho Power has a 50 percent interest.
PacifiCorp is the operator of the Jim Bridger plant. BCC supplies coal to the Jim Bridger plant. IERCo, a wholly-owned subsidiary of Idaho Power, owns a one-third interest in BCC, and PacifiCorp owns a two-third interest in BCC, and is the operator of the Bridger Coal Mine. The mine operates under a long-term sales agreement that provides for delivery of coal through 2027. BCC has reserves to provide coal deliveries through the current term of the agreement, as well as reserves available to allow for an extension of the term agreement. Idaho Power has an established process approved by the IPUC for recovery of non-fuel, coal-related costs related to Idaho Power’s plan to end its participation in coal-fired operations at the Jim Bridger plant. The conversion from coal to natural gas of two generating units at the Jim Bridger plant was completed in the spring of 2024.
NV Energy is the operator of the North Valmy plant. Idaho Power expects to meet 2025 fuel requirements through existing inventory. Idaho Power has an established process approved by the IPUC and OPUC for recovery of non-fuel costs related to Idaho Power’s plan to end its participation in coal-fired operations at the North Valmy plant. Idaho Power ended its participation in coal-fired operations at unit 1 of the North Valmy plant in December 2019, as planned.
Idaho Power's 2023 IRP identified a preferred resource portfolio and action plan that includes the conversion from coal to natural gas of two units at the North Valmy plant in 2026, and the remaining two units at the Jim Bridger plant in 2030.
Natural Gas-fired Generation: Idaho Power owns and operates the Langley Gulch natural gas-fired combined-cycle combustion turbine power plant, and the Danskin and Bennett Mountain natural gas-fired simple-cycle combustion turbine power plants. All three plants are located in Idaho. As noted previously, in the spring of 2024, the conversion of two units at the Jim Bridger plant from coal to natural gas-fired steam turbines was completed. In addition, Idaho Power plans to convert the two coal-fired units at the North Valmy plant to natural gas-fired steam turbines by mid-2026.
Idaho Power operates the Langley Gulch plant as a baseload unit, and the Danskin and Bennett Mountain plants to serve load and meet peak supply needs. The natural-gas-fired units at the Jim Bridger plant operate to serve load and meet peak supply needs. The plants are also used to take advantage of wholesale market opportunities. Natural gas for all facilities is purchased based on system requirements and dispatch efficiency. The natural gas supplying the Idaho plants is transported through Idaho Power's long-term gas transportation service agreements with the Williams-Northwest Pipeline for 95,584 MMBtu per day, and Williams-Mt. West Overthrust Pipeline for 89,000 MMBtu per day. These transportation agreements vary in contract length but generally contain the right for Idaho Power to extend the term. In addition to the long-term gas transportation service agreements, Idaho Power has entered into long-term storage service agreements with Northwest Pipeline and Spire Inc. for 131,453 MMBtu and 1 billion cubic feet, respectively, of total storage capacity. The firm storage contract with Northwest Pipeline expires in 2043, while the contract with Spire begins in 2025 and ends in 2035. Idaho Power purchases and stores natural gas with the intent of fulfilling needs as identified for seasonal peaks, or to meet system requirements.
As of February 14, 2025, Idaho Power had approximately 36.3 million MMBtu of natural gas financially hedged for physical delivery, primarily for the operational dispatch of Langley Gulch, Danskin, Bennett, and Bridger power plants through August 2026. Idaho Power plans to manage the procurement of additional natural gas for the peaking units primarily on the daily spot market, or from storage inventory as necessary to meet system requirements and fueling strategies.
Purchased Power: Idaho Power purchases power in the wholesale market, as well as pursuant to long-term power purchase contracts and exchange agreements.
Wholesale Market: To supplement its self-generated power and long-term purchase arrangements, Idaho Power purchases power in the wholesale market based on economics, operating reserve margins, energy risk management program guidelines, and unit availability. Depending on availability of excess power or generation capacity, pricing, and opportunities in the markets, Idaho Power also sells power in the wholesale markets.
Long-term Power Purchase and Exchange Arrangements: Idaho Power has contracts for the purchase of electricity produced by third-party owned generation facilities, most of which produce energy with the use of renewable generation sources, such as wind, solar, biomass, small hydropower, and geothermal. The majority of these contracts are entered into as required by federal law under PURPA. For PURPA energy sales agreements, Idaho Power is required to purchase all of the output delivered from the contracted qualifying facilities.
Battery Storage: Idaho Power utilizes batteries primarily to store power generated during periods of lower customer demand, and deliver that power to serve customers during peak hours, especially early summer evenings when irrigation pumps and air conditioners drive up electrical demand. Through 2024, 227 MW of company-owned battery storage were installed, with another 330 MW expected to be in service by the end of 2027. Idaho Power entered into two 20-year agreements to utilize the storage capacity from a 150 MW battery storage facility scheduled to be online in June 2025, and a 100 MW battery storage facility scheduled to be online in April 2027. Idaho Power intends for this capacity to supplement a total of 557 MW of company-owned storage that it expects to be online by the end of 2027.
Participation in Energy Markets: Idaho Power participates in the Western EIM under which the participating parties enable their systems to interact for automated intra-hour economic dispatch of generation from committed resources to serve loads. The Western EIM is intended to reduce the power supply costs to serve customers through more efficient dispatch of a larger and more diverse pool of resources, to integrate intermittent power from renewable generation sources more effectively, and to enhance reliability. Idaho Power is participating with other stakeholders in different regional forums discussing the potential for developing other energy markets in the western U.S., including the development of a potential day-ahead wholesale centralized market.
Transmission Services
Idaho Power’s generating facilities are interconnected through its integrated transmission system, and are operated on a coordinated basis to achieve maximum capability and reliability. Idaho Power’s transmission system is directly interconnected with the transmission systems of the BPA, Avista Corporation, PacifiCorp, NorthWestern Energy, and NV Energy. These interconnections, coupled with transmission line capacity made available under agreements with some of those entities, permit the interchange, purchase, and sale of power among entities in the Western Interconnection, the transmission grid covering much of western North America. Idaho Power provides wholesale transmission service for eligible transmission customers on a non-discriminatory basis. Idaho Power is a member of the Western Electricity Coordinating Council, the Western Power Pool, NorthernGrid, and the North American Energy Standards Board. These groups have been formed to more efficiently coordinate transmission reliability and planning throughout the Western Interconnection.
Transmission to serve Idaho Power's retail customers is subject to the jurisdiction of the IPUC and OPUC for retail rate-making purposes. Idaho Power provides cost-based wholesale access transmission services under the terms of a FERC-approved OATT. Services under the OATT are offered on a non-discriminatory basis such that all potential customers, including Idaho Power, have an equal opportunity to access the transmission system. As required by FERC standards of conduct, Idaho Power's transmission function is operated independently from Idaho Power's energy marketing function.
Idaho Power is jointly working with various partners on the development of three significant transmission projects. The B2H project is a proposed 300-mile, high-voltage transmission line between a substation near Boardman, Oregon, and the Hemingway substation near Boise, Idaho. The Gateway West (GWW) project is a high-voltage transmission line project between a substation located near Douglas, Wyoming, and the Hemingway substation.
Resource Planning
Integrated Resource Planning: The Idaho Public Utilities Commission (IPUC) and Public Utility Commission of Oregon (OPUC) require that Idaho Power biennially prepare an Integrated Resource Plan (IRP).
Energy Efficiency and Demand Response Programs: Idaho Power’s energy efficiency and demand response portfolio comprises 21 programs. In 2024, Idaho Power’s energy efficiency programs reduced energy usage by approximately 138,000 MWh compared with 140,000 MWh in 2023. For 2024, Idaho Power had a demand response available capacity of approximately 323 MW.
Environmental Regulation
Idaho Power is actively pursuing the relicensing of the Hells Canyon Complex (HCC), its largest hydropower generation source.
IDACORP Financial Services, Inc.
IFS invests in real estate tax credit projects, such as affordable housing developments, which provide a return principally by reducing federal and state income taxes through tax credits and accelerated tax depreciation benefits.
Ida-West Energy Company
Ida-West operates and has a 50 percent ownership interest in nine hydropower projects that have a total nameplate capacity of 44 MW. Four of the projects are located in Idaho, and five are in northern California. All nine projects are ‘qualifying facilities’ under PURPA.
History
IDACORP, Inc. was founded in 1915. The company was incorporated in 1998 under the laws of the state of Idaho.
