- Business
- IDACORP, Inc. is a holding company headquartered in Boise, Idaho, primarily engaged in the generation, transmission, distribution, sale, and purchase of electric energy in the United States through its principal subsidiary, Idaho Power Company. Idaho Power Company operates as a regulated electric utility serving over 649,000 retail customers in southern Idaho and eastern Oregon, providing electric utility services to residential, commercial, industrial, and agricultural sectors including food processing, electronics manufacturing, and irrigation. The company's energy portfolio includes small hydropower generation projects operated by its subsidiary Ida-West Energy Company, which qualifies under the Public Utility Regulatory Policies Act of 1978. Additionally, IDACORP owns IDACORP Financial Services, Inc., which invests in affordable housing developments and historic rehabilitation projects.
Founded in 1916 and structured as a holding company since 1998, IDACORP operates mainly within the Pacific Northwest region under regulatory commissions in Idaho, Oregon, and federal oversight by the Federal Energy Regulatory Commission. The company's utility operations focus on providing reliable, affordable electric power supported by a clean energy portfolio that includes hydropower and ongoing investments in infrastructure upgrades. IDACORP employs approximately 2,100 people and emphasizes a culture of safety, integrity, and community responsibility.
Recent major developments include a robust financial performance with net income of $289.2 million in 2024, up from $261.2 million the prior year, driven by increased sales and regulatory support for infrastructure investments. IDACORP initiated earnings guidance for 2025, projecting a continued growth trajectory with EPS expected between $5.65 and $5.85. The company plans capital expenditures of around $1.1 billion annually from 2025 to 2029 to support infrastructure enhancements and meet rising demand. Recent operational changes include successful regulatory rate case settlements in Idaho and Oregon, facilitating rate increases utilized for wildfire mitigation, safety enhancements, and recovery of investment costs. These regulatory successes position IDACORP to balance infrastructure growth while maintaining retail electricity prices approximately 20% to 30% below national averages.
Overall, IDACORP delivers diversified utility services predominantly through Idaho Power, complemented by strategic investments in renewable energy and affordable housing sectors, targeting regional markets across Idaho, Oregon, and neighboring states. Its latest strategic focus emphasizes clean energy transition, infrastructure modernization, and sustainable growth aligned with regulatory frameworks and customer affordability priorities.