IDACORP Q1 2023 Earnings Report
Key Takeaways
IDACORP's first quarter 2023 net income attributable to IDACORP was $56.1 million, or $1.11 per diluted share, compared to $46.3 million, or $0.91 per diluted share, in the first quarter of 2022. The increase was primarily due to higher net income at Idaho Power, driven by customer growth, increased transmission services revenue, and a regulatory order from June 2022.
Net income attributable to IDACORP increased to $56.1 million, or $1.11 per diluted share, up from $46.3 million, or $0.91 per diluted share, in Q1 2022.
Customer growth contributed $2.7 million to the increase in operating income as the number of Idaho Power customers grew by approximately 13,500, or 2.2 percent.
Transmission wheeling-related revenues increased by $5.1 million due to higher open access transmission tariff rates and elevated energy prices.
IDACORP affirms its full-year 2023 earnings guidance to the range of $4.95 to $5.15 per diluted share.
IDACORP
IDACORP
Forward Guidance
IDACORP affirms its previously reported full-year 2023 earnings guidance to the range of $4.95 to $5.15 per diluted share, along with the expectation that Idaho Power will use approximately $15 million of additional tax credits available under its Idaho earnings support regulatory mechanism in 2023. The earnings guidance also assumes normal weather conditions through the remainder of the year.