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Mar 31, 2023
IDACORP Q1 2023 Earnings Report
IDACORP reported increased earnings due to customer growth, economic activity, and transmission service revenue.
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.
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.
Historical Earnings Impact
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